Each nation has its own kind of money. In Britain，for example， the basic unit of currency is the pound sterling and in the U．S．the dollar．
　　Generally when a US exporter sells machinery to Britain，he wants to received do11ars，whilst the British importer will doubtless prefer to pay in pounds．To encourage international trade，should need arise for British importers to pay his American supplier in do11ars，his British bank can offer him several alternative methods of settlement．It can provide him with a banker’s draft drawn in dol1ars．The bank is able to do this because it will have an account with its correspondent bank in an American city and it simply issues a dollar cheque or draft drawn on that account．The British importer can then send this draft by airmail to the supplier．
　　Since there is a danger that the draft may be lost or fall into the wrong hands，the safer and more normal method would be for the British bank to arrange for payment by mail transfer．Instructions are sent by air mail to the correspondent bank in the US to pay on behalf of its customer the required sum to the named recipient from the British bank’s dollar account．This mail transfer system is very flexible since the instructions for payment can be varied or elaborated to suit practically every kind of requirement. With both banker’s drafts and mail transfers there is a delay of a few days due to the mailing time before the recipient receives his d0llar payment．For more speedy settlements，the requisite instructions call be sent by cable or telex for settlement the same day——the method known as telegraphic transfer．Again，no money is physically transported，the American bank simply deducts the dollar from the British bank’s account in America．These are 3 important types of international payments．
　　New Words & Terms
　　pound n．英镑 mail transfer信汇
　　machinery n．机器，机械 elaborate v．精心制作，详细阐述
　　whilst conj. 当时 doubtless a．无疑的
　　recipient n．接受者，收受人 supplier n．借给者，供应厂商
　　requisite a．需要的，必要的，必不可少的 settlement n．结算，支付；清算
　　draft n．汇票 speedy a．快的；迅速的 banker’s draft银行汇票
　　telegraphic a．电报的 correspondent
　　n．代理行，往来客户
　　cable n．电报 deduct v．扣除，减去 correspondent
　　bank代理银行；往来行
　　physically ad．实际上，真正地 airmail n．空邮
　　Phrases
　　by airmail航空邮寄 due to由于，因为
　　fall into落入；(可)分成；属于
　　Notes
　　To encourage international trade，should need arise for British importers to pay his American supplier in dollars，his British bank can offer him several alternative methods of settlement.
　　为了鼓励国际贸易的开展，一旦英国进口商有必要用美元来支付美国供应商，英国银行可以向进口商提供几种可供选择的结算方式。
　　Exercises to the Text
　　I．Answer the following questions．
　　1．What do Britain and America have respectively as their basic units of currency?
　　2．What does a U．S．exporter prefer to get from what he sells?
　　3．How many methods of settlement are mentioned in this passage?
　　4．What is the first method called?
　　5．What are the disadvantages of this method?
　　6．What is the advantage of mail transfer?
　　7．What causes the delay of both banker’s drafts and mail transfer?
　　8． What does telegraphic transfer mean?
　　II. Spell out the words or phrases according to the first
　　letter and the definition given.
　　1. s the standard unit of money in Britain
　　2. r person who receives sth.
　　3. e work out in detail
　　4. a mail carried by air
　　5. t mail sent by telegraph
　　6. d take money from a bank
　　7. c bank which has regular business relation with another
　　8. d written order for payment of money by a bank
　　III. Fill in the blanks with the words or phrases given below.
　　Change the form if necessary.
　　Payment, whilst, on behalf of, sterling, fall into,
　　cable, transfer, supplier, draft, requisite
　　1．Different national currencies are bought and sold by
　　dealers traders and investors at a price called the
　　exchange rate．
　　2．At one time to and from other countries were made
　　by bills of exchange．
　　3．If many people want to buy sterling because they think its stability compared to that of other countries’ currencies is good，then the will be in demand and its price will be high．
　　4．Pound notes are money in Britain， dollar bills are money in the U．S．
　　5．Bond market and equity market the category of securities market or capita1 market．
　　6．As the is telegraphic，this is the most speedy form of payment．
　　7． Spot transactions involving the movement of foreign balance necessitate the use of to send out the instructions．
　　8．A British car manufacturer needs to convert the dollars into sterling in order to pay his work people and and carry on producing more cars．
　　9．The bank must make sure that the“ proceedings(诉讼) on dishonour” are taken．
　　10．To the exporter of goods，the banking system offers several methods of receiving payment，including .
　　IV．Fill in the missing words with the words given．Change the form if necessary．
　　purchase， method，
　　receive，draft，payment，between，part，hand，until，put，goods，principal
　　In contracts for the sale of goods abroad, the terms of of the purchase price and the of settlement are matters to be negotiated the exporter and the buyer. The desire of the exporter is to obtain the price as soon as possible and not to with the documents of title (物权单据) to the goods before he payment, or, at least, before he is certain that his has been accepted; while the buyer, on the other , wishes to postpone payment of the purchase price he has an opportunity of reselling the . As a result, some methods of payment for exports have been into use.
　　V．Translate the following sentences
　　1．From the exporter’s point of view the most satisfactory arrangement to ensure that the goods are paid for would be to receive payment in advance．
　　2．Sometimes the exporter relies to a great extent on his past experience of the buyer’s integrity(诚实) to effect settlement at proper time．
　　3．Drafts are usually accompanied by shipping documents(装运单据) specified in letters of credit．
　　4．Banks often grant export finance in a variety of forms，including advances against shipping documents，negotiation and so on．
　　5．Two methods，bill of exchange(汇票) and documentary credits(跟单信用证)，account for the major part of all international transactions．
　　6．买卖双方通过协商把如何支付货款的办法订在合同中。(through negotiation)
　　7．卖方想在交货时收到货款，而买方却想尽量迟付货款。(whilst)
　　8．那仅仅是一种延期付款方式。(deferred payment)
　　9．我们通常采用付款交单的方式。(payment against document)
　　10．电汇是一种更常见、更安全和更快捷的支付方式。