HIRE-PURCHASE ASSOCIATION

Press, Volume C, Issue 29555, 3 July 1961, Page 13

HIRE-PURCHASE ASSOCIATION

Group Formed In New Zealand A New Zealand hire-pur-chase association has been formed by leading retail firms and finance houses. The chairman of the interim committee of the association (Mr W. G. V. Fernie) announced this in Christchurch. Mr Ferme said that the association would act as a public relations office to the authorities, the public, and to its own members. In particular it would make representations to the Government. The interim committee had already consulted the Government on the hire-pur-chase restrictions recently introduced. Mr Fernie said that 25 firms had agreed to meet a substantial annual subscription to launch the association. It was hoped that eventually there would be 1000 associate members. Many bad already been enrolled. "Many persons have been led to believe that hire-pur-chase trading is in some way damaging to the community Research groups which have studied the subject overseas have come to exactly the opposite conclusion," Mr Fernie said, “Research studies show that New Zealand has not developed hire-purchase to ■nytting like the levels reached in Australia, Canada. England or the United States." he said. "There is a great future here for this type of trading, and ther e & need for a central body to guide ft,” Mr Fernie said. The members of the interim committee are Messrs P. H. Groeneveld (Phillips Electrical Industries of New Zeeland. Ltd.); O. S. Heymann (United Dominions Corporation, South Pacific, Ltd.): H. A. Lee (Dominion Motors. Ltd J: S. L. Moses (Maple Furnishing Company. Ltd.); H. Smith > William Cable Holdings. Ltd.); and W. Williams (Wright, Stenhenson and Company, Ltd.).