ABUSE OF USURY

Evening Post, Volume CXIII, Issue 54, 5 March 1927, Page 9

ABUSE OF USURY

MONEYLENDERS' BILL DEBATE IN PARLIAMENT "GILDED SHARKS WITH PEDIGREES" (United Press Association.—Copyright.) (Received sth March, noon.) LONDON, 4th March. ' In the House of Commons, Mr. J. B. Bunnau (C.) moved the second reading of the Moneylenders' Bill," which is substantially the same as when it reached the Committee stage in 1920. It provides for the licensing of moneylenders and the prohibiting of circulars or loans to wiv.es without tho husbands' knowledge, and laying down 48 per^ cent, as a reasonable interest. Commander Kenworthy moved the rejection of the Bill, contending that it did not remove the abuses of usury. On the one hand, there were impoverished noblemen, gilded sharks, with long pedigrees and armorial bearings, who borrowed huge sums from West End moneylenders, well knowing that repayment was impossible. On the other hand there were unregistered moneylenders, who lent to poor women a shilling or two shillings weekly, and charged a penny on the shilling weckty, which worked out at 400 per cent, per annum. The Bill passed its second reading without a-division.