UNREDEEMED PLEDGES

Press, Volume CI, Issue 29798, 14 April 1962, Page 13

UNREDEEMED PLEDGES

£5OO Top Price At Auction

A solitaire diamond ring made the top price, £5OO, in the sale of more than 700 lots, ranging from stamp coHections to radio-gramo-phones, which were publicly auctioned in Christchurch yesterday. The items offered were unredeemed pledges made in return for loans by the last remaining pawnbroker- in

About 850 lots were offered for sale in two periods, 11 a m. to 5.30 p.m. and 7 p.m. to 0 p.m. Transistor radios sold at prices ranging from £9 to £25; the stamp collections fetched from £lO to £6O and canteens of cutlery from £7 to £B. All but a few of 125 wrist watches were sold and binoculars were in good demand. Typewriters, a favourite item for “putting in hock” by the younger generation, were not in such keen demand. "More than 90 per cent, of the items put up were sold," said a weary auctioneer last evening. “It was a good sale.”

Judging by the number of personal ornaments and small pieces of jewellery amongst the offerings, “popping into uncle's” is a custom not confined to men in Christchurch.

The pawnbroker confirmed this. “Elderly women do frequently come to us for a loan.” he said. "I really don’t know how pensioners would get on without us. They raise a loan of 10s to tide them over.” We can only charge 8d interest, and more often than not forget the interest because it’s so trivial and pensioners have such difficulties in making ends meet.”

The pawnbroker said that "some of the goods offered went very cheaply and some of them brought reasonable prices.” Pawnbrokers are obliged by law to keep pledges for at least six months and unredeemed pledges must be offered for sale at public auction.