Business Man’s Note Book.

Te Aroha News, Volume XXVII, Issue 43322, 7 May 1908, Page 3

Business Man’s Note Book.

ft • .< V : In this column notes of interest to business men and others will appear from time to time ■Abbreviations used on Shipping Invoices. • ‘means “ free on board.” Goods sold f.o.b. are delivered by the. seller free on to the vessel at his ..expense, and prices quoted f.o.b. LondoD, f.o.b. Liverpool, etc., mean that they include delivery on board any, vessel sailing from . those ports.« m OJ.F : means cost of insurance and ■ v freight included in the price; and 1 all charges, such as packing, rail, B freight, and shipping r ' are included in the price quoted in the currency of the country to which the goods are to be exported, Viz., 55‘dols. c.i.f. New York, 125 marks 50 p.f .g. Hamburg. When prices, are not quoted c.i.f. -the charges mentioned are, generally 'imaged on the shipping invoice. : C. and F. mean cost and freight in- , r eluded in price, (generally for import trade info the United King- . dom). - ; • 'V. FRANCO DOMICILE means delivered free ta, warehouse of pur- - chaser,, ' , SREE LONDON , means delivered . free Port of London.. ■ . - ' LOCO LONDON means free in warehouse of seller, and all shipping charge? to be paid by purchaser :■ CHEQUES PAYABLE TO, ORDER. —On the futility of a common practice connected with the drawing of cheques, Hall’s “ Mercantile Gazette ’’adds the following to ~ the other similar- advice .on the , ® saime siibject-Many people have . ah insane craze for deleting the V word “bearer” in cheques and substituting v the word “ order.” Theyvbelieve that by so doing they aremaking certain that the instruments canton be available only for the benefit of the parties . named as payees. That is a mere mistake. For what do the words or order ” 'mean ? Nothing morepthan that, the name of the payee must purport to be on the back of tfie cheque so altered. If such 5 a cheque should get into the hands of a. wrongful holder, there is nothing in the word to prevent himself endorsing it in the name :Of the payee. Do not let it be forgotten that the endorsement need not be genuine. The banker on < whom the is drawn has no responsibility whatever. His duty to his customer: is fully discharged V if - the endorsement appears or purports to be genuine and , regular. The Bills of Exchange , Act giVeshim special protectionin ' that respect.. It will therefore be V manifest that an “or order ” cheque is very little safer than one payable to bearer, because a wrongful holder can by one stroke of the pen transform himself from r a rogue mto an apparently (lawful owner. , A better protection is afforded'a drawer of a cheque by crossing his cheque “ not negoti'j+L able” when sending it through M post, j The meaning of this Ui crossing will be explained in a fw'' latter issfie.