Lapses In Morality

Press, Volume CV, Issue 31003, 8 March 1966, Page 15

Lapses In Morality

(N.Z. Press Association) AUCKLAND, Mar 7. Disclosed losses and write-offs by Australian companies in 1965 totalled between £25 million and £3O million, said Mr J. S. Rutherfurd, president of the Auckland Rotary Club. Speaking about commercial morality at the tenth annual Rotary conference at the Epsom Showgrounds, he said: “Many people in Australia are asking themselves, ‘what has happened to commercial morality?’

“It is no idle question. Millions of pounds of investors' funds have been jeopardised by company failures as bad debts soar and petty pilfering mounts in the stores. ‘Disclosed losses and write-offs by Australian companies in 1965 amounted to between £25 million and £3O million. Retailers have been battered by massive bad debts by deliquent customers. “There is a feeling that retailers and finance houses are fair game at the outer suburban fringe. Far too many

people have lived by the precept: ‘Help yourself and don’t worry about the future or the consequences.’ ” Mr Rutherfurd said that part of the trouble was due to the fact that many of these companies expanded far too rapidly with the result that growth outstripped the supply of management and accounting skills. Mr Rutherfurd said the figures on overdue accounts in New Zealand indicated that commercial morality was quite good in this country.