CREDIT SYSTEM OVERDONE.

Hawera Star, Volume XLVIII, 24 June 1924, Page 9

CREDIT SYSTEM OVERDONE.

NEED KG'!l CASH DEALING. At the annual meeting of the Farmers’ Co-op. to-day tin- general manager (Air T. Taylor) made some important ternaries concerning t_<? system 01 credit winch is so general to-day. i\lr Taylor .said that it appeared to Inin that the present was an opportune time lor an institution such as the harmeis’ Co-op. to give the lead with legald to cheeking me present system of giving credit. They nad the names ot a number of wealthy farmers on their books who absolutely refused to pay their accounts, but preferred to pay the interest usually charged on such overdue accounts. The -directors had given the matter considerable, thought, and probably in the verymear future the society would carry on its business as a cash trading concern. One member of the board of directors had been advocating this course for a considerable time, but when ft was first suggested he (My Taylor) had objected, as the- time was not then opportune. AVitli the slump and £80,01)0 worth of stock on their hands they would not been wise to have made the change ivfc that time. However, he believed that the question could be tackled now. He believed that most of the farmers in Taranaki could pay their accounts on the 20tli when they received their factory cheques, and it would nay them to do so, -as lie was satisfied that- with the cash coming in the Farmers’ Co-op. could sell their goods cheaper.