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1937 Comparative Law Series I (1937)

handle is hein.intyb/clsernse0002 and id is 1 raw text is: UNITED STATES DEPARTMENT OF COMMERCE DANIEL C. ROPER, SECRETARY BUREAU OF FOREIGN AND DOMESTIC COMMERCE ALEXANDER V. DYE, DIRECTOR COMPARATIVE LAW SERIES A PUBLICATION OF THE DIVISION OF COMMERCIAL LAWS GUERRA EVERETT, CHIEF. C. L. No. 600 Washington, D. C. January, 1987 Subscription: $1.00 yearly (Foreign $2.00) in advance. 100 per copy. Remittance for subscriptions should be made payable to the Bureau of Foreign and Domestic Commbroe. CONSCIOUS DEVELOPMENT OF LEGAL PRINCIPLES s******* ** *****e * e** * One of the most important single instruments employed today in international commerce is that known in this country as the irrevocable letter of credit....... This preeminent position in world trade is the more noteworthy because the shaping of the irrevocable credit as a customary tool of the international trader has been an accomplishment of the last twenty-five years....... Like the bill of lading and the marine insurance policy it has escaped the confines of domestic commerce to become a customary tool of the international trader. Unlike the bill of lading it is still young. It is possible, therefore, that the historical accidents and varying currents of thought which have led to confusion in the case of the one may be avoided in the case of the other. A unified development of the instruments of world commerce is greatly to be desired. Philip W. Thayer, Irrevocable Credits in International Commerce: Their Legal Nature. 2 3--- ---------------------------------------------------- 20783 Reproduction by Permission of Buffalo & Erie County Public Library Buffalo, NY