ACCOUNTANT STUDENTS
THREE INSTRUCTIVE LECTURES.
,A meeting of the Wellington Accountant Students-Society: was held in' the Accountants' Chambers this week. Air. Ernest W. Hunt presided. The business of the evening was to hear a lecture on "The Financing and Accounts of Oversea Shipments." - The major portion of the1 lecture was taken by Mr. C. M. Bowden, who dealt principally with: shipping, bills of lading, and marine'insurance. He was assisted by \Mr. T. G. A. Harle, who dealt with the financing of oversea shipments, and Mr., L. A. Jones, who dealt with contracts in relation to the sale of goods. Mr. Jones referred .to '.the difference between the property in the goods and. the actual possession of the same, and said that the goods sold must correspond with the sample ■ and description previously given. .In outlining the provisions of the Sale of Goods Act,,he dealt specii fically with the passing of the property in 1 the goods and that the contract must, fulfil all the conditions of the contract note. Mr. Jones went on to deal with contracts -c.i.f. (cost).insurance, freight) and f.o.b. (free on board),-and.the necessity, for- the TBeller'safeguarding thebuyer's .interests together with1 the seller's right of stoppage in ' transit, thereby resuming the property; and possession of goods. ... .-. .. ■ ' . •■'•':■'
Mr. Harle; outlined the principles covering bills ,of , exchange, and ' stated that . sellers, in forwarding . drafts for collection through the banks, and subsequent remittance of proceeds to them, generally utilised the bank because they possessed all the machinery for handling the draft, as well as the fact that they financed the seller, in many instances. He referred ,to the different methods adopted by traders in New Zealand in financing their purchases, and stated that the banks, in negotiating drafts on behalf of sellers, usually required a letter of hypothecation, giving them the power to dispose of the goods if the purchaser did not meet the draft on { presentation. In dealing with Eastern credits, ho stated ■.■ that drafts, negotiated under them in foreign countries were always drawn on London, and that the drafts wore converted at the rate of exchange ruling on the date of payment." Mr. C. M. Bowden dealt" principally in Tfis address with invoices covering pur-" chases, bills of lading, and marine insurances. In respect to bills of lading, he outlined the responsibility of shipowners. He commented on the numerous rubber-stamp exemptions inserted in bills of lading, and summarised the provisions of the Harter Act, published in the United States, whereby it was made illegal for shipowners U> remove themselves from their responsibility^ by special clauses in a bill of lading. In stressing the fact that, shipowners were not liable for acts beyond their control/ he referred to The Hague rules of 1921, under which most countries worked, and mentioned that these rules in regard■ to': shipping were in reality a codification of the Harter Act. Under Tfie Hague rules several important points were. conceded to shippers, 3 and in particular consignees were now. allowed twelve months in which to lodge a olaim for damages. '"\ !■'■'■'.■ ,The.f lecturer emphasised that the ability, to insure goods was invaluable to commerce, and outlined the two important classes of risk, "with particular, average/and free of particular average." He urged, the necessity of insuring with the former "W.?.A'.," in view of the larger cover against damage by water or. a' partial loss for. a small additional premium. He went on to deal, with "partial loss only," and stated that an insurance only covering,, the same was not sufficient cover,"'.. and did: not cover the usage of the trade sufficiently to relieve a skipper from liability. . :
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Bibliographic details
Evening Post, Volume CIII, Issue 123, 27 May 1922, Page 8
Word Count
600ACCOUNTANT STUDENTS Evening Post, Volume CIII, Issue 123, 27 May 1922, Page 8
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