Manawatu Herald TUESDAY, JULY 13, 1926. THE CREDIT SYSTEM.
IN an interesting lecture delivered by Mir. C. W. Armstrong at a luncheon of the Hamilton Rotary Club on “Bad Business Methods,” he attacked tlie credit system. Mr. Armstrong said the system stood condemned. Credit was necessary for national and municipal expenditure, for capital expenditure in the linancing of a home or business and for the financing of farmers, hut applied to the retail business the giving of credit was bad and unsound. The retailer, such as the draper, butcher, grocer and baker would be infinitely better oil with a cash; system. Bad debts to a retailer were as much a business expense as advertising or rent, and on his costing he had to make provision for such loss. Therefore, those who paid indirectly bore the bad debts of the community. There would be fewer bankruptcies and less money spent on the totalisator and art unions by people who were now in debt through not having to pay cash for living expenses.
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Manawatu Herald, Volume XLVIII, Issue 3510, 13 July 1926, Page 2
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171Manawatu Herald TUESDAY, JULY 13, 1926. THE CREDIT SYSTEM. Manawatu Herald, Volume XLVIII, Issue 3510, 13 July 1926, Page 2
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