Трудности перевода специальной литературы по коммерции и праву с английского языка на русский. Сидорова В.В - 33 стр.

proceeds. By using a bill of exchange, it is possible for the seller to
have payment and for the buyer to have credit at the same time.
Ignoring for the moment the question of banker's commercial cred-
its, suppose that Brown in London sells to Schmidt in Bonn, who
requires credit of thirty days. Brown will draw a bill of exchange “on”
(i. e., addressed to) Schmidt ordering him to pay in thirty days' time.
       If Schmidt agrees to the terms of the bill, he will show his
agreement by signing (or “accepting”) the bill and returning it to
Brown. Brown can then sell the bill to his bank in London at its face
value less a small discount.
       It will be seen that Brown now has the money while Schmidt
has his credit for thirty days. When the time for payment arrives, the
bill is said to “mature” and the bank, or the person to whom the
bank has transferred it, will then seek to enforce payment from Schmidt,
who may meanwhile have obtained the goods and resold them. In
practice Schmidt is more likely to make an arrangement whereby a
London bank accepts the bill. This, of course, greatly adds to the value
of the bill in the market.
       A bill can also be used to enable a trader to obtain short-term
capital where he wishes to purchase raw materials or (perhaps) fi-
nance his own hire-purchase.
       The other main function of a bill of exchange is that it serves as
a convenient method of settling a debt, or, sometimes, two debts. If
Brown owes £100 to Black who in his turn owes £100 to White, Black
can order Brown to pay White on demand, and, if Brown does this,
both debts are extinguished.
       If in this example the name of Black's bank were substituted for
Brown as the person to whom the order was addressed, the instru-
ment would be a cheque, i. e. in effect a document where one person
(the customer) orders his debtor (the bank) to pay a sum of money
to his creditor.
       Initially, there are three parties to every bill. The person who
gives the order is called the drawer; the person to whom the order
is given is called the drawee, and, when he signs the bill, i. e.
accepts it, he is called the acceptor. Finally, the person to whom
the bill is payable is called the payee. The princi pal debtor is the
acceptor, while the drawer and any indorsers are in the position of
guarantors.



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