Credit, if given, was treated as a debt, and secured as a loan by the seller to be repaid by the buyer, for which he gave a bond.
A buyer had to convince himself of the seller's title.
Inasmuch as its action changed very materially with age, " the buyer should in all instances be informed, so that he may not be deceived."
Now, I say there is nothing more dangerous and disadvantageous to the buyer than land so left waste and out of heart; and therefore Cato counsels well to purchase land of one who has managed it well, and not rashly to despise and make light of the skill and knowledge of another."
Yarn is sold upon various terms, but a regular custom in the home trade is for the spinner to allow 4% discount, for payment in 14 days, of which 21 goes to the buyer, who is commonly a manufacturer, and 12 to the agent for sale and guaranteeing the account.
In selling yarn for export it is usual to allow the buyer only 11% for payment in 14 days, or in some cases the discount is at the rate of 5% per annum for 3 months, which is equivalent to 14%.
There has been a longcontinued discussion, which between buyer and seller sometimes degenerates into a dispute, on the subject of moisture in yarns, and the difficulty is not confined to the Lancashire industry.
As it was often clearly to the advantage of the buyer that he should receive immediate delivery he did not object to water in moderation, but art soon began to run a little ahead of nature.
The essentially dishonest practice of deluging yarn with water, which has sometimes even degenerated into the use of weighting materials deleterious to weaving, has been recognized as a great nuisance, but while various attempts have been made to protect the buyer the question seems to have pretty well settled itself on the principles which commonly rule the sales of commodities between those who intend to do business continuously.
When transferred to the buyer's warehouses the bags are opened and each piece is examined by a public inspector in the presence of both buyer and seller, the quality of the opium being judged by appearance, odour, colour and weight.
Given these agricultural strengths, is there anyone who believes the United States alone couldn't produce an extra $365 billion worth of food, at full retail price, if there were a ready buyer for it?
At some point a buyer will come to town, offer a low price, and the farmer will be compelled to sell because the risk of not selling is too high; he may not get another offer and the crop might rot for poor storage.
The farmers, with these contracts in hand, can plant aggressively knowing they have a ready buyer at a fixed price.
(2) Such supplies will be bought from them at such prices as seller and buyer may agree on, and if a seller is unable to obtain a fair price he will be free to take his goods back to his village and no one may hinder him under any pretense.