CHINAMAN'S FAILURE DUE TO EUROPEAN'S OPPOSITION - SIDELIGHTS ON ORIENTAL BUSINESS METHODS.
AUCKLAND, This Day. The fact that a European fruiterer started business in opposition to a Chinese was given at a meeting of creditors at Hamilton as the principal reason for the latter's failure. The bankrupt was Leong Ming, trading as Wing On and Co., of Hamilton. Bankrupt's schedule showed that approximately £450 was owing to unsecured creditors, and £30 to secured creditors, while his assets wers assessed at approximately £179, leaving a deficit of £880.
In the course of the meeting, the interpreter stated, in reply to the Deputy. Official Assignee, that, judged from the European standpoint, Chinese business methods were very crude. They borrowed and lent large sums of money without any security other than by word of mouth. One Chinese would assist another to his last resources, and would not ask for any receipt or other written recognition, if the man failed to pay what he had borrowed the lender would know not to lend him any money in the future. Debts were hereditary, and many of the Chinese in New Zealand were at present working off debts incurred several generations previously. They only submitted accounts once a year, and it was considered lucky if a, man could discharge his obligations before the New Year:
Dealing with the question of Chinese trading under names other than their own, the interpreter said that if a Chinese was not successful while trading under one name he took' it as a bad omen, and in his next venture tried some other name. The interpretation of names also was taken into consideration by an Oriental when starting in business. Such a name as "Wah Lee" or "Ming Lee," meaning small or very small profits, was considered unlucky by sonic, while others thought it would bring in custom by tempting buyers. The meeting resolved, "That the creditors deem it advisable that steps be taken by the Government to have some system of registration of Chinese trading names instituted as a protection to the trading community." No particular resolutions concerning bankrupt were passed. Evening Post, Volume CIX, Issue 122, 27 May 1925, Page 4