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FROM THE<br />
ARCHIVE<br />
<strong>Credit</strong> <strong>Management</strong><br />
magazine from 48 years ago.19<br />
71<br />
IN February 1971 Rolls Royce goes bankrupt and is nationalised,<br />
Switzerland gives women voting right in state elections, a new<br />
stock market index – the NASDAQ Composite debuts, South<br />
Vietnamese troops invade Laos with support from American air<br />
and artillery support. Protesting Belgian farmers take three live<br />
cows to an EEC meeting in Brussels, Evil Knievel sets a world<br />
record for jumping over 19 cars in Ontario, Joe Frazier defeats<br />
Muhammad Ali in a 15th round unanimous decision at Madison<br />
Square Garden.<br />
COMPANY LIQUIDATION<br />
IN THE UK<br />
The Director of <strong>Credit</strong> Insurance<br />
Association, D.A. Lishman, writes about<br />
the company failures of Rolls Razor<br />
and Rolls Royce. He notes that the total<br />
number of business failures in 1970 to<br />
the Underwriters was 3,700 – a seven<br />
percent increase on the previous year.<br />
CREDIT SANCTION AND THE LONG-TERM CONTRACT<br />
T.M. De Jong of the N.V. Philips Telecommunicatie Industrie from Hilversum in Holland<br />
addresses the Spring conference of the Institute of <strong>Credit</strong> <strong>Management</strong> in London and<br />
seeks to explain the meaning and purpose of credit sanctions and long-term contracts.<br />
The Recognised Standard / www.cicm.com / April <strong>2019</strong> / PAGE 67
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