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Credit In Different Countries

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OCR Text

In Australia a credit of six montlis is generally allowed. In Asia Minor a credit of but two or three weeks is in most cases all that la allowed. In Italy but little credit business is done, aud none without good security given. In France a four montlis' accoptiince is required to be sent in settleiuent of the invoice. In Cuba the time fixed for payment is geuerally from lour to live montlis atter dellvery of tlie goods. In the Bermudas accounts are ettled but ouce a year. The 30th of June is the day usually lixed tor the puyments. In Austria it is scurcely possible to do business without allowing a very lonjr credit, which is nearly nlways one of six inonthB. In England a paynieut of the price of goods delivered is required at the end of three months, üuting from the day of shiptneut. In Turkey even objects of prime necessity are sold on credit, and in this country, as well as in RtntW, the time ullowed is in most cases twelve months. In Spain four -fifths of the transactiong are done on a cash basis, while iu Portugal great liberallty is shown, and quite a long credit is usually allowed. In China it is not custoinary to iive credit. Money is obtained Irom leaders, who exact an interest oí froui 8 to 12 per cent. Billinen is nearly always couducted upon a cash basis. In Mexico the larjre commercial houses willingly giye credit of from six to eitrlit months, yid iu the retail tradb louger terins are given custoniers in which to settle thelr accounts. In Canada seltlements are made at the end of thirty days, with a discount of 5 per cent. Sometimes a credit of from three to six months is allowed, but in this case there is no discount. The Consul General of the United States at Rio Janeiro States that one of thegreatest drawbacks to commerclul iutercourse with lirazil lies in the necessity of allowing too long a credit. At Kio, as at Buenos Ayres, minimum credit is six monthg. In Costa liica credit of from six to twelve montlis is }fiven iu case of murchandise imporced from Kuroixj in order that the goods may be easily and quickly disposed of. But since this system of credit has often led to losses it is now being glven up. In Germany the credit system Is very widespread, the jni reliaseis in settlliig their accounts are generally much longer than iu France and Kngland. Nearly every commercial and manufhctarlag branch of business has its. own particular terms of credit, and there is no uniformity In this respect.


Ann Arbor Courier
Old News