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外贸英语(十九)国际贸易的资金融通

(2009-04-14 10:14:03)
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教育

杂谈

分类: 外贸英语课程

Lesson Nineteen

The Finance of Foreign Trade

How and when does an exporter receive payment for the goods which he sends abroad ?

Paying for goods supplied in the domestic trade is a fairly simple matter. Payment is made either in advance or within a reasonably short period after delivery. There is little time lost in correspondence and in delivery, as a result of which most suppliers can afford to give the required short credit of one month usually in home trading.

These problems are magnified many times in foreign trade. Much time is unavoidably lost in correspondence, dispatch and delivery. Who is to bear this loss ? Must the seller wait perhaps six months for his money or shall the buyer pay several months before he even sees his goods ? Further, in a case of non-payment, a seller will be involved in expensive legal action and possibly total loss.

Payment in advance by an importer might be helpful to a buyer in urgent need of the goods, or where the buyer is unknown to the seller, or in the case of a single isolated transaction. Another method of transacting the business is that the goods are sent, and the customer is trusted to send a remittance in due course. It is usual for remittances to be sent periodically, say every six months; the exporter is therefore virtually lending his money to the foreign importer.

In every contract for the sale of goods abroad, the clause dealing with the payment of the purchase price embodies four elements: time, mode, place and currency of payment. The various methods of financing exports represent variations and permutations of these four elements. The liberty of the parties to the contract to make their own arrangements as regards the payment of the price is , to some extent, qualified by the provisions of Exchange Control in various countries.

The interest of the exporter is to obtain the purchase price as soon as possible, but not to part with the documents of title to the goods before having received payment, or , at least, being certain that his draft has been accepted; while the buyer wishes to postpone payment of the price until he has had an opportunity of selling the goods. The most important of these payment clauses arise under bankers’ commercial credits under which a considerable bulk of export business is transacted.

This method of payment is characterized by the interposition between the seller and the buyer of a bank which, on the buyer’s instructions, promises to accept, honour or negotiate bills of exchange drawn by the seller. Before dealing with bankers’ commercial credits, it is expedient to consider arrangements which provide for direct payment by the buyer without such an interposition of a bank.

Remittance

In the simplest case , the parties agree on “cash with order” terms. An exporter, who is able to sell on these terms, reduces the financial risk of the export transaction to a minimum as he receives the payment by remittance in advance.

Sometimes the parties agree on “sight payment”. Here the buyer has to remit the purchase price when presented with the documents of title to the goods sold.

Sight payment is arranged when the exporter is acquainted with the financial status of the buyer and entertains no doubt about his solvency. The exporter sends the documents to the buyer who then remits the agreed price. Remittance may be made by telegraphic transfer(T/T), or mail transfer (M/T), or demand draft(D/D). These remittances are usually carried out through the buyers bank. Sight payment is further sometimes arranged when the exporter sells goods to his own overseas branch or subsidiary. Here the seller ships the goods to his branch and settlement is usually a matter of periodical remittance.

Collection

Normally, the buyer does not remit the purchase price but allows the exporter to draw a bill of exchange, with or without documents attached, on him. In such a case, the exporter asks his bank to arrange for the acceptance or payment of the bill overseas, and the bank will carry out his task through its own branch office abroad or a correspondent bank. This procedure is termed as collection of proceeds of sale. Collection is of two kinds: collection with bill of exchange against documents and collection with a clean bill. In practice, the latter is not so widely used as the former.

The seller’s instructions to present for acceptance or for payment a documentary bill, in particular, pass through many hands and have to be carried out abroad. They have to be precise and complete and to deal with the various contingencies which may arise in the course of their execution. The bank asks its customers to issue instructions on a “ documentary bill lodgment form” which is worded as a questionnaire and designed to obtain instructions for all eventualities.

The exporter has to instruct the collecting bank on the lodgment form whether the documents shall be delivered to the buyer on acceptance of the bill (termed as documents against acceptance, or D/A), or on actual payment (termed as documents against payment, or D/P); whether the documents shall be handed to a referee in case of need and what the powers of the referee are; whether the buyer shall be allowed a rebate for payment before maturity; and, if the documents are not taken up, whether the goods are to be warehoused and what insurance is to be effected. The lodgment form further requires the exporter to give precise instructions relating to the noting or protest by a notary public at the payer’s residence if the bill is dishonoured by non-acceptance or non-payment.

In the case of collection of proceeds of sale, there are generally 4 parties involved:

1.       the exporter or principal;

2.       the remitting bank or the bank appointed by the exporter to collect the proceeds;

3.       the collecting bank appointed by the remitting bank to collect the proceeds from the importer, usually the branch office or correspondent of the remitting bank;

4.       the payer or the importer.

Figure 1

The Draft (Bill of Exchange)

                                           London 5th March, 19--

£588.06

Sixty days after sight of this First of Exchange (Second and Third of the same tenor and date being unpaid) pay to our order Five hundred and eighty-eight pounds and six pence.

Value received, payable at the current rate of exchange for Bankers’ sight drafts on London.

                                           For WEAVEWELL WOOLLEN CO, LTD.

                                                 (Signed) Director

Messors. Strutton & Smuts

          Durban

 

Figure 2

外贸英语(十九)国际贸易的资金融通

Notes:

1.       payment支付

2.       delivery交货

3.       credit信用

4.       dispatch and delivery发货与交货

5.       remittance汇款(额)

6.       the payment of the purchase price支付货款

7.       time of payment支付时间

8.       mode of payment支付方式

9.       place of payment支付地点

10.   currency of payment支付货币

11.   exchange control外汇管制

12.   title to the goods货物所有权

13.   banker’s commercial credit银行商业信用证

14.   draft汇票

15.   accept承兑

16.   honour承兑,承认如期支付,承诺

17.   negotiate议购,议付

18.   direct payment直接支付

19.   “cash with order” terms订货付款,认购即付

20.   remittance汇款

21.   sight payment见票支付(payment at sight)

22.   financial status资力状况

23.   solvency偿付能力

24.   telegraphic transfer(T/T)电汇

25.   mail transfer(M/T)信汇

26.   demand draft (D/D)票汇

27.   bill of exchange against documents跟单汇票

28.   clean bill光票

29.   proceeds of sale销售收入

30.   consignor/principal委托人

31.   remitting bank托收行

32.   collecting bank代收行

33.   drawee/payer付款人

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