INSTALMENT BUYING.

Dunstan Times, Issue 3333, 9 August 1926, Page 2

INSTALMENT BUYING.

CRITICISM OF SYSTEM. i Criticism of the hire purchase sys- | tcin made by the creditors of a hank ; nipt omnibus proprietor at Auckland, was endorsed by the official assignee, Mr W. S. Fisher. It was stated that bankrupt had procured buses on this plan, and a creditor remarked that it seemed strange ; a man could embark upon such a big | business without any capital. He tie- | pi-ecaled the facilities afforded by the j lure purchase system. i ‘■l quite agree with yon,” said Mr ; Fisher. ‘‘it means,” added the creditor, -‘that while bankrupt is paying off his buses, one tinu is giving tyres, and i am, giving him petrol, hut we get nothing at all.” A representative of the firm that had.sold bankrupt some of the vehicles reminded the meeting that his linn was a loser as well as other creditors.. ‘Out yon-have seized the buses!” v “That is so,” was the reply, "hut we now stand to lose LTGUO.” He added that they had to take into account that while in use the buses had depreciated enormously. That was another way in winch the firm was a loser. Another creditor wanted to know whether ho could recover the value ot the tyres from the company that had seized the buses. The tyres were perfectly new. and not those supplied when the buses were purchased. “In that case,” asked another creditor, “i would like to know how 1 stand about a coat of paint L gave one ol the buses? (Laughter.) ‘‘Thgre is no doubt that the hire purchase is an iniquitous system.” declared Mr Fisher. He added that he thought creditors were largely to blame themselves for the risks they took. “That is quite true,” said one, ‘‘but when a man drives up to your garage in a flash bus, you don’t think there is any risk!’-’ (Laughter.)