COMPANY BORROWING.
POSITION OF EACH CONCERN.
PROPOSED PROCEDURE OPPOSED.
"The object is desirable, but the method by "which they set about it is absurd," said the chairman, Mr. A. M. Seaman, at a meeting of the council of the Chamber of Commerce yesterday, when referring to clause 51, of the National Expenditure Adjustment Bill. Tin's clause requires every trading company borrowing moneys under contract of deposit to prepare,, on the first day of the mouths of January, April, July and October, a statement showing its assets and liabilities, as at the end of the previous day. He said tiie executive had written to the Associated Chambers of Commerce, stating that the course was manifestly impossible, as it involved stock-taking of all assets and quadruplication of the work usually done in this connection. The chairman said the clause obviously required redrafting, although it was desirable that the Government should bo possessed of information as to tho stabliity of trading concerns taking deposits and so trespassing on the preserves of the banks. The letter sent to the Associated Chambers was approved.
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Bibliographic details
New Zealand Herald, Volume LXIX, Issue 21164, 22 April 1932, Page 10
Word Count
179COMPANY BORROWING. New Zealand Herald, Volume LXIX, Issue 21164, 22 April 1932, Page 10
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