| Year | Semester | Amount |
|---|---|---|
| 1917 | 2 | Bs. 368,430.53 |
| 1918 | 1 | 752,118.52 |
| 1918 | 2 | 967,516.32 |
| 1919 | 1 | 1,243,576.79 |
[19] Report of Inter American High Commission, 1919
As may be seen from these figures the results have been satisfactory, and the system has also produced still greater results in the development of the commerce of the Republic.
As is natural, the foreign banks recently founded, have also discounted these acceptances of commerce and it is hoped that with their great influence and the cooperation of the banks of Venezuela, this method will continue to grow in use.
The handling of drafts is at the present day perhaps the most important dealing in commercial paper observable in the banks of the country.
TRADE ACCEPTANCES
As expressed in the circular of Feb. 8, 1915, it is the opinion of the Federal Reserve Board that: "the acceptance is still in its infancy in the field of American banking. How rapid its development will be can not be foretold but the development itself is certain."
The Federal Reserve Board in its circular of July 15, 1915, defines the term "trade acceptance": "A bill of exchange—drawn to order, having a definite maturity and payable in dollars in the United States, the obligation to pay which has been accepted by an acknowledgment, written or stamped, and signed, across the face of the instrument, by the company or firm, corporation or person upon whom it is drawn; such agreement to be to the effect that the acceptor will pay at maturity, according to its tenor, such draft or bill without qualifying conditions." An acceptance, therefore, may rightly be called a time bill of exchange which passes from hand to hand like money.
This acceptance differs from what is commonly termed such in Venezuela and also from drafts. The commercial document with bill of lading attached commonly called an acceptance in that country, may be drawn at sight, or may be made payable at a certain time after sight. This enables the title of the goods covered by the bill of lading to remain vested in the seller, the drawer of the draft, or the person to whom the bill of lading may be endorsed, until the draft is paid. Another form not in common use in Venezuela is the sight draft for collection, which is drawn on buyers previously sold on open account. It is generally used as a means of collection when ordinary means have failed to produce payment. The "trade acceptance," on the other hand, is an acknowledgment of obligation and a promise to pay it on a certain date.