Three Originals, One Misunderstanding

Look closely at the way the world ships goods and the way the world finances them, and you might expect to find two industries pulling against each other. They are not. Banking and shipping want exactly the same thing: Trade that moves quickly, safely, and at the lowest possible cost, with goods flowing in one direction and payment in the other.

Yet one everyday practice has quietly hardened from a convenience into an implicit requirement. Every bill of lading, the document of title to the cargo, is issued in a set of three identical originals. Ask either industry why, and each points politely at the other. Shipping will tell you that three must be issued because the banks require a full set of three originals. Banking will tell you that three must be required because the carriers issue a set of three originals.