LOSS BY DEBT.

Auckland Star, Volume LXIV, Issue 253, 26 October 1933, Page 17

LOSS BY DEBT.

AGGREGATE DEFICITS.

ADDRESS TO CREDITMEN. ■' Tie loss to businessmen throughout X New Zealand by bankruptcy assignments and written-off debts -was revealed in , an address by Mr. F. G. Baskett at the \ luncheon of the Auckland Creditmen's 1 Club yesterday. The president, Mr. T. U. Wells, presided. Mr. Baskett stressed the importance of practical training for credit managers, t. whose position to-day was more than F ever one in which the greatest care and £ discretion was necessary. >; The Year Book for 1931 showed that tad debts proved in bankruptcy totalled £1,042,187, and liabilities against assignments were a further £683,154. Assets , realised on assignments and through § bankruptcy were £701,756, leaving a net | realised loss of £1,023,585. In 1932 bankis ruptcies and assignments of completed ' estates amounted to £741,989. There were also other liabilities under assign- [' ments which had not been quoted. The ' losses for 1932 had totalled £655,913. The proposal to form a New Zealand Creditmen's Institute should be carefully . Membership should bo governed by examination. - A similar institute in Canada was functioning well. . It was proposed that the following subjects should be studied: Commercial law, company and bankruptcy law, i currency and banking office manage- ' ment, economics, collections and credit . salesmanship, which included psychology. Mr. H. W. Dent supplemented Mr. Baskett's remarks.