S. O.

S (Save Our Seas) Headquarters, Geneva

From: Dr. J. R. Leafe
Director General
o: Dr. J. !alton
Director
"nternational Ocean "nstitute
#ou are dou$tless a%are t&at t&e S. O. S Finance 'ommittee visited our &eadquarters recentl(
and investi)ated our financial situation.
"n t&e *ast, S. O. S used to *rovide t&e "nstitute %it& one million dollars (+S, -,...,...) a
(ear in o*eratin) e/*enses, and S. O. S still contri$utes to t&e "nstitute. Ho%ever, as t&e
runnin) costs of our &eadquarters continues to rise and contri$utions from )overnments
t&rou)&out t&e %orld remain virtuall( constant, %e no lon)er &ave t&e resources to continue
t&e fundin) of t&e "nstitute to t&e same e/tent. 'uts in (our fundin) %ill &ave to $e made. "
am sorr( a$out t&is ultimatum, $ut m( &ands %ere tied. S. O. S used to &ave *lent( of mone(
to su**ort or)ani0ations li1e (ours. 2o% %e &ave ver( little, considerin) our ever risin)
e/*enses. So, (ou must find one million dollars (+S, -,...,...) $( ne/t 3*ril or close.
-4.
3n im*ortant feature of t&e $ill of e/c&an)e is t&at it is ne)otia$le, %&ic& means t&at it can $e
used $( t&e &older to *a( de$ts of &is o%n, or in ot&er %ords, &e can ne)otiate it. o do t&is,
t&e &older must endorse it, i.e. si)n &is name on t&e $ac1 of t&e $ill $efore *assin) it on t&e
ne% &older.
Ot&er %a(s in %&ic& t&e &older can use a $ill are:
-. Sell it to a $an1, %&o %ill *a( face value, less interest: t&is is called discountin) a $ill.
4. Leave it %it& a $an1 as securit( for a loan.
"t is t&is free ne)otia$ilit( of t&e $ill %&ic& ma1es it a *ractical means of *a(ment in forei)n
trade. Of course, its successful o*eration de*ends on confidence and trust. 5ven individual
firm6s standin) and re*utation is 1no%n and ta1en into account in &andlin) $ills.