COMMODITY EXCHANGES, AUCTIONS, TENDERS

1. Commodity Exchanges deal in raw materials and some items of produce, such as cotton, wheat, vegetable oils, etc. as these goods can be accurately graded and the grades practically remain unchanged every year. The goods are bought and sold at commodity exchanges according to grades or standards (under standard.descriptions), and on the basis of standard contract terms. And commodity exchanges are called accordingly: the Wheat Exchange, the Metal Exchange and so on.

2. Thus, for example, in Great Britain you can take part in sessions at the London Metal Exchange, the London Commodity Exchange dealing in cocoa, rubber and sugar, the Liverpool Cotton and Corn Exchanges or the Bradford Wool Exchange, Yorkshire.

3. Nowadays Commodity Exchanges are losing their role as markets of physical goods and are becoming mainly futures exchanges where deals are chiefly made for speculation purposes or for hedging¹.

4. The goods like fur, tea, bristles, spices whose quality varies from year to year, from lot to lot cannot be accurately graded and are sold at auctions according to sample (on a tale quale basis²).

5. Before the auction begins, the lots are inspected by future buyers and then sold to the highest bidder.

6. Horses or other animals are also sold and bought at auctions. International auctions in our country have been held since 1931. V/O "Sojuzpushnina" is arranging fur auctions in Leningrad (St. Petersburg). V/O "Prodintorg" has been arranging sales of race horses by auction since 1965.

7. Trade by tenders is frequently used in developing countries for construction work or for delivery of goods. General terms and conditions of the future deal are announced beforehand and the con­tract is given to the Suppliers who offered the lowest price and the most favourable terms.

Notes on the text:

1) for hedging – для хеджирования. Хеджирование – применяемая в капиталистических странах особая форма страхования цены и прибыли путем заключения срочной сделки (сделки на срок фьючерса) на срочной бирже. Эта страховая операция заключается в том, что коммерсант, заключивший сделку на наличный товар с условием ее выполнения в течение определенного срока, заключает обратную сделку на срочной бирже. Так, например, торговец, купивший партию товара, страхует себя от возможного падения цен путем продажи на срок такого же количества товара. Хеджирование, не разрешая полностью проблему страхования цен и прибыли, в некоторой мере снижает пределы риска путем замены риска на колебаниях рыночных цен риском на колебаниях разности цен между реальными товарами и фьючерсными контрактами.

2) On a tale quale basis – на условии тель-кель («такой, какой есть») – условие продажи без гарантии качества, условие об освобождении продавца от ответсвенности за ухудшение качества товара во время перевозки (особенно при морской перевозки грузов).

 

2. Перевести интернационализмы:

Auction, tender, accurately, practically, standard, contract, metal, role, physical, speculation, international.

 

3. Найдите в правой колонке русские эквиваленты английских слов и словосочетаний:

1) Commodity exchange 2) to deal in raw materials 3) items of produce 4) to grade goods 5) standard contract terms 6) to take part in sessions at the exchange 7) futures exchange 8) to make a deal 9) to inspect lots 10) the highest bidder 11) to arrange fur auctions 12) trade by tenders 13) delivery of goods 14) general terms and conditions of a future deal 15) supplier 16) to offer a price 17) the most favourable 18) terms

a) наименование сельхоз продукции b) организовывать пушные аукционы c) заключать сделку d) торговать сырьём e) товарно-сырьевая биржа f) срочная (фьючерсная) биржа   g) отбирать товары по сортам, сортировать h) торговля по тендерам i) доставка товаров j) участвовать в биржевых сессиях k) поставщик l) предложить цену m) покупатель, предложивший наивысшую цену (на аукционе)   n) типовые условия контракта о) наиболее выгодные условия p) общие условия предстоящей сделки q) проверять/осматривать лоты

Найдите ответы на следующие вопросы и напишите их в той последовательности, в которой заданы вопросы.

Вопросы:

1) What goods are sold at commodity exchanges and why?

2) How are the goods sold and bought at commodity exchanges?

3) Are commodity exchanges markets of real (physical) goods?

4) What goods are sold at auctions and why?

5) What is the essence of trade by tenders?

Ответы:

a) This method of trade is frequently used for construction work or for delivery of goods. General conditions of the future deal are announced beforehand and the contract is given to the Suppliers who offered the lowest price and the most favourable terms.

b) Raw materials and some items of produce like cotton, wheat, as they can be accurately graded.

c) Commodity Exchanges are losing their role as markets of physical goods and are becoming mainly futures exchanges.

d) They are bought and sold according to grades or standards, and on the basis of standard contract terms.

e) Such goods as fur, tea, spices. They are sold according to sample, because they cannot be accurately graded.