Three brass balls mark revival of ancient trade

Press, 22 October 1983, Page 19

Three brass balls mark revival of ancient trade

NZPA staff correspondent

‘ London '•< Despite today’s trends towards a cashless society, a new lease of life has been ‘ forecast for one of Britain’s dying businesses — the pawnbroker. Just down the road from the Old Lady of Threadneedle Street, a pawnshop has re-opened, thought to be the first to trade in the City of London for 15 years. Mr Roy Bragg, a director of a respectable city jewellers, has detected a demand for pawnbroking as a cheap and convenient way for short-term borrowing to solve cash-flow troubles. Under the centuries-old sign of the three brass balls, he has revived the ancient business of pledging goods to meet urgent needs. According to him there is nowhere else in the heart of the city where you can raise'

an unlimited loan in 10 minutes, with no questions asked.

Banks want to know who you are, what you want it for, whereas the jeweller runs his practised eye over the pledged goods to advance money in less time than it may take to cash a cheque.

On top of that it is 1 per cent cheaper a year than using a credit card. Far from appealing to the traditional pawnbroking market, the shop today is cited as being convenient for playing the stock mar-' ket, a person needing so many thousands to buy some promising shares, or a good place to put valuables for extra cash while on holiday rather than paying for them to be kept safe in a bank’s strongroom. Anyone over the age of 16

can use the pawnbroker’s service, and only after six months and seven days does the law require that all unredeemed pledges be sold by public auction. Christchurch’s only pawnbroker reports that trade has been “static” for years.