HUGE LOSS TO N.Z.
UNRECOVERED DEBTS MORE THAN FIRE DAMAGE Losses to New Zealand through bad debts are possibly greater than the fire loss of the Dominion. Figures indicating this position were supplied to tho Auckland Creditmen’s Club yesterday afternoon by Mr. W. Garrett, who was speaking on advantages of prompt settlements. Mr. Garrett believed to be reliable the estimate that, from 1921 to 1927, the mercantile community of the country lost £10,000.000 in bad debts. During that period debts proved in bankruptcy were £4,500,000. The lire loss of New Zealand had increased from nearly £1.000,000 in 1923 to almost £1,500,00 in 1928. Over a period of six years, the average annual loss was £1,220,000, in comparison with the estimated annual loss through bad debts of £1.430,000. The effect on the producers, and then the consumers, undoubtedly was severe. It was impossible to decide the actual loss under private assignments, but the estimated loss could be regarded as substantially correct. There was probably a greater number of private assignments than bankrupt-
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Sun (Auckland), Volume IV, Issue 1002, 19 June 1930, Page 9
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171HUGE LOSS TO N.Z. Sun (Auckland), Volume IV, Issue 1002, 19 June 1930, Page 9
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