CHECK ON FINANCE COMPANIES
(N.Z. Press Association) ROTORUA, Feb. 23. The present rate of increase in the activities of finance companies was too high, said the Minister of Finance (Mr Muldoon) to the annual conference of the Associated Trustee Savings Banks, at Rotorua, today. It appeared clear that the public sector security ratio which had been applied to them was ineffective in preventing a disproportionate expansion of their activities, he said. “While a good deal of
their lending is in the field of productive capital investment, some of it is not,” he said. “I have requested statistics of the pattern of lending of finance companies which will enable me to get a clearer picture of their activities.” Mr Muldoon said that in March, 1970, total deposits, debentures and notes of finance companies were s7sm. By December, 1971, these had increased to $154m —more than doubling in a period of 18 months.
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Bibliographic details
Press, Volume CXII, Issue 32849, 24 February 1972, Page 2
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151CHECK ON FINANCE COMPANIES Press, Volume CXII, Issue 32849, 24 February 1972, Page 2
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