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University of Southern California
J. W. HALLMAN
THE RONALD PRESS COMPANY
This work sets forth the details of credit mechanisms and credit practice in their relation to the fundamental conceptions of business organization and management.
Credit goes to the root of every business, every profession, every political body. The huge annual losses on credit extensions offer ample proof of the need of better practices in this vital function of modern business. As these losses are ultimately borne by the consumer through price-loading, the subject becomes an economic problem of prime importance. No one can count himself fully equipped for the business and professional world who has not a thorough knowledge of the guiding rules and principles in the extension of credit and the proper redemption of credit through prompt payment of accounts. On the other hand, the man who successfully manages credits and collections gets a breadth of business knowledge that equips him for the very highest positions.
Largely, however, because of the recent and rapid developments in the credit field, the principles and practice worked out by successful credit managers have not as yet been organized in a form which is available to the learner. Too often, when the man who has built up the department is promoted, his successor must in his turn pass through a long and often painful process of apprenticeship. This volume seeks to give the young man preparing for credit work the guidance he needs. The material it contains is the outgrowth of actual experience in the management of a credit department. The organization is the result of experience in handling college classes in the subject. Beginning with the social concept of credit the discussion is narrowed, first, to the relationship of credit to other