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bill of exchange |
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bill of exchange: see draft draft, in banking, order by one party to another party to pay a stated sum to the person or firm in whose favor the draft is made. It is similar in form to the ordinary bank check . Often the drawer and the drawee of a draft are the same person. ..... Click the link for more information. . bill of exchangeShort-term negotiable financial instrument consisting of a written order addressed by the seller of goods to the buyer requiring the latter to pay a certain sum of money on demand or at a future time. Bills of exchange are often used in international transactions, and the holder of such a bill may redeem it in cash immediately by selling it to a bank at a discount. Bills of exchange used in domestic transactions are sometimes called drafts. See also promissory note. |
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| What a contrast between the well-clad, reading, writing, thinking American, with a watch, a pencil and a bill of exchange in his pocket, and the naked New Zealander, whose property is a club, a spear, a mat and an undivided twentieth of a shed to sleep under I heard it proposed lately that two young men should travel together over the world, the one without money, earning his means as he went, before the mast and behind the plow, the other carrying a bill of exchange in his pocket. |
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bill of exchange
