Banking Credit And Finance
Banking Credit And Finance
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— ^You should always bear in mind that a different rate for discount applies to the different classes of bills. For instance, on documentary bills where documents are for pay- ment, the discount or rebate rate is 1 per cent below the bank of England official minimum discount rate. If drawn on firms (not bankers) and documents are for acceptance, the discount rate would be 1/4 or 1 per cent above the private discount rate for bankers' bills.
If drawn on bankers, whether documentary or otherwise ...(which are always for acceptance), the discount rate would be the private rate of discount, which fluctuates according to demand and supply of such bills; and in case of large transactions it is FOREIGN EXCHANGE 289 customary for buyers of such bills here to cable theii- correspondents abroad for a discount rate to apply on bills to arrive by next mail or for a stipulated period before ])uying, in order that they may know- exactly at what rate the bills can be discounted upon their arrival. Without such previous arran«;ement the discount rate might change materially and re- sult in loss upon the transaction.
What to read after Banking Credit And Finance?
You can find similar books in the "Read Also" column, or choose other free books by Russell Thomas Herbert to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
— ^You should always bear in mind that a different rate for discount applies to the different classes of bills. For instance, on documentary bills where documents are for pay- ment, the discount or rebate rate is 1 per cent below the bank of England official minimum discount rate. If drawn on firms (not bankers) and documents are for acceptance, the discount rate would be 1/4 or 1 per cent above the private discount rate for bankers' bills.
If drawn on bankers, whether documentary or otherwise ...(which are always for acceptance), the discount rate would be the private rate of discount, which fluctuates according to demand and supply of such bills; and in case of large transactions it is FOREIGN EXCHANGE 289 customary for buyers of such bills here to cable theii- correspondents abroad for a discount rate to apply on bills to arrive by next mail or for a stipulated period before ])uying, in order that they may know- exactly at what rate the bills can be discounted upon their arrival. Without such previous arran«;ement the discount rate might change materially and re- sult in loss upon the transaction.
What to read after Banking Credit And Finance?
You can find similar books in the "Read Also" column, or choose other free books by Russell Thomas Herbert to read onlineMoreLess
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