FACTORING FIRM

Press, Volume CIV, Issue 30846, 3 September 1965, Page 20

FACTORING FIRM

Office Opened By Mr Lake

With the increasing sophistication of the New Zealand financial system, an “expanding world” would be provided for factoring services. The Minister of Finance (Mr Lake) made this prediction when he opened a new modern suite of offices occupied by Pacific Factors, Ltd., on the third floor of the Mercantile Gazette building in Madras street.

Pacific Factors, Ltd., a member of the Fletcher group, is a financial company which has had a branch in Christchurch for two years. Factoring forms half its business.

As a new venture, Mr Lake said, he was sure the company would become an important organisation in the New Zealand financial world. Factoring was an established part of the United States financial system and had also started in Australia—“although one or two factoring companies there have receivers in,” said Mr Lake. "But I am sure the lessons learned in Australia will be well learned by Mr Fletcher and his associates,” he said. Mr Lake also told the gathering—of about 30 businessmen—that a financial announcement he would be making that evening would be “damaging to noone”—it would be a voluntary arrangement made with all the financial institutions with which the Government could make contact.

Mr Lake was welcomed to the gathering by Mr J. M. Wood, manager of Pacific Factors, Ltd. Mr J. C. Fletcher, the chairman and managing director of the Fletcher group, was also present.