400 PER CENT IS BIG INTEREST.
MONEYLENDERS’ BILL AT SECOND READING.
By Telegraph.—Press Assn.—Copyright Aus. and N.Z. Cable Association. (Received March 5, 12.30 p.m.) . LONDON, March 4. In the House of Commons. Mr J. B. Burman moved the second reading of the Moneylenders’ Bill, which was substantially the same as when it reached th? committee stage last year. It provides for the licensing of moneylenders, prohibits circularising, or loans to wives without the husbands’ knowledge, and lays it down that 48 per cent is reasonable interest. Commander Ken worthy, moved the rejection of the Bill, contending that it did not remove the abuses of usury. On the one hand there were impoverished noblemen and 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 lenders who lent poor women a shilling or two shillings weekly, and charged a penny on a shilling weekly, which worked out at 400 per cent. The Bill passed the second reading without a division.
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Bibliographic details
Star (Christchurch), Issue 18097, 5 March 1927, Page 2
Word Count
178400 PER CENT IS BIG INTEREST. Star (Christchurch), Issue 18097, 5 March 1927, Page 2
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