If the goods are delivered by ship to a port, the two parties can choose who pays for unloading the goods onto the quay. The two possibilities are:

• _DES (Delivered Ex Ship) - на судно, разгружает импортер. The buyer pays for unloading the goods from the ship

• _DEQ (Delivery Ex Quay) - на причал. The seller pays for unloading the goods from the ship to the quay, and for the payment of customs duties and taxes

If goods go through customs and are delivered to the buyer, there two possibilities:

• _DDU (Delivered Duty Unpaid) - the buyer pays any import taxes

• _DDP (Delivery Duty Paid) the seller pays any import taxes. Most favourable for importer.

The Bill of Lading

• a transfer document, most important one in shipping

• The exporter writes the importer's name on the bill of lading -it is a document of title - gives ownership of the goods to the person named on it.

the words "to order" written on it /under the heading "consignee"/ - means that it is a negotiable document, can be traded. In this case it will be endorsed on the back and if the endorsement is blank there will be no restrictions on ownership. Bills are also marked "clean" to indicate that the goods were taken in good condition or "dirty/claused" if the packing or the goods were damaged. This protects the shipping company from claims.

10.Способы привлечения капитала. (Ценные бумаги государственного образца, акции, выпускаемые компаниями.)

2 Ways to raise capital:

• By selling shares to investors, investors become part-owners of the public limited company in question.

• By obtaining loans from investors, in the form of government stocks and debentures (долговые). securities- shares and loans collectively

Government Stocks or bonds (gilts) – loans to government, fixed high rate of interest, can be bought at Post Office or through banks or stack exchange, repaid after a certain number of years or undated, absolutely safe (government is not likely to go bankrupted), yields are high, but they do not provide protection against inflation.

Local authorities bonds – issued by city, town or country councils when they need more income, sold on the Stock Exchange or directly to the public trough the local authorities own finance department, fixed rate of interest (higher than gilts have), repayable after a number of years (fixed date), but shorter period than gilts, secure.

Company shares can be bought when a firm starts trading or issues more shares, or when other investors are selling their shares. If a company makes a profit, some of it is shared among the share and debenture holders. Some types of shares are a gamble, some are less risky.

Debentures (when you buy a share, you become a part owner of the business. When you buy debenture, you become an owner of a «paper»)

• _{not shares but direct loans to a company}

• _{fixed interest (not depending on company}’s profit)

• _{are always paid first (before shareholders)}

• _{may be bought and sold on the Stock Exchange}

Preference shares

• _{fixed rate of interest (if the company has made enough profit to pa}у it)

• _{paid after debenture holders, before ordinary shareholders}

• _{return guaranteed as long as there}’s a profit