Finance and Discounts

Press, 5 December 1979, Page 26

Finance and Discounts

Finance and Discounts Limited now situated on the third floor of Insignis House, has been a wholly owned subsidiary of Pyne, Gould, Guinness Limited since 1960. The company is a foundation member of the N.Z. Finance Houses Association (Inc.) and its business is the provision of finance by way of discounting hire purchase agreements and direct advances to clients. | As a finance company, I, Finance and Discounts Limited borrows funds and i advances these to the pubh lie in various ways. Hire I- purchase business absorbs ( a major portion of its loan II funds but advances are | also made on personal : loans and against mort-

gages and chattel securities. These advances assist in the purchase of motor vehicles, agricultural, industrial and commercial equipment, consumer durables and real estate. Funds are also made available to assist with commercial ventures, for home improvements and for bridging finance. The company is also involved in the leasing of motor vehicles and machinery. During the year ended June 30, 1979 advances totalled $6.5 million spread over some three thousand contracts. Gross receivables at year’s end were $8,145,458 disposed as follows: Motor vehicles, 38 per cent; Machinery and equipment, 21 per

cent; Television and other consumer durables, 16 per cent: Residential property development, 7 per cent; Mortgages and other advances, 18 per cent. The company accepts funds from the public on deposit at call and for terms of up to two years; and on debenture stock for terms of between three and ten years at competitive rates of interest. The financial sector in w'hich Finance and Discounts Limited operates, has continued to become more competitive, but the company’s staff is well able to assist in providing investment and finance facilities to satisfy the requirements of individuals, organisations and businesses.