THE EVILS OF DEBT DEFERRED.—1.

Maori Messenger : Te Karere Maori, Volume V, Issue 14, 31 August 1858, Page 1

THE EVILS OF DEBT DEFERRED.—I.

There is a subject which concerns our Native readers respecting which, both on their own account and that of their European friends and brothers, we think a few observations are called for from us;—that subject is the proneness of the Natives to incur debt to the European merchant and store-keeper and the creat want of punctuality in discharging such debts. Frequent complaints have for some time reached us on this bead, and we have been requested to point out, in as brief and simple manner as we can, the many and serious injuries that result to merchants and traders from this failure on the part of the natives to meet their obligations with beneficial punctuality. We are well aware that the natives when they contract a debt not only intend to pay, but do ultimately pay it; but that is hot the question—Timely payment, such as one European is compelled to make to another—such, too, as one commercial nation is under

Unj necessity of observing with another, and without which neither trade nor commerce could exist,—that is the question for the serious consideration of the native mind; inasmuch as according to their punctuality or the want of it in their trading transactions with the Europeans, their own prosperity and advancement in life, and the general commercial interests of the country, are deeply involved. «*».<*» If a native be pressed by a European to pay bun a debt due, how common is it for him to reply—"By and Bye"—he cannot! think what injury may ensue from such criminal delay; if this were to be the gene- i ral practice trade would be at an end; and both natives and Europeans would be unable either to buy or sell. It is punctuality which regulates and upholds all commercial transactions. The Auckland Merchant writes to the London or Sydney Merchant, desiring Aim to ship such and such goods; and, in payment of these, be gives bis Bill which is a promise Co discbarge the debt within a specified time. Were he to suffer that time to pass by, without redeeming hisobligation law proceedings would immediately be taken to-compel him to do so, and his reputation as a man of business would be so irretrievably ruined that no future trust or confidence would be placed in him. It would not do for him to tell fab creditor to wait, that he would pay him by and bye,—when they who bad bought his goods had paid for them. He-would be told that he should have calculated with certainty upon being able to pay "g °eU be contracted at the stipulated time, otherwise that he acted most criminally by incurring a responsibility that there was the smallest doubt of his being able lo discharge. Such is the law of Commerce throughout the world—and, unhappily, too frequently is the nonest, industrious, and enterprising trader rendered the victim of the "By and Bye" premises to pay of those whom he has largely trusted, and who defer those promises so long that be is either greatly injured or entirely rained by their delay. . .. ' ; y But, at all times, Debt is a thing by all

means to be avoided Jl There is a wise old j English saying "Oat of Debt out of Danger/' and numberless instances have been made public to demonstrate the importance of the caution. The man who buys with ready money, or readv commodities, makes his purchases in the 1 best markets, of the best wares, and at the cheapest rates. He, on the contrary, who deals on credit is apt to be put oh* with inferior wares and at prices of the yery highest kind, and although be may be perfectly aware of the fact, bow can I he help himself until he has first cleared off his old and long outstanding accounts and placed himself in a position to make terms with and not be bound to accept those of the seller. We wilt narrate two examples which came under our own observation in another colony to show how men with money may ruin themselves by rushing into debt; whilst others by steady industry and frugal economy, may raise themselves to opulence, and independence by avoiding debt. Two gentlemen arrived in Australia at the tame time from England, both with families. One was very wealthy - the other was possessed of very limited means. The wealthy gentleman purchased a very fine estate, to which from time to time be made large additions at the expenditure of all the money be brought along with him, and by incurring a large Mortgage debt for land, sheep, and cattle. From a pitch of extraordinary prosperity, the Colony fell back to a point of severe temporary depression. Our wealthy debtor was, in consequence plunged into difficulty money vbe bad none claims against him were numerous and the claimant! clamorous. His sheep and cattle were sold to pay his debts, and at about a fourth of the price which he himself bad paid for them. Bis land also experienced a similar fortune, being sold to discharge the debt that had been incurred to purchase only a portion qf bis large and much coveted estate. tubman of limited means also bought a

small portion of land for which he paid cash, and on wbicb be laboured with prudent care Often was he tempted to add to nit bounds, and to mortgage the first possession to enlarge its extent; but «' Out of Debt out'of Danger" was bis maxim, and he manfully resistedthe flattering temptation until, with money in bis band, be could make his own purchases on bis own terms, and in the long run lend a large sum of money on a neighbouring estate, wbicb, for foul tof the owner being unable to redeem the debt, eventually became bis own. W two cues of actual occurrence, and well known to tbe writer. The wealthy J? 311 , 80 rofoed by the pressure ofurgeot obligations wbicb be wasunable, on the instant to was*man of ability and integrity but sanguine of enhancing bis possessions in nn degree. The otber toiled and plodded on, incurred no debt—kept bis. estate bis name out of 5^ 11 was prompt and punctual in all bis transactions. Here are two instances from which our Native readers may derive a most beneficial example, and we hope they will consider the question seriously. It is not sufficient to discharge a debt eventually. It is of the utmost jconsequence to do so promptly and punctually. The very life of commerce is the promptitude and despatch with which its affairs are regulated—and the native debtor may rest assured that his prosperity depends quite as much as that of bis Europeancred--1 » T . V pon a slnct and Punctual fulfilment of all his contracts.