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Second.

2.

SEVILLE, 1st January, 1901.

£600.

At sixty days after date of this Second of Exchange (First and Third of the same tenor and date not being paid), Pay to the order of Messrs. Gil Perez & Co., the sum of Six hundred pounds sterling, and charge the same to account as advised by

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At sixty days after date of this Third of Exchange (First and Second of the same tenor and date not being paid), Pay to the order of Messrs. Gil Perez & Co., the sum of Six hundred pounds sterling, and charge the same to account as advised by

To Messrs. SMITH & DAWSON,

London.

OLANDO & CO.

The Second and Third documents differ from copies, as we have already shown, and as we know of no better term to express them by, we have called them by the name used by many merchants in the foreign trade, viz., "Via ".

BILL BOOKS.

Merchants usually keep a book in which they enter the particulars of the bills sent them to get accepted and the names of the houses to whom they are to hand them over. This is called the Bills for Acceptance Book. Bills received as remittances are entered in another book called Bills Receivable; bills drawn on them they enter in a book called Bills Payable.

PRESENTATION FOR ACCEPTANCE.

The first thing a merchant does on receiving a bill of exchange is to present it to the Drawee for Acceptance. This should be done as soon as possible, whether the bill is received direct or by endorsement, although it is not absolutely necessary with bills drawn at so many days' date, but if the bill is drawn at so many days' sight the holder is bound to get it accepted at once, as should he omit to do so within a reasonable time he would lose his remedy against the drawer and endorser should the drawee refuse or fail to pay it when due. Besides this, by delaying to procure the acceptance of a bill payable after sight he would lose interest, as the time for its payment only begins to count from the date of its acceptance by the drawee.

The presentation of a bill for acceptance must be made during the recognised business hours; that is, before four o'clock p.m., and it is usual in London to leave a bill one day and to call for it the next. The drawee accepts the bill by writing his name across it, and usually states with what banker it will be payable. In accepting a bill payable after sight, he must add the date on which he accepts, which must be that on which the bill was left, provided of course it was put in the "Bills for Acceptance" box before four o'clock, and the clerk calling for the bill should see that this requirement is complied with. If the bill is drawn payable after date, it is not necessary to insert the date of the acceptance, as the date of its payment is fixed.

Merchants who accept bills of exchange usually make them payable at their bankers, and they are conse

quently paid in at maturity by the holder to his bank for collection there, in the same manner as cheques.

The duty of getting bills accepted usually devolves on the junior clerk in an office, and we will now say a few words as to the process of obtaining an acceptance. When the bills are handed to him to take out he enters in a memorandum book certain particulars of the bill, such of the amount, name of drawee, and his employer's mark or number. Having done this, he leaves the bill at the drawee's counting-house, by putting it into a box which he will generally see there, marked bills for acceptance. Next day he presents himself at the drawee's counter, and calls out, "Bill left". The clerk will then ask him what amount, the mark or number, etc., and on being answered correctly, hands over the bill.

When a clerk is instructed to obtain the accepted via of a bill which is waiting for the presentation of the endorsed vin or copy, he takes the endorsed via or copy to the counting-house of the firm mentioned as holders of the accepted bill, and hands it over the counter, saying "First". The clerk presently returns it with the accepted bill, inquiring at the same time whose hands it is in. When applying for an accepted via a clerk should be careful to take both parts away with him, and see that they correspond.

ACCEPTING A BILL.

An acceptance must be by writing on the bill signed by the acceptor, or some person duly authorised by him in his name, and an acceptance must not express an intention to pay in any way but in money.

Acceptances are divided into general and qualified.

A GENERAL ACCEPTANCE.

A general acceptance on a bill of exchange assents without qualification to the order of the drawer, and may be expressed in either of the following ways:

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A qualified acceptance is one which, in express terms, varies the effect of the bill. An acceptance is qualified when it is conditional, as in the first and second example; an acceptance is qualified when it is partial and not for the full or the first amount drawn, as in the third and fourth examples; and acceptance is qualified. when it is local, as in the fifth and sixth examples; or it may be qualified as to time, as when the bill is drawn at three months and is accepted payable in six months.

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Example of an Acceptance on a Bill drawn at so many

days after date.

Accepted.
Payable at Lloyd's Bank.
ALFRED KING & CO.

Example of an Acceptance on a Bill drawn at so many

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The effect of an acceptance is that the drawee, by his

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