CODE OF CREDIT.

Ashburton Guardian, Volume VII, Issue 1924, 21 August 1888, Page 3

CODE OF CREDIT.

Seme time since a code of terms of credit and discount waa promulgated m | Auckland, but there was a ditrioulty m getting it generally adopted, m oonsequenoe of the action of some Southern firms. A unlfo?m system has now, however (says the "New Zealand Herald"), been universally agreed upon, as follows : — For oaeh payments, 3$ per oent discount on monthly sales (terminating on 19th of each month) if paid on or before the 10th day of following month ; 2£ per oent. dlsoount on Roods paid for within one Oftlendar month from the 3f per oent, terms ; 1£ per oent discount on goods p»id within one calendar month from the 2£ per oent termt. For oredit terms— Goods bought between 20 h of one month and 19fch of the month following (both inclusive), to be drawn for at four (4) months from the first of the following month (say 20h June to 19th July, will be drawn at four months from lit Aug). Shipping terms for all ports not connected with the shipping port by rsll, five months from date of shipment. The ports of New Plymouth and Napier to oome under the shipping terms. Drawing dates moy be averaged, provided the total oredit does not exceed the terms above stated. | There shall be no dating forward and no approbation book Interest on renewals to be oharg; d at net lees than 10 per cent per annum, and a similar rate of interest on all open accounts after expiry of qcedit terms Bills may be rebated at a rate not exceeding 7& per oent per annum;