Words and expressions

1. have had cause to complain —имели причины для претензий

2. to do your utmost —сделать все зависящее от Вас

3. your order has been attended to — Ваш заказ был выполнен стро-in strict rotation го в порядке очереди

4. cutlery n — столовые приборы (ножи, вил-

ки, ложки)

5. dessert spoons —десертные ложки

6. teaspoons —чайные ложки

7. to sell them on a "sale or return" — продавать их на основе «про-basis дажа или возвращение»

8. to install v

9. awkward adj

10. were offloaded in error

11. e.ta. = estimated time of arrival

12. with elastic belts loose

13. seams near neck coming away

14. not up to sample

15. patchy adj

16. second to none

17. to slip up v

18. to denti;

19. to endorse the receipt

20. replacement train

21. surveyor n

22. Please hold the damaged items at our disposal until we hear from our insurers.

23. adding machine

24. padding n

25. to be damaged beyond repair

26. to work overtime

27. dispatched today by container service

28. rugn

29. dock strike - dock stoppage

• устанавливать

• неуклюжий

• были ошибочно выгружены

• ожидаемое время прибытия

• с незакрепленными эластич­ными резинками

• швы около ворота располза­ются

• не соответствующий образцу

• в пятнах

• не имеющий аналогов, самый лучший

• допустить ошибку

— нанести повреждение в виде

вмятины

• зд. подписать акт

• игрушечный поезд на замену

• сюрвейер {инспектор)

• Пожалуйста, оставьте за нами поврежденные товары до тех пор, пока не будет решения страховой компании.

• арифмометр, калькулятор

• прокладка, мягкий упаковоч­ный материал

• быть поврежденным так, что починка невозможна

• работать сверхурочно

• отправлена сегодня линейным контейнеровозом

• коврик

• забастовка докеров

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BANKING. ACCOUNTING OF A COMPANY Chapter

xii

БАНКОВСКОЕ ДЕЛО. БУХГАЛТЕРСКИЙ УЧЕТ НА ПРЕДПРИЯТИИ

All the three existing types of markets — money markets¹, share (stock) markets² and commodity markets³ — function in close connection with the banking sphere.

Nowadays one can speak of a global banking system although banks, of course, continue to play their local, more traditional role: opening and managing accounts⁴, giving loans, and fulfilling all kinds of other operation to assist agriculture, industry and commerce.

Traditional instruments of international bank payments are letters of credit (discussed in Chapter XV) and documentary collection bills⁵.

Documentary collection bills are presented to the importer's bank or its correspondent by the exporters together with all the shipping, insurance and other documents specified in the contract. If the documents are in order the importers instruct their bank to pay and then collect the shipping documents.

The process of payment from bank to bank has been greatly quickened by the introduction of SWIFT system (Society for Worldwide International Financial Telecommunication)⁶. This network nowadays covers thousands of banks in about a hundred countries. A message to pay money sent through the computers of SWIFT system can be received in the matter of seconds.

The role of correspondent banks⁷ is nowadays also permanently growing. A correspondent bank is the one which carries the deposit balance of another bank situated in another city of country. This exchange of services between banks greatly facilitates international payments.

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Some of the basic terminology connected with banking includes interest rates⁸ (percentages that a bank earns by giving out loans), deposits (i.e. money placed in a bank), remittances⁹ (i.e. transfer of money), etc.

Interest rates and bank rates¹⁰, naturally, differ from country to country, from bank to bank, and from client to client, but one of the most influential indices here is LIBOR (London Interbank Offered Rate)¹¹.

Another development in banking is the industry of plastic (credit) cards. By issuing credit cards to individual clients and thus encouraging them to spend money, the banks tap the almost inexhaustible resources of the consumer sector. This system was pioneered by the USA where plastic cards have proved a goldmine for banks, but now credit cards are issued by virtually all big banks around the world.

NOTES

денежный (валютный) рынок

фондовый рынок товарно-сырьевой рынок открытие и ведение счетов

инкассо инкассировать инкассирование, инкассо инкассовое поручение СВИФТ (Международное об­щество межбанковских ком­муникаций) банк-корреспондент процентная ставка перечисление денег банковская ставка

1. money market

2. share (stock) market

3. commodity market

1. opening and managing accounts

2. collection bill to collect v collection n collection order

3. SWIFT (Society for Worldwide International Financial Telecommunication)

4. correspondent bank

5. interest rate

6. remittance n

7. bank rate

133

11. LIBOR (London Interbank — ставка ЛИБОР (ставка пред -

Offered Rate) ложения (продавца) на лон-

донском межбанковском рын­ке депозитов: важнейший ориентир процентных ста­вок на международном рынке ссудных капиталов, фикси­руется на основе ставок веду -щих банков на 11 часов утра)

EXPRESSIONS USED IN BANKING CORRESPONDENCE

We should like to open a current a/c in your bank

...to apply for a loan from our bank

... will be pleased to grant you the loan on the following terms

We advise that the sum of ... is due...(date)

We shall be grateful to receive your confirmation that you will be making payment of...

In accordance with the

repayment schedule please remit to us...

Please state your New York correspondent on whom we may reimburse ourselves

Please inform us at whose request the payment order was cancelled

Мы бы хотели открыть текущий счет в Вашем банке

...обратиться за ссудой в наш банк

... с удовольствием предоставим Вам ссуду на следующих условиях

Напоминаем, что сумма... должны быть выплачена... (дата)

Будем благодарны

за подтверждение, что Вы перечисляете...

В соответствии со схемой

погашения долга перечислите нам...

Пожалуйста, укажите

Ваш банк-корреспондент в Нью-Йорке, который возместит нам наши расходы

Пожалуйста, сообщите,

по чьему требованию было отменено распоряжение на оплату

EXAMPLES OF LETTERS

1. Request for credit references.

The East-London Bank London

Bel-England Co., London,

Attn. Mr. Johnson, Area Manager.

Subject: Credit Enquiry Concerning Belmetal Co.

Dear Mr. Johnson,

Would you kindly send us a summary of your credit experience¹ with Belmetal Co. We assure you that your response will be kept strictly confidential.

In applying for a loan from our bank this Byelorussian company gave your name as a reference. We therefore should like to hear from you about the paying habits, credit terms, limits, etc. of Belmetal.

We will greatly appreciate your help in this matter and shall be glad to assist you in a similar manner. Thank you in advance for your time and consideration.

Yours sincerely, Edward Green, Vice-President.

2. Opening a bank account.

Manchester Trade Co., Manchester.

The East-London Bank,

To the President.

Dear Sir,

Our Manchester Trade Co. intends to open a branch of its business in London, and we should like to open a current account² with you for the use of the management of this branch.

The Manager's name is Dale Cooper and he is authorized to sign cheques on our behalf. The cheques will also carry the second signature of the branch cashier, Mr. Peter Carter.

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135

Will you please make arrangements for these two gentlemen to visit your bank in order to provide specimens³ of their signature and fulfill other necessary formalities.

Our references can be obtained by you from the Manchester First Bank who will be pleased to provide you with any details concerning the Manchester Trade Co.

Yours faithfully...

3. Company asking bank to finance a scheme under government guarantee.

Moscow, Oct...2... The German Development Bank, Frankfurt.

Dear Sirs,

We should like to inform you that our company, "Mosdorstroy", has concluded a contract worth 6,000,000 EUR with the German Company, specializing in road machinery, "Machinenwerk", for the supply of road construction equipment.

The Russian government has given its approval for the contract to be financed within the framework of the joint European Bank/ Russia program under the government payment guaranties.

Should you be interested in financing the contract, we will be glad to hear from you soon.

Best regards, General Manager, Boris Ivanov.

4. Bank agreeing to give loan to a company.

Landing Bank, England London, Oct., 2...

Rossconstruction Company,

Mr. Sergei Alexeev, General Manager.

Dear Mr. Alexeev,

Our bank is pleased to have been a long-standing partner of your company and appreciates the chance to have had those

mutually beneficial business opportunities that we had over the recent years.

As for your latest proposal, I can inform you that our bank can lend you up to 20 mln USD as the sole provider⁴. We suggest an 8-year loan at a fixed rate of interest of 11% per annum, with quarterly repayments⁵.

A bigger package that you mention can also be organized with our help, provided we go ahead with our principal loan.

Sincerely, John Greeley, Manager.

5. Bank requesting a debtor company to pay outstanding sum.

Fintechbank, Helsinki, Finland Nov. 21,2...

St.-Petersburg

"Neva-Import" Company,

Attention Mr. Petrov.

Dear Mr. Petrov,

Last year your company took a loan from our bank which we thought the beginning of a long and fruitful cooperation. Nowadays, however, we find out that your company has gone into debt, which, as you informed us, is the result of the latest severe economic crisis.

You are writing about difficulties in repaying interest and the need to put off repayments generally. You also refer to the informal and friendly relationship that we've had with you.

However, I must point out that the economic crisis you refer to has hit our country as severely as it did yours. Our small bank is in serious financial difficulties, therefore I propose to you the following: I want the outstanding 50 thousand USD immediately, and you can forget about interest.

This will represent a considerable gain for your company, and the friendly relations that you mention should help us come to an

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137

agreement. Otherwise we will have to resort to the legal procedures⁶ which, as you know, our bank has all the chances of winning.

Sincerely, Leino Keskula, Manager.

6. Bank reminding bank of due payment, principal and interest.

Landing Bank, London

St.-Petersburg Industry and Construction Bank Ref. 1174 — Loan agreement dd. 23.03.2004.

We want to inform you that for the a/m⁷ loan the following amounts are due on Jan. 31, 2007:

principal⁸ USD 1,665,744.0

interest USD 83,435.0

We kindly ask you to remit these amounts to our a/c No.... as stipulated in the a/m agreement (Art. 6).

We thank you for your cooperation.

Best regards...

7. Bank reminding bank of due payment.

Landing Bank, London

St.-Petersburg Bank, St.-Petersburg

According to Art. 6 and Art. 7 of the Loan agreement dd. Apr. 10,

2005, and your schedule of repayment, interest amounting to and

principal repayment amounting to are due on Nov. 12, 2007.

Please authorize us to debit⁹ your current account with the sum of and quote our Ref. No. in your SWIFT authorization.

Best regards...