H.-P. NOT OPPOSED
Bank View Given (N.Z. Press Association) WELLINGTON, July 21. The Reserve Bank was not in any way opposed to the principle of hire-purchase and other specialised forms of consumer and producer credit, a witness for the bank, Mr P. R. Coney, told the Tariff and Development Board inquiry today. The board is inquiring into hire-purchase and credit trading. “The time has surely long since passed when these methods of finance could be considered inherently objectionable on moral grounds,” said Mr Coney. The bank suggested the fundamental of hire-purchase and credit trading should not become a significant source of economic or financial instability, either generally or in markets for particular types of goods, and that there should be no exploitation of any ignorance in business affairs of the mass of consumers and investors. Hire-purchase was concentrated in the market for motor-vehicles, which had been in a condition of undersupply in all of the post-war years.
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Bibliographic details
Press, Volume CIII, Issue 30499, 22 July 1964, Page 1
Word Count
157H.-P. NOT OPPOSED Press, Volume CIII, Issue 30499, 22 July 1964, Page 1
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