CHAPTER V.—THE TRADE IN GREAT BRITAIN.
(i) Some Types of Sale.— Most of the commercial terms
common to import trades in general are in use in the imported
meat trade, but are interpreted in a special manner. As a pre-
liminary to a description of the trade in this country, it will be
convenient to discuss these terms and their significance. They
are of general application throughout the trade, but, except as
regards ex-stall sales, they relate only to frozen goods, as chilled
beef does not pass out of the hands of the producing and importing
firms until that stage.
(a) C.I.F. (Cost, Insurance and Freight)—This is frequently
called a “forward ” sale, because the goods are sold for future
delivery. The seller, either here or overseas, sells a certain
quantity of frozen meat of given quality and weights, the goods
to be shipped at a certain time, or by a named steamer, at the
sale price cif. The price charged covers the cost of the goods,
the freight and the insurance. When the vessel arrives, the
seller presents to his buyer the bill of lading, freezing works’
certificate, and an insurance policy or certificate, which gives
the buyer the right to apply to an insurance company in case of
loss or damage. C.if. sales may be made before the goods are
shipped—indeed, before the animals are killed—or at any time
before the ship discharges her cargo. After the ship docks,
however, it is not usual to sell c.i.f., but ¢ ex ship ”’—see later.
When a buyer makes a c.i.f. purchase for shipment during a
certain month, the seller informs him when the goods have been
shipped and notifies the name of the steamer. The buyer, by
>nquiring at the shipping company’s office, can find out when
the ship will arrive. Frequently, goods on a ‘“ named > steamer,
i.e., goods actually shipped, are of a higher value, or, at least,
meet with a readier forward demand than goods scheduled for
despatch in a named month. This is especially the case when
supplies in the exporting country are short. and arrivals are
nncertain.
Some days before the docking of the vessel carrying the
goods, the seller despatches an invoice to the buyer, so that the
latter may make arrangements for payment. On the day of
arrival, the seller or his representative takes up the documents
from the bank by retiring the bill and tenders them to the buyer,
who, after satisfying himself that they are in order, hands over
a cheque for the full invoice amount. He then has the right of
delivery from the ship, and, by presenting his documents to the
shipping company, can arrange accordingly. If he wishes the
goods to be cold stored, he will hand over his documents to the
store he has selected; the storage company will collect the goods
from the ship, will barge or van them to the store and pile
them in the storage chamber. A landing account is then
sent by the storage company to the buyer, giving the number
and mark of the goods obtained from the shin. If these are not