F and D accepting call deposits

Press, 25 November 1982, Page 25

F and D accepting call deposits

Finance and Discounts, Ltd, the subsidiary of Pyne, Gould, Guinness Ltd, is now accepting deposits on call. This is reported in a prospectus announcing the issue of debenture stock and unsecured deposits. Pyne, Gould, Guinness is guaranteeing the whole issue. The issue totals S4M, the firm reserving the right to

accept oversubscriptions of a further SIM. The unsecured call deposits will have an interest rate of 11 per cent a year, and the maximum rate for the debenture stock is. reached at six months for deposits of more than $lOO,OOO. The minimum for a call deposit is $lOO, and it must be a multiple of $lOO.

Formed in 1936, Finance and Discounts has been a wholly owned subsidiary of Pyne Gould, Guinness, Ltd since 1960. The company lends in the fields of hirepurchase,- commercial and industrial finance, leasing, and personal loans. Fifty per cent of its loans go into motor-vehicles, 17 per cent into machinery and equip-

! ment, and 22 per cent into consumer durables. At June 30, Finance and I Discount employed total r funds of $15,092,712, and ■ shareholders’ funds were I $3,604,153, on which net profit after tax was $509,725. ■ At June 30 total borrowings i were $10,494,602, and total accounts receivable were $16,421,926.