HIRE-PURCHASE SYSTEM.
CHAMBER OF COMMERCE ALARMED. AUCKLAND, June 14. The opinion that the extension of the hire purchase system to articles of luxury was a menace to the prosperity of the Dominion was expressed by Mr A. G. Lunn at the meeting of the Council of the Chamber of Commerce to-night. Mr Lunn said that while the system had at first been applied to articles used in production, things which could only be regarded as luxuries were now being purchased under it. He mentioned that the growth of the system was causing alarm in Britain and America.
Mr H. P. Caughey said the schedule of articles regarding which the hire purchase agreements could oc registered under the Chattels Transfer Act had been extended far beyond the limits originally set. _ He suggested tha J it was time the position was reviewed, and the Act amended in accordance with the intentions of its framers. Originally the schedule contained only articles used in production, such as ploughs and sewing machines. The matter was referred to the executive for consideration.
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Otago Witness, Issue 3823, 21 June 1927, Page 36
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176HIRE-PURCHASE SYSTEM. Otago Witness, Issue 3823, 21 June 1927, Page 36
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