CODE OF CREDIT.

Temuka Leader, Issue 1787, 8 September 1888, Page 4

CODE OF CREDIT.

Some time since a code of terms of credit and discount was promulgated in Auckland, but there was a difficulty in getting it generally adopted, in consequence of the action of some Southern firms. A uniform system has now, however (says the New Zealand Herald), been universally agreed upon, as follows:—For cash payments, 3f per cent discount on monthly sales (terminating on 19th of each month) if paid on or before the 10th day of following mouth; 2| per cent discount on goods paid for within one calendar month from the 3f per cent terms; li per cent discount on goods paid within one calendar month from the 2j per cent terms. For credit terms —Goods bought between 20th of one month and 19th of the following month (both inclusive), to be drawn for at four (4) months from the first of the following month (say 20th June to 19fch July, will be drawn at four months from Ist August). Shipping terms for all ports not connected with the shipping port by rail, five months from date of shipment. The ports of New Plymouth and Napier to come under the shipping terms. Drawing dates may be averaged, provided the total credit does not exceed the terms above stated. There shall be no dating forward and no approbation book. Interest on renewals to he charged at not less than 10 per cent per annum, and a similar rate of interest on all open accounts after expiry of credit terms. Bills may be redated at a rate not exceeding 7| per cent per annum,