Q.(a) Distinguish between Bill of Lading and Charter Party.

(a) A bill of lading acknowledges goods received for shipment and is a document of title (goods form part of a ship); a charter party hires a whole ship and is not a document of title. (b) Balance of trade covers only visible goods (exports minus imports); balance of payments records all transactions (visible + invisible + capital), so BOT is part of BOP.

This is a Part-IV OR-choice; both alternatives are answered in full.

(a) Distinction between Bill of Lading and Charter Party (any 5)

1. Meaning — a bill of lading is a document issued by the shipping company acknowledging receipt of goods for carriage by sea; a charter party is an agreement by which a whole ship (or a major part of it) is hired.
2. Ship space — a bill of lading is used when the goods form only a part of the ship's cargo; a charter party covers the hiring of the entire ship.
3. Document of title — a bill of lading is a document of title to the goods and can be transferred; a charter party is not a document of title.
4. Nature — a bill of lading is an acknowledgement cum contract of carriage; a charter party is a contract for the lease/hire of the vessel.
5. Suitability — a bill of lading suits an exporter sending a small or part consignment; a charter party suits an exporter shipping a very large bulk cargo needing the whole ship.

(b) Distinction between Balance of Payments and Balance of Trade (any 5)

1. Meaning — balance of trade (BOT) is the difference between the value of a country's exports and imports of goods; balance of payments (BOP) is the systematic record of all economic transactions between a country and the rest of the world during a period. …