Post by daniel on Jan 26, 2023 15:24:03 GMT
Bank of British West Africa Limited Bill of Exchange
Although this looks like a cheque, it is actually a bill of exchange for goods or services. Issued in Zaria in Nigeria on 11th November 1920 for an amount of £50. A Nigerian George V 1d Postage & Revenue stamp has been applied as a Revenue charge and a typical purple cashiers hand stamp applied reading Bank of British West Africa LD/Cashier/Zaria. Note the first line of the exchange states 'At Sight', that is immediately payable by The Bank of Liverpool & Martins to The Bank of West Africa, London.It could have read something like '30 days after Sight'. A British 2d Postage & Revenue stamp has been applied and paid on 2nd December 1920 as a UK Revenue charge and the £50 was finally paid 6th December 1920. So, presumably a service fee owed by the Bank of British of Liverpool & Martin's to the Bank of British West Africa.
There are usually 3 parties involved in a Bill of Exchange: the drawee, the party that pays the sum specified by the bill of exchange, the payee is the one who receives that sum and the drawer is the party that obliges the drawee to pay the payee. The drawer and the payee are the same entity unless the drawer transfers the bill of exchange to a third-party payee. So, in this case, the drawee is The Bank of Liverpool & Martins and The Bank of British West Africa has drawn up this Bill of Exchange for payment to their Liverpool branch.
Although this looks like a cheque, it is actually a bill of exchange for goods or services. Issued in Zaria in Nigeria on 11th November 1920 for an amount of £50. A Nigerian George V 1d Postage & Revenue stamp has been applied as a Revenue charge and a typical purple cashiers hand stamp applied reading Bank of British West Africa LD/Cashier/Zaria. Note the first line of the exchange states 'At Sight', that is immediately payable by The Bank of Liverpool & Martins to The Bank of West Africa, London.It could have read something like '30 days after Sight'. A British 2d Postage & Revenue stamp has been applied and paid on 2nd December 1920 as a UK Revenue charge and the £50 was finally paid 6th December 1920. So, presumably a service fee owed by the Bank of British of Liverpool & Martin's to the Bank of British West Africa.
There are usually 3 parties involved in a Bill of Exchange: the drawee, the party that pays the sum specified by the bill of exchange, the payee is the one who receives that sum and the drawer is the party that obliges the drawee to pay the payee. The drawer and the payee are the same entity unless the drawer transfers the bill of exchange to a third-party payee. So, in this case, the drawee is The Bank of Liverpool & Martins and The Bank of British West Africa has drawn up this Bill of Exchange for payment to their Liverpool branch.
