§ 20. Mr. Haireasked the President of the Board of Trade whether, in view of the present drop in retail sales in the furniture trade, he is yet able to announce his plans for an extension of the present hire purchase arrangements.
Mr. H. WilsonThe retail trade returns show that sales of furniture are still increasing. In the first five months of this year they were about 12½ per cent. higher than in the corresponding period of 1949. As regards hire purchase transactions, I am satisfied that it would not be desirable to modify the present requirements as to a minimum deposit and a maximum period of repayment.
§ Mr. HaireDoes my right hon. Friend appreciate that the present hire purchase Order works to the disadvantage of the small man in comparison with the bigger firms with greater financial resources?
Mr. WilsonI am satisfied that there is no need for any general change in the Order, but I have been recently inquiring into the relative position of small firms and some of the very large firms which appear to be in a more favourable position. It is too early to say what will be the result of that investigation.