Ex. 5. Fill in the blanks with prepositions if necessary
1. The International Monetary Fund was set ... in Washington ... 1945. 2. To pay the interest ... our foreign debt, we’ll have to import less. 3. I bought my new TV set ... credit and make payments of $50 per month ... it. 4. You shouldn’t worry ... maintenance: we provide our equipment ... necessary spare parts ... all its service life. 5. These products have always sold very well ... Britain, and the quoted prices ... wholesale purchase will enable you to sell ...highly competitive prices, while obtaining a good profit margin. 6. Where can I exchange my dollars ... pounds.? 7. Most European currencies fell ... value yesterday. 8. His debts amount ... $5,000. 9. You should pay cash ... delivery. 10. I have an account ... the Savings Bank. 11. How much money do you have ... your account? 12. He put $200 ... his account.
TEXT A
METHODS OF PAYMENT
Read the text giving English equivalents to the Russian words and translate it. Put 10 questions to the text.
Compared to selling in the domestic market, selling abroad can create extra problems. Delivery generally takes longer and payment for goods can take more time. So exporters need to take extra care in ensuring that prospective customers are reliable payers and that payment is received as quickly as possible.
The two main methods of payment for exported goods are by (переводной вексель) and by (аккредитив). (Переводной вексель) is an order in writing requested the buyer to pay a (определенный) sum of money at a (определенный) date. If the bill must be paid immediately it is know as a (вексель, подлежащий оплате при предъявлении). The (трассант) draws up the Bill of Exchange naming the person who must pay the bill. This person is known as the (трассат). The (трассат) then gives the Bill of Exchange to the bank. When the bank (предъявлять) the bill to the (трассат) he must either pay it immediately, if it is a Sight Bill or accept it by writing «Accepted» on it. By (принимая) a bill, a person agrees to pay the bill at a specified date, usually in three months. When the (трассат) pays or accepts the bill, the bank gives him the documents which allow him to collect the goods from the quay or the airport when they arrive. Receiving the documents when the Sight Bill is paid is called «Documents against Payment». Receiving the documents when the bill is accepted is called «Documents against Acceptance».
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The main document in exporting is the (коносамент), which is (документ, подтверждающий право) to the goods. This deed is the document which proves ownership of the goods. When a Bill of Exchange has been accepted by the drawee it becomes negotiable. This means that it can be transferred to another person, to pay a debt for example. On the other hand, if the exporter does not want to wait for (платеж) of an accepted Bill of Exchange, he can sell it. Selling Bills of Exchange is a way of lending and borrowing money. А (коносамент) is also negotiable, so goods can be sold by selling the Bill of Lading before the goods actually arrive in the importing country.
(Аккредитив) is a letter written by the buyer’s bank to the exporter’s bank authorizing payment of a (определенный) some of money to a (определенный) person. The importer has to (обратиться) his bank to open a (аккредитив). The exporter is paid when he presents the export documents to his bank.
TEXT B
Glossary
Make sure you know these words before reading the dialogues.
best bet for starters - (coll.) a good idea to begin with; an issue - a problem; a target - an aim; the outcome - the result; a catch - a hidden difficulty, a trap
Episode nine
SEARCH FOR NEW MARKETS
S c e n e o n e
Paul is talking to Chris Mayor in Dabu.
Paul:Listen Chris, we’d like to break into new markets. You see, it is risky just depending on one. What do you think about it?
Chris:Well, after your recent successes in Industria, you shouldn’t find it too difficult penetrating new markets. I think the USA is your best bet for starters.
Paul: Well, we’ll see ... And one more question, Chris. As far as I know, a number of developing countries are trying to persuade the Industrian government to give them exemption from the import quotas. But if we want the restrictions lifted, Zuritania should be prepared to reduce her own import controls. Don’t you know if the Zuritanian Ministry of Trade is considering to reduce tariffs on foreign bikes?
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Chris:Well, the possibility was discussed and Jayal Motors was in fact mentioned as one of Zuritania’s more successful ventures in the export field. The ministry has drawn up a list of Zuritania manufactured exports that we want excluded from import restrictions.
Paul:I am glad to hear it.
Chris:You see, after all, Industria’s main trading partners in the developed world are the chief targets of the import controls - not us.
Paul:Right. How soon will we know the outcome of the talks?
Chris:Any day. Listen, there is the press conference scheduled for tomorrow morning. Will you still be here?
Paul:I am here for a couple of days. I have to see several customers we have here.
Chris:Okay. Well, you give me a call before you leave. I might have some information by then.
Paul:Fine. Thank you very much, Chris.
(next morning)
Paul:(on phone) Chris, hello. I rang you twice, but you were not available. What’s the news?
Chris:Well, it’s not exactly a major breakthrough, but it’s been agreed to suspend quotas on certain items... and believe it or not, mopeds are on the list.
Paul:What’s the catch?
Chris:(laughs) Well, it’s on condition that your exports don’t exceed 25 percent of the home market in the next twelve months.
Paul:That shouldn’t be too bad. We only have about 12 percent at the moment and we are happy enough with that. No, Chris, you’ve brought good news... Thanks very much.
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