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Credit And The Credit Man

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Thus, without any one having advanced a penny, the transaction has gone thru without a hitch. The money which the Chicago importer paid for the Japanese shipment was received by the shipper four months before that money was sent. ...
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Credit and the credit man

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Overview

Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free.
This is an OCR edition with typos.
Excerpt from book:
Thus, without any one having advanced a penny, the transaction has gone thru without a hitch. The money which the Chicago importer paid for the Japanese shipment was received by the shipper four months before that money was sent. Yet the importer sent the money only after the goods had been received in Chicago and resold there. Credit, as we see, has performed the apparently impossible! 2. Meaning of credit.—It is natural that in beginning our study of this exceedingly important factor of modern commerce, we should seek to obtain a clear and comprehensive understanding of the meaning of the term itself. In a general way, of course, every one is familiar with the term "getting credit" or "buying on credit." We know that ordinarily it describes the obtaining of something in the present for which payment is to be made in the future. Yet for our present purpose we need a somewhat fuller and more exact understanding of the subject than this general concept affords. Numerous definitions of credit have been given, each differing more or less from the others, according to the special viewpoint of the defining authority. Thus, one definition tells us that credit is "a reputation of character, of confidence or trust, a good name or opinion gained by upright conduct in business; a reputation of solvency." Another definition, equally correct, says that credit is "the present right to a future payment." It is easily recognized that both definitions are right as far as they go; yet they are chapter{Section 4necessarily incomplete in that each regards the subject from only.one point of view. We shall probably obtain a clearer idea of the subject, as far as our present inquiry is concerned, if we consider briefly the place of credit in our modern commercial structure. We may, therefore, ...
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Product Details

  • ISBN-13: 9780217195751
  • Publisher: General Books LLC
  • Publication date: 8/9/2009
  • Pages: 84
  • Product dimensions: 7.44 (w) x 9.69 (h) x 0.17 (d)

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Thus, without any one having advanced a penny, the transaction has gone thru without a hitch. The money which the Chicago importer paid for the Japanese shipment was received by the shipper four months before that money was sent. Yet the importer sent the money only after the goods had been received in Chicago and resold there. Credit, as we see, has performed the apparently impossible! 2. Meaning of credit. It is natural that in beginning our study of this exceedingly important factor of modern commerce, we should seek to obtain a clear and comprehensive understanding of the meaning of the term itself. In a general way, of course, every one is familiar with the term "getting credit" or "buying on credit." We know that ordinarily it describes the obtaining of something in the present for which payment is to be made in the future. Yet for our present purpose we need a somewhat fuller and more exact understanding of the subject than this general concept affords. Numerous definitions of credit have been given, each differing more or less from the others, according to the special viewpoint of the defining authority. Thus, one definition tells us that credit is "a reputation of character, of confidence or trust, a good name or opinion gained by upright conduct in business; a reputation of solvency." Another definition, equally correct, says that credit is "the present right to a future payment." It is easily recognized that both definitions are right as far as they go; yet they are chapter{Section 4necessarily incomplete in that each regards the subject from only.one point of view. We shall probably obtain a clearer idea of the subject, as far as our present inquiry is concerned, if weconsider briefly the place of credit in our modern commercial structure. We may, therefore, ...
Read More Show Less

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