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The Pamphlet Collection of Sir Robert Stout: Volume 15
Terms of Commercial Credit
Terms of Commercial Credit.
"Wellington, N.Z., 22nd Feb., 1879. To the Secretary of the Chamber of Commerce, Dunedin. Dear Sir, there is a strong feeling among importing houses in this City that the credit usually given here, which is four months (or, practically, nearly five) is too long, and should be reduced to three months—this not to apply to the soft goods trade. I should be glad to know what the custom is in this respect in Dunedin, and in the event of it being the same as in Wellington, whether you think the Dunedin importers would join to reduce it to three months. page 11
I am writing to the same effect to the Secretary of the Christchurch Chamber. I am, dear Sir, yours faithfully, S. Carroll."
To which the Committee replied "That three months from the first of the following month are the terms of credit in the general trade here, but that importers have for the last two or three years found it difficult to maintain the three months' currency, from the fact that the representatives of merchants in Wellington and Christchurch have been offering more liberal terms of credit all along the coast, and even in Dunedin. The Chamber will willingly aid in establishing any practice which will reduce the time of credit, feeling satisfied that it would tend not only to the permanent benefit of both buyers and sellers, but to the advantage of commerce generally."