Hire-Purchase Law Attacked

Press, Volume CIX, Issue 32053, 30 July 1969, Page 1

Hire-Purchase Law Attacked

In spite of the most stringent hire-purchase regulations in the world and a 221 per cent tariff barrier in Australia, the Dominion Radio and Electrical Corporation had been able to break into the overseas market in deep-freeze units, a director of the company, Mr W. G. V. Fernie, said yesterday.

Speaking at the presentation of an export award by the Trade Promotion Council, Mr Fernie said that the strict hire-purchase regulations ap-

plying in New Zealand—ls per cent deposit and complete payment within 15 months had had some effects on the development of the company’s activities' It was sound practice to build an export business on strong sales at home. But these were not offering because of the Government’s financial regulations. Mr Fernie said that the company had gone into production after taking over an existing company and had turned out the first 25 homefreezers with makeshift equipment. Last May, the company had produced 3500 units for the month and during the first four months of this financial | year exports had doubled

those for the corresponding period last year. He said that his company had pioneered the export of home freezers and had, with the co-operation of transport organisations, built up a big market in Australia.

The export award, the . twentieth made to a New ; Zealand manufacturing exporter in the last three years, i was presented by the Deputy . Prime Minister (Mr Marshall). i Mr Marshall said that the . criteria for winning an award ; had risen sharply since 1965 and the standards of work had consequently risen. ( The range of exports had ; been remarkable—cakes, carbon dioxide plant, earpets, ; concrete mixers, books, but-

ter churns, frozen pies and fashion goods, leather goods, refrigerators, dinnerware, toys, agricultural and veterinary chemicals. “All these outstanding exports are attributable to enterprising manufacturers exploiting some advantage that they have over overseas competitors,” he said. The nature of the advantage had varied from more effective sales promotion to superior technology.

The photograph shows the export flag which was presented by Mr Marshall (left). Others, from left, are Mr C. A. Pearson (director), Mr Fernie and Mr C. S. Campbell (factory manager).