I came across an old letter from Ulster Bank Ltd, that I thought I would share here.
Its advice given in 1935 to a new Belfast firm, called Allen, Burton & Colbert. Mens wear & uniforms suppliers. I guess if banks had of given this sort of advice today, things might have been different in the credit markets.
This advice was during the 1930's when times were difficult, maybe this will be the sort of advice we will hear in these coming months.
Dear Sirs,
With Reference to the overdraft of £300 which you have asked for and to which the directors have agreed, they point out in the letter to me how important it is for you to avoid bad debts.
The directors are anxious that you should be successful. They trust that you will be able to avoid the unpleasant and depressing experience of working hard to provide for loss. We shall be happy to make enquiries for you at any time.
PS: BE CAUTIOUS IN LETTING MONEY OUT IN BOOK DEBTS
Good advice, which is still important today.
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