Trade Financing

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This is the second and substantially expanded edition of Trade Financing, first published by Euromoney in 1981. The new edition is divided into six parts. Part l deals with long-established payment methods. Where money existed in the form of drable metal, lending against instruments of credit, for example bills, soon developed. The long trade routes made it essentail to fiance cross-border trade exchanges. The Assyrians developed a system under which an agent would make the voyage in place in place of the merchant. The agent received the money for the purchases against the issue of a written promissory note in which the agent committed himself to pay penal interest should be cause any delay in payment. These promissory notes were themselces traded among the merchants and served, among other things, to refiance trade which had already been completed.