HIRE PURCHASE PLAN

Hawera Star, Volume L, 11 September 1930, Page 6

HIRE PURCHASE PLAN

ITS STABILITY

Sir Edward Mountain., whiQi presided [ at a meeting of the Unied Dominions t rust iii Bristol recently., which specialises in hire purchase fii-ipnc©, and' in which the Bank of England recently took an interest told .shareholders that, in view of the company’s extension he thought a full-time chairman was needed, he was resigning his position as a director. c

He added that the board had selected Mr. J. Grierson Jar vie, the managing director, to assume the chairmanship!. Sir Edward paid a- striking, tribute to the stability of hire purchase finance.

The: total hills discounted by the compand during the year, he said, amounted to £4,016.584, representing merchandise value of mere' than over £5,400,000.

Bad' debts amounted to less than onetenth of the 1 per cent, and the depression in trade had not resulted in any general increase in the number of cases where re-passossion of merchandise bv sellers became necessary.

Mr. Jnrvie in seconding the motion, for the adoption of the report and accounts said that the company’s biggest difficulties! rested with those who won let he most helped by its service—the producers and merchants.