I ask you to make a modest address to Her Majesty, praying for the nullity of the order of January 28, 1952 (“Hire-Purchase and Credit Sale Agreements”), 1952 (S.I., 1952, No. 121), of January 28, 1952, a copy of which was tabled in this House on January 29. It will probably be contrary to the comfort of home, if we also discuss the following proposal: that a modest address be given to Her Majesty in prayer, that the guarantee and credit agreements (Maxim Prices and Charges) (Amendment No. 2) Order, 1952 (S.I., 1952, No. 122), of January 28, 1952, a copy of which was cancelled on January 29, 1952. Both applications deal essentially with the same subject. These two orders, against which we want the Assembly, were given by the President of the Trade Council in order to restrict the Community`s freedom to enter into leases. When the Chancellor of the Exchequer made his statement on the financial and economic situation on 29 January, he spoke of the need to introduce rules to ease the burden on the mechanical industry by limiting the supply of metal products purchased for personal use. As on Earth, the Hon thinks that a million unemployed could buy goods by renting? The house will realize that for many years, the municipality has been used to buying such items as part of the rental-sale system.
This has proven to be the only method that allows not only the poorest parts of the Community, but also a very large number of people, on the one hand, to act in the economy when it comes to buying office furniture; I am referring to the needs of small traders. On the other hand, it is the long-recognized method that allows a newlywed couple who wants to start a house to acquire the bulk of a household. But those affected by this order are not affected in any way that affects them dramatically in the supply of necessities. Hearing some of the speeches, one might think that ordinary furniture was subject to this order: of course not. It was carefully omitted. Cooks, perambulants and many other items normally delivered under lease-to-sale contracts have been deliberately excluded from this order, so that it does not cause injury to people who build houses, such as hon. The members are afraid. The sale of credit in general is defined as a consumer`s purchases that do not require full payment at the time of purchase. There is a third point I would like to mention, and that is that rent-buying is in itself a desirable machine in a modern society. I think it helps to save money, there are people who work when they receive their weekly wage packages, some of which are definitely divided between something tangible that they can see for themselves, an encouragement to austerity, to save something that might otherwise sink into easier pleasures or be moved into the public house. I am sure my friend Hon, the member for Ealing (Mr.
J. Hudson), would support me in the view that this type of austerity is more desirable than spending money on entertainment, conversations or buying beer in a public house. When a company buys a manufacturer`s inventory in a 5/10 net 30 credit sale, it means that the company has 30 days to make the full payment; However, if the payment is made within 10 days, the customer receives a 5 per cent discount. A credit sale is also final and ownership of the goods is transferred to the Point of Sale.