LatePAID

Banking Advice 1935 PS: Be Cautious in letting money out in book debts

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.

Payment Pledge for Small Firms

Payment within 10 days !

The government pledges to pay all its invoices ' as soon as possible ' to ease small businesses' funding crisis.

It aims to pay all its bills within 30 days but Mr Brown promised it would pay small and medium -sized businesses within 10.

At last ! The sort of news small businessess' have been waiting for, instead of waiting 45, 90, 120 days for payment we have a pledge for payment within 10. I wonder how long this will be the case, lets hope the days of late payment from government bodies is gone.

About time those big private companies took notice too !. The days are gone or going when businesses can take credit terms to suit themselves. Watch this space !!!!