Language of documents

[hatemshehab]

MY DRAFT POST IS LONG THAT’S WHY I SPLIT IT IN TWO POSTS

Speaking of English literature, I would like to share some knowledge of some business and finance words as to their meanings and origin and why we say these words.

Acid Test; known as quick ratio test.

Wandering peddlers, now supplanted by telemarketers, were once a familiar part of the European and American scene. A typical fellow carried a few household articles in a pack; if well established, he might drive a wagon with a variety of goods.

Many a peddler made his real money, not by sale of goods, but by purchase of old gold from persons he encountered. Even a veteran found it hard to assess the value of filled and plated articles by examination. But a positive test was easily used. After filing a shallow groove in a piece, the prospective buyer would touch it with nitric acid. Color reactions gave a reasonably accurate index to the gold content and hence the value.

Bottles of nitric acid were used on so many articles containing gold that any exacting trial came to be called an acid test.

Acid test: Current Assets - Inventory
Current Liabilities

Broker

These days, a broker can’t stay in business without substantial cash flow; money is the name of the game.

That was not the case with the earliest fellows given a version of the title. In medieval France, a tavern’s tapster was responsible for broaching – or opening – casks of wine for resale. By extension, he became the middleman or agent who bought from one source and sold to another.

For generations, there were brokers of every imaginable kind; one or several specialized in every commodity on the market. With the rise of modern fiscal instruments, some began dealing in stocks and bonds. Brokers of this sort gradually came to be considered more important that those who dealt in sheep or iron or cotton.

Today’s Wall Street executive who takes a client to lunch seldom functions as the title once intended. Instead, a waiter will be asked to open the bottle of wine.


Corporation

Quintus Septimus Florens Tertullianus, better known as Tertullian, was among the best linguists of the second century. From Latin terms that meant the making of a body from components, he coined a new title for an established organization: corporationem.

Scholars of the 15th century discovered the ancient term and applied it to any organized group, such as the corporation of surgeons. But it was not until 1600 that English law provided for a such body to act as though it were an individual. That is, corporations became artificial persons created by charter and capable of living much longer than humans.

By Colonial times, organizations and land companies were encouraging investors to pool their resources in order to form corporations. As a result, a term born in Roman legal circles is one of the most common and important words of modern business.


Dollar

A silver mine opened in Bohemia in 1516 turned out to be one of the richest ever. So much precious metal was dug out that local jewelers couldn’t use all of it. As a result, craftsmen made one-ounce coins from some of the joachimsthal silver.

In commerce the novel coin soon became familiar as the “thaler”. So many thalers were circulated that the product of Bohemia became a standard unit of currency. English merchants eager for international deals stumbled over the name of the silver piece and wound up calling it “dollar.” Dollars soon poured into and out of the island kingdom, but the coin was never made official.

Patriots who shaped our 1785 American monetary system wanted to be completely un-English. They devised a decimal system quite unlike that which made a guinea worth twenty-one shillings. Founding fathers scrapped both “pound” and “penny” and chose dollar to name a piece worth 100 cents.


Pig in a Poke

Never buy a pig in a poke; always take a look at merchandise before handing over payment, regardless of how great a bargain is offered.

That advice wasn’t always heeded in early England; so many purchasers were stung by shrewd farmers. Until three months or so old, a young porker usually went to market in a heavy bag, or poke, that was carried over the seller’s should by means of a stick.

More frequently than we’d like to think, in “the good old days” a farmer’s poke held a sick or deformed piglet, and sometimes even a cat, that was offered at a price below the market. If a prospective purchaser asked to take a look, the seller was likely to refuse to open his bag “because once little pigs loose, they’re almost impossible to catch.”

Lots of folk who had a taste for pork and took a stranger’s word actually bought a pig in a poke. Too often, a quick look inside the bag revealed that what seemed to be a good buy was money wasted.

HERE LIES THE IMPORTANCE OF INSPECTION CERTIFICATE. L/Cs ARE IN A WAY BUYING PIG IN A POKE, AREN’T THEY?

Anybody knows where does the following words stem from?

Boycott
Secretary

Those who have secretaries should know.


[edited 11/4/01 11:17:58 AM]

[T.O.Lee]

Dear Hatem,

When I requested you to say a few words, I did not expect you to work so hard for it. Thanks for giving us a good lesson on English.

Your story about Yeats coincides with that told by the tourist guide when I made a tour around Ireland after the IIBLP function in Dublin last year.

He is a poor fellow, loving a lady but cannot live happily ever after with her. When I visited the church where Yeats was buried, I noticed that he died in the same year that I was born, 1939, the same year WW2 broke out.

I am a lover of opera. Last week I saw Mozart's opera "The Magic Flute" in Elgins Theatre in downtown Toronto. They sang the English version rather than the original language. It was not a good experieince. Opera pieces sung in Itlaian are the best, I mean in terms of musical values.

Try to sing Puccini's "Nessun Dorma" (Turandot) or "Che gelida manina" (La Boheme) in English and see what you have.

By the way, Chinese is a very musical and poetic language too. When we wish to throw some dirty words to those who have offended us, such as "X U" in English, we would say "I would like to give my best regards to your mother!" You may try it in Hong Kong.

htp://www.tolee.com

[edited 11/12/01 2:21:11 AM]

[hatemshehab]

Dear Mr. Lee

Thanks for your kind words and appreciation of the hard work I have done. To tell you frankly I found myself in an area where I originally belong to and in an area which I cherish. After having abandoned English literature being engrossed in banking and trade finance for almost more than 11 years, this was an opportunity to recollect my memories on the subject.

So I am obliged to you as well.

[PGauntlett]

T.O.
I'm not being sensitive, I was just trying to inject some humour into the proceedings hence my mention of Lennon & McCartney (whom some people might say stangled the English language!)and THE Gray Sinclair who I knew very well.
regards
Philip

[larryBacon]

In my L/C lectures I always advise submitting documents in the language of the L/C for practical and logical reasons.

Where translations are involved, there is always the risk of variation or interpretation, especially if technical or unusual terms are used.

In the case of the documents issued in Russian against an English L/C, I suggest that if a translation was made of the documents into English, without sight or influence of the L/C wording, the translated wording would not match exactly with that of the L/C. Whether such a difference would be discrepant would have to be judged on a case by case basis.

In answer to Hatemshehab's query, although my worst subject at school was history, I remember enough to tell you that when Ireland was occupied by English forces some centuries ago, very often land seized from the indigenous Irish was given to English noblemen or army officers based on their unquestioned loyalty to the English crown. One such person was Captain Boycott. His treatment of his tenant farmers was so disgraceful, even by standards of the day, that almost all of the people in the locality agreed to offer him no succour, assistance or acknowledgement. Thus no local shopkeeper, tradesman etc would have any dealing with him. This practice obviously became known as "Boycotting".

The later, English, version of this is known as sending someone to Coventry, but perhaps our English contributors can elucidate on this.

Secretary, I assume, comes from the French word "secretaire" meaning a writing desk, but I am open to correction on this.

[T.O.Lee]

RHAPSODY ON A THEME BY SECRETARY (NOT PAGANINI)

In response to Laurence's comments, and to add some amusements here, one time we received a query from one of the visitors to our website where the DC asked for a certificate (however, without specifying the name and capacity of the signatory) and a certificate was presented, apparently signed by a named signing officer such as "Napoleon Nelson" but with his capacity appearing below as "secretarmy".

Is this a valid discrepancy?

http://www.tolee.com

[edited 11/22/01 9:00:46 PM]

[larryBacon]

T. O.

Was "Napoleon Nelson" representing a secret army or was this an army secret ?

In either case, if the capacity of the signatory was not stipulated in the DC, any capacity, real or imagined, should be allowed.

Laurence

[T.O.Lee]

Laurence, the answer to your question:

Was "Napoleon Nelson" representing a secret army or was this an army secret?

depends on whether your are an Englishman, a Frenchman or a Canadian.

http://www.tolee.com

[hatemshehab]

Dear Mr. Bacon

Full marks for the “Boycott” thing. Of course needless to mention that captain Charles Boycott eventually left Ireland after the successful movement against him during the potato fimine era.

As for the “Secretary” it is a Latin term for persons who held this title were originally in charge of the secrets and confidential affairs of wealthy noblemen.

Many an early secretary soon discovered that corresponded required a great deal of time and energy. With increasing importance to letter writing, the significance of the occupational title gradually shifted to some thing else. Eventually a man or a woman employed to conduct corresponded – with or without secrets – took the old title.

Although the present connotation of the word secretary do not point to a secretary’s earliest function, there are reminders that have survived like the American secretary of state, perhaps to tell us that it might be wise for every secretary to keep quiet about the business conducted for an employee.

I think having known the origin of the word “secretary” viewers will appreciate that the position has deteriorated especially when it comes to female sectaries, isn’t it?

[LjubicaHolik]

All wievs are interesting but in the praxis we have often such situation.
If in DC is not stipulated that the documents may be presented in russian,
then such documents (in russian)are discrepant.If the beneficiary present DC conform documents in serbian, and if that is not strictly allowed under DC we as presenting bank consider documents as discrepant.Issuing banks are doing the same. We as issuing bank
for example consider certificate of quality issued in chinese as discrepant and ununderstanding for us.
Ljubica Holik,Yugoslavia