Terms of longer than sixty or ninety days are now exceptional, save in the businesses that handle expensive or slow-moving goods. Since the establishment of the Federal Reserve System acceptances are supplanting open book accounts in mercantile-credit transactions. In cases where the credit is In the form of an open book account, a discount will usually be offered for cash or prompt payment. Payment within 10 days is usually regarded as a cash payment. When goods are sold on terms of 30 days, for example, and the invoice is marked "210 net 30" the conditions are that, if the bill is paid within 10 days after the date of the invoice, 2 per cent discount may be deducted, the full amount of the bill being due 30 days after the date of the invoice, in case the discount offer is not accepted. In other words, the purchaser is penalized 2 per cent for deferring payment, and he is obliged to pay in any case in only 20 days more. The money which thus he borrows from the vendor costs him 2 per cent for 20 Days, or iio of i per cent a day, or 36.5 per cent a year. It would seem that in such a case, which is typical, both vendor and purchaser must be badly in need of more working capital, else the one could not afford to offer such an inducement for early payment nor the other to neglect to accept the offer. In actual business practice, the rates of trade discount figured as above may vary from 6 per cent to 72 per cent a year. The obvious inference is, that merchants would do well to adopt the trade-acceptance system, by which the signing of an acceptance, or draft, becomes practically the equivalent of a cash payment, since the vendor can endorse the acceptance and discount it at the bank and allow the purchaser the benefit of "cash" prices....

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