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HASKINS & S E L LS NEW YORK KANSAS CITY CHICAGO PHILADELPHIA CERTIFIED PUBLIC ACCOUNTANTS SEATTLE PORTLAND DETROIT DENVER CLEVELAND ATLANTA SAINT LOUIS BULLETIN DALLAS BOSTON SALT LAKE CITY BALTIMORE TULSA PITTSBURGH WATERTOWN LOS ANGELES SAN FRANCISCO LONDON BUFFALO PARIS CINCINNATI NEW ORLEANS E X E C U T I V E OFFICES HASKINS & SELLS BUILDING 37 WEST 3 9 T H ST.. NEW YORK HAVANA SHANGHAI VOL. IV NEW YORK, MAY 15, 1921 No. 5 Thrift T H E R E was a time when "thrift" made one think of a Dutch gardener, an Italian fruit vender, or a Jewish storekeeper. No one ever thought of associating it with an American. The Dutch gardener for his mid-day meal ate a chunk of bread and washed it down with a drink of water from the hose. The Italian fruit vender and his family subsisted largely on the fruit which was unmarketable. The Jewish storekeeper turned down the gas in the rear of the store when there were no customers in the place. These were all marks of thriftiness. They received proper credit when success and prosperity followed their practice. The pre-war American was too much imbued with the millionaire-for-a-day spirit. He asked not the price of things for fear that he might be considered cheap. He was fond of demanding the best which the place afforded. His motto was "Live to-day lest to-morrow ye die." The American of to-day is a far different being. If prices are too high he is more likely to refrain from buying. He has learned to examine for quality and to consider it in relation to price. He has made rapid and substantial progress in the matter of getting a dollar's worth for every dollar he spends. He has come to think more about obtaining a maximum return for the effort which he puts forth. "Thrift" has been defined by M r . Dunn as the "Conservation of time, energy, and property." It is a good definition; concise and yet comprehensive. It gives a broader and more modern meaning to the word. For thrift is something more than the saving and hoarding of money. Time, energy, and property are all in the same class. To dissipate any one of the three is equally condemnable. Life, progress and success depend upon action and such action involves the exchange of time, energy, and property, using property in a broad sense, for the specific things which one would possess. It, therefore, becomes apparent that the rapidity with which one achieves success will depend largely upon his ability to so engineer such exchange that he will receive full value in return for what he gives. There is a lesson in M r . Dunn's definition for every one of us. Every piece of work which we undertake should be preceded by the consideration of methods which will involve the least amount of time, energy and expense consistent with the result to be attained. We should never overlook the fact that thrift in behalf of a client is the essence of our professional obligation.
Saving and investment
Haskins & Sells Bulletin, Vol. 04, no. 05 (1921 May 15), p. 41
|Source||Originally published by: Haskins & Sells|
|Collection||Deloitte Digital Collection|
|Digital Publisher||University of Mississippi Libraries. Accounting Collection|
|Identifier||HS Bulletin 4-p41|