Poverty Bay Standard. PUBLISHED EVERY TUESDAY, THURSDAY AND SATURDAY MORNINGS. GISBORNE: TUESDAY APRIL 17, 1888.

Poverty Bay Standard, Volume XI, Issue 1310, 17 April 1883, Page 2

Poverty Bay Standard. PUBLISHED EVERY TUESDAY, THURSDAY AND SATURDAY MORNINGS. GISBORNE: TUESDAY APRIL 17, 1888.

The present system of trading a, carried on here esrecially, and all through the Colony generally, cannot be too strongly condemned. On this, a, on all other subject, concerning the public welfare, we openly and fearlessly apeak our opinion. That the present credit System of trading is subversive of all morality in business matters, and opens up a wide field for roguery cannot Im denied. Let us just see how the majority of our traders commence. In moat instances they start with a mere nominal amount of their own, and immediately plunge into debt by first obtaining goods on credit, and secondly by negotiating with a bank manager for an overdraft. This latter arrangement is generally found necessary, so as to pay the bills when they fall due. The trader has the Stock or money’s worth by him, and the banka act the part of pawnbrokers, the only difference being that, instead of actually holding the good, as security, they bind the borrower down so that he is virtually their ■errant, and has to sell hl, good, at such * profit as to pay the bank Its interest and bare a sufficient margin to enable him to live likewise. We may here ny that this is one of the reasons why such enormous prices are demanded here. In the next place he is compelled to do business at almost anpr risk, and in the same manner as he is living on credit, so he allows his customers the same privilege, charging them most exhorbitant prices tor the worst articles and occasionally making a mistake, as to numbers and quality, In entering the articles, up in his book. We constantly see storekeepers give a large amount of credit to men who are in situations earning regular wages. Surely they most know that if these men do not pay while in constant employment they cannot Sy when out of work. We have known itances where men who have obtained credit in the above manner, have, following toe example of their betters, filed a petition (assets nil) and after obtaining their discharge, have boasted of the nice little “nest egg” they have lain by, and taken their de

pai tum to some ether place to try the same ; dodge again, In other cases where the debtor is brought before the Court, how seldom, notwithstanding judgment summonses Be., does the storekeeper ever recover, Time goes on, and on account of bad debts, pressure by bank, or some other cause, the trader files a petition, assets small, debts proportionally large, and if “ one of the ring" comes off with flying colors, and the creditors “ who are not in it” have the pleasure of seeing the poor debtor, who has assigned all (?) his property for the benefit of his creditors, walking about like a gentleman, and enjoying lite and living more expensively than heretofore. They wonder and wonderingly ask “do the ravens feed them 1" This thing affects everyone, from the manufacturer to the consumer in every branch of trade. The whole evil takes its rise from “the credit system” of the banks, and the evil will go on increasing more and more, unless Government steps in and breaks the golden chain which binds this usurious fagot together, though we do not see how this is likely to come about, considering that the majority of our legislators are In some way or other connected with and interested in the profits arising from this sinuous evil, the ramifications of which trend through all strata. of society, degrading and demoralising alike to the usurer and I his victim. The question is a most serious I one, and affects our liberties and very exisI tence. There is scarcely any person or any i thing but what is affected in some manner Iby it Our municipal laws and affairs are i ruled and regulated by it, in fact there is no ’ limit or bounds to the tyranny of this hydraI headed monster.