The Stourbridge Observer, Cradley Heath, Halesowen & District Chronicle.
Stourbridge, West Midlands, England, 1887-08-13 00:00:00

LAND SITARKS.

Whether lawyers are worthy of such an unenviable
name is a quesiion (remarks a writer in the licho)
into which I. will not enter. 1 use the term, not for
lawyers but for money leaders, for whom it is, per-
haps, wore appropriate. During times of trade de-
pre4on the London working man, who is unfortunate
enough to be out of employment, having exhausted
the sympathy and help of his relations and friends,
and being adverse—as all honest workmen are—to
apply for outdoor or indoor relief, naturally turns his
eye to some of the hundreds of cards he sees bringing
about in shop windows, where he is offered
loans from £2 and upwards for short or
long periods, at a reasonable interest. Like
the sea shark, the land shark has his pilot fish.
This is genersily the small shopkeeper, who, for the
sake of advertisement, receives from the money-
lender a number of application forms gratis, which he
is allowed to sell at a penny or twopence each. The
borrower, having filled in his name, address, and par-
ticulars as to his employment, employer, how long em-
ployed, householder or lodger, average weekly earn-
ings, names of sureties (if any), and other particulars,
is advised to send, cr leave the same at the loan office
with an inquiry or registration fee, varying in amount
from is, to 10a., according to the amount of the loan
required. Should the inquiries made in his neigh-
bourhood prove unsatisfactory, he loses his
fees, but if everything ti.rns out well he is accom-
modated with a loan of £2 to £5, according to
his .wants and position. The systems of repayment
are various; some offices charge three shillings in
the pound as interest, and require the repayment of
the principal by instalments of one shilling per week
for each pound advanced. In some (Aces the repay-
ments are sixpence in the pound weekly for the con-
tracted amount. Genera:ly, only one security is re-
quired for amounts up to £3, but over that sum two
securities are necessary; though persons not wishing
to trouble a security are, for an extra consideration,
accommodated on their own security if considered
satisfactory. Should the workman, on the chance of
soon getting employment, trust himself in the clutches
of these land sharks, he generany gets into a
pickle. Work does not turn up, perhaps, ail soon
se he expected, and his payments fall behind.
Then begins a series of fines, &c., until the securi:l is
called upon, and, should he be unable to pay up in
full all demands at once,- a system of " bleeding "
commences on the unfortunate borrower and his
equally unfortunate security. Recent letters have
brought forth such revelations as to the manner in
which these accommodation loan offices work the
otael.e upon the pockets of the working man who
applies to them for temnorary help, that it is almost
unnecessary to comment upon their methods :f
extortion. A stroll round the streets of the poorer
parts of London will show that the number
,of
these offices is multipliing every week. So many
artisans are out of work, and the method of borrow-
ing and repayment seems so simple and within their
means, should they get into 'mother job, that one
after another is tempted to relieve his temporary dif-
ficulties by their aid. It is not long, however, before
the poor fellow finds, to his sorrow, that he has
jumped " out of the frying-pan into the fire.' Not
one in fifty ever considers the amount of interest he
upareysgeft(t)rintabethleoaln he
loan,
nTandonthly twenflo q
finding
ttins
hoefew
considered
shinin
gs
eery week for its repayment. The pawnshop is cer-
tainly a great temptation to the unemployei, and
carries in its train many evil results ; but it
is a far safer and more equitable resource for
raising the wind than the loan office. At the pre-
pent time, although there is a perceptible improie-
went in the state of trade both in London and the
country, there are still vast numbers of men out of
work, and many more have no permanent situation;
and, as the tempting offers of these land sharks
abound in every shop window in the middle and
lower class districts, the London artisan or labourer
in temporary difficulties should he exoeehinaly wary of
his conduct, and not let the desire to supply his pre-
sent wants lead him into still greater difficulties in
the immediate fivure-.

THE progress of the domestic servant has been thus
defined: First Week: Treasure.' Second: I must
say that Ann is careless" Third : My very best
china, too.' Fourth: ' You will pack your things and