This commentary looks at the letter of credit itself. Sometimes I have the strong impression that my colleagues from the ICC Banking Commission do not want to accept this fact. . . . . If you subscribe to any or all of these beliefs. Mr. Doyle is charitable towards the letter of credit.
Letters of credit are the aging ladies of trade.
Perfectly suited in their prime for their intended purpose, superbly designed and conceived by necessity, they have been cruelly used. They have been treated with ignorance and neglect by those who need them most. and exploited by those who control them. Regulated by their own abusers, they have faded more quickly than their 65 years. But they can be purged of their warts and wrinkles, cleansed of their imperfections and restored to their youth and beauty. Briefly stated, the documentary credit's function of credit control has been destroyed.