Ceiling fan to light fixture
So you have 2 switches one that control is the fan and one that control is the light on the same circuit. Just cutting the wire off is not safe on the unused hot at a minimum I would cover it with tape but would preferr a wire nut for better safety. 
Wiring the light if there is a rib or stripe on the wire with the writing it would be the neutral, since we can't see that examine which wire connects to the center of the screw in shell and the outside the neutral goes to the outside and the hot goes to the inside or center pin. With some fixtures I have found things were not to the standard so I will check to verify this. I have found some really nice older fixtures that the quality can't be matched today unless you win the lottery, make sure the power is off before connecting things up.