Merchant Law “Outmoded”
The need to abolish the outmoded legal procedures of New Zealand commercial law was underlined by the chairman of Manufacturers’ and Retailers’ Acceptance company, Ltd (Mr J. C. Fletcher) at the annual meeting. Mr Fletcher criticised “the adherence to laws grafted on in piecemeal fashion to the requirements of 60 years ago” and called for a full-time law research and reform commission to update commercial law.
Speaking of financial results, Mr Fletcher described the year as a fruitful one and said the company was now one of the most diversified finance companies in the country.
The rapidly-increasing rate of inflation and pressure for higher interest rates were matters of vital concern to the finance industry, he said.
As announced earlier, net tax paid profit increased by $43,670 to s26B,ooB—an increase of 19.5 per cent on the previous year.
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Bibliographic details
Press, Volume CX, Issue 32335, 29 June 1970, Page 16
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141Merchant Law “Outmoded” Press, Volume CX, Issue 32335, 29 June 1970, Page 16
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