Broadlands Raises Advances To £2m

Press, Volume CVI, Issue 31304, 25 February 1967, Page 18

Broadlands Raises Advances To £2m

Gross outstandings of the Broadlands Investment Group, Ltd. rose £135,202 to £2,096,021 in the three months to December 31, according to a newsletter released by the company.

This compares with gross outstandings, which include hire-purchase debtors and gross lease receivables, of £1,417,332 on December 31, 1965.

Total assets of the com-

pany at the end of the quarter under review stood at £2,417,746 as against £2,056,333 on September 30 and £1,631,175 at the end of December, 1965. The newsletter says that the directors are confident that their target figure of £2.5 million of assets at the end of March, will be exceeded. During the latest quarter, the company wrote £577,342 of hire-purchase and lending business covering 2933 new advances. Borrowed funds, excluding mortgages, increased by £202,675 to a record level of £1,684,675, compared with £1,165,829 at the last balance date on March 31. In regard to the latest hirepurchase and lending restrictions, the newsletter says that directors foresee no difficulty in the profitable full employment of funds although demand for motor vehicle hirepurchase “will no doubt be curtailed temporarily.” Directors say that the finance measures are discriminatory in their effect and in their opinion contribute little to rectify the problems of the economy.

Because of control, they say, the base upon which the finance industry is building, is still small and instalment indebtedness in New Zealand is only a fraction of that in the United States, Britain or Australia.