练习5
1.Sceurc, d accommodating bill (参见教材pp.67—69)
A Revolving Acceptance Credi! covering exports from tile U K to Australia opened in
favour of The Exporling Company by an accepting house, William Caxton & Company—Secured.
William Caxton & Company To: The Exporting Company London, 15 Feb., 200x London, E. C. 2. Dear Sirs,
Revolvinp Accentance Credit No. 3254 In response to your application, we have pleasure in opening a Revolving Acceptance Credit facilities at your disposal to the extent of GBP100,000.00 (say one hundred thousand pounds) to assist in the financing of your export to Australia, subject to the following terms and conditions:
This credit is available by your drafts on ourselves at ninety days after sight, which are to be marked “Drawn under Acceptance Credit No. 3254 against shipment of goods to Australia.”
At or before time of drawing on us, you are to deposit with us as security, and for collection under our existing arrangements with you, your draft at a determinable future time not exceeding 90 days on your buyer in the importing country, accompanied by full shipping documents, the total amount of such draft is to exceed the respective drawing on us by not less than 10%.
As and when proceeds of collection become available, they will be applied by us in cover of our outstanding acceptances.
All drafts are to be covered by you in cash with us at or before their respective maturity dates but the credit being revolving, when and to the extent that drafts are so covered, the facility automatically becomes available again.
Our commission for accepting your draft will be at the rate of 1.5% per annum, i.e.3/8% on draft at 90 days after sight. In addition, collection commission and in cidental expenses will be payable by you.
This credit will expire on 15 Feb., next year, and all drafts on us must be drawn and accepted not later than that date.
for and on behalf of
William Caxton & Co., London
signature Director
The Seller, The Exporting Co., London who has sold agricultural tractors to the buyer, The Overseas Importing Co., Brisbane issued a collection bill on 20 March, 200× to be drawn on the buyer at 60 days after sight for GBP7, 700.00 payable to the order of William Caxton Company marked the words “Drawn under sales contract No. 27355 against shipment of agricultural tractors from London to Brisbane for collection.” (1) Please draw a collection bill to meet the above requirements in the form as follows:
Exchange for pay to the order of the sum of To The Seller wishes to make use of Acceptance Credit No. 3254, since he has issued a collection bill which would entitle him to draw on William Caxton & Co. a bill dated on 22 March, 200× for the sum of GBP7,000.00 payable at 90 days after sight to drawers'order marked “Drawn under Acceptance Credit No. 3254.”
(2) Please draw an accommodating bill on William Caxton & Co., London duly endorsed in blank by the payee. Suppose the bill was accepted by the drawee on 23 March, 200×payable at Barclays Bank Ltd., London. Please accept the hill and specify its due date.
Space for acceptance Space for endorsernent in blank Exchange for Pay to the order of Drawn To
(3) You will send these two bills together with the shipping documents to William Caxton & Co. with aletter which will be written by you in the form as follows: To: William Caxton & Co.,
London 20 March, 200×
Dear Sirs,
Revolving Acceptance Credit No. 3277
We enclose here with the full shipping documents covering a shipment of to The Overseas Importing Co., Brisbane. We also enclose our days sight hill drawn on the importer for . Would you kindly forward these to your agents at , and arrange for the presentation of the bill to the importer for , and later for collection at maturity, and remit the proceeds to .
Under the terms of the above credit, we also enclose our days sight bill drawn on you
for . After acceptance, we should be grateful if you would kindly hand this bill to Gillett Brother's Discount Co. Ltd. For . We should be glad if you would debit our account with your acceptance commission.
Yours faithfully The Exporting Company
signature
You will send a copy of this letter to Gillett Brother' s Discount Co. Ltd., with a covering note as follows: To: Gillett Brother's Discount Co. Ltd.,
20 March, 200×
Dear Sirs,
We enclose a copy of the letter which we have sent to William Caxton & Co. today. Will you please pay the net proceeds to Barclays Bank Ltd., London for credit of our account.
Yours faithfully
The Exporting Company, London
signature
(4) Please calculate the discount using the formula as follows: V = face value of the bill = GBP7,000.00 t = tenor in days = 90 N = discount number
d=discount rate in×% per annum=9 D = amount discounted
v = present value of bill (after deduction of amount discounted from the face value)
N?V?1 100V?t?dN?dV?t?d100 D?or??365365365?100
v=V-D=
Use the given numbers in formula D and v to calculate amount discounted and net proceeds.
(5) When Gillett Brother’s Discount Co. Ltd., have discounted the bill, they will send a discount statement to The Exporting Company. Please make out a discount statement filling particulars in the form as follows:
Gillett Brother's Discount Co. Ltd.,
To: The Exporting Company, London l,ondon, 21 March, 200x
We have pleasure in confirming the purchase of the bills listed below. In accordance with your instructions, Itle net proceeds, have been paid to Barclays Bank Ltd., London for the credit of your account. Discount and net proceeds Due date Tenor in days Face value GBP Less discount at 9% per annum Net proceeds GBP Per Pro
Gillet Brother’s Discount Co. Ltd.,
signature Manager 2. Unsecured accommodating bill (参见教材 pp. 70 --71 )
Revolving acceptance credit covering purchase of cocoa beans opened in favour of The Manufacturing Co., by an accepting house, William Caxton & Co., Unsecured.
William Caxton & Company
To: The Manufacturing Co., Liverpool. London, 11 Jan., 200x Dear Sirs,
Revolvinp Accentance Credit No. U- 429
In response to your application, we have pleasure in establishing our Revolving Acceptance Credit No. U - 429 to the extent of GBP100,000.00 (say one hundred thousand pounds) available by your drafts on ourselves at three months after date for the purpose of financing your purchase of cocoa beans from Kingston to Liverpool and each draft must be marked“Drawn under Credit No. U - 429 against purchase of cocoa beans”.
All drafts are to be covered by you in cash with us at or before their respective maturity dates, but the credit being revolving, when and to the extent that drafts are so covered the facility automatically becomes available again.
Our acceptance commission payable at time of acceptance will be 1.75% per annum.
This credit will expire on 11 Jan., next year, and all drafts must be drawn and accepted not later than that date. The credit being unsecured is a condition hereof that you will not create any new mortgage of charge on your property or assets without our consent.
We enclose our usual form of undertaking in respect of this credit which kindly sign and return to us.
Yours faithfully
William Caxton & Co., London
signature
(1) Please draw an accommodating bill which was dated I April, 200× drawn by The Manufacturing Co., Liverpool, on William Caxton & Co., I,ondon payable to drawer's order duly endorsed in blank by them at three months after date for the sum of GBPI0,000.00 marked: “Drawn under Acceptance Credit No. U -429 against purchase of cocoa beans”. The bill was accepted by the drawee aml payable at Barclays Bank Ltd., London. Please accept the bill and specify its due date.
Exchange for pay to the order of the sum of for value received Drawn To Space for acceptance: Space for endorsement in blank
(2) You will send a letter to William Caxton & Co., with five bills, each for GBP10,000.00 taking the form as follows:
To: William Caxton & Co., London Liverpool, 1 April, 200× Dear Sirs,
Revolving Acceptance Credit No. U-429
With reference to the above credit dated we would like to avail our selves of GBP50, 000.00 of the facility, and enclose here with five bills, each for , drawn at which we have endorsed in blank. After acceptance kindly hand these bills to Gillet Brother's Discount Co. Ltd., for . We will he glad if you wouhl dehit our account with your acceptance commission
Yours faithfully
The Manufacturing Company, I,iverpool
sigqature
(3) You will send another lelter to (;illett Brother's Discount Co. lad., as follows: To: Gillett Brother's Diseount Co. l,td.,
London. I,iverpool, 1 April, 200× Dear Sirs,
We enclose a copy of a letter we wrote to William Caxton & Co. today, and from which
you will see that we have asked them to hand to you bills totalling for .We should be glad if you would pay the net proceeds of these hills to Barclays Bank Ltd., London for the credit of our account.
Yours faithfully
The Manufacturing Co., Liverpool
signature