CREDIT IN BUSINESS

Taranaki Daily News, 28 April 1933, Page 7

CREDIT IN BUSINESS

ACTIVITIES OVERSEAS. ORGANISATIONS AND TRAINING. The place of the credit man in the business community overseas, particularly in the United States, was the subject of an address given by Mr. W. H. Hemingway, of New York, and formerly of Auckland, at a luncheon of the Auckland Creditmen’s Club. After stating that the Auckland Creditmen’s Club would do much for the welfare and betterment of business in New Zealand, Mr. Hemingway said in Europe and the United States he knew of no profession which had developed on more sound lines and done better work, or more thoroughly justified its existence, than the profession of credit men. He did not even except accountancy, tremendous as had been the progress of development in that profession. The National Association of Credit Men, a United States organisation, was a powerful and wealthy body. Before it came into operation, with branches throughout the country, the loss on merchants’ book debts used to average between 5 and 15 per cent. So thorough had been the work of the credit men that the loss had been reduced on an average to slightly more than one-half of one per cent. This had resulted in a saving to traders of nearly £27,000,000 a year. So powerful was the National Association of Credit Men that one branch alone, that of the Retail Credit Men of New York, numbered more than 29,000 members. Education schemes had been drawn up in the United States and Germany, among other countries, to provide training for younger members of the profession. Lecturers were provided by the universities. 5