Hire-purchase Interest to be Reduced
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LOWER interest charges on hire-purchase transactions covering commercial vehicles will come into force next month. Lengthy discussion& between the Society of Motor Manufacturers and Traders and the Finance Houses' Association have resulted in new maximum interest rates being fixed.
Crossley Works to be Closed
E factory at Stockport, Cheshire, of Crossley Motors, Ltd., is to be closed. Work performed on building commercial vehicles and bus bodywork will be transferred to Charles H. Roe in Leeds and Park Royal Vehicles in London. The close-down it Stockport, however, will be gractal and existing contracts will be fulfilled. Up to 1,300 workers will probably lose their employment.
For some time there has been surplus bodybuilding capacity throughout this country," stated Mr. Edward Jones, general manager of the company, on Tuesday. News of the proposed closure surprised the National Union of Vehicle Builders.
P.V.O.A. TO ACT ON HOOLIGANISM MOT1NG the acts of hooliganism and I "near anarchy methods " by a minority section of strikers in the recent stoppage of work by bus and coach drivers and conductors, the Passenger Vehicle Operators Association stated on Monday that they did not intend that the matter should rest without some clear record being tabled to the Government of the concern felt by their members.
A motion, supported by a large number of M.P.s was, they said, to be debated in the House of Commons on re-assembly. The motion called for an inquiry and a Government statement.
Some members of the Association were contemplating civil proceedings, because of the absence of criminal proceedings by the police against strike pickets whose duty was, or should have been, to use only peaceful methods.
BUS GARAGE MEN GET lls. PAY INCREASE
A WAGE increase of 3d. an hour, /-1, equal to I Is. a week, has been awarded to maintenance and repair workers employed by municipal passenger transport undertakings.
The increase is back-dated to July 25, and follows an agreement between the employers and five trade unions. Sheetmetal workers, vehicle builders, engineers, electricians and woodcutting machinists benefit by the award.
1300,000 BUS ORDER
AN order for 10 Guy motorbuses and 40 Sunbeam trolleybuses, valued at £300,000, has been placed by Johannesburg City Council.
a2 The new scale was this week circulated to 1,100 hire-purchase concerns, all of whom are members of the Finance Houses' Association. Although the Association's recommendations are not binding, their members are expected to comply with the proposals.
The Association have been concerned for some time at the increase in charges, inflated by' competition between companies offering dealers generous commissions on any business obtained. Both new and used commercial vehicles and cars will be covered by the lower scale of interest.
The move for a reduction in charges is also supported by the Hire Purchase Trade Association and the Industrial Bankers' Association, whose members are concerned to a lesser degree than the F.H.A.
From September 1, rates charged for hire purchase or credit facilities where new vehicles are concerned will not exceed 7/ per cent. for 12 months, with other periods pro rata. For used vehicles the figure is 8/ per cent., with similar conditions.
To enable finance companies to operate the new charges, dealers' commissions will in future be limited to 15 per cent, of interest charges. At present, some finance concerns are offering more than 30 per cent.
A statement issued by the S.M.M.T. on Wednesday pointed out that rates for financial facilities must vary widely according to the nature and value of the goods and the credit standing of individual customers,
" Nevertheless, it is expected that the adoption of this approved scheme will lead to a greater degree of consistency," the statement added.
WHAT ARE FURNITURE AND BUILDING MATERIALS?
rAA HAULIER whose B licence was limited to building materials within 12 miles and furniture within 20 miles, was on Tuesday given a conditional discharge by Whitby magistrates after be had been found guilty of what the chairman described as a 'technical offence" in failing to comply with the conditions of the licence.
G. Walker, of Sandgate, the defendant, was stated to have moved heavy machinfry and office furniture for a local printer at a charge of £22 17s. 6d.
The defence was that the term "furniture" might well include the office items carried. It did not necessarily mean household furniture. The shelves and fitments which were removed came within the category of building materials.