The letter of credit was one of the key factors why Vulcan, a small company, could conduct international business with the reasonable expectation of getting paid. Vulcan required virtually all of its customers outside of the US (even ones with a long-term relationship) to pay via the letter of credit. This was insurance of performance … Continue reading A Fistful of Yuan: Anatomy of a Letter of Credit
Vulcan’s entry into the China market, achievement though it was, did not receive the follow up that one might expect. Towards the end of 1983, there was a flurry of parts sales. In early 1984, Angelica Ferguson, who had ably facilitated both of Vulcan's hammer contracts, left Amtech, as her husband had a new posting … Continue reading A Fistful of Yuan 10: Epilogue
There was still one more trip to be made for the first hammer, and Jesse Perry’s trip report is where we pick up, after he arrives in Tokyo: (Again our Offshore Tips will be very helpful in visualising some of the mechanical aspects of the system.) FRIDAY, APRIL 22, 1983 Took 9:00 a.m. flight from … Continue reading A Fistful of Yuan 9: The Last Field Service Trip
24 January 1983, we received a telex from Showa Leasing asking for a quote on a 560 hammer, as they were wanting to propose leasing this hammer to their client, the China National Offshore Oil Corporation (CNOOC.) Realising immediately that the end user was our customer, we forwarded this to Amtech with an outline of … Continue reading A Fistful of Yuan 8: For a Few Yuan More…
We had a steady amount of back and forth with Amtech and the Chinese in the months after the SPE show. Most of our interaction with the Offshore Branch in Tanggu concerned the boiler. The Chinese had some difficulty with sorting out things on the boiler set-up. But all was not just about spare parts … Continue reading A Fistful of Yuan 7: Starting Up, At Last
While the Vulcan 560 hammer plied the seas on its way to Tanggu, other developments were taking place that, although weren’t directly related to the contract and the equipment, were certainly part of Vulcan’s experience in China. The SPE International Exhibition and Technical Symposium Vulcan certainly wasn’t the first American company to do business with … Continue reading A Fistful of Yuan 6: An Oil Show, an Inspection Trip and an Engineering Contact
SUNDAY, MARCH 29, 1981 Angelica and I worked on the contract some (on) Sunday afternoon in preparation for the Monday meeting. This is where, as the old expression goes, we “got down to brass tacks.” The Chinese are very keen on detail, so it was necessary to have every item, every quantity, every price and … Continue reading A Fistful of Yuan 5: Beijing, Week 2
SATURDAY, 28 MARCH 1981 At the invitation of the Chinese we took a historical tour, Chen Gui De being our guide, to see the Great Wall, Ming Tombs, and Summer Palace. This is a story best told in pictures. Other tourist photos But the commercial work did not stop while we were tourists. Upon return … Continue reading A Fistful of Yuan 4: On Tour in China
At this point we can use the trip report I wrote at the time to make the main body of the narrative. This will appear on this and the next two pages. Same will be cited followed by some commentary. SUNDAY, 22 MARCH 1981 Arrived in Beijing after two-day journey from the U.S., Jess Perry … Continue reading A Fistful of Yuan 3: Beijing, Week 1
Just before Christmas 1980, Vulcan’s Executive Vice President, W. Calvin Bridges, received the following letter: Amtech represents several well known manufacturers and service companies primarily in the oil and gas and mining industry in The People's Republic of China. We have been quite successful in China over the past six years and have offices in … Continue reading A Fistful of Yuan 2: The Road to Beijing
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