New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-05-06
EXPORTERS SEE VICTORY
c.,io Men Believe English
''E Trade Will Pay on Sight.
COUNTER PROPOSAL MADE
, .,don Association Would Com
nromise by Settlement
Within Seven Days.

60. of the North American Grain
Asn. .,rs. Association. as result Of sale
hApo '.soy Of fifteen loads Of grain to the
ye' .'.s Tiredom ON their own terms feel
l''''1 nsdent that their controversy with
ro's len trade on the question Of pay
ne h", rIn terminate favorably for the
reDS ~ of this country and Canada.
eAI0, ,..,orters' Association several weeks
inc ,-a,sred an uumatum to the British
as0 ..,5e that after May not a. bushel
si'.D would be sold until the manner
o. s'' was adjusted to the satisfac-
M o, all parties.
"a exporters Of this country and cam
attended that the method of pay
which has been in vogue for years
i'' .sso,e,e and declared that after the
' nod been received it should he paid
,.,medlately Instead of on sixty days
The London Corn Trade Associa-
l ". has made a counter proposition. offer
"a nav for all shipments of grain
- seven DAYS after the grain has
w. reoe,yed. The members Of the North
,-.-,.sn Grain Exporters Association,
s.~.rer have agreed to stand by their
~, daft agreement and are determined
~ % listen 10 any counter proposals.
~ 800 W. Blanchard. acting for the ex-
I've committee Of the Exporters Asso-
' .so, Yesterday i'm the absence Of F.
the president. said that he felt
--.s encouraged over the sale Of fifteen
Ia. ~ grain to the United Kingdom on
I'm, draft payment This shows that
=. british grain dealers are greatly in
,,.a ~ the commodity" he added, "and
-. mis- reason are willing TO accept our
,.,ms The Continent buys its grain from
-, sight draft. and there is no valid
SON why the United Kingdom cannot
"a ne same thing. What we are asking
.. 4. only fair and reasonable in the way
4 asording US the protection we are en-
titled TO-"
ror number Of years American and
r,,ailan exporters Of grain have been en-
s,roring 10 influence their English pur-
A,ssrs 10 pay grain drafts at sight and
!. hold them up for sixty days. The
,actce Of issuing sixty-day drafts dates
f,es 10 the era Of sailing vessels, when
n. grain reached foreign ports forty.
sny and sixty days after the arrival Of
he bank and shipping documents. The
contract OF sale has ALWAYS been that the
buyer must pay for the grain Immediately
after its arrival Although the general
understanding is that the buyer is to pay
he draft on sight many buyers have
len holding the paper until maturity.
This practice places on the American
,yporter burden he feels he ought not 10
lear inasmuch as he pays spot cash for
lis grain. Not only is the exporter OBJ
lied to pay the losses iu the event of
failure prior to the payment Of the draft
lut he is imposed with the risk involved
N case Of fire. u is also contended that
The British buyer boy not paying the draft
until maturity uses his funds for home
SPECULATION In grain
lAVef NHo dIc lv"iori.iti7 " -S---t.
With the United Kingdom base their argu-
mats on the ground that most of the
ran exported from America is carried in
British bottoms, and q demand for imme-
date settlement ON the part OF the EX-
poters Association could be easily offset
by proportonate increase I'm freight
Tate: on grain. What the English grain
importer would lose out of one pocket
be could overcome by placing the freight
Increases in the other