The Star. MONDAY, APRIL 26, 1926. THE MONEYLENDERS’ BILL.

Star (Christchurch), Issue 17830, 26 April 1926, Page 8

The Star. MONDAY, APRIL 26, 1926. THE MONEYLENDERS’ BILL.

Much more in the public interest than the Divorce Reporting Bill, referred to in recent cablegrams, is the Moneylenders’ Bill, which has passed its second reading in the House of Commons without a division. Latterly, the operations of moneylenders in Britain have become a public scandal, and the campaign for the suppression of the objectionable features of the “ profession ” has been strongly supported by Lord Carson and other influential members of the judiciary. Some of the saddest facts regarding the rapacious nature of the moneylending harpies have come out at inquests on suicides, and it has been proved over and over again that the most extortionate rates of interest are charged by persons who advertise openly and send out circulars broadcast. In nine cases out of ten, good British names are employed to cover up names of foreign origin. The Bill forbids the use of false names or the sending out of unsought circulars, and it also limits the interest to 48 per cent per annum. Originally the Bill, in the report stage in the House of Lords, provided for a rate of 4 per cent per month, but this, calculated on weekly rests, amounts to 671 per cent, or, on monthly rests, 60 per cent per annum. Even the 48 per cent may be cut down to whatever rate the court may adjudge to be reasonable, aud there is a slight hope that the operation of the law will put the moneylenders out of business. But as London “ Truth ” says, this is rather much to hope for, and the only way in which to protect the public is by educative means, and by giving the widest possible publicity to the operations of these bloodsuckers.

Once more, it appears, Christchurch is to be Cinderella, this time in connection with the installation of automatic telephones. Auckland and Wellington have been served first, but Dunedin is to take precedence of Christchurch, notwithstanding the fact that the waiting list in Christchurch, as far as can be ascertained, is far in excess of the waiting list at Dunedin. The unbusinesslike methods of the department may be judged from the fact that whereas there are about sixty persons waiting for the telephone on Cashmere alone, practically no hope can be offered them of obtaining service for maybe another twelve or eighteen months. The position in Christchurch to-day seems to be that it is impossible to obtain a telephone except by transfer. The installation of the automatic system, which was started in Christchurch seven or eight years ago, is being made the excuse for marking time in the provision of new telephones, and the leisureliness of the department is most exasperating. The Chief Telegraph Engineer says that everything possible is being done, meanwhile, to improve the Christchurch service, although if he took the trouble to inquire he would find that subscribers’in Christchurch are inclined to think that the service was never worse. Indeed, the position, taken all round, is so unsatisfactory as to call for an agitation in favour of the immediate completion of the change-over to the automatic system.