BRADFORD, 27th September 1898. INVOICE of certain Goods, viz: Woollen Cloths sold from Bradford by Messrs. Wildsmith, Barton & Co. to Messrs. Morrison, Hutton & Mair, All Blanks in these Columns to be filled in by Shipper. The form of Invoice on the other side to be used [FORM NO. 140.] Directions. CONSULAR CERTIFICATE. [FORM NO. 138.] Declaration of Purchaser or Seller or duly authorised Agent or either. I, the undersigned, do solemnly I, the undersigned Erastus S. Day, 1. "Pur and truly declare that I am the chaser" or "Seller" or "duly authorised agent of either 2. Date. authorised agent of the seller of the merchandise in the within invoice mentioned and described; that the said invoice is in all respects correct and true, and was made at BRADFORD, whence said merchandise is to be exported to the United States; that said invoice contains a true and full statement of the time when, the place where, and the person from whom the same was purchased, and the actual cost thereof, price actually paid or to be paid therefor, and all charges thereon; that no discounts, bounties, or drawbacks are contained in said invoice but such as have been actually allowed thereon; that no different invoice of the merchandise mentioned in said invoice has been or will be furnished to any one, and that the currency in which said invoice is made out is that which was actually paid or is to be paid for said merchandise. 4 pieces Coatings 2 pieces Trouserings CHAPTER XII THE EXPORTATION OF GOODS-Continued SECURING EXCHANGE AND DRAWING AGAINST SHIPMENTS.. Loco Terms.--The means of reimbursement for goods sold on these terms vary according to circumstances. When the goods are shipped to a branch firm abroad, in many cases no draft is drawn, the amount being simply debited in account. In other cases documentary drafts are drawn, as described under the heading of "c.f. & i. terms," whilst very often "clean" bills are drawn either on the buyer direct or on a London banker with whom he has opened a "credit." The method adopted depends upon the financial standing of the persons with whom we are dealing, the custom of the trade, and the arrangements made when the order was accepted. F.o.b. Terms.-Goods sold on f.o.b. terms are usually shipped on account of a buyer in London or elsewhere in this country, and are paid for by cheque when the shipping documents are delivered, or a few days afterwards, according to agreement. When selling goods on these terms to a home buyer of whose financial standing: you are not fully satisfied, it is advisable to stipulate for "cash against documents," as you then run less risk of losing money in case the buyer suspends payment soon after receiving the documents,. as sometimes happens. Franco Terms.--The terms for goods sold "franco" to the continent vary according to circumstances. When the buyer is drawn upon (in the foreign currency) it is usually at 30, 60, or 90 days' sight, as may be arranged. The draft is generally discounted, either with an English bank or with a bank in the country on which it is drawn. In the latter case the amount realised is usually remitted by a cheque on London. The seller has to take the risk of fluctuations in exchange, which is one of the drawbacks to selling goods on these terms to countries whose exchange is not fairly stable. C. f. & i. Terms.-Goods on these terms are sold almost exclusively to India and the East, the buyer being generally a native. As the seller has accepted a rupee price, he has of course to receive payment in rupees. Exchange with Eastern countries has fluctuated so violently during the last few years that no prudent merchant will now run the risk of exchange for goods sold for delivery some time ahead, if he can possibly avoid it. He therefore "fixes exchange" beforehand whenever possible. This is done by going or writing to a London bank which has an Eastern branch (such, for instance, as the National Bank of India; the Mercantile Bank of India ; the Hong-Kong and Shanghai Banking Corporation; the Chartered Bank of India, Australia, and China; or the Agra Bank), and asking them to fix exchange for the amount which you expect to draw, and the approximate date. Drafts in Foreign Currency.-Drafts against goods sold on "c.f. & i. terms are usually drawn at 60 or 90 days' sight, documents attached, "documents to be surrendered on payment." The draft will be in a set of three, the "First" of which will probably be worded as follows: No. 4586. Exchange for Rs.2125. MANCHESTER, 28th September, 1898. Sixty days after sight of this our FIRST of Exchange (Second steamer "Barrister" which place to account as advised. Shipping HENRY STEPHENSON & Co. (The Second and Third of the above draft would be precisely the same as the above, except that the words "First and Third" and "First and Second" respectively would be substituted for the words "Second and Third" in parenthesis.) case. Three copies of the invoice would have to be made out in this To the "First" of the draft would be attached one copy of the Invoice, a copy of the Bill of Lading, and the Policy of Marine Insurance. To the "Second" and "Third," the remaining copies of the Invoice and Bill of Lading would be attached. Hypothecation" would also have to be made out triplicate) and attached to the other documents. will be dealt with presently. A "Letter of (sometimes in This document When the documents are attached to the draft, as in the above case, the draft is called a "documentary bill," or, as it is generally abbreviated, "D/A," meaning "documents attached," as distinguished from a clean" bill, or one drawn without the documents being attached. 66 Foreign Drafts in Sterling. When goods shipped to India and other countries are sold at sterling prices (whether on "loco” or other terms), a documentary draft-usually at 60 or days' sight is generally drawn in sterling for the full amount of the invoice. The documents are the same as mentioned above, but the draft itself is usually worded thus : No. 895. £142 3s. 9d. MANCHESTER, 31st January, 1898. Sixty days after sight pay this FIRST of Exchange (Second and Third unpaid) to our order the sum of One Hundred and Forty-two Pounds Three Shillings and Ninepence sterling, payable at the National Bank of India's drawing rate for demand drafts on London, with interest at six per cent. per annum added thereto from date hereof to approximate due date of arrival of the remittance in London, value received against TJ 1000/1004=5 Bls. Goods per steamer "Barrister." To Messrs. TIMOTHY JONES & Co., In some cases the rate of interest is stated to be at the bank's drawing rate for "telegraphic transfers," in others for "sight," "three months' sight," or "four months' sight" bills, whilst in other cases it is "exchange as per endorsement," but the most usual is that stated above-for "demand drafts." When "exchange as per |