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Lucrezia Posted 19 years ago
Vocabulary
Letter of credit
0 Please help me rephrase the following sentence. It is from a novel set in the last decades of the 19th century, in Ottoman empire. 02 br
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00 "We have some family in New York, but they are so well integrated that they look down on those of us who settled in Istanbul. We are too backward for them, but not for 01 u 00 the letters of credit 02 u 00 from the firm of my maternal uncle (who was a trader). Our wealth, however, is perfectly acceptable." 02 br
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00 I found the definition for the letter of credit, but it is a modern term which, i believe, didn't exist in 19th century. Could it be some kind of loan? Or a guarantee? Or is it he just sent them money? 02 br
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00 Thanks! 02 br
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00 Lucrezia 0-
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00 "We have some family in New York, but they are so well integrated that they look down on those of us who settled in Istanbul. We are too backward for them, but not for 01 u 00 the letters of credit 02 u 00 from the firm of my maternal uncle (who was a trader). Our wealth, however, is perfectly acceptable." 02 br
02 br
00 I found the definition for the letter of credit, but it is a modern term which, i believe, didn't exist in 19th century. Could it be some kind of loan? Or a guarantee? Or is it he just sent them money? 02 br
02 br
00 Thanks! 02 br
02 br
00 Lucrezia 0-
Top answer
0 I think it worked much like a modern letter of credit. The wealthy uncle's firm gave money to the bank, sent the letter of proof to the NY relatives, who took it to their bank, who got the money from the Turkish bank-- or a process along those lines. pngw 598
- 0 I think it worked much like a modern letter of credit.
- The wealthy uncle's firm gave money to the bank, sent the letter of proof to the NY relatives, who took it to their bank, who got the money from the Turkish bank-- or a process along those lines.
- pngw 598
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4 Answers
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0 I think it worked much like a modern letter of credit. The wealthy uncle's firm gave money to the bank, sent the letter of proof to the NY relatives, who took it to their bank, who got the money from the Turkish bank-- or a process along those lines. I am sure that this form of transfer of wealth dates much farther back than the Ottoman Empire. 02 br
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00 PS: One on-line
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00 PS: One on-line
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0 Thanks, MrM! 02 br
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00 Could you tell me which on-line dictionary? 02 br
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00 L. 0-
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00 Could you tell me which on-line dictionary? 02 br
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00 L. 0-
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0 [url= 05 0 00 ]THIS ONE[/url]. 0240href http://dictionary.reference.com/search?q=letter+of+credit&r=66
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