LIBRARY OF THE UNIVERSITY OF CALIFORNIA. Oats Y. INCOME FOR 1897 Jug. Life Department. ^""~"^^" Most Policies are World Wide from date of issue. Family Settlement Policies. Three-fold Option Policies. NINETY PER CENT, of the Profits in the Life Department i reserved^ for distribution among the Assured on the Participating Scale. The Profits are divided every Five years. 'Next Div>- sion 3 ist December, 1900. Annuities of all kinds granted on the most favourable terms. Fire Department. Property of nearly every description at home and abroad injured at the Lowest Rates, Losses by Lightning, Damage by Expbsion of Gas in buildings not forming part of any Gas Works, madegood. Rents of Buildings insured. SECURITY, LIBERALITY, & PROMPTITUDE in Settlement of Claims are characteristics of this Company. Prospectuses and every information can be obtained at the Chief Offices', f61, THREADNEEDLE STREET, E.G.: " I (West End Branch ): 8, WATERLOO PLACE S.W. Edinburgh: 64, PRINCES STREET. Northern Assurance Company. INCOME& FUNDS 1897 FIRE Premiums, 662,000 LIFE Premiums, 246,000 Interest 185,000 Accumulated Funds, 5,125,000 FIRE LIFE E STAB 9^^ I 8 36 ASSURANCE COMPANY HEAD OFFICES iLORDONx ABERDEEN I ^CUMULATED 4- R 1 Q R fl f| FUNDS 0898) x,J.l Foreign Superintendent. Life Department. F. LAING, Actuary. General Manager. H. E. WILSON. Fire Department. Insurances are granted on Property situate in all parts of the British Dominions, and in most Foreign Countries, at rates which are computed according to the actual risk incurred. The Company has already paid over 9,500, 000 in the settlement of claims under its Fire Policies. Life Department. The Company offers the advantages of perfect security, with great economy in management and moderate Rates of Premium. The total expenses in the year 1895 were slightly under 7 per cent, of the Income from Premiums and Interest, or, excluding Commission paid to Agents, less than 4 per cent. / In the Participation Branch the whole of the ascertained surplus at each valuation belongs to the Assured. The Amount for the Quinquennium ending 3ist December, 1895, was sufficient to provide a Bonus of i. us. per cent, per annum upon the sum assured, or >! I5S. per cent, for the whole Quinquennium, besides leaving ^10,896 to be carried forward. The Liabilities were ascertained by the well-known combination of the Institute of Actuaries HM ( 5 ) an d HM Tables of Mortality, with only 3 per cent, assumed as the rate of Interest to be in future earned by the'funds, which are acknowledged to be very rigorous data for the purpose. Provident Investment of . . . . the Soundest Character. pRUDENT Persons contemplating Life Assurance, and desirous of doing so with the utmost advantage to themselves and their families, are invited to read the New Prospectus of the SCOTTISH WIDOWS' Founded A.D. 1815. Funds : I I I K I ^14,500,000. ^^ ^* The Prospectus contains full information regarding this great Mutual Institution, including the mode of dividing the large Profits realized, the System of Options, and the Various Privileges attaching to its Policies. Application should ~be made to 28, CORNHILL, B.C. 5, WATERLOO PLACE, S.W. London! 28 ' CORNHILL> ac - TATE'S \\ COUNTING-HOUSE GUIDE TO THE HIGHER BRANCHES OF COMMERCIAL CALCULATIONS AND VALUATIONS WITH PRO-FORM! INVOICES AND ACCOUNT-SALES, AND USEFUL BUSINESS TABLES. tije jfirgt REVISED AND EXTENDED EDITION BY JOHN WESTBY-GIBSON, LL.D., P.S.S., PUBLIC ACCOUNTANT AND ACTUARY (Institute of Accountants, 1870; and Institute of Chartered Accountants, 1880) LONDON EPFINGHAM WILSON & CO. 1895 GENERAL PEEFACE. THE Work now submitted to the Public, in Two Parts, has already appeared in a similar but less extensive form. The original issue of 122 pages has increased, by successive editions, to the present limit of 360 pages. It was at first entitled, "An Appendix to the Commercial Arithmetic, exhibiting the Methods employed by Merchants, Bankers, and Brokers, for Valuations of Merchandise, Percentages, the Public Funds, etc.," and was written by Mr. William Tate, Principal of a high-class Commercial Academy in London, author of the Modern Cambist, and of several other useful works. In justice to Mr. Tate's memory, and with a view to ex- hibit his individuality in the various Rules, Explanations, and Examples, and also his reasoning thereupon, I have en- deavoured to retain, as much as possible, the original arrange- ment and character of the Work, at the same time that I have been compelled throughout to make material amendments of the old matter, and present the student with much new matter explanatory of the altered Monetary Systems of the Continent, so as to give a clear insight into the rationale of Calculations, and furnish information on the most recent Mer- cantile and Financial regulations and enactments. The various matters comprised in the Sections of this Work are of a class rarely to be found in works of Arithmetic, except here and there piecemeal, and seldom therefore have fallen into the routine of scholastic education. Hence the necessity for a new and extended edition of Mr. Tate's work, brought down to the present time. Besides the labour applied in order to bring the general details into close conformity with the arrangements of actual business, I have bestowed much attention on subsidiary particulars. Many Eules have been simplified ; several Examples, in which the mental calculations seemed to be too deeply hidden, have been amplified and iii 102223 iv PEEFACE. explained ; and various useful Business Tables have been added as Supplements to each Part. In one item of work especially, I may claim the thanks of Students: there are now made throughout each Part numerous references to corresponding Examples, Exercises, and Explanations in other pages of the complete book, so that in days when proverbially " Time is money, and something more," the knowledge required may be quickly obtained. An exhaustive Index of the whole Work is also given, in addition to the Tables of Contents. The object of the First Part is principally to furnish ma- terials for exercising the skill of young Commercial Students, who, on leaving school or college, are entering upon the rou- tine of business, and who, in the majority of cases, from the operation of old laws and customs, have been deprived of that knowledge of the higher branches of Valuations and Cal- culations which is necessary to all who desire to make their way in the World of Commerce or Finance, and the practice of which has the collateral advantage of quickening the reason- ing powers and expanding the mind. In the Second Part will be found much solid information, intended to be of service to ad- vanced Students undertaking the higher duties of the Office. As an indication of editorial fitness for this work, my twenty-six years' practice as a Public Accountant (of the Institute of Accountants, 1870, and of the Institute of Char- tered Accountants, 1880) may be taken as the chief credential ; and to this may be added the experience obtained in previous occupations, as Chief Clerk in an East India Merchant's office for fourteen years, and as one of the Masters of a large Endowed Grammar School, in which I inaugurated the prac- tice of Commercial matters, for eight years. My experience, thus shown to have extended over a period of nearly half a century, will, it is hoped, be considered as some justification of the task which I have undertaken and accomplished. JOHN WESTBY-GIBSON. 64 IMPERIAL BUILDINGS, LUDGATE CIRCUS, E.G. CONTENTS. PRACTICE, ........ 2 Valuations of Merchandise, . . , . 2 Valuations of Bullion, ..... 7 GENERAL PERCENTAGES, ...... 8 MENTAL CALCULATIONS, . . . . .12 Ten per Cent., ...... 12 Five per Cent., . . . . .13 Two-and-a-Half per Cent., ..... 15 One per Cent., ...... 16 A Half pei- Cent., ...... 17 A Quarter per Cent., . . . . . .18 An Eighth per Cent., . . . . . .19 A Sixteenth per Cent., ..... 20 INTEREST ACCOUNTS, ...... 21 Interest Divisors, ...... 28 Interest Accounts, . . . , . .29 Interest in Banking Accounts, . . . .32 THE STOCKS, ....... 35 Government Stocks, ...... 37 Bank, Indian, and Canadian Stocks, . . .39 Terminable Annuities, . . . . .41 Exchequer Bills, ...... 42 Bonds of Corporations, . . . . .43 vi CONTENTS. PAGE MARINE INSURANCES, '. . . . . .44 Premiums and Charges, ..... 44 Returns of Premium, . . . . . . 45 (a) Cancelled Policy, ..... 47 (6) Short Interest, . . . . ' . 48 (c) Various Claims, . . . .49 Covered Interest, ...... 50 General Average, . . . . , .51 Particular Average, . . . . . ,51 Salvage Losses, . . . - * * . 51 Statements of General Average, . . . 52 Statements of Particular Average, . . , .54 STANDARDING OF GOLD AND SILVER, . . - 57 To Standard Gold, . . . . .58 To Standard Silver, . .. ',.-.' . . 59 Foreign Reports and Valuations, . . . . 61 ARBITRATIONS OF EXCHANGE, ..... 62 Bills of Exchange, . . , . . .63 Coin, . . ... . . .65 Bullion, ........ 67 Merchandise, . . . . . . .69 Weights and Measures, . . . . .72 PERCENTAGES OF RATES OF EXCHANGE, . , . .75 ARBITRATED PRICES OF EXCHANGE, , . . .81 Products of Exercises, . . . . v . 85 COMPARISON OF RATES OF EXCHANGE, . . ' . - . 86 Course of Exchange, . ... . .87 London with Paris, . .... 89 London with Amsterdam, . . . . .92 London with Hamburg, . . . . .95 Exercises, .... 98 CONTENTS. Vll PAGE INVOICES AND ACCOUNT-SALES, ..... 99 Selling Invoice of Deals, . , . 100 Freight Account of Sundries, . . .101 Invoice of Currants, ..,.,. 102 Account- Sales of Cochineal, ..... 103 Account-Sales of Pimento, ..... 104 Account-Sales of Elephants' Teeth, . . . 105 Account-Sales of Tobacco (London), .... 106 Account-Sales of Tobacco (Liverpool), . . . 107 Account-Sales of Oil, ...... 108 Invoices and Account- Sales : Indigo, , . . . . . . 109 Cassia Lignea, . . . . . .110 Logwood, ....... Ill Sugar, ....... 112 Gold, 113 Account-Sales of Gold, . . . , .114 Invoice of Silver, . . . . . .115 Account-Sales of Silver (London), .... 116 Account-Sales of Silver (Hamburg), . . . .118 Account-Sales of Silver (Paris), . . , .119 Invoice of Indigo, . . . . . .120 Account-Sales of Indigo, ' . . . .121 Invoice of Saltpetre, ...... 122 Account-Sales of Saltpetre, . . . . .123 Account-Sales of Manufactured Goods, . . . 124 Account-Sales of Corahs, ..... 125 Invoice of Currants, . . . . . .126 Account-Sales of Currants, ..... 127 Invoice of Sugar, . . . . . ,128 Account-Sales of Sugar, . . . . . 129 Statement of Particular Average on Sugar, . . . 130 V1U CONTENTS. INVOICES AND ACCOUNT-SALES (continued) Invoice of Cotton, . . . . Account of Drafts for Cotton, . . . Account-Sales of Cotton, .... Account-Current for Cotton, .... Statement of Particular Average of Cotton, . . Products of Calculations of Invoices and Account-Sales, SUPPLEMENT. Leap Years, . . . Divisors for Interest Numbers, . Bank Holidays, . . . Average Price of Consols, Stamps and Penalties, . The Course of Exchange, . . Coins of Foreign Countries, . Exchange Value of Foreign Money, . French and English Money, . . English and French Money, . . American and English Money, English and American Money, . British Coins issued in ten years, . OF THE EP OF TATE'S COUNTING-HOUSE GUIDE. PART THE FIRST. RULES, EXAMPLES, AND EXERCISES IN THE HIGHER BRANCHES OF CALCULATIONS AND VALUATIONS, AS EMPLOYED BY ^ MERCHANTS, BANKERS, AND BROKERS. WITH PRO-FORMA INVOICES AND ACCOUNT-SALES (BRITISH AND FOREIGN), AND USEFUL BUSINESS TABLES. For a Key to the Exercises, fully worked out, and for additional Explanations and Illustrations of the best methods of Calculation and Valuation, see PART THE SECOND. Each Part has a separate pagination, and, to assist the Student, references from one Part to the other are given throughout the Complete Work. PRACTICE* I. For valuations by Dozens. RULE. Take as many shillings per dozen as there are pence for each, and reckon 6d. for each Jd., 3d. for Jd., IJd. for -|d., and 3 farthings for 1-1 6th of a penny. This will be 9d. for each f , and 4Jd. for f . EXAMPLE 1. To find the amount of 89 J yds. at 7|d. per yard. s. d. 7 4J for 1 dozen 7 2 15 89 J yards are 7 dozen 5J yards. For 7fd. each, we take 7s. and 4|d., or 3 times IJd. per dozen. EXERCISES. Ex. 1. 62 yards at 8Jd. Product 243 2. 37J 9d. 1 8 4 3. 56J 10|d. 2 8 10 4- 75} llfd. 3 14 2 5. 99J 14Jd. 5 19 9 6. 108f 15Jd. 6 17 9 7. H3f 17Jd. 881 8. 139| 19Jd. - 11 4 5 * For the calculations belonging to the Exercises in this Section, see Part II., page 2. PRACTICE. EXERCISES to Example 2, Part /., page 3. s. d. s, d. Ex. 1. 20 yds. at 2 3 - 2 5 11 ,,,,,,-149 2 55 55 55 3 10 10 Ex. 2. 40 yds. at 3 6 - 7 7i - 1 5 4 854 Ex. 3. 60 yds. at 4 9 - 14 5 5 - 1 3 9 f - 3 7 15 12 4 Ex. 4. 80 yds. at 6 4J - 25 10 6J - 2 1 5 27 11 5 Ex. 5. 80 yds. at 7 6 - 30 Hi 5, - 4 3 5 34 3 5 Ex. 6. 100 yds. at 8 10* - 44 7 6 If 5, ,5 12 2 44 19 8 Ex. 7. 140 yds. at 10 10 - 75 16 8 4 less i ,,,,-220 77 18 8 Ex. 8. 160 yds. at 13 5 107 6 8 2J - 1 8 6 108 15 2 4 PRACTICE. EXAMPLE 3. The combination of the principles of the two preceding Rules. To find the value of 277 J yards at lOfd. per yard. 277J=240and37|. s. d. 10f =10 7 6 value of 240 yards. lOf s. X 3= 1 11 11 36 10 1 11 19 11 The value of 240 yards, etc., at any number of pence per yard, etc., is evidently an equal number of pounds, and, con- sequently, the value of the same number at any fraction of a penny gives the same fraction of a pound. Therefore, according to this mode of calculation, the num- ber of pence in the price being reckoned as so many pounds (that is, the value of 240), is to be multiplied by whatever number of times 240 may be contained in the given number of the quantity to be valued, and then the valuation of the remainder is to be made in dozens or scores, and in odd yards and fractions. EXERCISES. Find the amount of Ex. 1. 246J yards at 4Jd. Product 474 2. 251J 5Jd. 5 15 3 3. 268| 6|d. 7 11 2 4. 482| 8fd. 16 16 7 5. 5034 9|d. 20 3 10 6. 722| lUd. - 35 15 3 7. 737J 17Jd. 53 2 8. 9691 19Ad. 78 15 10 PKACTICE. 5 III. For the valuation of cwt. qrs. and Ibs., at 20s. per cwt. EULE. Reckon every cwt. as 1, every quarter as 5s., and double the number of the Ib. as pence ; with the addition of Id. for every 7 Ibs., and 14-100ths of a penny for each remaining Ib.* If great precision is required, there may be 1 part or 1-1 00th added in for 2, 3, 4, or 5 Ibs., and 2 parts or 2-100ths for 6 Ibs. EXAMPLE 4. To find the amount of 73 cwt. 1 qr. 17 Ibs. at 47s. 6d. s. d. J ... 73 8 0-43 for 20s. 2 146 16 0-86 - 40s. , 18 7 0-11 - 5s. 9 3 6-05 - 2s. 6d. 174 6 7-02 This valuation as 20s. per cwt. is thus made : 73 cwt. give 73, twice 17d. with 2d. (because there are 2 seven pounds in 17 Ibs.) give 36d., or 3s., which with 5s. for 1 qr. give 8s. ; and as there are 3 Ibs. above the 2 sevens, or 14 Ibs., we add 3 times 14 parts, with 1 more (making '43) and obtain, for the amount, the above valuation, 73, 8s. 0'43d. EXERCISES. Ex. 1. 73 cwt. 1 qr. 16 Ibs. at 45s. Prod. 165 2 8-15 2. Ill cwt. 2 qrs. 21 Ibs. at 62s. 6d. 349 5'62 3. 304 cwt. 3 qrs. 23 Ibs. at 57s. 6d. 876 14 11-21 4. 87 cwt. qr. 13 Ibs. at 78s. 339 15 0-66 * At 20s. per cwt., or 15d. for 7 Ibs., 1 Ib. is worth 2jd., or 2 pence and 14-100ths of a penny. The addition of 1 or 2 extra lOOths is made in order to allow for the remaining fraction of 2-7ths of 1 -100th in the value of each pound at 20s. per cwt. PEACTICE. EXERCISES to Example 5, Part L, page 6. Ex. 1. s. d. Ex. 2. s. d. Ill 17 9 67 15 4J 2 14 223 15 6 948 15 3 11 16 18 10 2461 10 6 931 16 5 Ex. 3. s. d. Ex. 4. s. d 134 11 9f 82 14 8J 17 35 2288 9| 2895 14 0} 67 5 10| 20 13 8 2355 6 9 2916 7 9 Ex. 5. T. C. qrs. Ibs. Ex. 6. T. C. qrs. Ibs. 104 17 1 15 44 10 3 23 at 64, 10s. per Ton, at 45, 15s. per Ton, = Cwt. 2097 1 qr. 15 Ibs. =Cwt. 890 3 qrs. 23 Ibs. at 64s. 6d. per Cwt. at 45s. 9d. per Cwt. s. d. s. d. 2097 7 8-14 890 19 1-29 3 1781 18 2-58 6292 3 0-42 222 14 9'32 419 9 6-42 22 5 5'73 52 8 8-30 11 2 8-86 6764 1 3 2038 1 2 PRACTICE. 7 EXERCISES. Ex. 1. Ill tons 17 cwt. 3 qrs. at 22 per ton. 2. 67 tons 15 cwt. 1 qr. 14 Ibs. at 13 15 per ton. 3. 134 tons 11 cwt. 3 qrs. 7 Ibs. at 17 10 4. 82 tons 14 cwt. 2 qrs. 21 Ibs. at 35 50,, 5. 104 tons 17 cwt. 1 qr. 15 Ibs, at 64 10 6. 44 tons 10 cwt. 3 qrs. 23 Ibs. at 45 15 PRODUCTS. Ex. 1. 2461 10 6 Ex. 2. 931 16 5 Ex. 3. 2355 6 9 4. 2916 79 5. 6764 1 3 6. 2038 1 2 V. For valuation of ounces, dwts., and grains Troy, at 20s. per oz. RULE. Reckon every oz. as 1, every dwt. as Is., and half the number of grains as so many pence. EXAMPLE 6. To find the value of 341 oz. 11 dwts. 17 grains of gold, at 3, 17s. lOJd. per oz. s. d. T V ... 341 11 8 J amount at 20s. 1366 6 10 for 4 T V ... 34 3 2 - 2s. 2 2 8J - 1-i-d. 1330 llf 4, less 2s. lid.=3, 17s. 10|d. 5> PKACTICE. EXERCISES. Ex. 1. 67 lbs.ll oz. 17 dwts. 11 grs. of gold at 77s. 6d. per oz. 2. 24 15 17 77s. 9d. 3. 35 10 12 22 80s. Od. 4. 167 5 18 of silver at 60|d. per oz. 5. 231 6 16 60|d. 6. 142 10 11 59|d. Ex. 1. 3161 2. 1122 13 3. 1722 11 VI. For finding the amount of a Rate per . EULE. Take the given sum as the amount at 20s., and take parts of 20s. for the given rate. EXAMPLE 7. To find the amount of 679, 9s. 4d. at 4s. lOJd. per . s. d. ... 679 9 4 amount at 20s. PRODUCTS. 10 2 Ex. 4. 506 13 3 13 1 5. 696 2 11 11 8 6. 425 19 2 - - - 169 17 4 - - 5s. 4 4 11 - - 1J 3. 317 19 10 3s. 4d. 53 4. 222 12 6 7s. lOd. 87 3 11 5. 148 15 4 11s. 9Jd. 87 14 2 6. 923 16 9 18s. 9d. 66 1 11 55 PRACTICE. VII. For finding the amounts of Eates per cent. RULE 1. Take parts for the rate out of the given amount. RULE 2. Multiply the variable term of the rate expressed in pounds, by the number of hundreds of pounds in the given sum, and take parts for the remainder of the sum out of 100. RULE 3. Multiply the given sum by the variable term of the rate, and divide the product by 100. EXAMPLE 8. To find the amount of 649 at 8| per cent.* . . 649 amount at 100 per cent, .. 32 9 .. 16 4 6 823 56 15 9 Or take 10 per cent., and subtract l-8th for 1 J per cent., producing 8| per cent. EXERCISES. Ex. 1. 452 18 6 at 10 per cent. Prod. 45 5 10 2. 237 12 2 7J 17 16 5 3. 448 19 10 621 _ 280 12 5 * The Student is to observe that, in Kates per cent, without any valuations being given, the two terms are of the same kind or value : thus 8| per cent, may be 8f of a out of 100, or 8|s. out of 100s. ; and so with any other matter of weight, measure, or quantity, as 8f yards out of 100 yards, or 8f things out of 100 things : but when a value is given to the variable part of the Rate in money, the words " per cent." always mean to be out of 100 ; as 12s. 6d. per cent, means 12s. 6d. out of 100. In any other case both terms of the Kate are valued. * 10 PRACTICE. EXAMPLE 9. To find the amount of 652, 10s. at 65J per cent. s. d. J ... 65 7 6 amount of 100 6 392 50 600 32 13 9 50 1 12 8J 2 10 426 11 5J EXERCISES. Ex. 1. 620 at 11 11 percent. Prod. 71 12 2 2. 475 8 13 3 41 2 11 3. 990 6 17 11 68 5 4 EXAMPLE 10. To find the amount of 1187, 10s. 6d. at 12f per cent. s. d. I . . . 1187 10 6 12 14250 6 2 = 12 . 296 17 7 = 148 8 9 = 14695 12 4 146 19 1 Calculations of this sort, which, properly, are calculations by the Eule of Three, are frequently better done by decimals, particularly when the multiplier is a large number. In dividing by 100, cut off the units and tens of pounds, and the other figures will give the amount in pounds. Then divide the number of tens and units of pounds by 5, MENTAL CALCULATIONS OF PERCENTAGES. 1 1 EXERCISES. (Part L, pages 12-16). s. d s. d s. d. Ex. 1. 60 Ex. 2. 55 1 7 2 Ex. 3. 4 15 5-6 80 43 5 3 9 19 11-9 45 8 8 5 7 38 7 7-5 67 5 6 56 2 9 8 5 15 5-8 84 9 5 2 9 15 8 2 95 9 6-5 92 14 8 3 74 4 G 4 7 15 9-1 429 9 2 1 246 18 4 -3 162 3 10-4 Ex. 1. 20 Ex. 2. 26 6 3 Ex. 3. 16 17 9-35 3 7 6 2 4 10-7 3 7 8-5 42 4 3 6 26 16 8 15 41 4 4-75 4 10 4 17 9 8 2 13 6-25 22 16 10 6 17 17 11 7 13 3 7-95 2 15 7 5 2 2 4 15 10-75 95 14 3 7 79 19 10 65 82 2 11-55 Ex. 1. 11 4 3 Ex. 2. 18 13 11 55 Ex. 3. 23 8 9-1 2 8 9 7 103 18 9 05 130 2-17 8 13 2 3 20 13 2 05 18 6 507 2 1 9 05 178 18 10-33 209 G 10-02 11 9 8-05 23 3 5 27 15 12 2'87 2 6 4-8 134 7 11 65 129 I 5-32 38 4 9 479 16 1 9 525 15 10-55 Ex. 1. 6 Ex. 2. 4 15 1 } Ex. 3. 13 9 6f 7 10 16 8 2 i 8 14 71 8 2 G i 17 G | 56 15 111 7 6 11 j 5 16 9 9 7 7 5 2 6 J 14 8 11 } 67 G 6 8 17 6 i 18 G 1 8 1G 3 42 19 7 i 43 5 1 i 164 10 5i 12 PRACTICE. We here consider the 23,838 as so many shillings, and, dividing by 100, we reduce the remainder 38s. into 456 pence, which we also divide by 100 : there is no necessity for putting down the latter work, as only the pence in the product need to be expressed. N.B. No notice is generally required to be taken of the remaining shillings and pence in the product of the principal, (in this Example, 2s. lid.); but if any great precision is required, the whole of the part cut off (as the ,38, 2s. lid.) should be multiplied by 12, in the common way, and the pounds in the product should be reckoned as so many pence, and divided by 100. In general, the shillings and pence in the given principal are rejected if less than 10s., and are reckoned as another pound if above that sum. EXERCISES. Ex. 1. 837 at 11s. per cent. Prod. 4 12 1 2. 2173 at 12s. 6d. per cent. 13 11 8 3. 478, 14s. 6d. at 7s. 7d. per cent. 1 16 4 4. 988, 17s. lid. at 12s. 7Jd. per cent. 6 4 10 MENTAL CALCULATIONS OF PER- CENTAGES. TO CALCULATE 10 PER CENT. EULE. For the Pounds Cut off the unit figure of the pounds in the principal, and the remaining figures will show the number of the pounds in the product. For the Shillings Take twice as many shillings as there are units of pounds, and add Is. to the product for 10s. in the principal. For the Pence Reduce the given units of shillings (or the shillings left after the 10s. already considered) into pence, take in the given pence, and divide the amount by 10 by separating the unit figure, which becomes a decimal of tenths of a penny. MENTAL CALCULATIONS OF PERCENTAGES. 13 EXAMPLE. To find the amount of 877, 16s. 7d. at 10 per cent. Product, 87, 15s. 7'9-lOths. We here say 877 produce 87, and 7 over; then, twice 7 are 14, and 1 for the 10s. are 15s. ; lastly, 12 times 6 are 72 and 7 are 79 pence, making 7 pence and 9-10ths, or 7 -9. EXERCISES. Ex. 1. Ex. 2. Ex. 3. s. d. s. d. s. d. 600 550 16 47 14 8 800 432 12 6 99 19 11 450 84 4 9 383 16 3 672 10 6 561 8 2 57 14 10 844 14 4 97 16 10 954 15 5 927 6 11 742 54 77 17 7 PRODUCTS OF EACH COLUMN. Ex. 1. Principals 4294 11 9 Percentages 429 9 21 2. 2469 3 7 246 18 4-3 3. 1621 18 8 162 3 10-4 N.B. For this Section see Part II. , pages 11 to 14, where all the products of the separate items are given. TO CALCULATE 5 PER CENT. RULE. For the Pounds and the Shillings Consider the pounds in the principal as so many shillings, and value them in pounds. For the Pence Multiply the given shillings by 6, take in half the number of the given pence (taking Jd. as '5, and so on), and divide the amount by 10; or, reduce the units of shillings into pence, take in the given pence, divide by 20, and to the quotient add 6d. for 10s. in the principal. 14 . MENTAL CALCULATIONS OF PERCENTAGES. TO CALCULATE 1J PER CENT. EULE. For the Pounds. Divide the pounds in the prin- cipal by 80. For the Shillings. Take one-fourth of as many shillings as there are pounds remaining from the preceding division. For the remaining Pence. Add Id. for 6s. 8d., or 2d. for 13s. 4d., and any surplus being brought into pence will then give the same number of SOths of a penny. N.B. For general purposes, Id. may be added from 3s. 4d. to 10s. ; 2d. for above 10s. to 16s. 8d. ; and 3d. for above 16s. 8d. EXAMPLE. To find the amount of 179, 15s. 7d. at 1J per Cent. Product. 2, 4s. llfjd. Cutting off the 9, and dividing 17 by 8, we have 2 and 19 over. 19s. divided by 4 giving 4s. 9d., and 15s. 7d. being 13s. 4d., and 2s. 3d., or 27d., we add 2d. to the 4s. 9d., and reckon the 27 as so many 80ths of a penny. The Exercises to 2J per Cent. (Part /., page 15, and the present Part, page 11) being used, we have the following results for 1J per Cent. s. | d. s. d. s. d. Ex.1. 5 12 1 50 Ex. 2. 9 6 11 77 Ex.3. 11 14 4-55 1 4 4 85 51 19 4 52 65 1-08 4 6 7 15 10 6 7 02 9 3 2-53 1 10 52 89 9 5 16 104 13 5-01 14 10 02 11 11 8 63 7 16 1-43 1 3 2-40 67 3 11-82 64 10 8'66 19 2 0-44 239 18 0'92 262 17 11'26 MENTAL CALCULATIONS OF PERCENTAGES. 15 TO CALCULATE 2J PEE CENT. EULE. For the Pounds Cut off the unit figure of the given pounds, and divide the other figures by 4. For the Shillings Take half the number of the pounds remaining from the division of the pounds. For the Pence Multiply the shillings by 3, and take in one-fourth of the number of the pence (the quotient giving decimals) ; then divide the result by 10, the product will be pence decimally stated, and add in 6d. if there should be an odd pound in the principal. Or, reduce the units of shillings and the whole pence into pence, divide by 40, and add in 3d. for 10s., and 6d. for an odd pound. EXAMPLE. To find the amount of 879, 17s. lid. at 2J per cent. Product, ,21, 19s. ll'375d. We here say, beginning with 879, 4 into 87 produces .21 and 3 over ; the half of 39 is 19 and 1 over ; and thus we get 21, 19s.; then for the pence and parts we say, 3 times 17 are 51 and 2'75d., the fourth of lid. are 53-75, which, divided by 10, produces 5-375d., and with 6d. for the odd pound, produces lid. and 375-lOOOths of a penny, or ll'375d. Or for the Pence, we may say, 7s. lid. are 95 pence, 40 in 95 gives 2 and 15 over, set down 15-40ths and carry 2; this 2d. and 3d. (for 10s.) are 5d., and with 6d. (for the odd pound) make 11 pence; the 15-40ths are equal to '375d., or 375-lOOOths of a penny. EXERCISES. Ex. 1. Ex. 2. Ex. 3. s. d. s. d. s. d. 448 10 747 18 6 937 10 4 97 12 4 4157 10 2 5200 7 3 346 78 826 6 10 732 16 11 83 10 2 7157 14 5 8373 13 5 459 6 10 926 17 7 624 9 7 92 16 5375 18 10 5162 17 9 16 MENTAL CALCULATIONS OF PERCENTAGES. PRODUCTS OF THE COLUMNS. Ex. 1. Principals 1,528 3 Percentages 38 4 0'9 2. 19,192 6 4 479 16 1-9 3. 21,031 15 3 525 15 10-575 See Part II. , page 11, for products of separate items. TO CALCULATE 1 PER CENT. EULE. For the Pounds Separate the units and tens of pounds in the principal, and the other figures will show the required number of pounds. For the Shillings Consider the tens and units of pounds as shillings, and divide them by 5. For the Pence Consider the remaining pounds as so many tens, and half the given number of shillings as so many units of farthings, subtracting 1 from 12 to 37, or 2 when the farthings are above 37. EXAMPLE. To find the amount of 1677, 15s. 2d. at 1 per cent. Product, 16, 15s. 6|d. 1600 gives 16; 77 considered shillings, and divided by 5, gives 1 5s. ; the 2 over with 8 (about half the number of shillings) give 28 parts, from which subtract 1, and the result is 27 called farthings, or 6f d. N.B. For Eules for the mental calculation of 2 and 1 J per cent., reference may be made to Part //., pages 13-14. EXERCISES. Ex. 1. Ex. 2. Ex. 3. s. d. s. d. s. d. 600 475 12 8 1347 16 11 750 1640 18 2 872 19 2 812 14 6 87 14 4 5679 14 5 734 18 8 583 15 6 937 17 11 512 15 7 1444 13 2 6732 9 10 887 13 4 92 16 5 881 5 7 MENTAL CALCULATIONS OF PERCENTAGES. 17 PRODUCTS OF THE COLUMNS. Ex. 1. Principals 4298 2 1 Percentages 42 19 7J 2. 4325 10 3 43 5 1J 3. 16452 3 10 164 10 5J See Part //., page 18, for products of separate items. TO CALCULATE } PER CENT. RULE. Cut off the unit figure of the given pounds, and the others will show the percentage in shillings ; then con- sider the units of pounds placed to the right of half the number of the given shillings, and read the combined figures (less 1 out of every 25) as so many tens and units of 8ths of pence requiring to be divided by 8, to produce the pence. N.B. If the pounds are above 5, reckon 6d. for the 5 and apply the latter part of the rule to the remainder ; and when this rule is used for a number of pounds only, we may reckon the units as so many pence, with the addition of Id. for 3 up to 7, and 2d. for 8 or 9. EXAMPLE. To find the amount of 887, 13s. 4d. at J per cent. Product, 4, 8s. 9Jd. The 88 tens of pounds produce 88 shillings, 5 produce 6d., and the 2 over with 7 for half the number of the given shillings, considered as 27 but reckoned as 26, on being divided by 8, produce 3Jd., making the whole 9Jd. EXERCISES. Ex.1. Ex.2. Ex.3. s. d. s. d. s. d. 3563 10 4474 8 8 1347 16 11 472 15 567 15 3 872 19 2 5142 8 4 8283 10 10 5679 14 5 673 16 3 456 17 11 937 17 11 4474 9 11 5375 8 6 6732 9 10 525 18 2 926 19 1 881 5 7 B 18 MENTAL CALCULATIONS OF PERCENTAGES. PRODUCTS, Ex. 1. Principals 14852 17 8 Percentages 74 5 3| 2. 20085 03 100 8 6 3. 16452 3 10 82 5 2| See Part IL, page 12, for products of separate items. TO CALCULATE PEE CENT. RULE. Multiply 5s. by the number of hundreds of pounds (or take l-4th of so many pounds) and add to the product as many pence as there are tens of pounds in 6 times the remainder of the Principal. EXAMPLE. To find the amount of 1837, 14s. 6d. at J per cent. Product, 4, 11s. lOd. 6-10ths. 18 times 5s. (or the fourth of 18) are 4, 10s. ; we then say, 6 times 37 are 222, which with 4 (for the pounds in 6 times 14s.) are 226. The tens of pounds being 2 2 -6 are then taken as pence, Is. 10d., making the whole product 4, lls. lOd. The 6-10ths of a penny or Jd. may be left out, and the whole product will be 4, lls. lOd. EXERCISES. Ex. 1. Ex. 2. Ex. 3. s. d. s. d. s. d. 540 1436 10 1537 13 8 600 917 14 2 679 11 2 450 3276 15 5 86 14 4 875 00 828 17 7 9 12 6 225 9164 15 3 4 16 4 960 982 13 11 95 11 10 MENTAL CALCULATIONS OF PERCENTAGES. 19 PRODUCTS or THE COLUMNS. Ex. 1. Principals 3650 Percentages 9 2 6 2. 16607 64 41 10 4 3. 2413 19 10 608 See Part IL, page 12, for products of separate items. TO CALCULATE 1 PER CENT. Multiply 2s. 6d. by the number of hundreds of pounds (or take l-8th of so many hundreds of pounds), and add to the product as many pence as there are tens of pounds in 3 times the remainder of the Principal. EXAMPLE. To find the amount of 6378, 14s. 6d. at J per cent. Product, 7, 19s. 5d. 6-10ths. 63 times 2s. 6d. (or the 8th of 63) are 7, 17s. 6d. We then say 3 times 78 are 234, which with 2 (for the pounds in 3 times 14s.) are 236. The tens of pounds being 23'6 are then taken as pence, Is. lid., making the whole product 7, 19s. 5d. The 6-10ths of a penny or |d. may be left out. EXERCISES. Ex. 1. Ex. 2. Ex. 3. s. d. s. d. s. d. 840 1456 10 8 526 17 2 955 00 937 5 4 87 13 3 4170 10 6162 11 8 927 8 11 637 15 6 713 16 3 55 16 3405 10 6 4395 84 737 9 5 828 12 3 926 14 10 916 11 2 PRODUCTS OF THE COLUMNS. Ex. 1. Principals 10837 8 3 Percentages 13 10 11 2. 14592 71 18 4 9 3. 3251 15 11 413 See Part IL, page 12, for products of separate items. 20 MENTAL CALCULATIONS OF PERCENTAGES. TO CALCULATE T V PER CENT. Reckon the thousands of pounds as so many pounds ; divide the number of the hundreds and tens of pounds by 5, and consider the quotient as so many shillings. Consider the remaining pounds (over 10s. being taken as 1) as so many farthings, subtracting 1 when they exceed 12, and 2 when they exceed 37. N.B. Instead of dividing the hundreds and tens of pounds by 5, we may double the number of the hundreds and add in 1 for 5 in the tens of pounds. The surplus over 5 in the tens of pounds and the units of pounds must then be treated as above. EXAMPLE. To find the amount of 3786, 17s. lOd. at T V per cent. Product, 3, 15s. 9d. 3000 produce 3; the 78 considered as shillings and divided by 5 produce 15s. and 3 over; and ,36, 17s., reckoned as 37 parts or farthings, produce, with the deduction of 1 (as they exceed 12), 36 farthings or 9 pence. Instead of dividing the 78 by 5, we may say, twice 7 are 14 and 1 (for 5 out of 8 in the tens of pounds with 3 over) are 15; that is, 15s. EXERCISES. Ex. 1. Ex. 2. Ex. 3. s. d. s. d. s. d. 3000 4472 8 8 1347 16 11 1000 567 15 4 872 19 2 2750 8283 10 10 5679 14 5 3500 456 17 11 937 17 11 10000 5375 8 6 6732 9 10 750 926 19 1 881 5 7 PRODUCTS OF THE COLUMNS. Ex. 1. Principals 21000 Percentages 21 2. 20083 04 20 1 8 3. 16452 3 10 16 9 OJ See Part II., page 12, for products of separate items. N.B. Additional Rules for calculating 2 and 1J per cent, are given in Part II. , pages 13, 14. INTEREST ACCOUNTS IN ACCOUNTS- CURRENT. 21 INTEREST ACCOUNTS IN ACCOUNTS-CUERENT AND BALANCE-SHEETS. CALCULATED BY VARIOUS METHODS. The Interest upon Accounts-Current or Running Accounts, or in Balance-Sheets, is reckoned in various ways, viz. : 1. With respect to the Principals, or the amounts on which the Interest is calculated : in some accounts the Interest is reckoned upon the balances resulting from each operation or variation in the account ; but it is the more usual practice to reckon it upon each sum, separately, on each side of the account, placing it in separate columns, and to take the balance- of these separate results. 2 and 3. With respect to the time; in most mercantile accounts, it is reckoned in days only, but sometimes it is reckoned in months and days. (See Example 2, on page 23.) 4 and 5. When the Interest is reckoned upon the balances, the time is carried forward from one day of taking the balance to the next; but when the Interest is calculated upon the separate debits and credits, the time is commonly reckoned backwards from the day of settling the balance (that is the date of the Balance-Sheet or Account-Current) to each of the days in the account; and, in this case, the Interest on the sums which are due beyond the day of settlement is added to the opposite side of the account, which has the effect of dis- counting such sums, and rendering them due on the day of the general settlement. Instead of reckoning the Interest back- wards, another method of settling accounts reckons the interest forwards, from the previous date of settlement of account, and adjusts the balance accordingly. (See Example 3, on page 25.) 6. In accounts in which the Interest is reckoned in days ; the statements are made out either with the actual amount of the Interest on each sum, or with what are technically called " Interest Numbers," formed from the product of the Prin- cipals multiplied by the number of the days, and the balance of the Interest is calculated from the balance of these numbers. The shillings and pence of the Principal, if over 10s., are generally reckoned as !, in creating the Interest Numbers. 22 INTEREST ACCOUNTS IN ACCOUNTS-CURRENT. EXAMPLE 1 : FIRST METHOD. On the 30th of June 1887, there was due to me, upon an account, a balance of 1426, 16s. 4d. ; since which time I have received and paid the fol- lowing sums, viz. July 10, I received 1000 July 18, I paid 124, 7s. 6d. August 22, I received 600 on Sept. 26, I paid 200 on Oct. 18, I received 400 on Nov. 24, I paid 500 on Dec. 1, I received 450, and 'on Dec. 11, I paid 500 it is required to find the balance of this account, Dr. or Or., with Interest at 4%, made up to 31st Dec. 1887. 1887. s. d. Days. Dr. Int. Cr. Int. Dr. June 30 1426 16 4 10 1 11 3 Or. July 10 1000 Dr. 426 16 4 8 76 Dr. July 18 124 7 6 Dr. 551 3 10 35 223 Cr. Aug. 22 600 s . d. Cr. 48 16 2 35 ..... 39 Dr. Sept. 26 200 Dr. ~151 3 10 22 73 Or. Oct. 18 400 Cr. 248 16 2 37 102 Dr. Nov. 24 500 Dr. 251 3 10 7 3 10 Cr. Dec. 1 450 Cr. 198 16 2 10 . . . . . 44 Dr. Dec. 11 500 Dr. 301 3 10 20 13 2 Dr. Interest 317 to Dec. 31, 1887, Balance 3 17 Dr. Balance 305 10 of Acct. 553 553 Dr. Balance of Account, Dec. 31, *8S7, 305, Os. lOd. In this mode of making out the account a balance is struck at the time of each receipt and payment ; then the Interest is calculated upon the preceding amount for the time between the two dates, and the Interest is entered in the proper column according as the balance is Dr. or Cr. (that is, for or against the party who makes out the account). To make the Interest totals equal, an amount must be added to the smaller sum. That amount is the Balance of Interest. INTEREST ACCOUNTS IN ACCOUNTS-CURRENT. 23 9 1 1 -.s i to a ft H >i>. co d I-H i i ft -ill doo flS ^^ F p b-* g oo O ^ o o o o o o o o 000 O O 10 . 00 ^ O O O 3 CO 00 O O O 3 10 10 cq 10 o 1=1 co M cq Oi 00 O O Oi 00 C^ i 1 i I 02 H^ CO CO t^ > CO CO OS CO o o q O 00 CO -rH I-H co i i CM cq T i tO O O O O % . CO * I I O O O CO ^JH O O O CO (M CM O O O ^H r-i cq xo 10 s s g o MH^ 1! O <& a o 1 i o O o 2 rH ^ =0* rHrH q^ OO 00 fi^^ g 1O "^ o cq . I-H cq l^g 3 -8 00 co 00 o o co O O ^ O CO e'>3 O TfH oo cq CM fi2 M CO 1O o . co !>. g^ >* co co t- CO -* cq cq I a OS ^ "* J-a II 24 INTEREST ACCOUNTS IN ACCOUNTS-CURRENT. EXERCISE 1. To be worked after the three methods of the preceding Examples. Dec. 31, 1886, there was due to me 863, 17s. 10d. Feb. 1, 1887, I received on account 241, 8s. 8d. on March 17, I received 150 on April 11, I received 64, 13s., and on April 29, 100 on May 16, I paid 300 on June 14, I paid 500 on July 16, I received 600 on Aug. 1, I re- ceived 307, Os. 7d. on August 23, I paid 500 on Sept, 17, I paid 357, 10s. on Oct. 11, I paid 160 on Nov. 4, I paid 300, and on Dec. 20, 1 received 233, 18s. 4d. What is the Balance of this yearly account, including Interest at 5 per cent, per annum, made up to Dec. 31, 1887 *? N.B. The Number Divisor for 5 per cent, is 7300. PRODUCTS.* By the First Method, with Interest Numbers. 27,64827,36811,8007,3445,23617,63235,456 8,1284,42217,52525,39229,23269,82814,124 Dr. Interest 41, 5s.; Balance, 1325, 12s. 3d. By the Second Method, with Days and Interest Numbers. Dr. Numbers. 315,360 . . . 68,700 100,000 . . . 65,000 37,500 . . . 12,960 17,100 Cr. Numbers. 80,253 . . . 43,350 17,160 . . . 24,600 100,800 . . . 46,664 2,574 Net Interest, 41, 5s. 6d. : Balance 1325, 12s. 9d. By the Third Method, with Months and Days only. Dr. Interest. 43 3 11 974 13 11 11 8 17 8 523 1 15 5 264 Cr. Interest. 10 18 8 5 18 3 269 3 6 11 13 4 8 677 7 1 Net Interest, 41, 4s. lid.; Balance 1325, 12s. 2d. * See Part II., pages 16-18. INTEREST ACCOUNTS IN ACCOUNTS-CURRENT. 25 X O O i I ( . . . _ O O O CM XO 1O CO r-H CO GO Nu i i (M i 3 &*** ^HO CM )0 Oi 10 O .-H lOO^r-H CM CMCOO i-H 01 CO 1C CO GO O i-HO i I CO ~ GO D 00 5 & PH Ul 6 3 g kj CO XCOOOO O O rH o o Ci CO CO CO OO O CO O O O r-H O O O - O i i 1O tr~ CO CO O GO c-q I-* 0* * OQ QO . rH * C*!^ CS ro ^'OOOrHGOO5OO i ( onOOCOCMOCOOO OOCMlOCilOOO fJlOO^rHO Ci CO 1O CO GO rH rH O rH rH O CO OOOC-1OOOOOOO OOOCOOOOOOiOiO COOlOO^OiOCOCOGOCNCO o"t>- co oTco ccTco 10*^ co^ co^ TjT co" COrHCO-^COCOCM rH 2 fi o c5 CO "i 2 o ! !S i g 2 " rn V C-l 'SCOOOOOOOOOOOO .1000000000000 00 0> i 'OOOOO^ vo 00000 CO O O 1O O 1O rH rHCOCqiOlOi-HCOCNIrH CO CM B 3i ,% ff M H^H 30 INTEREST ACCOUNTS IN ACCOUNTS-CURRENT. EXPLANATION OF THE PRECEDING ACCOUNT. In this account the days are reckoned from June 30th, 1887, thedate of the last balance, forwards, to each of the dayson which the amounts become due (that balance having no Interest to be calculated upon it), and each Principal is, as before, multiplied by its respective number of days to create an Interest Number. In this account one sum on the Or. side is due on Feb. 16, or before the day of the last balance ; the days for this item are therefore calculated backwards from June 30 to Feb. 16, and this alone forms what is called a red number to be added to the opposite side, to make it due, like the preceding balance of .118, 15s. 3d., on the 30th of June, having also like it no interest or rather discount to be calculated in advance. When these entries of the Interest Numbers have been finished, the balance of the Cash columns is taken and multiplied by the number of the days from the day when the account com- mences to the day on which it is made up, and the product or in- terest number is added to the opposite side.* With this correction the balance of the Interest numbers is then taken and entered, and the amount it gives of Interest is extended in the Cash column upon the same side of the account, and not on tJie opposite side. To explain the reason that this method should produce the same effect as the preceding plan, we must observe, that by reckoning the days forward as in this account from June 30, and applying the number of these days to the respective sums, we, in fact, reckon the Discount on each, and render them due on the day the account commences ; then, when we strike a balance of the sums, exclusive of the Discount, and calculate the Interest for the days between the two periods of settle- ment, we add the result to the opposite side. Being interest, its nature is opposite to that of Discount; this correction thus settles the difference between the two methods, and the balance of the Interest is found as before, but, for the reason above given, it is entered upon the opposite side of the account. The chief advantage of this method is, that the Numbers in the Discount Columns can at once be filled in ; but this, by using an adjusting entry if required, may also be done with the former method, and the red numbers may in like manner be avoided, by making up the account to the last day in it, as in the following Example. * In this account the amount of the Dr. side being the greater of the two sides, the product or Interest Number is added to the Cr. side. INTEREST ACCOUNTS IN ACCOUNTS-CURRENT. 31 CO I CD s, CD m b JOOl-Ori>ro x '^ s t^ 5 i I tO IO CO OS rH > co g Q .. ^ - ->< ^o ^o oj a rf ^000 t^co O O OO(M1OOS1OOO OrH iOO^i-H(MGNCOO rHO OSCOXOCOOO rHrH CO 188 500000-, ^ o. i 2 S 8 S i Tco^os GO co" oo" o" co" 10*" o"^ ^T i>^ S(rqOOrHlO^ ,-HrHrH CO OS J? ^ OO OS !> CO rH -^H r I OO OO OS >>00 OOSrHGO COlOCOr-HCOOS & coco OOOOOOOOOO rH iO ^^ ^^ ^^ <^^ ^^ ^^ (^^ ^^ ^^ ^^ ^^ XO COOOOOGOOOOOOO 00 rH o O O O OS O O O IO O IO PH rHGOCqiOlOrHCOCMrH OO 32 INTEREST ACCOUNTS IN ACCOUNTS-CURRENT. It is proper further to remark, that from the practice of reckoning 10s. and above as another pound, and rejecting less sums in the calculation of the Interest, and also from the balance being taken independent of these adjustments, a little variation will sometimes arise between the results of the two methods ; but if the balance be reckoned from the difference in the amounts of the pounds employed, both will agree. INTERESTS IN BANKING ACCOUNTS. In Banking Accounts in which interest is charged upon the debits, and allowed upon the credits, and in which variations almost daily occur in the balances, instead of either of the preceding methods, the following method is now generally adopted in London Banks, by which the labour of calculating the Interest on Country Banking accounts is much lessened. The balances of the daily receipts and payments, or the balances of the debit and credit of the Ledger account, being entered in Dr. and Cr. columns for each month, the total amounts of the columns are taken : then, if the same rate of Interest is allowed as is charged, the balance of the amounts is found, and the Interest is calculated upon it for one day at the given rate per cent. ; but if, as is more usual, the rates charged and allowed are different, then the Interest is calculated for one clay upon the separate amounts of both the debits and credits, and each amount of Interest, or the balance, is carried to the general account. It is to be observed that, when any day occurs without having any sum charged (as for Sundays and Bank Holidays), the preceding day's balance must be repeated for that day, and the same must continue to be done, until a fresh entry is made in the account. Banking accounts of this nature are usually made up every six months, to the last day of June and of December, and the Interest, by being charged to the general account, is then made part of the Principal. For the sake of convenience, however, we have taken the account as only for three months, or as if opened on Tuesday, April 1, 1890. N.B. The Sundays in the following account are marked by an asterisk in the table of the balances j and the balance of the preceding Saturday is entered to each Sunday as the balance for another day : INTEREST ACCOUNTS IN ACCOUNTS-CURRENT. 33 APRIL. MAY. JUNE. Days. Dr. Or. Dr. Or. Dr. Cr. 1 3,972 1,790 * 1,789 2 2,051 1,955 4,000 3 475 460 628 4 1,510 * 460 329 5 727 6,590 500 6 * 727 2,136 500 7 2,075 858 500 8 945 1,120 * 500 9 4,751 1,120 1,734 10 1,036 1,120 1,622 11 1,036 # 1,120 3,180 12 2,175 748 2,246 13 * 2,175 3,864 1,828 14 1,150 3,142 4,154 15 4,310 1,780 * 4,154 16 515 1,160 1,428 17 150 1,673 3,686 18 2,127 * 1,673 5,932 19 330 486 8,644 20 * 330 838 4,382 21 8,192 1,372 5,165 22 5,210 545 * 5,165 23 3,125 3,868 282 24 2,160 4,637 4,781 25 500 * 4,637 6,383 26 954 4,637 6,383 27 * 954 2,268 2,100 28 1,030 2,052 ! 1,742 29 1,075 889 * 1,742 30 2,500 692 1,429 31 1,789 45,299 12,968 48,018 13,461 61,031 25,877 Total Dr. 45,299+48,018 + 61,031 =154,348, which for one day at 5% is 21, 2s. lOd. Total Cr. 12,968 + 13,461 + 25,877=52,306, which for one day at 3% is 4, 6s. C 34 INTEREST ACCOUNTS IN ACCOUNTS-CURRENT. EXERCISE 2, according to Example 3. Dr. Cr. 1130 14 6 June 30, 1886. 515 8 6 Sept. 17, 1886. 614 8 3 July 17 300 -0 1 500 Oct. 14 1500 Aug. 28 200 Sept. 1 733 9 6 Dec. 11 831 16 7 Nov. 6 822 19 9 Jan. 30, 1887. 525 Dec. 31 17 10 Mar. 3 64 11 4 Jan. 27, 1887. 536 18 6 Nov. 22, 1886. 100 Mar. 10 200 Feb. 18, 1887. To be made up to December 31, 1886, at 5 per cent. Adding, Commission, ,10, 3s. 7d., and Charges, 2, 16s. 6d. EXERCISE 3, according to Example 4. 450 15 June 30, 1886. 200 July 22, 1886. 600 Aug. 21 ?> 68 16 11 5> 500 July 17 5) 372 18 4 Nov. 16 3> 500 Nov. 30 J) 2165 11 6 >j 22 jr 811 14 Jan. 22, 1887. 316 16 Dec. 10 ;> 37 9 6 Mar. 15 )> 182 8 2 I? 22 )5 800 Dec. 31, 1886. 200 Jan. 17, 1887. 92 19 4 Nov. 14 51 200 Feb. 17 jj 111 18 April 15, 1887. 631 8 3 jj 29 j> 68 17 8 Mar. 9 3) 72 4 4 Dec. 28, 1886. To be made up to December 31, 1886, at 4J per cent. Adding, Commission, 14, 16s. 6d., and Charges, 6, 5s. PRODUCTS. (Part //., pages 19, 20.) Ex. 2. Nos. Dr. 208,104 102,538 39,000 24,200 45,760 In red 1,755 7,000= 8,755 Nos. Cr. 54,075 36,300 187,500 14,660 20,943 In red 24,690 1,134 9,800 = 35,624 Balance of Numbers, 132,993. Interest Dr. 18, 4s. 5d. Balance of Account, 628, 11s. Id. Ex. 3. Nos. Dr. 31,200 8,500 76,500 167,272 9,583 147,200 12,741 32,480 17,457 Nos. Cr. 4,400 759 51,847 314,070 51,671 31,350 40,200 46,400 153,964 13,032 Balance, 436 x 184 = 80,224 Dr. Balance of Nos. 125,036. Interest, Dr. 15, 8s. 4d. Balance of Account, 399, 19s. 3d. THE STOCKS. 35 THE STOCKS. The NATIONAL DEBT of England is that vast total (over Seven Hundred Millions) considered owing by the Govern- ment to its Creditors, under the name of Consols, New 3 per Cents, Eeduced 3 per Cents, etc., etc. The Stocks* are the Capitals upon which the Funded Redeemable Annuities are calculated. The term " Stock," originally applied to moneys lent to Government, was eventually given to moneys lent to any public body or company whatever, such as the capitals of the Bank of Scotland, the Bank of Ireland, India Stocks, Railway Stocks, Corporation Stocks, etc. The half-yearly Annuities and Payments on Stocks are called Dividends. * The Government Stocks are also called the Funds, and the Annuities are called Funded, when they are charged upon the Consoli- dated Fund, and in duration, made payable without any limitation of time. These Stocks are also called Redeemable, because the Government retains the right of cancelling them, by paying the owner of the Annuity a sum of money equal to the amount of his Stock. They also bear different names; 1st, according to the rate at which the Annuity is calculated upon the Stock, as 3 per cent., 2| per cent. ; 2ndly, according to the time of their creation, as 3 per cent., 1726, or 2 per cent., 1853 ; and, 3rdly, according to other peculiarities attending them. Thus the Annuities originally charged upon different branches of the revenue, or separately classed, but afterwards com- bined, are called Consolidated (the Consols) ; and those Stocks which formerly bore a rate higher than the present rate of annuity, are called Reduced. The Stocks, or rather their Annuities, are called Unlimited, because the Annuities are engaged to be paid at a given rate in perpetuity in distinction from the Annuities which are terminable at Limited periods ; as the Old Long Annuities which expired in 1860, or the existing 2 per cent. Annuities, which extend to Jan. 5, 1905, and which are also called Irredeemable. 36 THE STOCKS. The Prices of Stocks are the numbers of pounds in money which are given for a sum of money (almost invariably 100) of each of the Stocks.* The Brokerage upon either the purchase or the sale f of Stock is 1-8 th of a , or 2s. 6d. per Cent., on the quantity of the Stock. The Brokerage is never less than a shilling, how- ever small the quantity bought or sold. In Stock Exchange transactions the brokerage is single. The transfer is at the expense of the seller. N.B. For various particulars relating to the Stocks and Annuities, see Part IL, page 21, et seq. * A quotation of the Stocks is commonly made in the following form : New Two and Three-quarters per Cents. (Goschens) 97| f . Of the two prices 97, 15s. and 97, 17s. 6d. here given, the lower is the rate at which the Stock was bought, and the higher that at which it was sold by the jobbers or dealers, the difference l-8th, or 2s. 6d., being what is called the "turn of the market." t When Stock is sold, it is transferred in the books of the Stock at the Bank from the credit of the seller's account to the credit of the buyer's. The amount of Stock sold may be for as small a sum as Id. ; but the lowest amounts of Stock to procure dividends must be such as will produce a half-yearly dividend of 1 penny; as 5s. 7d. in 3 per Cent. Stock, or 3s. 4d. in 5 per Cent. Stock. The Transfer Day s are Mondays, Tuesdays, Wednesdays, Thursdays, and Fridays, between 11 A.M. and 3 P.M., also on Saturdays between 11 A.M. and 1 P.M. for an extra fee of '2s. 6d. Transfers effected by a principal are free of stamp-duty ; but if by power of attorney for sale or transfer, Is. 6d. is charged, and a stamp- duty of 5s. to 20, and 10s. if over 20. Powers for Dividends only cost 5s; a single Dividend, Is. Powers for Receipt of Dividends under 3 per annum are free. The balances for the dividends due 5th January and 5th July, or due 5th April and 5th October, respectively, are struck on or about 1st December and 1st June, or 1st March and 1st September, as the case may be. The Transfer Books are shut meanwhile, so that for about five weeks no public Transfer can be made. Transfers executed after the balances are struck will not carry the Dividends next due. The Dividends are payable on the first working day after the due-date. THE STOCKS. 37 CASE 1. To find the Cost or the Net Proceeds of Government Stocks. KULE. Find the value of the Stock by one of the Eules in pages 8, 9, supra, and add 1-Sth per Cent., for Brokerage, upon buying, or subtract the same upon selling. The Brokerage is on the amount of Stock, and not on its value. EXAMPLE. To find the Cost of 655 Consols at 95 J per Cent. .655 at 95J = 625 10 6 Value J = 16 5 Brokerage 626 6 11 Cost. EXERCISES. (Part II. , page 31.) Ex. 1. Find the Cost of 1200 Stock bought at 96J. Ex. 2. Find the Cost of 750 Stock bought at 97|. Ex. 3. Find the Cost of 875 Stock bought at 96|. Ex. 4. What net amount shall I receive from my broker for selling 744 of Two-and-a-half per Cents, on my account at 94J per cent. ? Ex. 5. What are the Net Proceeds of 564, 15s. lOd. Stock sold at 102J ? Ex. 6. What are the Net Proceeds of 823, 17s. 7d. Reduced Three per Cents sold at 99J 1 PRODUCTS. Ex. 1. Net Cost 1158 Whole Cost 1159 10 2. 733 26 734 1 3 3. 845 94 846 11 3 4. Value 723 10 10 Net Proceeds 722 12 2 5. 578 18 3 578 4 1 6. 819 15 2 818 14 7 38 THE STOCKS. CASE 2. To find the quantity of Stock that can be bought with a given sum of money. NOTE. Add -J- for brokerage to the price of the Stock, and say, If this sum produce .100 Stock, what will the given sum produce 2 EXAMPLE. To find how much Three per Cent. Consols can be bought with 400, when the price is 98J. 98J am i i = 9S| As 98| : 100 : : 400 : Ans. : 405, 11s. 6d., Quantity of Stock. EXERCISES. (Part II, page 32.) Ex. 1. What quantity of Reduced Three per Cents can be bought with 100, when the price is 91 J? Answer, 108, 13s. lid. Ex. 2. What quantity of New Three per Cents can be bought with 1000, when the price is 98f ? Answer, 1012, 13s. 2d. CASE 3. To find the quantity of Stock that must be sold to produce a given sum of money. EULE. Subtract 1 for the brokerage from the price of the Stock, and say, If this remainder require 100 Stock, what will the given sum require ? EXERCISES. (Part II, page 33.) Ex. 1. AVhat quantity of Consols must I sell to procure 100, when the price is 97J-? Answer, 103, Is. lOd. Ex. 2. What quantity of Stock (New 2 per Cents) must I sell to procure 854, 10s., when the price is 105| ? Answer, 811, 17s. 6d. THE STOCKS. 39 CASE 4. To find the Net proceeds of Bank of England Stock, India Stock, Canadian Stock, or other Stocks. RULE. Make the calculation in the same manner as for Government Stocks, but subtract the expense of making the transfer,* together with brokerage on the sale of the Stock. The Fees payable to Brokers are For British or Foreign Funds, . , 2s. 6d. % Exchequer .Bills, . . . Is. Od. % Colonial and American Government Stocks and Kailway Bonds, . Is. Od. % EXERCISES. (Part //., page 36.) Find the Net proceeds of Ex. 1. 1000 India Stock at 276, Net Pr. 2757 5 2. 500 Bank of England Stock at 196, .... 978 15 6 3. 800 Canadian Stock at 201, 1606 12 CASE 5. To find the amount of the half-yearly Dividends on Stock. RULE. Multiply the quantity of Stock by the rate of the Dividend, and divide the product by 100, and again by 2 for the half-year's Dividend. Or, multiply the rate of the Dividend by the number of hundreds of pounds of Stock, and take parts for the remaining quantity, if any ; then halve the product for the half-year. EXERCISES. (Part //., page 36.) What is each half-yearly Dividend Ex. 1. On 924 in 5 per Cent. Stock? Div. 23 2 2. On 437, 14s. 6d. in 3 per Cent. Stock 1 611 3 3. On 700 in 3J per Cent. Stock ? ,,1176 4. On 1000 India Stock at 5J per Cent. 1 52 10 5. On 600 Stock at 3J per Cent. ? 21 * For Bank Stock, Transfer Fee to 25 and under, Is. 3d. ; over 25, 4s. 3d. ; Stamp, 7s. 9d. India Stock, no Fee; Stamp, 30s. Canada Stock, 2s. 6d. % Stamp ; Colonial Stocks, no Fee or Stamp. (See Supplement, Part /., as to New Stamp Fees.) 40 THE STOCKS. CASE 6. To find the Eate per Cent, per Annum, which is made of money by the purchase of Stock. EULE. Find the amount of the proportionate or growing dividend, from the day when the last dividend was due, to the given day, and subtract it from the given price of the Stock to find the net price. Then if a proportionate state- ment be made, with the net price, the rate of the Annuity, and 100, for the three given terms, the fourth term will be the required rate per cent. (See Part 77. , page 37.) EXAMPLE. To find the rate per Cent, per Annum, which is made of money invested in 3 per Cent. Consols at 94f per cent, on the 14th May 1888. N.B. The dividends on this Stock are due on January 5 and July 5. From January 5 to May 14 is 130 days. The Interest on 100 for 130 days at 3% is 114 94 15 Price. 114 Growing Dividend. 93 13 8 Net Price. As 93 13 8 : 3 : : 100 : Ans. Product, 3, 4s. Id. Eate per Cent. N.B. In calculations of this nature the given price is sup- posed to include the Brokerage of 1 per Cent. If the growing dividend were not regarded in the above, and the given price were made the first term of the state- ment, the rate would be 3, 3s. 4d. per Cent. ; thus shown As 94 15 : 3 : : 100 : 3 3 4 N.B. For new Stamp Fees on Transferable Stocks from July 1, 1888, see Supplement infra. THE STOCKS. 41 TEEMINABLE ANNUITIES. Terminable Annuities are Annuities which have been sold by Government for limited periods. Some now extend only to 1889, others to 1893, 1894, 1899, and 1904. The Savings Bank Annuities extend to 1908, and the Eed Sea Telegraph Annuities to 4th August 1908. The date to which they run is the chief element in estimating their value. The price is the number of years' purchase at which they are sold, as 12^-, 12^, 13^. The Brokerage is reckoned at 6 pence on each pound of the Annuity. (See Part //., pages 26-28.) EXAMPLE. To find the cost of a Terminable Annuity of 50 at 12| years' purchase. 50xl2f = 637 10 Value 50at6d.= 150 Brokerage 638 15 Cost. EXERCISES. (Part //., page 37.) Ex. 1. What sum of money shall I have to pay my Broker for purchasing on my account 100 per annum in the Savings Bank Annuities, at 12 J years' purchase ? Ex. 2. What is the Cost of a Eed Sea Telegraph Annuity for 64, 12s. 6d. at 13 J years' purchase ? PRODUCTS. Ex. 1. Value 1250 Cost 1252 10 2. 856 5 8 857 18 1 42 THE STOCKS. EXCHEQUER BILLS. Exchequer Bills are issued from the Exchequer, and bear Interest from the day on which they are dated. They are always advertised to be paid off or renewed when they have run a few days more or less than a year. The rate of Interest on these Bills, which varies according to the value of money, is payable at the Bank of England on March Bills (so-called), 10th March and 10th September ; and on June Bills (so-called), 10th June and 10th December. The Interest has been as low as l|d. per cent, per day, and has reached 3Jd. per cent per day. The Brokerage on Exchequer Bills is Is. per 100. N.B. Exchequer Bills are of four different amounts, and are printed with ink of different colours, viz. 100 Bills with Red ink. 500 Bills with Blue ink. 200 Yellow. 1000 Black. EXAMPLE. To find the cost of 4 Exchequer Bills of 500 each, dated March 15, and bought June 17, at 4s. Premium. 2000 at 2jd. per cent, is 4s. 2d. for 1 day. 4 Bills 500 each, . 2000 Interest 94 days at 4s. 2d. per day, 19 11 8 Premium at 4s. % . . . . 400 Brokerage, ... . 100 Cost, . , . . 2024 11 8 EXAMPLES. (Part II., page 38.) Ex. 1. What is the cost of 8 Exchequer Bills of 200 each, dated March 15, and bought June 4, at 4s. Premium ? Answer, Interest 13, 10s. Cost 1617, 10s. Od. Ex. 2. What are the Net Proceeds of 2 Exchequer Bills of 500 each, and 1 of 1000, dated June 18, and sold November 4, all at 2s. Premium ? Answer, Interest, 28, 19s. 2d. Net Proceeds, 2029, 19s. 2d. THE STOCKS. 43 BONDS OF COEPOEATIONS AND COMPANIES. Bonds are issued by various Corporations, Companies and Associations for Loans, etc. The Amounts are 1 00, 300, 500, 1000, (and otherwise), and bear interest from given dates at stated rates of Interest per cent. The Calculations for Interest are made in months and days. The Brokerage is the same as upon Exchequer Bills ; viz. Is. upon every 100 either purchased or sold. EXAMPLE. To find the net proceeds of 2 Bonds of 500 each, dated March 31, 1888, sold May 23, Interest 4 per cent, at 4s. premium. From March 31 to May 23 is 1 month 23 days. Interest = 5 17 1 1000 at 1000 5 4s. = 2 s. 17 d. 1 Bonds. Interest. Premium. 1007 17 1 Amount. Less 10 Brokerage. 1007 7 1 Net Proceeds. EXERCISES. (Part IL, page 39.) Ex. 1. What is the cost of a Bond for 1000, bought June 30, at 5s. premium ; Interest from March 31 ? Ans. Interest for 2m. 30d., 9 19 1 ; Amount 1012 19 1. Ex. 2. What are the net proceeds of 4 City of London Bonds for 1700, sold January 13, at 6s. premium; Interest from September 30 1 Ans. Int. for 3m. 13d. 19 8 5 ; Net proceeds 1723 13 5. N.B. Besides what is called the National Debt, which at March 31, 1887, was 717,519,782, there is an amount of over 80,000,000, representing the indebtedness of British Cities, Counties, and other local Divisions, for Loans, etc. 44 MARINE INSURANCES. Marine Insurances are contracts to indemnify the Owners of Goods, Vessels, and Freight, from any stipulated Loss which may arise from the destruction or injury of the Ships, Cargoes, or other property insured. The parties undertaking the risks of Insurance are called Insurers, and are either Companies of Marine Insurance or separate Underwriters. The owner of the Ship, Goods, or other Interest is called the Assured. The remunerations paid to the Insurers are called Premiums. The documents containing the terms of the Insurance are called Policies. No Policy can be made for any time exceed- ing twelve months. The stamping of Policies is regulated chiefly by the Customs and Inland Re venue Act, 1867. The Stamp-duties are : On Voyage Policies. For every 100 insured, and for every fractional part of 100, 3d. On Time Policies. For every 100 insured, and for any fractional part of 100 where the time does not exceed six months, 3d. ; where the time exceeds six months, but does not exceed twelve months, 6d. N.B. With respect to the fractional parts of 100, it must be understood that if there are, for instance, three interests of 410 each insured in One Policy, the proper stamp is (500x3) 1500. N.B. For further explanations see the following portions of this Section ; and also Part II. , pages 40 to 55. I. PREMIUMS AND CHARGES OF INSURANCE. A Premium of Insurance is commonly for a specified voyage, "as from one port to another, or to various ports; or from a ship's departure from a given port until her return, as out and home; and sometimes, when upon the ship or the MARINE INSURANCES. 45 freight, it is for a limited time, as a rate per month ; but when the time is thus specified, the Insurance cannot be in force for a longer period than 12 months, without being renewed in a fresh policy. EXERCISES. (Part //., page 44.) Ex. 1. What is the amount of the Premium and Policy on 600, from Dublin to London, at 15s. per cent. ? Ex. 2. What is the amount of the Charge for Insurance on 720, from Bristol to Guernsey, at 7s. 6d. per cent. ? Ex. 3. What is the amount of Insurance on 1840, from Havana to St. Petersburg, at 35s. per cent. ? Ex. 4. What is the amount to be charged for an Insurance on 7000 dollars valued at 4s. 2d. per dollar, from Vera Cruz to London, at 2 guineas per cent., with a Commission of | per cent., and a Del Credere* of J per cent. ? 2 14 2 32 4 1 18 30 12 6 2 5 PRODUCTS. s. d. s. d. s. d. Ex. 1. Premium 4 10 Policy 3 Amount 4 13 2. 2140 20 2160 3. 32 4 1 18 34 2 4. 30 12 6 2 5 47 9 2 II. EETUEN OF PREMIUMS. (a) On Cancelment of Policies. (5) For Short Interest. (c) For various claims combined. A return of premium is claimable, unless precluded by any illegality in the transaction, (1) When there has been no risk * This Del Credere or Guarantee is a Broker's charge for warranting the continued responsibility of the Underwriters. 46 MARINE INSURANCES. upon the policy, and it thus becomes wholly cancelled ;* (2) When there has been an over-insurance, forming what is called a Short Interest; (3) When the conditions of the policy prescribe such return ; as, for instance, if the voyage is shorter than the whole distance which is covered by the full or long premium ; or if the Goods that are shipped are of a preferable quality, as Indigo or Silk in what is called a Sugar Eisk. In making these returns, as well as in other settlements of Insurances, a distinction is often made in policies as being either valued or open. A Valued Policy is one in which either the whole of the insured interest is valued at a given sum, or the various portions into which the interest may be divided are estimated from a pro ratd valuation. In any averment of fraudulent over-valuation, the burden of proof lies on the Underwriter. An Open Policy is one in which, at the time of effecting the insurance, it is stated that the Interest is to be hereafter declared. The Interest so insured may be either indefinite, as when it is not known what property is to be shipped, or it may be made definite by giving it a rateable value. Some- times it partakes of both the preceding characters, and Open Policies are frequently of the class called Running Policies, when the risk attaches to the property on board of Ship or Ships, during a season, or to a specified day. In estimating the amount of the return of premium, either for Cancelment of the Policy or for Short Interest, the rate or the amount of the return is to be according to what the Insurers or Underwriters have received, or deducting the previous allowances they have made. At Lloyd's, the allowance for brokerage is Is. in the Guinea, when the rate of the Premium is in Guineas, or Is. * A return of the Stamp-duty is allowed in exchange for another Policy, at the Stamp Office, upon cancelment of the Policy or upon the amount of the Short Interest, under regulations with respect to the amount of the return, and the parties entitled to make the claim, which it is unnecessary here to particularise. MARINE INSURANCES. 47 in the Pound, when the rate is in Pounds or Shillings per cent. Is. in the is 5 per cent. ; Is. in the Guinea is only 4, 15s. 3d. per cent., but the difference is not considered material. With the Companies, the same allowance is 5 per cent, upon any rate of premium, with the further allowance of 10 per cent, called discount in monthly settlements, upon the remainder, when the accounts are monthly settled. The Lloyd's Underwriters allow discount at the rate of 12 per cent, on the balance of premiums due at the yearly settle- ment of account, When a claim is made upon the Insurers for any partial Loss upon the declared Interest, the amount of such claim is taken from the amount of that Interest, and any return of premium for short distance, or for convoy (in time of war), etc., is calculated on the remainder. When the Insurance has been effected at Lloyd's, the amount of the return for Short Interest is to be percentaged upon the amount insured, in order to distribute it among the separate Underwriters, and then the amount to be recovered from them is to be calculated, with this rate upon the Insured Interest ; but in Insurances with the Companies this is not required to be done. (a) RETURNS ON CANCELMENT OF POLICIES. EXERCISES. (See Part IL, page 45.) Ex. 5. What is the amount of the return of Premium on cancelment of a Policy, effected at Lloyd's, upon ,470, at 25s. percent. ? Ex. 6. What is the amount to be returned by the Royal Exchange Assurance, on the cancelment of an Insurance, effected with them, and settled in the monthly account, on 3000 at 3 Guineas per cent. 1 Products, . Ex. 5. 5 11 7 Ex. 6. 80 16 48 MARINE INSURANCES. (ft) RETURNS FOR SHORT INTEREST. EXAMPLE. To find the amount of the Claim for Return for Short Interest upon a Policy of Insurance effected at Lloyd's, for ,1700 at 50s. per cent., the amount of the declared Interest being 1464. Insured Interest, . . 1700 Declared do. . . 1464 Short do. 236 236 at 47s. 6d. per cent. =5 12 1 As 1700 : 5 12 1 : : 100 : 6s. 8d. And 1700 at 6s. 8d. per cent. =5, 13s. 4d. Claim. EXERCISES. (Products, Part /., page 56, and Part II. , page 47.) Ex. 7. What is the amount of the Claim for return for Short Interest, upon an open Policy of Insurance effected with the Alliance Assurance Company, and settled in the monthly account, upon 2000, on goods from Rio de Janeiro to London at 45s. per cent., the amount of the Declared Interest being 1316, 10s. 4d. ? Ex. 8. What is the amount of the return of Premium upon account of Short Interest, upon a Policy of Insurance effected at Lloyd's on 10,000 at 3 guineas per cent., upon produce of Jamaica, to London per ship or ships during the season, the Declared Interest being as follows : 151 Hhds. Sugar, valued at 30 per Hhd. 57 Puncheons Rum, 15 per Puncheon. 94 Tierces Coffee, 25 per Tierce. MARINE INSURANCES. 49 (c) RETURNS FOR VARIOUS CLAIMS COMBINED. To find the amount of the Claim for returns upon an In- surance for 5000, effected with the Universal Marine In- surance, on Bullion and Specie from Vera Cruz to London, at 20s. per Cent., to return at 4s. 9d. per Cent., if shipped per packet or man-of-war, the amount of the declared Interest which arrived per packet being $16,500, valued at 4s. 2d. per $, the Premium having been settled in monthly account. Insured Interest, .... 5000 Declared Interest, $16,500 at 4s. 2d., 3437 10 Short Interest, . 1562 10 Returns on 3437, 10s. at 4s. 9d. % for Interest per Packet, 833 1562, 10s. at 19s. % for Short Interest, . .1416 10 23 1 Less 10 % . 260 CLAIM, 20 14 1 EXERCISE. (See Part /., page 56, and Part II., page 47.) Ex. 9. An Insurance was effected at Lloyd's on 6000, upon Sugar valued at 20 per Case, from Bahia to Cowes and a Market, at 45s. per Cent., to return 9s. 6d. per Cent, if the Interest should be landed in any port of the United Kingdom. The declared Interest was 254 Cases of Sugar, the vessel discharged her Cargo in the port of London, and there was a Claim upon the Underwriters for Particular Average amounting to 347, 16s. 4d. It is required to find the whole amount of the Claim. D 50 MAKINE INSURANCES, III COVERED INTEREST IN OPEN POLICIES. When it is required to ascertain what amount will cover the amount of the Goods, and of other Charges except those of Insurance, this amount is to be found by the following rule. RULE. Subtract the amount of the Premium, Policy, and other Percentage Insurance Charges, if any, from 100; then say, as the remainder is to ,100, so is the sum to be covered to the amount of the Covered Interest. EXAMPLE. To find the amount of the Covered Interest to include 567, 10s. 6d., the Premium being 2J Guineas, the Policy 4s., and the Agent's Commission J per Cent. 100 less 3, 6s. 6d.=96, 13s. 6d. As 96 13 6 : 100 : : 567 10 6 : Ans. Product, 587, Os. lOd. Covered Interest. EXERCISE. (See Part L, page 56, and Part II. , page 48.) Ex. 10. An Insurance was effected on 3000 at Lloyd's, by an Agent, on Goods per Ship or Ships, from Lima, Valpa- raiso, and the Intermedios, to Liverpool, as Interest should appear, at 4 Guineas per Cent., valued at 49d. per Duro, or Hard Dollar. Before the Interest was declared, advice was received of the loss of the Vessel containing the whole of the Interest in the Policy. It is required, therefore, to find the amount of the Covered Interest, the amount of the Shipments having been $10,641, 5 reals ; and also to find the amount of the Claim upon the Underwriters on account of the loss, and of the return of Premium on the Short Interest. MARINE INSURANCES. 51 IV. GENEEAL AND PAETICULAE AVEEAGES AND SALVAGE LOSSES. General Averages are contributions made by the owners of the ship, freight, and cargo, to defray the value of any pro- perty on bolira or belonging to the vessel, that is purposely thrown overboard, or destroyed for the preservation of the remainder; as also any expense which the general good of the whole may require to be incurred ; as when, in cases of distress, there is a jettison* of part of the cargo, or a cutting away of the mast, cable, etc. The owners of the property so destroyed also bear their part of the loss, and when this pro- perty has been insured, the underwriters are liable for the amount, however small it may be. Particular Averages, or Partial Losses, are the contributions to which the underwriters are liable, for the partial destruction of the property, by any of the accidents against which the Insurance has been made; as when parts of the goods are either damaged or are wholly or partially destroyed, or when the whole of the goods are either damaged or partially destroyed by sea water. When the property so damaged has been insured, the underwriters are liable for the actual or proportional loss, provided it is not exempted by the terms of the policy : as by the goods being warranted free of aver- age, either entirely or under a certain percentage. Claims for Particular Average must amount to 3 per cent, or upwards, otherwise the underwriters will not be liable, unless the Ship be stranded. Salvage Losses are partial losses calculated as for total losses, with the deduction of the selling price of the goods preserved. In maritime affairs, the term "Salvage" applies to the remuneration paid to those who assist in saving the vessel or cargo when wrecked or in distress, or to the recaptors of a vessel which has been taken by an enemy. N.B. See also Part II. , pages 52, 54, and 59, for further particulars. Also the account Sales at the end of the present Part. * For explanation of & jettison, see Part II., p. 49. 52 MARINE INSURANCES. (1) STATEMENT OF GENERAL AVERAGE on the Speedwell, Eobert Simpson, Master, from Yarmouth to London, in consequence of getting aground near Harwich, and having the assistance of two Fishing Smacks, by which, and by throwing part of her cargo overboard, she was got off and brought into Harwich. Paid, per agreement, to John Morris and James Daniel, of the smacks Dolphin and Emily, Notarial Charges, Agency, and Postages Value of Barley thrown overboard, Shipped . . . 690 quarters, Landed . . . 509fths, Thrown over, ISOf at 31s., Deduct Freight and Lighterage, 27 7 6 Add Freight of Barley thrown overboard Statement, APPORTIONMENT. Ship, . . 800 pays Cargo, . . 965 Freight,. . 70 1835 340 18 4 60 4 22 340 11 11 is N.B. The figures in this and the following statements are not fully worked out. The student should complete them, and prove the results by reference to "Products," page 56, infra. MARINE INSURANCES. 53 (2) STATEMENT OF GENERAL AVERAGE per Nonsuch, John Bloomfield, Master, accrued on her passage from Deme- rara to Liverpool, in consequence of cutting away part of her rigging and receiving other damage, as appears by protest. Sundry Cordages for fore-top-mast-stay, back-stays, running riggings, &c., as per B. & T. Morris's bill, Cwt. 8 2 5 at 50s., . Off J new for old, New top-sail fixing and fitting, as per J. Caley's bill, . 21 6 6 Off J new for old, . . Survey, ...... Noting and extending Protest, . , Postages and Petty Expenses, . . Less proceeds of old cut rigging saved, Stating Claim, s. d. APPORTIONMENT. Ship valued at 3200 pays, Cargo, 5220 Freight, Net, 647 9067 31 15 8 28 1 2 32 1 10 30 14 31 15 i 8 54 MAKINE INSURANCES. (3) STATEMENT OF PARTICULAR AVERAGE ON BRISTLES per Alexander, from Hamburg to London. Insured, 20 Casks Bristles, valued at 100 per Cask, . . Of which 6 Casks were damaged, which, if sound, would have produced, viz., 3 Casks, White. Gross Cwt. 18 2 1 Tare (1 libs, per Cwt.) 2000 Dft. (2lbs. per Cask) at 18, Net 2 Casks, Grey. Gross Cwt. 12 2 25 Tare at12 10 Dft. Net 1 Cask, Black. Gross Cwt. 5 2 22 T. & Dft. Net at 15 Carried forward 519 2 4 MARINE INSURANCES. PARTICULAR AVERAGE. continued. 55 Brought forward, 519 2 Befng damaged they produced, viz., C. Cwt. qrs. Ibs. & s. s. d. 1-60 8 at 13 - 1 - 5 3 21 10 5 - 1-53 7 13 5 - 1 - 5 1 15 - 1-52 10 15- 1 - 5 14 - 402 7 2 Deterioration, 116 15 2 If 519, 2s. 4d. lose 116, 15s. 2d., then 600 lose EXTRA CHARGES. Proportion of Sale Expenses, 2 15 Survey, . . .220 Extra Auction Duty J % Brokerage CLAIM, On 2000 is 7 3 10 % 8 17 6 143 16 6 N.B. The figures not filled in will be found on next page. 56 MARINE INSURANCES. PRODUCTS. (Part I., pages 48-50, Part II., pages 4648.) Ex. 7. Keturn for Short Int. 15, 7s. 7d. Less 5 %, 155 Less 10 %, 1, 9s. 2d. Claim, . 13 3 Ex. 8. Short Int., 2265 Return for do., . 67 19 Kate of Return, 13s. 8d. % Amt. of do., 68 6 8 Ex. 9. Return for Short Distance on 5080, . 24 2 7 Do. Interest 572 38, 12 4 7 Rate of Claim, 6, 8s. Id. % Amt. of do., 384 5 Ex.10. Interest, 2172, 13s. 3d. Covered Int., 2285 16 2 Short Int., 7 14, 3s. 10d. Return for do., 28 11 4 Rate of Loss and Return, 77, 2s. lid. %, Claim, 2314 7 6 (1) General Average. (Part /., Page 52.) Net amount of Jettison, 252, 11s. lOd. Apportionment. Ship, 148, 12s. 7d. Cargo, 179, 5s. 8d. Freight, . 13 1 Total, . 340 18 4 (2) General Average. (Part /., Page 53.) Net amt. of Cordage, 14, 4s. 10d, Top-sail, 14 4 4 Apportionment. Ship, 11, 4s. 4d. Cargo, 18, 6s. Freight, 254 (3) Particular Average. (Part /., Page 54.) 3 Casks Net, at Cwt. 162 15 Value, . 299 8 2 2 11 1 21 . 142 19 4 1 ,,50 13 . 72 14 10 Separate Values of Damaged Goods. 78 18 7 60 17 2 77 4 71 6 9 59 2 6 55 1 10. Amount of Particular Average, 134, 19s. Rate of Claim, 7, 3s. lOd. % Amount of Claim, 143 16 8 STANDARDING OF GOLD AND SILVER. 57 STAND AEDING OF GOLD AND SILVER. To standard Gold or Silver is to convert the given full or gross weight of either metal, of any other purity than standard, into its equivalent standa.d weight, from the Assay Eeport of its quality. Standard Gold is a mixture of metal containing 11 parts of pure gold, with 1 part of alloy. Its standard purity is ll-12ths, or 0-916f. Standard Silver is also a mixed metal containing 37 parts of pure Silver, with 3 parts of alloy. Its standard purity is 37-40ths, or 0*925. The purity of these metals is found by a process called an Assay, in which an arbitrary pound weight of either metal is employed. The assay pound weight for Gold is divided into 24 carats each of 4 grains; and for Silver, into 12 ounces each of 20 pennyweight. Hence Standard Gold is 22 carats fine, with 2 carats of alloy. Proportion 11 to 1, in 12 parts. Standard Silver is 11 oz. 2 dwts. fine, with 18 dwts. of alloy. Proportion 37 to 3, in 40 parts. Mixtures of Gold and Silver are called Partings : when Gold is greater in quantity the mixture is called a Gold Parting, and when the Silver is greater, a Silver Parting. The Betterness indicated by B., or Worseness indicated by W. of Gold or Silver, is the weight of the quantity of alloy to be added to or taken from the full or gross weight, in order to reduce it to the standard or pay weight. The Betterness of pure Gold is B2. The Betterness of pure Silver is B18. N.B. For an account of the process of forming Assays, of the practice of the Royal Mint in the fabrication of Coins, and of the appointed regulations for manufactures of Gold and Silver, see Part II. , pages 56-71. 58 STANDARDING OF GOLD AND SILVER. TO STANDARD GOLD. KULE. Multiply the full weight by the number of carats, and take parts for the grains and parts of a grain in the Assay Keport, and then divide the product by 22 to find the Betterness or Worseness ; which result is to be added to, or subtracted from, the full or scale weight to find the standard or pay weight. EXAMPLE. Ex. 1. To find the standard weight of a bar of Gold weighing 11 Ibs. 10 oz. 13 dwts. 12 grs., reported Worse 2 car. 3| grs. Ibs. oz. dwts. grs. ... 11 10 13 12 Full weight. 2 23 9 7 for 2 car. 511 6 18 ,,2 grs. 2 11 13 9 ,,1 gr. 8 18 8 2-8ths. 494,, l-8th. 22)33 9 14 15 2 car. 3f grs. 1 6 8 20 Worseness. Ibs. 10 4 4 16 Standard. oz. 1 24 4 16 Standard. N.JB. Gold in bars is not weighed lower than to half a dwt. or 12 grs. ; it is weighed in pounds and valued in ounces. Ex. 2. To reduce the standard to fine weight, or to find the quantity of pure Gold, take 1-1 2th of the standard weight, and subtract the product. oz. dwts. grs. Thus, ^ . . . 124 4 16 Standard. 10 7 1 Standard alloy. oz. 113 17 15 Fine. STANDAKDING OF GOLD AND SILVER. 59 TO STAND AED SILVER EULE. Multiply the full weight by the number of penny- weights in the Assay Eeport, and divide the product by 222 to find the Betterness or Worseness ; which result is to be added to, or subtracted from, the full weight to find the standard weight. EXAMPLE. Ex. 1. To find the standard weight in 72 Ibs. 2 oz. 10 dwts. of Silver, reported Worse 7J dwts. Ibs. oz. dwts. i .. 72 2 10 Full Weight. 7 505 5 10 36 1 5 222) 541 6 15 256 Worseness. Ibs. 69 9 4 Standard. oz. 837 4 Standard. N.B. Silver in bars is not weighed lower than to a quarter of an ounce or 5 dwts. Ex. 2. To reduce standard to fine weight, take 3-40ths of the standard weight, and subtract the product. oz. dwts. Thus, 837 4 Standard. 41 17 for2-40ths. 20 19 , l-40th. oz. 774 8 Fine. Note. Gold is now weighed at the Bank and by private dealers by the oz., divided into 1000 parts, but not to a greater nicety than '025 ; and Silver by the oz., divided into lOths, but not lower than 5-10ths. 60 STANDARDING OF GOLD AND SILVER. EXERCISES. (Part //., pages 72-75.) Ex. 1. What is the standard weight of 2 Ibs. 7 oz. 13 dwts. of Gold, reported Worse 2 carats 3 \ grains ; and what is the value at 3, 17s. 6d. per oz. standard? Ex. 2. What is the standard weight of 17 Ibs. 4 oz. 15 dwts. of Gold, reported Worse 1 car. 1 J grs. ; and what is the value at 3, 17s. lOJd. per oz. standard 1 ? Ex. 3. What are the standard and fine weights of a Prussian Frederick d'or, weighing 4 dwts. 7 grs., reported Worse 2 grs. ; and what is the value at 3, 17s. 10-Jd. per oz. standard ? Ex. 4. What are the standard and fine weights of a Spanish Doubloon, weighing 17 dwts. 8J grs., reported Worse 1 car. OJ gr. ; and what is the value at <3, 17s. lOJd. per oz. standard 1 Ex. 5. What is the standard weight of 25 Ibs. 11 oz. of Silver, reported Worse 1 oz. 2 dwts. ; and what is the value at 60d. per oz. standard 1 Ex. 6. What is the standard weight of 13 Ibs. 11 oz. 10 dwts. of Silver, reported Better 12 J dwts. ; and what is the value at 59|d. per oz. standard ? Ex. 7. What are the standard and fine weights of a French 5 -Franc piece, weighing 16 dwts. If grs., reported Worse 6 dwts. ; and what is the value at 60d. per oz. standard ? Ex. 8. What are the standard and fine weights of a Spanish Pillar Dollar, weighing 17 dwts. 8 grs., reported Worse 7 dwts. ; and what is the value at 60d. per oz. standard ? PRODUCTS. Standard Weights. Fine Weights. Value. oz. dwts. grs. grs. s. d. Ex. 1. 27 10 7 ... 106 12 5 2. 196 5 22 ... 764 6 6 3. 4 4-66 92-27 16 3-9 4. 16 11-20 362-26 3 4 1-4 5. 280 40 ... 70 1 6. 176 18 ... 43 19 7. 15 15-32 347-17 3 10-91 8. 16 18-88 372-66 4 2-36 STAND ARDING OF GOLD AND SILVER. 61 FOREIGN REPORTS OF THE PURITIES OF GOLD AND SILVER. The mode of reporting the purities of Gold and Silver, else- where than in this Kingdom, is to state the quantity of fine metal which is contained in the integer of the weight. In FRANCE and various other countries, the purity is expressed in milliemes or tenths of milliemes (or 1000 and 10,000 parts), which is a closer calculation than in England, where thousandths and thirds-of-thousandths only are given. N.B. This mode of decimally expressing the purity is sometimes called touch, but in Indian and Chinese reports the integer is commonly separated into only 100 parts, though lower parts are occasionally employed. In GERMANY the Assay Integer was formerly a Mark, divided into 24 Carats each of 12 Grains for Gold, and into 16 Loths each of 18 Grains for Silver. It is now the Mint Pound, of 500 Grammes, and reports in milliemes of fineness as in France. In SPAIN and PORTUGAL, and also in the Spanish and Portu- guese Settlements, the Assay Mark is divided into 24 Quilates or Carats of 4 Grains, for Gold, and into 12 Dine"ros of 24 Granos, for Silver. The report is now in milliemes. In the valuation of Gold and Silver in France, the amount is calculated either from the following fixed rates, at Gold. Silver. per Kilogramme. Frs. 3437-77 220-00 1000 fine 3094-00 198-00 900 employing the weight of the fine metal ; or from tariff rates,* formed from these rates according to the purity, using, in this case, the scale weight of the metal. The variation in price is an additive premium per 1000 or Mille. In German valuations the amount is found from a variable price per Mark fine, at Berlin and Hamburg, and per Ib. fine at Frankfort. In Spain and Portugal it is per Mark fine. * See Tate's Modern Cambist, 20th Edition, 1887, edited, by Hermann Schmidt, pp. 217 et seq., for these tariff rates, and for other particu- lars respecting the above valuations. 62 ARBITRATIONS OF EXCHANGE. ARBITRATIONS OF EXCHANGE. (a) Bills of Exchange. (b) Bullion. .') (c) Coins. (d) Merchandise. (e) Weights and measures. Arbitrations of Exchange are calculations to determine the rates of Exchange produced by indirect Bills of Exchange, Bullion, Coins, or Merchandise, purchased in one country and sold in another. They are Simple or Compound, according as they are based on one or several Cross Exchanges. These arbitrated rates are often called Pars of Exchange. (See also Part II., page 78.) GENEEAL EULE. Make an equation or statement of the given rates in the form of a continued proportion in the following order : Place the fixed term of the rate of the place making the operation as the term of demand (indicated by ?) : then when the fixed term of the required par is in the money of the place where the bills, etc., are bought, the buying price at that place is to be the first rate of the equation, and the selling price at the other place is to be the second rate of the equation ; but when the fixed term of the required par is in the money of the place where the bills, etc., are to be sold, make the sell- ing price the first rate and the buying price the second rate of the equation. In both cases, such extra rates are to be introduced or added as are necessary either to connect the terms of the rates, or to reduce the results to such quantities as the answer may require ; and the whole is then to be worked by the Chain Eule or "Eule of Equations." Thus, as 25 72} Francs and Centimes. j) Short 25 55 }> > Frankfort 3 Mos. 120} Florins (South Germ.). Petersburg 3 Us. 36J Pence per Eouble. Berlin 3 Mos. 7 Prussian Thalers. Vienna j 9 52 Florins and Kreuzers. Madrid jj 49J Pence per Duro. Genoa ?> 25 80 Lire Nuove and Cent. Venice ?? 47 Pence per 6 Lire Austr. Naples j> 39f Ducat. Lisbon 60 Days 53-f Milreis. The rates given in foreign money are for 1 sterling, ex- cept the rate for Frankfort, which is for 10 sterling. The rates for Berlin and Petersburg are nominal. N. B. Although the newCoinage of Germany is now compulsory in all the States of the Empire, many of the old coins still circulate at a valua- tion : for instance, Thalers to the extent of 20,000,000 are estimated to be still in circulation, and, although silver, continue to be legal tender for 3 German Marks ( = 2 Marks Banco). The Stiver is still used in the London rate of Exchange, but not in the Amsterdam rate. The Dollar of Plate, Peso Duro or old Spanish Dollar, still has a large circulation in Africa, China, etc. 100 Kreuzer or Neukreuzer now equal 1 Florin of Vienna, but the old 6-Kreuzer pieces are current for 10 Neukreuzer. 100 Marks Banco = 150 Imperial Marks. THE COURSE OF EXCHANGE. 89 EXAMPLE I. KEMITTANCES TO PARIS. The rates of 3 months' Bills in Paris being considered as follows, and those in London of the same tenor, being as in the preceding Course, it is required to find whether any indirect Bills will be better adapted for remittances to Paris than direct Paper, and whether, for returns, London should draw upon Paris, or Paris remit to London in either direct or indirect Bills, the Charges being 1 Brokerage on each opera- tion, with a Commission of ^ per cent., and the rate of Interest in London being 2 per cent., and in Paris 3 per cent, per Annum. PARIS. N.B. See the introductory paragraph, and foot-note, on pages 87, 88, supra. London, . . 25*42J Francs per Sterling. Amsterdam, . 209 J 100 Florins. Antwerp, . . \ per cent. Perte* Hamburg,. . 186 Francs per 100 Marks Bo. Madrid, eff.f . 5-27 1 Duro. Lisbon, eff.f . 5 -70 Milreis. Genoa, . . 1 per cent. Perte.* Naples, . " . 423 Francs per 100 Ducats. Vienna, . . 258J 100 Florins. Frankfort, . 21 1J 100 * The money of Antwerp being in Francs, and of Genoa in Lire Nuove, each of the same value as French Francs, the quotations in Paris are made, in the above, by a Perte, Loss, or Discount. t The Madrid and Lisbon quotations are marked in effective, to in- timate that the Bills are to be paid in Coin and not in Paper Money. N.B. The rates of Inland Bills given in the Paris Exchange Course, as on Lyon, Bordeaux, etc., are quoted, for 30 days, at a Perte, or dis- count, as of \ per cent. , and at 90 days, at the rate of Discount for those days, as at 3 per cent, per Annum. 90 ARBITRATIONS OF EXCHANGES. ARBITRATIONS FOR REMITTANCES AND RETURNS WITH PAKIS. PARIS ON LONDON. For Eeturns at 3 months, Interest 2 % . 3 Brokerages, 25 20 25 62} Commission % . . . 8 J 25 71 Paris. London. Pars. Amsterdam, . 209} 12 3| 25 53J Antwerp, }j?* 25 80 25 67 Hamburg, 186 13 11J 25 48| Frankfort, 211f 120? 25 56| Vienna, . 258} 9 53 25 55 Madrid, . 5 27 49J 25 68 Genoa, . i 1 p* 25 80 25 54J Naples, . . 423 39ft 25 62 Lisbon, . 570 53| 25 63 LONDON ON PARIS. For Remittances at 3 months, . .25 72} Discount 3 % . . . 19 J Less 1 Brokerage, ... 2} 16f 25 55f * Perte or Discount in Francs or Lire. ARBITRATIONS OF EXCHANGES. 91 The arbitrated Pars being found as in the preceding Section, "Arbitrations of Exchange," pages 62 and 63, the direct Rates are corrected in the following manner. < Bills at 3 months being used, the two direct rates require to be converted into short or cash rates. Properly, the two Brokerages attendant on the indirect Bills should be deducted from each of the arbitrated Pars ; but it answers the same purpose, for the comparison, to add them with its own Brokerage to the rate of the Returns. With these, the Com- mission is generally added, but it is here done so separately, in order to show whether the Pars will bear this charge, or whether they will answer only for joint account. Lastly, as direct remittances are attended with one Brokerage less than indirect remittances, a correction on this account is required ; but instead of deducting this one Brokerage from the cor- rected rate for either the returns or the indirect pars, the purpose is answered, as above, either by adding it to the rate for the direct remittances, or, as here done, by deducting it from the discount upon this rate. These preparations being made, it appears that no one of the arbitrated rates will produce sufficient funds to cover the cost of the returns and charges, except free of commission, or on joint account, and then Madrid Bills would give a profit of 5J Centimes per < sterling, or a little less than J per cent. It also appears from these Pars, that no paper could be bought cheaper in Paris than Bills direct upon London, but as the Interest of 12 J Centimes would be saved, which the extra Brokerage of 2J Centimes would reduce to 10 Centimes, this would reduce the Hamburg rate to 25 38f , and give it a preference of 3f Centimes, or about -J per cent. Such returns with Madrid Paper for operation, would cover the commission and give a trifling profit. London remittances would be worse than most of the indirect remittances, while London drafts at 25 72J with the deduction of the discount, in comparison with Paris returns at 24 42 J with the addition of the interest, would yield a preference of only If Centimes, or 7-100ths per Mil. 92 ARBITRATIONS OF EXCHANGES. EXAMPLE 2. KEMITTANCES TO AMSTERDAM. The rates of Bills in Amsterdam being considered as below given, and those in London being as in the preceding course, with the same charges as in the last Example, it is required to find the best direct or arbitrated rates for remittances and returns, the rates of Interest for direct and short time Bills being reckoned as follows. London, . . . . 2 per Cent. Paris, ..... 3 ,, Amsterdam and Hamburg, 2J Frankfort and Vienna, . . 4 Other given places, 5 AMSTERDAM. N.B. See the introductory paragraph, and foot-note, on pages 87 and 88, supra. Tenor. Fl. c. London, . 2 mos., 12 05, per Sterling. Paris, . . 56 T V, 120 Francs. Hamburg, . 35^, 40 Marks Bo. Frankfort, . . 6 w., lOOf, 100 Florins. Vienna, . 36|, ., 30 Florins. Madrid, . . . 3 mos., 2 45, 1 Duro. Genoa, ... 46if, 100 Lire Nuove. Naples,. . . 801 40 Ducats. Lisbon, . .. .. 43, 40 Crusados. In these Amsterdam Eates, the Florin or Guilder =100 Cents. The Florin is also divided into 20 Stivers, which are still used in the London rate of Exchange, but not in the Amsterdam rate. The 30 Florins in the Vienna rate =20 Eix-dollars. The Crusado of Lisbon Exchange =400 Reis. The Lire Nuova of Genoa, like the present Lire of all Italy = 1 Franc. The arbitrated rates for Paris, Hamburg, Genoa, and Naples require to be discounted for 1 month, and those for Frankfort and Vienna, for 1J month. ARBITRATIONS OF EXCHANGES. AEBITEATIONS FOR REMITTANCES AND RETURNS WITH AMSTERDAM. 93 AMSTERDAM ON LONDON. For Returns at 2 mos., 12 05 Interest 2 %, . 3 Brokerages, . . 4-0 . 3-6 076 12 12-6 Commission J %, . 4-0 12 16-6 Amsterd. London. Pars. Disc. Net. Paris . Hamburg . Frankfort . 35? ioo| 6 2572J 1311J 120f 12 12-5 12 09-7 12 12-0 3c. 2-5 6 12 09-5 12 07-2 12 06 Vienna 36| 9 53 12 14-8 6 12 08-8 Madrid Genoa . . Naples . . Lisbon . . 245 46if 80J 43 491 25 80 53-| 11 93-9 11 07-7 * 11 18-9 11 08-4 5 5 11 93-9 11 02-7 '11 13-9 11 08-4 LONDON ON AMSTERDAM. For Remittances at 3 mos. , . .12 1875 Discount at 2J %, . Less 1 Brokerage, . . 7-61 . 1-21 640 12 12-35 94 ARBITRATIONS OF EXCHANGES. In taking the Discounts upon the arbitrated Rates, it will be noticed that they make the following percentages. On London for 2 months at 2 % . J % Amsterdam 3 2J . . f Hamburg 1 2J . Paris 1 3 . Frankfort 1J 4 . Vienna it ,4 >i Genoa 1 5 ?> Naples ,,1 5 The Bills for Madrid and Lisbon being for 3 months, have no Discount. The Pars which require it being thus corrected, it appears that, as in the preceding arbitrations for Paris, there is no one of the rates that will bear the Charge of Commission, and that the only Bills which will do, even for joint account, are those on Naples, which give a profit of 1-3 Netherlands Cent, or about 1 per Mil. If for Bills on Naples, realising, . . . 1213-9 Eeturns are made in Bills on Madrid, at the cost of, .... 11 93'9 With 4 Brokerages, . . 4'8 Commission i %, . . . 6 '0 10-8 12 04-7 The profit will be, ... 09-2 Or about 3-4ths per cent. Remittances in Direct Paper will not produce sufficient to cover the returns. ARBITRATIONS OF EXCHANGES. 95 EXAMPLE 3. EEMITTANCES TO HAMBURG. The rates of Bills in Hamburg being considered as below given, and those in London being as in the preceding Course, with the same Charges and rates of Interest as in the last Example, it is required to find the best direct or arbitrated rates for remittances and returns. HAMBURG. N.B. See the introductory paragraph, and foot-note, on pages 87 and 88, supra. At 2 months. London, . 13 81 Marks Bo., per Sterling. Paris, . . 189j Francs, 100 Marks Bo. Amsterdam, . 35 '90 Florins, 40 Antwerp, . 35'90 40 Frankfort, . 88| 100 Vienna, . . 145 Kix-dollars, 300 Madrid, . Lisbon, . Genoa, . At 3 months. 44 J Sch. Bo., per Duro. 48J Milreis. 189| Lire Nuove, 100 Marks Bo. N.B. The rate of Interest for Antwerp is here reckoned the same as for Paris, or 3 per Cent., and as the rate of Exchange of Hamburg on this place is quoted in Netherlands Florins, they require to be reduced into Francs, the present money of Belgium, at a par rate of 47 J N. Florins for 100 Francs. * The Vienna rate may be read as 145 Florins for 200 Marks Banco, the Rix-dollar not being either a coin or money of account in Austria. 96 ARBITRATIONS OF EXCHANGES. AKBITE1TIONS FOR REMITTANCES AND RETURNS WITH HAMBUKG. HAMBURG ON LONDON. For Returns at 2 months, . 13-516 = 13 8J Interest 2%, . . -045 3 Brokerages, . Commission J %, 040 085 13-601 045 13-646 = 13 10 T 5 F Hamburg. London. Pars. Disc. Net. Paris, . 189J 25 72J 13-575 033 13-542 Amsterdam, . 35 90 12 3} 13-579 028 13-551 Antwerp, 35 90 25 80 13-582 ( -033 13-549 Frankfort, 88| 120} 13-624 . 045 13-579 Vienna, 145 9 53 13-632^ 045 13-587 Madrid, Lisbon, . 44J 48J 49J 53f 13-477 13-559 ~ ' 13-477 13-559 Genoa, . , 189} 25 80 13-614 ' 13-614 LONDON ON HAMBURG. For Eemittances at 3 mos. , Discount, 21 %, . -086 Less 1 Brokerage . *013 13-703 = 13 073 13-630 = 13 10 T V N.B. For the Course of Exchange, at a recent date, since the introduction of the new German Monetary System, and for Examples, Equations, etc., see Part IL, pp. 125 et seq. OF THE UNIVERSITY j OF ARBITRATIONS OF EXCHANGES. 97 Of these net Arbitrated pars, the only one which will cover the cost of the returns, free of Commission, is that for Genoa, which gives a very trifling profit (13'6U 13'601 = -013). The direct remittances are in this instance preferable to the best indirect paper, and although not sufficient to cover the Commission, yet, without it, the difference 0-029 (i.e. 13-630 13-601) would give a profit of rather more than one-fifth per cent. A short statement will prove this latter point. Suppose .1000 to be laid out in the purchase of Bills on Hamburg, at 13 11 at 3 months, under the old monetary system. Being remitted to that place they would create a fund of ... Mks. Bo. 13,703 2 Less Discount at 2 % . M. B. 85 10 Brokerage on Keturns, ' .. 13 11 Net Credit, . Mks. Bo. 13,60313 These Net Proceeds, free of Commission, laid out in Bills on London, at 13 18J, at 2 months, would produce . \ . .1006 10 6 Less Discount at 2 %, . . 371 Net Returns, . . .1003 3 5 Cost of Remittances, . 1000 Brokerage on ditto, . 100 1001 Net Profit, . , . 235 2, 3s. 5d. on 1001 = %, with a small surplus. In a like manner other statements may be made out, show- ing the actual operation of indirect Bills, and proving the correctness of the various preceding deductions. G 98 ARBITRATIONS OF EXCHANGES. EXERCISES. The rates of Exchange on the following places being a follows : On London, . Paris, Amsterdam, Antwerp, . Hamburg, . Vienna, Madrid, . Genoa, Naples, Lisbon, it is required to find the arbitrated rates for remittances to Paris and Amsterdam, with the rates for returns and bills for each of these places, the Charges and Interest being as in the preceding Examples. London. Paris. Amsterdam. . . 25 45 12 07-5 25 77i ... 56J 12 4J 209 ... 25 82$ J perte 13 12 186 S5& 9 57 258J 36J| 49J 5 30 2 49 25 90 1 perte 46| 39f 425 80} 53J 5 70 43 PRODUCTS (Part II. , pages 120 to 124.) Paris. Amsterdam. Eeturns to London, 25 73-5 12 191 Paris, . . . . 12 10-5 Amsterdam, . 25 55-0 , . . Antwerp, . . ,. 25 69-6 Hamburg, . . 25 57-5 12 07-0 Vienna, . ' 25 69-6 12 19-1 Madrid, 25 697 12 07-3 Genoa, .... 25 64-1 12 09-0 Naples, 25 66-0 12 13-8 Lisbon, 25 69-0 12 11-2 Bills from London, 25 60-7 12 16-1 N.B. See Part II., pages 125-133, for recent Exchanges (1887-88) and further Examples and Exercises. These will furnish material for the Student's practice up to date. INVOICES AND ACCOUNT-SALES. ,.99 BRITISH AND FOREIGN INVOICES AND ACCOUNT-SALES. An Invoice is a mercantile document containing a descrip- tion of goods sold or sent for sale, with an account of the charges, if any, that are made to the buyer or consignee. Inland Invoices are usually made out in the form of bills of parcels, containing in the head the place, date, and names of the parties. Shipping Invoices are generally headed with a short account of the goods shipped, the names of the vessel and captain, the port of destination, the name of the consignee, and a specification of the account on which the goods are sent. Account-Sales are accounts of the sales of goods, with the attendant charges, showing their net proceeds. When the goods have been sold on commission or on joint account, an Account-Sales is a document rendered to the sole or joint owner. Pro-form^, Invoices and Account-Sales are statements of hypothetical transactions, constructed for various purposes. When separately made out, they are used to show the ordinary allowances and charges on goods, and consequently, with the prices, to show the estimated amount or net proceeds. When the two statements are combined, they serve to show either the probable result of the purchase and sales in an estimated gain or loss, or an arbitrated rate of exchange ; or, when the price at one place, with the charges at both places of operation, and, in foreign transactions, the rate of exchange, are given, what arbitrated price at the other place will cover the given price and all expenses. The rates of the Policy Duty in the following Statements will vary according to date. The exact figures of Export and Import Duties, Brokerage, and other Charges will also depend upon circumstances of time, custom, and agreement. The omitted valuations are given in pages 138 to 144 infra. 100 INVOICES AND ACCOUNT-SALES. LONDON, July 25th, 1888. Messrs. GIBSON & Co. BOUGHT OF HALL & HOLLIS. Ex Sphinx, @ Gefle, at 8 months. Yellow deals 2643 - 14 ft. - 3 x 10 - 41113 136 - 13 - 2} x 9 - 1473 x 9 - 268 damaged 17 - 21 - 3 2796 42854 ft. Hund. Ex Orion, @ Christianstad, @ 8 mos. White Deals 427 - 21 ft. - 3 x 9 - 8967 564-15 -- -- 8460 38 - 14 - 2 J x 9 - 332 ) , , 17-21 -3 8- 238/ dama S ed 1046 Hund. 17997 ft. .26 Ex do. , @ 7 months. Yellow Battens 2613 - 21 ft. - 2j x 7 - 54873 241 - 21 - 2 x 7 - 4049 2854 58922 ft. Hund. 10 912 710 INVOICES AND ACCOUNT-SALES. 101 LONDON, October 2d, 1871. Messrs. GRANT & ASHTON, Dr. To Freight f Jason @ Stettin. 300 Barrels Flour @ 2/6 f Barrel, , 10J Lasts Wheat = Imp. Qrs. 140 6 B @ 5/ f Qr. 55 Schock 12 4 55 12 4 Crown Barrel Staves, Long Headings, Short Barrel Staves, Long Headings, Short = Mille 3 300 Pipe Staves @ 16, . 15 Sch. 22 St.-Hhd. Staves, . 160 Barrel 45 Hhd. Headings, 1 Barrel = Mille 5 329f Pipe Staves @ 16, . 660 Centner Zinc* = Tons 33 5 3 10 @ 12/ f Ton, 229 * The Prussian Centner of 100 pounds = 100 Half-Kilogrammes 110'2321bs. Avoirdupois. 102 INVOICES AND ACCOUNT-SALES. INVOICE of 10 Butts ZANTE CURRANTS, shipped on board the Caledonia, Captain Cheesman, for Altona, and consigned to Messrs. Edelman & Co. on their account. 10 Butts Currants. No. cwt. qrs. Us. No. cwt. qrs. Ibs. 1 - 21 14 6 - 22 2 2 - 20 3 11 7 - 21 1 16 3 - 21 2 6 8 - 21 22 4 - 21 1 24 9 - 20 3 11 5 - 20 3 25 10 - 20 3 17 105 3 24 - 5 Butts. 106 1 12 - 5 212 1 8 - 10 Tare (18 Ibs. f cwt.) Cwt. Net @ 56/ ty cwt., Less Duty on cwt. 178 1 16 22/2, . . . 5% 493 207 19 1? 3 OHATCOFS Entry, Bond, and Clearance, 12 6 Wharfage, Lighterage, &c., . 2 17 Cooperage and Marking, . 1 10 Bill Brokerage, Stamps, &c., . 15 Brokerage on 498, 19s. Od., @i%, Insurance, etc., on 300 @ 12/6, 213 286 10 7 5 8 Commission on 296, 12s. lid. @ 2 %, 296 12 11 E. E. London, January llth, 1870, 302 11 jr INVOICES AND ACCOUNT-SALES. 103 ACCOUNT-SALES of 7 Serons COCHINEAL per Crusader, Captain Lawsoii, from Honduras, sold for account of Robinson and Company. 1857 Feb. 7 Sold at Public Sale. No. Cwt. qrs. Ibs. oz. 1-1 1 2 10 2-1 14 6 3-1 20 6 4-1 24 6 5-1 25 10 6-1 26 12 7-1 20 6 8 1 22 8 8 7 Tare. 8 1 14 l=lb. 9381 @ 3/10, Discount 2 1 0/ Eec'd for 7 Packages @ 3/, 1 1 Garblings 4 Ibs. @ I/, 40 175 1 6 5 176 11 OJlAKljriljb Warehousing Entry, . .026 Dock Rates on cwt. 8 1 14, @ 3/, Taring, etc., . .196 Garbling @ 6/, fSeron& Bags 2 3 6 Freight on cwt. 81 14@ld.flb, and Primage 5 %, . Insurance on 150 @ 40/, . and Policy Stamp, Advertising & Sale Charges, 146 Brokerage \ % on 179 15 11, Commission 2J % 176 11 0, 17 IF 4 Net Proceeds, due 9th March, 1857, 158 12 8 104 INVOICES AND ACCOUNT-SALES. ACCOUNT-SALES of 113 Bags PIMENTO per Eolla, Captain Colvin, from Jamaica, sold on account of J. Simpson, Esq. Sold at Public Sale, 20 Bags, . .cwt. 18 3 10 20 ' . . 18 3 21 20 18 1 16 20 cwt. 18 3 21 56 19 20 18 16 2 4Dft. 13 14 2 11 55 2 15 51 2 20 1 3 27 Tare 1 25 53 2 16 51 23 2 7 Tret 51 2 9 = 49 1 14 1 3 17 5777 Ibs. @ 2|d., 47 1 25 = 5317 2|d., . Discount 1 % CHARGES Warehousing Entry, . .026 Ins e on 80 @ 40/, & P* 117 3 Freight on cwt. 99 3 7 @ 'jd f Ib. Primage, etc., 16/6. Dock Rates on do. @ 1/2 f cwt. Sorting etc., 17/ 10, Advertising & Sale Exp 8 12 Brok. on 107 3 @ 1 % Commiss. on 105 18 10 @ 2J %, Net Proceeds due 27th May, 1857, . 105 37 68 18 16 10 INVOICES AND ACCOUNT-SALES. 105 ACCOUNT-SALES of 406 ELEPHANTS' TEETH, ex Chieftain, Captain Pattison, from Cape Coast, on account of Messrs. Wilson & Company. London, Dec. 1st, 1887. Sold f Public Sale 406 Teeth in bond. Weight. Net. Dft. lib. per Lot. Teeth. Cwt. qrs. Ibs. Cwt. qrs. Ibs. s. 7 4 21 4 20 @ 25 10 4 22 4 21 23 10 3 1 19 3 1 18 19 15 13 2 3 14 2 3 13 18 10 3 3 17 3 3 16 20 9 236 235 20 20 2 2 14 2 2 13 17 5 30 220 2 1 27 15 52 231 230 19 83 2 1 15 2 1 14 13 10 52 2 1 21 2 1 20 14 5 110 2 22 20 21 13 10 406 Teeth, Discount 2J %, . 684 17 667 8 2 6 6 6 CHARGES. Insurance on ,650 @ 40/, Policy 35/, Coming %, 18 Ft. 2^% on 650, 13 Primage, etc., . 19 6 1 q i Q n 10 iy o Dock Charges, . . . 5 17 8 Advertising & Sale Charges, . 1 12 6 Brokerage 1 % on 684 8 6 Commission 2 ,, ,, fin ou Net Proceeds due Feb. 1st, 1888, . 607 5 9 106 INVOICES AND ACCOUNT-SALES. ACCOUNT-SALES of 10 Hhds. TOBACCO, ex Dolphin, Capt. Lee, from Richmond, sold on account of A. M. Browne, Esq. 1878. Mar. 5 By F. Naylor & Co. @ 2 months. No. Cwt. qrs. Ibs. 1 10 3 11 2 11 1 3 10 1 16 4 10 3 4 5 11 2 14 6 10 2 4 7 12 1 8 11 26 9 10 1 10 10 3 27 5 2 9 3 109 3 19 = 12311 Ibs. 11931 459 Tret Net 11472 * Net Proceeds, . f M. Bo. On 665 10 7 = M. Bo. f St. 12 66510 M.B. sc. 7 7 P f. 531 9749 d. * Marks Courant, about 123 = 100 Marks Banco, t The Proceeds are calculated in the old Marks Banco, or Money of Account. 110 INVOICES AND ACCOUNT- SALES. PRO-FORMA INVOICE and ACCOUNT-SALES of CASSIA LIGNEA, sent from LONDON to AMSTERDAM. 100 Chests Gross Weight, Cwt. 68 1 27 Tare, . 14 3 27 Dft., . 3 16 15 3 15 Net cwt. 52 2 12 @ 86/ . CHARGES. Entry, Bond, and Clearance, . 12 6 Casing, Marking, and Shipping, 20 19 2 Brokerage, J %, . . .12 Insurance, etc., on 250 @ 7/6, 1 2 Fl. c. 3323 43 33 23 SALES IN AMSTERDAM. Gross, 3480 Kilogr. Tare, 767 cts. . Net 2713 @ 62J f \ Kilo., . Discount, 2 %, Do., 1% . - CHARGES. - Freight and Primage, . . Fl. 47 10 Declaration, Warehousing, etc., 42 88 Brokerage, . . 1 %, . 33 91 Commissn. & Guarantee, 3 . 98 70 Net Proceeds, . *N. FL On 250 1 = Fl. f < Sterling. 2316 250 1 Fl. 3290 222 3067 d. 10 20 Gl N. Fl., Netherland Florins and Cents. INVOICES AND ACCOUNT-SALES. Ill PRO-FORMA INVOICE and ACCOUNT-SALES of LOGWOOD, sent from LONDON to GENOA. 1598 Pieces. Tons 10 12 2 26 1 16 Dft. 12 Ibs. f Ton. 1 s. 13 d. Net 10 11 2 10 @6 5 ? Ton, T\' _J. 01 O/ 12 6 15 6 6 17 3 U1SCL. 4$ / Q , 64 3 9 11 5 3 Entry, Bond, & Clearing, . Wharf age,Lighterage, & Shipping, 1 Brokerage, \ % . . " . Insurance, etc., on 80 @ 20/, SALES IN GENOA. Cant, r* 218 15 68 L.n. 2037 296 1740 8 c. 22 76 46 = 327-22 Ibs. 45-14 Tare of usage 16 %. L.f.b. s. d. Net 282-08 @8|L.f.b.ff lOOlbs., 142-75 43-50 39-20 10-19 Freight and Primage, . .L.n. Landing, Housing, & Weighing, Warehouse Kent, Porterage, etc., . Brokerage, J %, . Commn. and Del Credere, 3 %, Net Proceeds, . . J L.n. On 68 8 = L.n. f Sterling. * Cantari and rottoli. t Lire fuori Banco. J Lire Nuove and centimes. N.B. 5 L.f.b. = 6 L.n. 112 INVOICES AND ACCOUNT-SALES. PRO-FORMA INVOICE and ACCOUNT-SALES of Sugar, bought in HAVANA and sold in LONDON. 50 Boxes, White, wg. Net 812 Arro- $ P, C. bas, @ 9 reals ^ Arroba, . $ Boxes, @ 26 reals, i (\ja o CHARGES IN HAVANA. I \J 1 O v Export Duty, 1 $ f Box, . . $50 Weighing and Dray age, . . 15 5 Brokerage, i %, . . 5 3 71 1147 Commission & Bill Brokerage @ 5 %, 57 3 $ 1204 3 Which, on valuation of $444 to 100, 6'. d. and Exchange of 8 %, : CHARGES IN LONDON. Warehousing & Ins. from Fire, 0,13 6 Freight on Cwt. 182 17 @ 50/, Primage, 5%, . . .12 Consolidated Kate on do., @ 6d., 411 9 1 Laying over Samples & Sale Charges, 2 5 31 7 8 Prem. & Py. on 300, at 2J %, . 7 10 Auction Duty,, 310 . 1 11 Brokerage 1 . 3 2 Commission 2J . 7 15 19 IS 302 8 11 Discount on 300 @ 2J %, . ( ir 310 11 Net Landing Wt., Cwt. 182 17, less 2 Ibs. f Chest for Draft & loss of weight = Cwt. 181 1 1 @ 34/3 f Cwt., = 310 8 1 INVOICES AND ACCOUNT-SALES. 113 PRO-FORMA INVOICE and ACCOUNT-SALES of GOLD, shipped in Eio DE JANEIRO and sold in LONDON. 3 Parcels weighing Oit. Reis. 764 Dust @ 3-400 f Oit., 2597 600 21 3-300 69 300 174J 3-700 645 650 229J 3-700 849 150 375 3-600 1350 000 73J 1 Bar @ 3-000 219 750 1637J Eeis, 5731 450 SALES. Weight before Melting, . Oz. 188 18 Wt. after Mg., Oz. 178 8 12 . W. f Gr. . Worseness. Oz. St. @ 77/9 , 686 s. 14 d. 7 CHARGES. Insurance on 700 @ 20/, and Policy, 7 17 6 Freight, . .- . . 300 Melting 15 Ibs. at 1/6, . . 126 Assay, 6/; Cartage, etc., 2/6, . 8 6 Postages and Petty Expenses, . 3 6 Commission, J %, . . 388 1 n Net Proceeds, . . JLO u . 11 670 13 670 13 11 on Eeis 5731-450 = 28d. f Brazilian Milreis. H 114 INVOICES AND ACCOUNT-SALES. ACCOUNT-SALES of 4 Bars GOLD, rec'd per Vesta from Rio de Janeiro, and sold on account of Messrs. Henriques & Son of that place. No. 1 2 3 4 Wei before melting. Ibs. oz. dw. g. 15 5 12 5 4 16 5340 3630 ghts after melting. Ibs. oz, dw. g. 15 3 12 12 5 4 11 12 5 2 16 3 5 18 Eepc Gold. c. g. W. 2 3 3 2| 2 If 2 3| rts Silver. dw. p. lb. 371 53 i 43 1193 16 1 s. 1 3 17 d. 5 4 9 29 7 15 29 4 18 Stand. Gold. No. Ibs. oz. d. g. 1 13 4 13 11 2 3 4 Fine Silver. dwts. 572 25 618 0=0z. 306 18 @ 77/9 f Oz. 1214 dwts. fine Silver, Better 17 dwts. = 0z. 65 7 @ 59|d. f Oz., Allowed by Melters for Gold adhering to crucibles, ..... Allowed for parting, 4/ ^ lb., . CHARGES. Insurance on 1200 at 20/, and Policy, . . . . 13 10 Freight, 1J %, on 1203, 7s. 3d., 15 10 4 Assays @ 3/6, & Porterage 6d., 146 Melting, 14/6 ; Cartage, 3/, . 17 6 Commission, J %, . . . 606 1211 5 2 17 G G 1205 36 1169 5 3 1 4 8 Net Proceeds, March 16, 1887, . . INVOICES AND ACCOUNT-SALES. 115 INVOICE of BULLION and SPECIE shipped on board H.M. Ship Orestes, P. H. Hambley, Esq., Commander, to the con- signment and on account of Messrs. Lindsay & Heude- bourk, London. No. 25 1 Box, 2 Bars Assayed Silver. M. oz. oit. dw. g. 82 138 60 11 19 83 139 00 11 13 77,769 Grs. Silver, @ 8J $ ? 264 grs., 2430 2 26 1 Box, 3 Bars Silver, with ley of Gold. M. oz. oit. dw. g. Or. 23 142 3 2 11 1U 109 39 138 50 11 13 116 40 94 11 17J 41 Grs. Silver. $ r. c. @ 8J $ f 264 grs., . 3252 7 Grs. Gold. @ 135f $ f 4400 . 1093 7 A O A d 4o4o 27 28 1 Box, 32 Pieces Plata Pena. 1 50 82 P 8 Mks. 453 4 oz. @ 9 $, 4081 4 29 1 Box, 1600 Eagle* Dollars, . CH \RGES 1600 12458 4 Export Duty on $10,858 4, @ 7 %, . . . . $760 1 Do. on $1600 @ 3J %, . 56 Boxes, Shipping, etc., . . 29 4 Commission, 1 %, . . 124 5 970 2 E. E. $ Valparaiso, Jan. 24, 1878. 13428 6 * Eagle or Mexican Dollars. 116 INVOICES AND ACCOUNT-SALES. ACCOUNT-SALES of SILVER rec'd per H.M. Ship Orestes, by consignment of W. Hodgson, Esq., Valparaiso. 2 Bars Silver without Gold. No. 2 4 W before melt. Ibs. oz. d. 85 8 10 85 6 "eights, after melt. Ibs. oz. d. 85 4 10 85 1 Reports. dwts. B. 10 15 171 2 10 170 5 10 Stand. Wts. No. Ibs. 2 4 oz. dw. 180 13 = 0z.2160 13@59fd.fOz. ^M 3 Bars Silver with Gold. i 3 5 Weig before melt'g. Ibs. oz. d. 87 9 85 5 57 10 10 bis. after melt'g. Ibs. oz. d. 87 5 10 85 4 10 57 5 10 Rep't. Fine Gold. dwts. Grs. per Ib. B. 8J 145 e. 140 9J 150 fi 145 ,,14 59 *& 54 1 231 10 230 3 10 Stand. Wts. .No. Ibs. oz. d. 1 90 9 14 3 5 Fine Gold. Grs. per Bar. 12,244 240 11 = 0z. 2891 0@59Jd.fOz. 27,726 Grs. fine Gold, @ 77/9 f Oz. Stand. Carried forward, . < 1500 2 INVOICES AND ACCOUNT-SALES. 117 s. d. Brought forward, 1500 ( 1 82 P 8 Plata Pena, melted into 4 Bars. Weight before melting Ibs. 279 6 10 Weights. Rep. Fine Gold. No Ibs. oz. d. dwts. Grs. per Ib. 6 68 10 10 B. 16 25 20 7 70 11 15J 26 || 21 8 67 4 10 16 26 H 21 9 69 9 10 16 25 1 20 276 11 10 Stand, weights. Fine Gold. No. Ibs. oz. d. Grs. per Bar. 6 73 10 1 1377 7 8 9 d. 296 9 1 = Oz. 3561 1 @ 59| f Oz. 5677 Grs. fine Gold @ 77/9 f Oz. Stand., . d. 1600 $ w g Oz. 1385 10 @ 57| f Oz., . . CHARGES. 2771 18 6 Insurance on 2700 @ 20/, and Policy, : . . . 30 7 6 | Freight, 2 %, . 55 8 9 Carriage from Portsmouth, . x 393 Melting 20/ f 100 Ibs., and Cartage, 704 9 Assays at 5/, and Porterage, 6d., - 2 5 6 Brokerage, J- %, . .393 ~ 102 7 Net Proceeds, . 2669 17 11 118 INVOICES AND ACCOUNT- SALES. ACCOUNT-SALES of 21 Bars of SILVER rec'd per Isis, and sold on account of Messrs. Seyd and Co., London. No. Mks. I. No. Mks. I. No. Mies. I. 1 239 8 6 240 6 11 241 4 3 246 13 8 241 11J 15 245 13^ 4 241 7J 10 242 7" 19 248 10J 727 12J 724 8J Mks. L Fine. 2188 1 I5l.6gr.= Fine. 735 12 Mks. I. gr. No. Mks. I. No. Mks. I. No. Mks. I. 2 241 13| 12 226 11J 17 237 9 5 240 4 13 245 5J 18 244 5 7 235 12J 14 241 12 20 255 12 9 247 10 16 239 8J 21 234 7 965 8 Mks. I. 2890 15 953 Fine. 15 I. 4 972 1| Mks. 1. gr. 'Mks. 1. gr. 9 Bars. 12 4852 5 2 Fine @ Mks. Bo. 27 10 sc. CHARGES. Keceiving from on board, Carriage, &c., . . M. Bo. 42 12 . StadteDues, . . . 241 12 . Commission, J %, . . 670 3 . Net Proceeds, , f Mks. Bo. Hamburg, 17th July, 1872. Mks. 134048 954 133090 11 10 * Weighed in Marks and loth. t Valued in Marks Banco, the old money of account, at date. INVOICES AND ACCOUNT-SALES. 119 COMPTE DE VENTE de 6 Lingots d'Argent et 8500 Piastres, re9us de Londres, et vendus sur le compte de Messrs. Donovan et Cie. 4 Lingots d'Argent. Poids. Titre. Prix. 1 K. 23-040 996 219-12 . 1 24-820 994 218-68 . 1 23-838 991 218-02 . 1,, 19-442 990 217-80 . Prime 2 f mille, . 2 Lingots d'Argent dore*. Poids. Titre. Or. Prix. 1,,K. 16-965 990 4 217*80. 1,, 18-502 989 4 217*58. 3 milliemes d'or, . Prime 12-50 ? mille, . 3500 Piastres a Colonnes @ 5-37, 5000 Piastres Mexicaines,, 5 -39, Frs. c. 5048 52 Frs. 19947 8187 45745 c. 58 49 00 19907 77 39 81 3694 97 365 78 8086 41 101 08 18795 00 26950 00 Ensemble, . . Frs. Frais a de'duire, Frais a Calais, . . . - Frs. 27 70 Port de Calais a Paris, . . 85 75 Essais, Balance's, et Frais divers, . 52 20 Commission, J %, . . . 184 70 73880 350 07 35 Net Produit, . Paris, Octobre 23 me , 1870. . Frs. 73529 72 120 INVOICES AND ACCOUNT-SALES. INVOICE of 10 Chests of INDIGO, shipped on board the Mar- mion, Capt. Ewing, for London, and consigned to Messrs. Bentley & Bruce there, for account of Henry Cross, Esq. No. 1 2 3 4 5 6 7 8 9 10 Nos. 1 to 10, Ten Chests Indigo, viz. : Gross. Tare. M. 8. G. M. S. C. . 5 10 4 138 .590 38 12 . 5 8 12 36 14 .; 5 21 9 126 , : 5 1 6 123 521 36 15 5 5 12 37 1 5 18 1 39 9 5 10 4 39 14 . 4 20 8 39 13 \C.B. 309 a. 4 P- 4 F y W* 41 30 10 Net, @ 130 C. E. V M d . CHARGES Landing, Cartage, etc., @ 2 12, . . . C. E. 27 8 Godown Kent, . . . 5 10 Exp* Duty on Ind n M* 37304113 4 3 Freight Payable in London @ ) 5 5 ? 50 cub. feet, f Prem of Ins 6 on C. E. 7000A Ex. @ 2/2 = 758 6 8 effected with Globe Marine > - ~ - Insurance, Pol y No. 2148, I @ 2 J %, payable in London,/ Brok e on Purchase, J %, . 27 2 4 Commiss n on do., @ 2J E. E. Co. Eupees, Calcutta, June 19, 1877, 5738 12 10 INVOICES AND ACCOUNT-SALES. 121 ACCOUNT-SALES of 10 Chests INDIGO received f Marmion, Capt. Ewing, from Messrs. T. Kyder & Co., Calcutta, on account of Henry Cross, Esq. No. i t < K 1 6 10 8 i i Sold by Public Sale Jan. 12th, Prompt Apr. 6, Gross. Tare. Draft 2 Ibs. per Chest. Lot. Cwt. q. Ibs. q. Ibs. Ibs. 8384 3 2 14 2 25 325 @ 5/9 } 8385 3 1 23 2 26 305 I 8386 3 1 14 2 16 306 j 8387 3 1 21 219 310 5/6 } 8388 316 2 26 288 I 8389 316 2 15 299 J 8390 2 3 23 2 20 255 5/10 8391 3 2 10 2 21 325 5/3 ) 8392 3 1 21 2 16 313 / 8393 3 1 22 2 21 309 5/4 s. d. 840 6 Freight on cub. ft. 97 6 @ 5, 5s. f ton of 50 cubic feet, . Warehousing Entry, . ' . ' 46 Bill for Premium of Insurance, . 18 19 2 Dock Charges for management, . 8 15 Do. for Kent, etc., . 1 17 6 Advertising and Sale Expenses, . 150 Insurance from Fire 7 mo 8 , . 1169 Brokerage, @ J %, . Commission, @ 2 J %, ' t . . Q Net Proceeds, due Apr. 6, 1858, . 771 8 E. E. London, Feb y 21, 1878. 122 INVOICES AND ACCOUNT-SALES. INVOICE of 584 Bags SALTPETRE shipped on board the Princess Royal, Capt. Brock, for London, consigned to Messrs. Grant & Sansbury on account of the undersigned. HW WH 307 Bags Ghazeepore Saltpetre Cwt. qrs. Ibs. Gross 560 3 10 Tare 13 2 23 5 Ibs. each. Net 547 15 Or, Fact y Mds. 820 28 @ 6 Sicca Rupees, * 277 Bags Tirhoot Saltpetre Cwt. qrs. Ibs. Gross 489 26 Tare 12 1 13 476 3 13 Or, Fact y Mds. 715 12 @ 5| S. Rupees, Discount 2 months @ 12 %, Sicca Rupees, Or, Comp y Rupees, CHARGES. Packing, Marking, Shipping, etc., @ 30 R" f 100 Bags, . C.R. Custom-House Duty, . . 219 4 9 Petty Charges, Insured at the Globe Ins. C PolicyN1126,onCRup. 10,000 @ 2/1, @ 2J %, payable in London, Freight do. @ 4 V Ton, net, 380 E. E. C Rupees Calcutta, Jan y 12, 1879. 8. E. 8858 925915 9657 15 * 100 Sicca Rupees = 116 Current Rupees. INVOICES AND ACCOUNT-SALES. 123 ACCOUNT-SALES of 584 Bags BENGAL SALTPETRE, received from Messrs. Horwood, Wright, & Co., per Princess Royal, Capt n - Brock, on their account. 1859 July Pile )> 25 1 % Sold at and after Public Sale, Prompt 25th Oct. 1859. HW 307 Bags. Net. Refrac- Bags. Cwt. q. Ibs. tion. Cwt. q. Ibs. 184 303 3 16 4J 305 1 7 @ 27/6, 123 199 1 21 10 26/, 419 s. 16 d. 1 5 10 WH 277 Bags. Bags. Cwt. q. Ibs. Ref^ Cwt. q. Ibs. 217 335 2 4 16J @ 25/6, 60 93 1 24 25/3, CHARGES. Freight on Cwt. 937 1 23, @ 3 10/ f ton, .- . Customs Entry, ... 46 Bill for Premium of Insur , 2604 Dock Charges for Landing, Wharfage, Kent, &c., . 22 15 9 Eef racting, . . . . . 330 Advertising and Sale Expenses, 216 Insurance against Fire, . 220 Brokerage, \ %, Commission, 2J %, . 1155 255 7 1 Net Proceeds due 25th Oct. 1859, Errors Excepted. London, August 30, 1879, 900 g 7 124 INVOICES AND ACCOUNT-SALES. ACCOUNT-SALES of 153 Cases of MANUFACTURED GOODS per Harmony, Captain J. Baker, from Liverpool, on account of Messrs. Hall & Hollis, London. Maj 22 By Rustomjee & Co.'s Invoice Packing Charges, 42 11 10 Boxes, . / 7 17 8 1723 50 . 13 d C. R. 20042 60 1 1 1 46 Deduct for Damaged Goods, . 1 J % Discount, . Add 50 % Advance, Packing Charges, Boxes, . . 7 17 8 25 %, . . 1 19 5 1673 17 q O 4 \ 10 1655 20 18 14 8 1635 817 4 12 8 4 2452 42 9 17 11 17 10 1 @ 2/6 f Co. Rupee, . Allowed for Damaged Good 2505 s, . C.R. s. 490 11 11 511 q. r. 1 50 2 2 20102 2519 46 91 Dt. on C.R 20102 1 46, 60 day Duty on,, 12426 1 0,3^%') 2773 4 8,2" / Landing Charges, . Godown Rent, Brokerage, 1 %, . Del Credere, 2J %, . Commission, 5%, Company E. E. Bombay, 23d May 188C 's Rupees, ). 7582 3 55 9 1758 5 INVOICES AND ACCOUNT-SALES, 125 ACCOUNT-SALES of 10 Cases Silk CORAHS, per Viscount Melbourne, Capt. MacKerlie, from Calcutta, for account of John Smith, Esq. 1878. June Jan. May June July 29 10 24 29 29 By Public Sale. Prompt 3 months. 230 Pieces @ 14/2, . 370 14/, 100 13/10, . 734 14/2, . 193 14/3, . 240 13/9, 315 13/10, . Torn 26 , 13/3, 1548 130 s. 12 4 d. 3 4 2208 Pieces. CH IRGES Insurance on 1622, @ 50/;\ I* 5/3 ; Comm*, J %, / Warehousing Entry, . 46 Dock Eates, @ 1/6 f Case, . 150 Unpacking, Showing, etc., . 10 10 9 Freight on cub. ft. 129 6in.\ at 80/ V 50 feet, . J Rent 18 ws. @ 1 Jd. f Case, .126 Insurance from Fire, . .200 Sale Charges & Petty Expenses, 5 12 10 Brokerage, @ J %, Commission, 2J ,, Net Proceeds, due Monday, Sept. 30, 1878, . . ' . Errors Excepted. London, July 29, 1878. 1418 7 11 INVOICES AND ACCOUNT-SALES. INVOICE of 50 Butts and 45 Carotels of Zante new CURRANTS, shipped per Breeze, Capt. Hendrick, for London, by order and for account of Messrs. George Smith & Co. No. Fifty Butts & Forty-five Carotels Zante new s. d. 1 @ Currants, weighing, as per List of weights, Net Ibs. 117-948 English, @32 Spanish $ 95 f Migliajo=Spanish $ 3774 ffa @ 52d. ^ Spanish Dollar = CHARGES. - Export Duty, 18 %, ad vol., . 147 4 Municipal Dues on Casks valued at 59 16, @ 1 J %, . Cost of 50 Butts, @ 15/2, . Do. 45 Carotels, @ 7/7, Packing Charges, 2/1 per Mil., . Lighterage, 1/1 f Butt, and ' - 6Jd. f Carotel, . Customarypresents&pettyCharges, 17 6 Brokerage, J %, 991 UftTi 1042 5 Commission, 3 %, . . . 31 5 2 Ionian Currency, 1073 5 7 K & 0. E. Zante, February 24, 1877. INVOICES AND ACCOUNT-SALES, 127 ACCOUNT-SALES of 50 Butts and 45 Carotels of Zante CUKKANTS, received per Breeze, Capt. Hendrick, from Zante, and sold in London. Fifty Butts and Forty-five Carotels new Zante Currants, sold to various Buyers at 2 months, with 1 % Discount. Cwt. qrs. Ibs. 40 Butts, Net 662 1 21 @ 51/, . 10 168 3 16 50/ f . 45 Carotels,,, 211 2 7 52/, . 1042 3 16 Discount, 1 %, CHARGES. Insurance on 1150 @ 207, and Policy, 2/6, . . . . Warehousing Entry, . Duty on Cwt. 1037 1 4 @ 22/2 f Cwt, and 5 %, . Freight as f Charter - Party on Cwt. 1037 1 @ 55/, 142 12 5 Primage, 10 %, . 14 5 3 Pierage, . . 15 2 Gratuity, . . 550 4 6 Dock Eates, Eent, &c., . Fire Insurance, 3 months, Interest on Duty and Freight, Brokerage, J %, Commission, 2 %, . . -162 17 10 33 11 6 296 11 9 10 Net Proceeds, . Due on average, April 27, 1877. s. d. 2661 2634 497 137 10 18 11 128 INVOICES AND ACCOUNT-SALES. INVOICE of 963 Boxes WHITE SUGAR, shipped on board the American Barque Susquehannah, Capt. Wilson, bound to Cowes and a Market, by order and to the consignment of Messrs Salt & Martin eau, London. S. &M. A7>i Nine hundred and sixty-three Boxes White Sugar. $ R. JMO. I @ 100 101 311 312 371 372 737 738 787 788 963 100 Boxes, Net 42209 Ibs. @ 81*. Arr. 211 92115 , 7| 60 25244 ; 7| 366 159372 , 8 50 22139 , 8 176 73260 , 7f 414339 963 Boxes at 26 reals f Box, . 16351 3129 oi / O 19480 6i Export Duty, 8 reals f Box, $963 Weigh* Cart 6 , &c., 2J r 8 . Brokerage, J %, . 1361 2J Commission, 2J %, . 20842 521 o KEIMBURSEMENT. Per Drafts on Consignees, 4518, 6s. 9d, at 9J %, Less Bill Brokerage on $21,967 2 @ J %, . $54 7A Com. negot'g- do. @ 2J %, 549 if 21363 21967 604 1 ' E.E. Havana, 17th May 1880. Leigh & Co. 21363 ^ ^_ !_ INVOICES AND ACCOUNT-SALES. 129 ACCOUNT SALES of 963 Boxes WHITE SUGAR, per the Barque Susquehannah, Capt. Wilson, from Havana, on our account. 1869 Jan. 18 Sold at Public Sale. J. Wells. Prompt, Feb. 18. 160 Boxes, Net Cwt. 618 1 2 @ 32/6 140 548 1 27 32/ 180 700 3 11 31/6 138 539 16 31/ 180 684 23,, 30/6 122 472 35,, 30/ 21 80 2 22 29/ 12 46 5 27/ 6 22 3 17 22/6 3 10 3 27 20/ 1 Emptied, s. d. 963 Boxes Discount, 2 J %, . 5790 144 15 15 9 5 Rec'd for Particular Average, 5646 30 1 4 9 CHARGES. Insurance, 4815 @ 50/, Keturn, 4785 @ 9/6, . 5676 2 1 109 17 11 Warehousing Entry, . 4 6 lyht on 41^339 ibs., Spanish at 50/ & Ton, Primage, 5 %, 485 11 1 Pierage, 3|d. ? Ton, . 2 14 6 Consolidated Rate on cwt. 37401 13@6d.f cwt., 93 10 2 Advertising & Sale Charges, 11 40 Auct n Due, 5790 15 9@J%, Brokerage, do. 1%, 789 10 Net Proceeds, due Feb. 19, 1881, 4886 2 8 I 130 INVOICES AND ACCOUNT-SALES, STATEMENT of PARTICULAR AVERAGE on SUGAR, sea-damaged, per Susquehanmh, Captain Wilson, from Havana to London. INTEREST. 963 Boxes Sugar, Valued at 5 per Box, To pay Average on every 10 Boxes, following landing Numbers. DAMAGED. 22 Boxes : 18 Sea-damaged. 3 Washed and filled up. 1 Emptied to fill up. PARTICULAR AVERAGE. 941 Boxes sound, Net, SOUND VALUE. Owt, 3644 3 2 If 941 Boxes weighed Cwt. 3644 3 2 then 22 Boxes should weigh : 12 B" 46 1 26 @ 32/6, 75 10 8 6 23 27 31/6, 4 15 1 27 31/, 136 30 They produced : 12 B 8 46 5 @ 27/, 62 3 2 6 22 3 17 22/6, 10 3 27 20/, 98 18 3 37 49 Deteriorated -^ths or 27-35 % . loo Continued. 4815 INVOICES AND ACCOUNT-SALES. 131 PARTICULAR AVERAGE (continued). INSURED VALUE. d. 5 per Box. Series. Boxes. 940 to 950 9 45 at 27'35 %, 951 960 10 50 561 963 3 15 Examining Documents & Stating Average, On4815 = 30th Jan. 1881. Exd. and found Correct. JOHN WESTBY GIBSON, Chartered Accountant, 64 Imperial Buildings, Ludgate Circus, London, E.C. 12 30 31 132 INVOICES AND ACCOUNT-SALES. INVOICE of 840 Bales of COTTON, purchased by order of Messrs. F. H. Valpy & Co., New York, and shipped on their account on board the Exeter, Capt. White, consigned to Messrs. Hall & Hollis, Liverpool. IW. PP. MT. RS. WN 1 to 270 Fair, . 118,352 Ibs. 1 120 Middling fair, 55,673 1,, 107 Good middling, 51,819 225,844 @ 8 cts., 1 200 Middling fair, 89,362 7J 1 143 Good middling, 62,895 7| 840 Bales, 378,101 Ibs., . Brokerage, J %, . CHARGES. Bagging, Ropes, and Mending, Drayage and Shipping, Fire Insurance, . Bills of Lading and Postages, $89-30 155-40 36-25 3-50 Commission, 2J %, Statement of Reimbursements. Our Dfts. on Messrs. Valpy & Co., N.Y. Nov. 10, @ 10 d/s., $19,704-43 @ 1 \ pr., 28, 10,374-98 1 pr., E. E. New Orleans, 28th Nov. 1887. BENJ. CHURCH. $ c. 29,32956 29,47621 28445 29,76066 74401 30,50467 30,504 INVOICES AND ACCOUNT-SALES. ACCOUNT OF DRAFTS. 133 Messrs. HALL & HOLLIS, Liverpool, In account with F. H. VALPY & Co., New York. Dr. To Drafts of Mr. B. Church, New Orleans. Due, 3 Dec., 21 $19704-43 10374-98 $30079-41 One-half to your Debit, as Dec. 9, . Interest on do. 10 days, . . $25-06 Brok on Drafts, as under, | %, 37'76 By our Drafts, viz. : Dec. 14. Favour of Benson & Co. 2000, . @ 8J %, j? 29. Favour of W. Manson, 1133, 17s. Id., @ 8f %, New York, 31st Dec. 1887. F. H. VALPY & Co. 1503970 62 1510252 15102 82 52 134 INVOICES AND ACCOUNT-SALES. ACCOUNT-SALES of 808 Bales, part of 840 Bales, COTTON, per Exeter, Capt. White, from New Orleans, and account of 32 Bales paid by Ship, on joint account of Messrs. Valpy & Co., New York, and Hall & Hollis, Liverpool. 1888. Sold at 10 days, and 3 months. 8. d. Mar. 8 Lee & Co., . 20 Bales damaged, Net 13,275 lbs.@2|d., . n W. Myers, . 20 11,647 3id., . M North & Co., 20 11,440 3Jd, . it C. Barker, .12 5,898 3jd,. . 55 W. Mills, . 7 3,643 3Jd., . 18 J. Drake, 237 rep d - 97,547 6Jd., . 25 J. Withers, 183 dry. 78,008 6Jd, . Apr. 12 Way & Co., 135 57,540 6|d, . T. Baker, . 100 43,142 6fd., . fi Phelps&Co.,74 32,106 7Jd., . Pickings, viz. : Wet, . 1440 Ib. @ Ifd., Damp, . 1726 3d., Dry, . 854 3Jd., 4.4. i r\ 7 it ^r i \j 15 1 7 9113 Mar. 17 Owners of Ship, Apr. 26 Jettison, 32 Bales, . 374 9 Royal Exch. Comp^-, Particular Average, '{ 533 15 3 qnft Carried forward, . V\JO 1002l|l9 10 INVOICES AND ACCOUNT-SALES. 135 Brought forward, CHARGES. Insurance on 8400 @ 25/ and Policy 2/6, . 115 Duty on 352,003 Ibs. 10 5% -481 5 1 Dock Kates, 2d. $ 100 Ibs., Town Dues Bale, Freight on 352,003 Ibs. @|d., . . Primage, 5 %, 962 10 2 Porters dischg., storing, & delivery, 8d. f Bale,. 26 18 8 Canvas, Twine, & Mending, 28 11 1 Cartage 3d. f Bale, . .10 2 Warehouse Kent, . .27 5 11 Fire Insurance on 9000, . 25 17 6 Advertisements & Postages, 120 Interest on Duty, Freight, ) Charges, Extra Charges, [ 16 3 3 & General Average, . ) B k C m on 10021 19 10, J%, Brokerage ,,9113 15 7, *%, Guarantee ,,91 13 15 7, |%, 1847 11 Charges allowed to Ship, .65 6 10 Net Proceeds, due on average, 6th July, E.E. Liverpool, 28th April, 1888. 10021 191217 8109 19 10 136 INVOICES AND ACCOUNT-SALES. ACCOUNT-CURRENT. Messrs. F. H. VALPY & Co., New York, in account with HALL & HOLLIS, Liverpool. Cr. . i, d. By your half Net Proceeds of 840 Bales | Cotton ty Exeter, on joint account, due > on average 6th July, ) 4054 11 To your Drafts, favour of s . d. Palmer & English, . 5 March 1000 J. & K Perkins, . 5 J 371 13 6 Bruce Brothers, . 21 1000 -0 Cash paid by your order to George Ager, 28 April, 622 7 5 ,, Interest on 8. d. 2371 13 6, 123 days, 1000 0, 107 . 622 7 5, 69 . fin in i 4054 11 E.E. Liverpool, April 28, 1888. INVOICES AND ACCOUNT-SALES. 137 STATEMENT of PARTICULAR AVERAGE on COTTON, per Exeter, Capt. White, from New Orleans to Liverpool. INSURED. 840 Bales of Cotton, valued at 10 each, to pay average on every 10 Bales run- ning landing numbers, ARRIVED. 808 Bales, of which 316 Bales were sea- damaged. JETTISON. 32 Bales, paid by Ship. No CLAIM. INSURED VALUE of 316 Bales, 3160 The same would have sold if dry, as ? Statement No. 1, . 382113 Sales of B s - wet, as f Stat. No. 2, 614 6 Do. of 237 B 9 - rep d -, as f Stat. No. 3, 2561 16 6 3176 2 6 If 3821, 13s. lose . . 64510 6 then Insured Value, 3160, lose . . EXTRA CHARGES. Brokers' Survey, . ...220 Watching on Quay, . . .100 Extra Labour, Cartage, & Canvas, 51 6 1 8400 General Average, per Statement, Adjustment, 588 211 2 801 d. 4 8 r 138 INVOICES AND ACCOUNT-SALES. PKODUCTS OF THE CALCULATIONS IN THE PRECEDING INVOICES AND ACCOUNT-SALES. N.B. These were omitted in their places, pages 100 to 137 supra, so as to give the student some practice in completing such accounts for himself. SELLING INVOICE OF DEALS. Part L, page 100, and end of Part II. Yellow Deals, . Stand. 14 ft. long, 3 in. thick, 9 in. wide. Hund. 25 2 qr. 1 deal. Value, 918, 6s. White Deals, . Same Standard 120 Deals=l Hundred. Hund. 10 2 25 T 7 T . Value, 278, 10s. 6d. Battens, . . Stand. 12 ft. long, 2J in. thick, 7 in. wide. Hund. 40 3 20 T V Value, 716, Is. 4d. FREIGHT ACCOUNT. Part /., page 101, and end of Part II. Flour, 37, 10s. Wheat, 35, 3s. 9d. Zinc, 19, 19s. 6d. Staves, First Parcel, 52; Second, 84, 7s. lid. SHIPPING INVOICE OF CURRANTS. Part /., page 102, and end of Part II. Tare, . Cwt. 34 14 Net, . Cwt. 178 22 Value, . . 498 19 Duty, . . 197 14 4 Brokerage, 2 9 11 Commission, 5 18 8 ACCOUNT-SALES OF COCHINEAL. Part /., page 103, and end of Part II. Gross amount, .179 15 11 Discount, . 4 9 11 Freight, . . 421 Insurance, . 3 10 Brokerage, . 18 Commission, 483 INVOICES AND ACCOUNT-SALES. 139 ACCOUNT-SALES OF PIMENTO. Part I., page 104, and end of Part II. First Parcel, 57 3 4 Second do., 49 16 11 Disct., 115 Freight, 24 2 3 Dock Eate, 6144 Brokerage, 115 Commission, 2 12 11 ACCOUNT-SALES or ELEPHANTS' TEETH. Part /., page 105, and end of Part II. Lot 1 104 9 3 Lot 2 96 6 3 Lot 3 67 7 3 4 51 11 9 ,,5 77 17 2 ,,6 55 17 10 ,,7 45 2 7 8 37 7 4 9 52 5 10 32 1 3 11 34 12 2 12 29 10 8 Brokerage, 6 16 10 Commission, 13 13 9 ACCOUNT-SALES OF TOBACCO. (London.) Part /., page 106, and end of Part II. Value, . 167 6 Discount, . 3 6 11 Charges, 1 15 10 Import Rate, 316 ACCOUNT-SALES OF TOBACCO. (Liverpool.) Part I. , page 107, and end of Part II. Value, 142 3 6 ACCOUNT-SALES OF OIL. (Liverpool.) Part /., page 108, and end of Part II. Value, . 1524 4 2 Duty, . 58 17 7 5 %, . . . 2 18 11 Freight, . 52 3 4 Primage, . . 544 Brokerage, 7 12 5 Bank Commission, 316 2 Commission, 60 19 4 N.B. The Tun of 252 Imperial Gallons is divided into 4 Quarters each of 63 Gallons, reckoning 9 Ibs. weight to each Gallon. HO INVOICES AND ACCOUNT-SALES. INVOICE AND ACCOUNT-SALES OF INDIGO. Part /., page 109, and end of Part II. Value, 653 13 Brokerage, 354 Amount of Sales in Hamburg = Mks. Bo. 10,280 12 Charges, Mks. Bo. 77 14 F. Insurance, 12 13 Brokerage, 85 10 Commission, 308 6 Arbitrated Kate, M.B. 14 10 INVOICE AND ACCOUNT- SALES OF CASSIA LIGNEA. Part /., page 110, and end of Part II. Value, 226 4 2 Amount of Sales, Fl. 3391 25 Discount, Fl. 67 82 Arbitrated Eate, 12 26f INVOICE AND ACCOUNT-SALES OF LOGWOOD. Part /., page 111, and end of Part II. Value, . 66 2 5 Am't of Sales, L.f.b. 2444 13 6 Commission, L.n. 61 12 Arbitrated Eate, L.n. 25 58 INVOICE AND ACCOUNT-SALES OF SUGAP* Part /., page 112, and end of Part II. Cost, . $913 4 Boxes, $162 4 Am't in Ster., 251 3 3 Freight, 22 15 4 INVOICE AND ACCOUNT-SALES OF GOLD. Part /., page 113, and end of Part II. Worseness, Oz. 1 15 12 Standard, Oz. 176 13 ACCOUNT-SALES OF GOLD. Part /., page 114, and end of Part II. Bar No. 2 . Stand, Ibs. 4 5 15 1 Silver, 282 dwts. 3 - 4 7 18 15 214 4 . 3 10 21 146 INVOICES AND ACCOUNT-SALES. 141 INVOICE OF SILVER BULLION AND SPECIE. Part /., page 115, and end of Part II. No. 23. Grs. of Silver, . 39233 Grs. of Gold, . 15522 39. . 38399 . 16081 40. . 26461 . 3854 Totals, 104093 . 35457 ACCOUNT-SALES OF SILVER. Part /., page 116, and end of Part II. No. 2. Stand. Ibs. 89 2 13 No. 4. Stand. Ibs. 90 10 Amount, 534, 10s. 9d. 3. 89 7 Grs. of Gold, . 12379 5. 61 19 . 3103 Am'- of Silver, 721, 4s. lid. Am*- of Gold, 244, 6s. fid. No. 7. Stand. Ibs. 75 10 8 Grs. of Gold, . 1489 8. 72 2 15 . 1415 9. 74 9 17 . 1396 Silver, 888, 8s. 2d. Gold, 50, Os. 6d. Dollars, 333, 7s. 9d. ACCOUNT-SALES OF SILVER. (Hamburg.) Part /., page 118, and end of Part II. Fine Weight, . . Mks. 2096 14 5 and Mks. 2755 6 15 ACCOUNT-SALES OF SILVER. (Paris.) Part /., page 119, and end of Part II. Bar No. 2., Frs. 5427 63 Bar No. 3., Frs. 5197 16 4., 4234 46 6, 4025 66 INVOICE OF INDIGO. (Calcutta.) Part /., page 120, and end of Part II. Gross, . Mds. 51 27 9 Tare, . Mds. 9 36 15 Amount, Co. R. 5429 8 6 Commission, Co. R 135 11 9 142 INVOICES AND ACCOUNT-SALES. ACCOUNT-SALES OF INDIGO. (London.) Part /., page 121, and end of Part II. Freight, 10, 4s. 9d. Brokerage, 4, 4s. Commission, 21. INVOICE OF SALTPETRE. (Calcutta.) Part /., page 122, and end of Part II. 307 Bags, Sice. E. 4924 3 277 Bags, Sice. E. 3934 2 Discount, 177 2 Net Am*- 8681 3 Packing, &c., Co. E. 175 3 3 Charges, Co. E., 398 ACCOUNT-SALES OF SALTPETRE. (London.) Part /., page 123, and end of Part II. 123 Bags, . Cwt. 193 13 Amount, . 247 3 217 . 300 1 1 . 382 16 7 60 . 83 2 15 . 105 11 9 Freight, 164, Is. Id. Brokerage, 5, 15s. 6d. Commission, 28, 17s. 8d. ACCOUNT-SALES OF MANUFACTURED GOODS. (Bombay.) Part /., page 124, and end of Part II. Discount, Co. E. 297 1 62 Brokerage, Co. E. 201 9 Del Credere, . 502 2 23 Commission, . 1005 47 ACCOUNT-SALES OF CORAHS. (London.) Part /., page 125, and end of Part II. 230 Pieces, . 162 18 4 370 Pieces, . 259 100 . 69 3 4 734 r.'J. 519 18 4 193 . 137 10 3 240 . .. .. 165 315 -. 217 17 6 26 v V ' 17 4 6 Insurance,-; .9 53 2 5 Freight, ;^.w 10 7 2 Brokerage, . 7 14 10 Commission, . 38 14 4 INVOICES AND ACCOUNT-SALES. 143 INVOICE OF CURRANTS. (Zante.) Part /., page 126, and end of Part II. Amount of Spanish Dollars, In Ionian Currency, .817 15 5 Municipal Dues, 01711 Cost of Butts, . 3718 4 Packing Charges, 12 5 8 Carotels, 17 1 3 Lighterage, . 3 18 7 Brokerage, . 419 ACCOUNT-SALES or CURRANTS. (London.) Part /., page 127, and end of Part II. Disct., 26 12 3 Ins 6 ., 13 Duty, 1207 2 10 Brokerage, 13 6 2 Commission, 53 4 7 INVOICE OF SUGAR. (Havana.) Part /., page 128, and end of Part II. 100 Boxes, $1688 3 211 Boxes, . $3569 3J 60 994 366 , 6374 7 50 885 4J 176 . 2838 6} Weighing, etc., . 300 7} Brokerage, 97 3 ACCOUNT-SALES OF SUGAR. (London.) Part /., page 129, and end of Part II. Insurance, .132 12 6 Return, . .22 14 7 Freight, . . 462 8 8 Primage, . . 23 2 5 Dock Kate, . 93 10 2 Auction Duty, . 28 19 1 Brokerage, . 57 18 2 PARTICULAR AVERAGE. Part /., page 130, and end of Part II. 6 Boxes,. .3612 1 6 Boxes, . .2515 3 4 . . 24 3 3 . . 10 19 10 10 . 13 13 6 3 421 144 INVOICES AND ACCOUNT-SALES. INVOICE OF COTTON. (New Orleans.) Part Lj page 132, and end of Part II. 497 Bales, . $18,067 52 200 Bales, . . $6,702 15 143 . 4,559 89 Brokerage, . 146 65 $19,704 43 @ 1J Premium = $20,000 00 10,374 98 11 = 10,504 67 ACCOUNT OF DRAFTS. (New York.) Part Lj page 133, and end of Part II. 2000 @ 8J % = $9622 22 1133 17 1 8f = 5480 30 ACCOUNT-SALES OF COTTON. (Liverpool.) Part /., page 134, and end of Part II. Duty, . . 458 69 5 per Cent., . 22 18 4 Dock Kates, 29 6 8 Town Dues, . 6 14 8 Freight,. . 916 13 6 Primage, . . 45 16 8 BankComm., 25 1 2 Brokerage, . 45 11 5 ACCOUNT-CURRENT. Part /., page 136, and end of Part II. Interest, 39 19 4 14 13 2 5 17 PARTICULAR AVERAGE. Part Lj page 137, and end of Part II. Proportionate Loss, . . 533 15 3 Amount of Charges, . , , 54 8 1 LEAP YEARS. DIVISORS FOR INTEREST NUMBERS. 145 SUPPLEMENT, No. I. LEAP YEARS. (See page 28, supra. ) To find which year is a Leap Year, divide the number of the year by 4, and if there is a quotient without a remainder, it is a Leap Year : thus 1888, 1892, 1896, and 1904 are Leap Years. If there is a remainder (1, 2, or 3) the figure shows how many years have elapsed since the last Leap Year, and the year itself will be an ordinary year : thus neither 1889, 1890, nor 1891 will be a Leap Year. The only exception to this Rule is in respect of the last year of some of the centuries. Taking the number of the year, and striking out the last two ciphers, if, on dividing the other two figures by 4, there is a quotient without a remain- der, it is a Leap Year: thus 2000 ( = 20-7-4=5) is a Leap Year. If there is a remainder (1, 2, or 3), it is an ordinary year: thus 1800 (=18-7-4=4 + 2) and 1900 (=19-r-4=4 + 3) are not Leap Years. DIVISORS FOR INTEREST NUMBERS. We have given several Interest Divisors for use in calcu- lating Interest Accounts in Accounts-Current, on page 28, supra, and applied some of them to the Examples on pages 23, 25, 29, and 31. As the student may not readily re- member the proper Interest Divisor for a particular rate of Interest, we here give a simple Rule for creating the proper Divisor for any rate per cent. : Divide 36,500 by the Bate per Cent., and the Quotient is the Interest Divisor. 146 DIVISORS FOR INTEREST NUMBERS. The explanation of this easy method is simple enough. The Interest of 100 for 1 year, at 1 per cent., is of course 1. If this were found as an item in an Account in which the Inte- rest had to be calculated by Interest Numbers, Dr. or Cr. t we should have to multiply the amount of money (,100) by the number of days (365) to produce the required Interest Num- ber (36,500). If this Interest Number were taken, per se (without considering the other varied amounts of money and statements of days arising from the various dates in the Accounts), and divided by 36,500, the Divisor Number for 1 per Cent., the Quotient would be 1, that is, 1 Interest. Therefore, by parity of reasoning, if we divide 36,500 by 1, the rate per cent, the result 36,500 is the proper Interest Divisor for 1 per Cent. By the same method, at the rate of 2 per cent, per annum, 36,500-;- 18,250 yields Interest 2, the proper Divisor being obtained by dividing 36,500 by 2 = 18,250; and at the rate of 2J per cent, per annum, 36,500-7-14,600 yields Interest 2, 10s., the proper Divisor being obtained by dividing 36,500 by 2 (or 73,000-7-5) =14, 600. The principle being correct, it is certain that any amount of money for any number of days, multiplied into each other, will produce Interest Numbers, whence the Interest in money, at any rate per cent., can be found, if the proper Divisor for such rate be used. The result can be readily arrived at, for (1) a Dr. Account only; (2) a Or. Account only; or (3) a Dr. and Or. Account-Current. In the latter case, as shown by the Examples already mentioned, it is the balance of the Interest Numbers which has to be found, and has to be divided by the proper Interest Divisor, to produce the Interest, whether expressed in s. d. or in terms of Foreign money. The following List of Interest Divisors is more than suffi- cient for all business purposes. The Divisor multiplied by the Rate per Cent, should make 36,500, or as near that amount as possible. In the selected instances, we have proved the calculations, and placed the result at the right hand. The student may practise with other rates of Interest (as 1J, If, 2}, 3J) in the same way. DIVISORS FOR INTEREST NUMBERS. 147 DvtorNo. 73,000 \ 36,500 36,500 I 36,500 24,334 1 36,501 18,250 2 36,500 14,600 2J 36,500 12,167 3 36,501 10,429 3J 36,501 9,125 4 36,500 8,111 4 36,499 7,300 5 36,500 6,636 5J 36,498 6,083 6 36,498 5,615 6J 36,497 5,214 7 36,498 4,867 7 36,502 4,562 8 36,496 4,294 8J 36,499 4,055 9 36,495 3,842 9J 36,499 3,650 10 36,500 N.B. In Interest Accounts where the year is taken as 360 days, and a month as the 12th of a year, the Divisors will of course be different. For instance, 14,400 for 2J / t 9,000 for 4 %, 7,200 for 5 %, and so on. BANK HOLIDAYS. In explaining the methods adopted by London Banks to lessen the labour of calculating Interest on Country Bank- ing Accounts (see page 32, supra], we have stated that in making the Table of Daily Balances the preceding day's balance for Sundays and Bank Holidays is repeated. The General Bank Holidays in England and Ireland are : Good Friday, Easter Monday, Whit- Monday, First Monday in August, Christmas Day and following day ; or if that be Sunday, the Bank is closed on Monday. In Scotland : New Year's Day, Good Friday, First Monday in May, First Monday in August, and Christmas Day. 148 AVERAGE PRICE OF CONSOLS. AVERAGE PRICE OF CONSOLS (3 %) FOR THE PAST 20 YEARS. s. d. s. d. 1867 93 346 1877 95f 330 1868 93J 340 1878 95 T 3 F 3 3 10 1869 92J 347 1879 97J 316 1870 92J 3 4 10 1880 98f 310 187.1 92f 348 1881 100 300 1872 92^ 3 4 10 1882 lOOj 2 19 8 1873 92J 3 4 10 1883 101 T \ 2 19 2 1874 92J 3 4 10 1884 101 2 19 4 1875 93f 340 1885 99| 302 1876 95 332 1886 100J 2 19 8 Consols reached their highest price on the 24th May 1881, when they stood at 103. Other high prices recorded are October 31, 1882, 102J ; February 13, 1883, 102f ; April 9, 10, 16, 1884, 102f ; and February 19, 1888, 102f. (See "THE STOCKS," page 35, supra.) PEINCIPAL STAMPS AND PENALTIES. Bonds, Debentures, and all other Securities (Foreign or otherwise, except Colonial), when payable to bearer, For every 10, and fractional part of ,10, Is. Substituted Securities for any of the above, For every 20, and fractional part of 20, 6d. Bonds, Debentures, etc., of any other description, Not exceeding the sums under-mentioned : 10, 3d. ; 25, 8d. ; 50, Is. 3d. ; 100, 2s. 6d. ; 200, 5s. ; 250, 6s. 3d. ; 300, 7s. 6d. ; and for every other 100, and fractional part of 100, 2s. 6d. Transfer, Assignment, or Reconveyance of the above, as Collateral Security, where the principal is stamped, For every 100, or fractional part thereof, 6d. Transfer of Shares or Ordinary Stock of any Company, Not exceeding 25 : for every 5, or fraction thereof, 6d. Exceeding 25: for every 25, or fraction thereof, 2s. 6d. Exceeding 300 : for every 50, or fraction thereof, 5s, THE COURSE OF EXCHANGE. 149 Transfer of Bank Stock, 7s. 9d. Transfer of India Stock, 30s. Od. Transfer of Canadian Stock, .... 2s. 6d. Powers of Attorney : For receipt of Dividends (one payment only), Is. ; more than one payment, 5s. ; under 3 exempt. For Sale or Transfer of Government Funds, not exceed- ing 20, or Dividends not exceeding 10 per an- num, 5s. ; exceeding 20, 10s. For Transfer of Shares in any Company, 10s. Marine Insurance : For every 100 or fraction of 100, 3d. For every Policy for Time: for every 100, and any fractional part thereof, not exceeding 6 months, 3d. ; not ex- ceeding 12 months, 6d. Penalty for negotiating Foreign Securities without Stamp, 20. See Supplement No. II., for particulars of changes made by the "Customs and Inland Revenue Act, 1888," in respect of Stamp-Duties on Shares, Bonds, etc., from 1st July 1888. THE COUESE OF EXCHANGE. In pp. 88-98, supra, we have given the Course of Exchange in London, Paris, Amsterdam, and Hamburg, with Examples, Exercises, and Equations founded thereon, from Tate's last edition the moneys of which the rates are given being those existing before 1872, when the Monetary System of Germany came into operation. In Part II. , pp. 125 et seq., we have given the Course of Exchange at London, Paris, Amsterdam, Berlin, Hamburg, Antwerp, Vienna, Italy, St. Petersburg, and New York, at very recent dates, with Examples and Exercises on the same. By comparing the two groups of Exchanges, the difference in the denominations of money is very observable. To assist the student in his calculations of the relative values of various moneys, we here give several Tables, which may be useful, viz. : (1) The Coins of Foreign Countries, with approximate value in English Money; (2) the Exchange Value of the chief Foreign Moneys compared with English s. d. ; (3) French and English Money ; and (4) American and English Money. 150 THE COINS OF FOKEIGN COUNTRIES, WITH THEIR APPROXIMATE VALUE IN ENGLISH MONEY. Gold (G) ; Silver (S) ; Copper (C) ; Browse (B). AMERICA. d. 1 Eagle (G) = 10 Dollars, 41 1 Dollar (G) = 100 Cents, 4 1 1 Dime (S) =10 Cents, 5 lCent(C), . . .00} AUSTRIA-HUNGARY. 1 Ducat (G), . . .94 1 Florin (S) = 100 Kreu- zers, .... 1 llf 1 Ten - Kreuzer Piece (S), . . . . 2i 1 Kreuzer (C), nearly OJ BELGIUM. 1 Twenty -Franc Piece (G), . . . . 15 10 1 Franc (S) = 100 Cents, 9} DENMARK. 1 Frederick d'Or (G), .16 3 1 Crown (G) = 10 Kro- GERMAN EMPIRE. s. d. 1 Crown (G) = 10 Marks, 9 9} 1 Prus.Thaler(S) = 3 Marks 2 1 1 1 Mark (S) = 100 Pfennige,0 11} 1 Twenty-PfennigePiece(S)0 2J HOLLAND. 1 Ten-Florin Piece (G), 16 8 1 Ducat (G) = 5| Florins, 9 7 1 Florin or Guilder (S) = 100 Cents, . .18 1 Two-and-a-half-Cent Piece (B), . ; .00} ITALY. 1 Twenty-Lire Piece (G), 15 10 1 Lire (S) = 100 Cents, . 9} 1 Five-Centimes Piece (B), 0} PORTUGAL. 1 Gold Half-Crown= 5 Milreas, . . . 22 2} 1 Crown=l Milrea (S), 4 5} RUSSIA. 1 Imperial (G) = 10 Rou- bles, . . . .32 nors, 1 Kroner (S) = 100 Ore (B), . . . . 10 llf | 1 Rouble (S)=100 Ko- FRANCE. 1 Napoleon (G) = 20 Frs. (S), . . . . 15 10 1 Franc (S) = 100 Cents, 9} 1 Five-Centimes (B)=l Sou,. 0} pecks (C), ... 3 SPAIN. 1 Doubloon (G) = 100 Reals, . . .20 1 Dollar (S) = 5 Pesetas = 20 Reals, . . .4 1 Peseta (S)=4 Reals = 100 Centimes, . . 1 Ten-Centime Piece (B), 1 2 6 9] N. B. This Table gives only such Coins as will enable the student to under- stand their relative values. The English equivalents are given as near as English Coins will allow. EXCHANGE VALUE OF FOREIGN MONEY. 151 EXCHANGE VALUE OF FOREIGN MONEY. Subject to Fluctuations in the Rate. English Sovereign, . Shilling, . French Napoleon, . Franc, . . German 20-Mark Piece, Mark, . Holland 10-Gulden PC., Florin, . Danish 20-Kron Piece, Kronor, . American Dollar, Spanish Dollar, . Peseta, . FRENCH AND ENGLISH MONEY. English. Amer. French. Germ. (Dutch. s. d. d. c. /. c. m. p. fi. *. 20 4 88 25 20 20 40 12 60 1 24 1 25 1 60 15 10 3 85 20 16 15 9 42 9J 19 1 80 47 19 6 4 75 24 70 20 12 20 llf 24 1 24 1 57 16 4 4 20 70 16 65 10 1 7f 40 2 15 1 70 1 21 9 5 30 27 40 22 25 13 10 1 1 27 1 30 1 13 65 4 1 1 5 6 4 10 2 40 3 11 94 4 95 3 98 2 30 9J 19 95 70 46 S. d. s. d. s. d. 5 Cents, 01 4 Francs, 3 21 20 Francs, 16 10 33 1 5 4 30 33 1 4 50 33 4f 6 4 9J 40 33 1 12 75 33 7J 7 5 7 50 33 2 1 Franc, 9J 8 6 4| 100 33 4 2 33 1 7J 9 7 21 131 Fr. 77c., 5 5 5 3 53 2 4f 10 8 ENGLISH AND FRENCH MONEY. s. d. Fr. c. s. d. Fr. c. s. d. Fr. c. OJ 2J 1 I 25 200 50 OJ. 5 020 2 50 2 10 62 50 OJ 7J 030 3 75 300 75 1 10 040 5 3 10 87 50 2 021 050 6 25 400 100 3 031 10 12 50 4 10 11250 4 042 15 1875 500 125 5 052 1 25 555 131 77 6 062J 1 10 37 50 152 RELATIVE VALUES OF MONEY. AMERICAN AND ENGLISH MONEY, s. d. 5. d. s. d. 5 Cents, 2J 4 Dols ,., 16 6 20 Dols., 424 10 5 5 M 1 7 30 5) 635 50 2 01 6 1 4 8 40 847 75 I 3 Of 7 1 8 10 50 || 10 5 9 1 Dol., 4 1 8 M 1 12 11 100 }J 20 11 6 2 , , 8 3 9 5) 1 17 1221 25 4 2 3 , 12 4 10 5) 2 1 2 ENGLISH AND AMERICAN MONEY. s. d. Dols. Cts. s. 4 - 11 4 5 PRACTICE. II. For valuation by Scores. RULE. Take as many pounds as there are shillings for each, and reckon Is. 8d. per score for Id. each. Then multiply by the number of scores and take parts for the remainder. '. d. s. d. d. s. d. thus 1 each is 1 8 per score. 1 J each is 2 6 per score. 234,, 350,, 4 - 6 8 4J - ' 7 6 584 6 100 EXAMPLE 2. To find the amount of 217 J yards at 5s. 4|d. per yard. s. d. 576 per score. 10 53 15 for 200 yards. 2 13 9 - 10 N 1 6 10} - 5 13 5J - 2} 58 9 Of 5s. 4|d.=,5, 7s. 6d. per score. EXERCISES. Ex. 1. 31 J yards at 2s. 3d. 2. 471 3s. 6d. 4s. 9d. 6s. 4d. 7s. 6d. 8s. lOJd. 10s. lOd. 13s. 5d. Product. 3 10 10 854 15 12 4 27 11 5 34 3 5 44 19 8 77 18 8 108 15 2 4 PRACTICE. EXERCISES to Example 3, Part /,, page 4. d. s. d. Ex. 1. 240 yds. at 4J - 450 6} 24 474 Ex. 2. 240 yds. at 5J - 5 10 11} - 53 5 15 3 Ex. 3. 240 yds. at 6f - 6 15 24 13 6 4f ,,,,- 28 7 11 2 Ex. 4. 480 yds. at 8| - 16 15 2J ,, - 17 16 16 7 Ex. 5. 480 yds. at 9f - 19 5 24 less \ - 18 10 20 3 10 Ex. 6. 720 yds. at 11J - 35 12 6 3 less J 29 35 15 3 Ex. 7. 720 yds. at 171 - 51 15 7 3 7 11 12 17 3 )) j> 53 2 Ex. 8. 960 yds. at 19J - 78 9f n 15 10 78 15 10 PRACTICE. EXERCISES to Example 4, Part L, page 5. Ex. 1. s. d. Ex. 2. s. d. 73 7 10-29 111 13 9 2 3 146 15 8-58 335 1 3 18 6 11-57 13 19 2-62 165 2 8-15 349 5'62 Ex. 3. s. d. Ex. 4. s. d. 304 19 1-29 87 2 3-86 3 4 914 17 3-87 348 9 3-44 38 2 4-66 8 14 2-78 876 14 11-21 339 15 0-66 Ex. 5. s. d. Ex. 6. s. d. 319 8 4-71 246 19 5-57 5 3 1597 1 11-55 740 18 4-71 79 17 1-17 3 1 8-92 1676 19 0-72 737 16 7-79 Ex. 7. s. d. 193 18 11-14 6 1163 13 6-84 = 120s. 24 4 10-39 = 2s. 6d. 1139 8 8-45 6 PRACTICE. 5. 319 cwt. 1 qr. 19 Ibs. at 105s. Prod. 1676 19 072 6. 246 cwt. 3 qrs. 25 Ibs. at 59s. 9d. 737 16 7'79 7. 193 cwt. 3 qrs. 22 Ibs. at 117s. 6d. 1139 8 8-45 N.B. The products of these Exercises are here put down in decimals showing the lOOths of the pence, in order to guide the learner ; but for purposes of business the decimal parts, if above 50, are called another penny; if below 50, are not reckoned. IV. For the valuation of tons, cwt., qrs., and Ibs. at 20s. per ton. RULE. Reckon every ton as 1, every cwt. as Is., every qr. as 3d., and every 7 Ibs. as fd. ; then multiply by the s and parts of a . EXAMPLE 5. To find the amount of 37 tons 17 cwt. S qrs. 14 Ibs. at 24, 10s. per ton. s. d. J . . . 37 17 10 J amount at 20s. 4 151 11 6 6 909 9 =24 18 18 11J=J 928 7 11 J N.B. When the Ibs. are given otherwise than in 7 Ibs., 14 Ibs., or 21 Ibs., the preceding Rule for the cwt. may be used, if the shillings in the price per ton make a fraction of a , for which a corresponding fraction can be taken of a shilling :* thus 3 tons 13 cwt. 1 qr. 17 Ibs. at 47, 10s. per ton, are 73 cwt. 1 qr. 17 Ibs. at 47s. 6d. per cwt. * Otherwise, the extra pounds may be valued at 20s. per ton, which is at tue rate of '107 or 107-lOOOths of a penny per Ib. PRACTICE. EXERCISES to Example 6, Part L, page 7. Ibs. oz. dwts. grs. oz. divts. grs. Ex. 1. 67 11 17 11 = 615 17 11 2. 24 15 17 = 288 15 17 3. 35 10 12 22 = 430 12 22 4. 167 5 18 = 2009 18 5. 231 6 16 = 2778 16 6. 142 10 11 = 1714 11 Ex. 1. s. d. Ex. 2. s. d. 815 17 5J 288 15 8J 1155 2 10 3263 9 10 101 19 8 28 17 6-8 3 12 2-3 3161 10 2 1722 11 8 1122 13 1 Ex. 4. s. d. Ex. 3. s. d. 2009 18 430 12 11 4 T ^ . 502 9 6 43 9 506 13 3 Ex. 5. s. d. Ex. 6. s. d. 2778 16 1714 11 . 694 14 ^ . 428 12 9 1 8 lit 2 13 7f 696 2 11 425 19 2 * In dividing by 120 each (over) gives 2d. t ,, 160 1J J 480 PRACTICE. EXERCISES to Example 7, Part /., page 8. Ex. 1. Take parts (fa and T V) f or Is. 6d. out of 1, 2. Take the 8th of 1. 3. Take the 6th of 1. 6. Subtract the 16th from 1. Ex. 4. s. d. Ex. 5. s. d. 222 12 6 148 15 4 55 13 11 for 5s. 74 7 8 for 10s. 22 5 3 2s. 12 7 11 Is. 8d. 9 5 6J lOd. 18 7 IJd. 87 3 11 87 14 2 EXERCISES to Example 8, Part /., page 9. Ex. 2. Take the 20th for 5, with the half for 2J %. 3. half 50, 4th 12J %. EXERCISES to Example 9, Part /., page 10. Ex. 1. Multiply by 6, and add l-5th of 11 11 2. ,, 5, subtr. l-4th 8 13 3 3. 10, MOth 6 17 11 600 + 20, 500-25, and 1000-10. EXERCISES to Example 10, Part /., page 10. Ex. 1. Ex. 2. 8-77 4-72 11 & . 51-92 fa . 96-47 2-596 4-823 2) 54-516 101-293 27-258 = 101 5 10 = 27 5 2 PRACTICE. EXERCISES to Example 10. continued. Ex. 3. s. d. Ex. 4. s. d. 846 14 4* 467 1693 88 23 7 0=5? 423 72 11 13 6= 105 16 9 100 ) 2222 12 7 22 4 6 = 2| 35 6 = 7J% 431 9 6 100-7J=92J% * Instead of this, we may take the 40th for 2J per cent., with the 20th of the product for l-8th per cent. EXERCISES to Example 11, Part L, page 11. Ex. 1. s. Ex. 2. 8-37 21-73 11 10-865 for 10s. 92-07 2-716 for 2s. 6d. or 4 12 1 13-581 or 13 11 8 Ex. 3. s. Ex. 4. s. 4-79 9-89 7 118-68 = 12s. 33-53 = 7s. 4-94 = 6d. 2-79=7d. l-23=ljd. 36-32 124-85 orl 16 4 or 6 4 10 10 MENTAL CALCULATIONS OF PERCENTAGES. MENTAL CALCULATIONS OF PEECENTAGES. THE Kules given for the different Percentages are formed by making use of such contractions as the reduction of the Pound Sterling into its lower denominations affords, in the application of the proper divisor for each of the rates per cent. If any difficulty should occur in working for any other rate per cent, a proportional statement should be made, and if means of shortening the calculation cannot readily be found, it should be worked by the common method of EULE OF THREE. Thus Example 10, in Part /., page 10, may be thus stated : As 100 : 12f : : 1187 10 6 : Ans. An experienced calculator, however, knowing that 12 J per cent, is equal to l-8th of the Principal, and that the difference, l-8th per cent., is the 100th part of 12 J per cent., may work the calculation by first taking the 8th of the given sum, and then deducting 1 per cent, upon the product. It is 12-J or ^-J or 12-5- -125. The object of employing the decimal parts in several of the following Exercises, is chiefly to prove the accuracy of each of the separate results, by trying the amount of the whole of them against the same percentage on the amount of the Principals. It is a method which is used at the Bank of England and other like establishments, for checking the separate dividends, Tables being commonly used for this pur- pose. Fractional parts may be, sometimes, more conveniently employed, as 20ths for 5 per cent., 40ths for 2J per cent., etc., as is done in page 13, infra. N.B. For additional Rules for mentally calculating 2 per cent, and 1J per cent., see pages 13 and 14, infra. PRACTICE. 11 and consider the quotient as so many shillings, and reckon the remainder of the pounds with half the nearest even number of shillings, as so many tens and units of farthings, abating 1 when they exceed 12, or 2 when they exceed 37. N.B. This Example and the following Exercises may be worked also by the method of Example 8. Also Part Second, pages 8, 9, may be referred to, for the best modes of working all these percentages. EXERCISES. Ex. 1. 877 at 11 guineas per cent. Prod. 101 5 10 2. 472 at 5J guineas per cent. 27 5 2 3. 846, 14s. 4d. at 2| per cent. 22 4 6 4. 467 at 92J per cent. 431 19 6 PARTICULAR RULE For the percentage in shillings and pence. Multiply the principal by the number of the shillings, and take parts for the pence out of a shilling, adding or subtract- ing as the Example may require ; then consider the pounds in the product as so many shillings, and divide them by 100, reducing the remainder (or the figures cut off) into pence, and again dividing by 100. EXAMPLE 11. To find the amount of 1733 13 8 at 13s. 9d. per cent. s. d. 1,733 13 8 14 24,271 11 4 for 14s. subtract 433 8 5 for 3d. ifo . . . 23,838 2 ll = 238,38s. 38x12= 4,56d. Amount 238s. 4Jd., called 11, 18s. 5d. 12 MENTAL CALCULATIONS OF PERCENTAGES. EXERCISES. (Part /., pages 17-20). s. d. s. d. s. d. Ex. 1. 17 16 Ex. 2. 22 7 51 Ex. 3. 6 14 9| 2 7 2 16 9 3 4 7 3| 25 14 41 8 41 28 7 llf 3 7 2 5 8J 4 13 9J 22 7 26 17 6J 33 13 3 2 12 IT 4 12 8 f 4 8 H 74 5 3f 100 8 6 82 5 2f Ex. 1. 1 7 Ex. 2. 3 11 9-9 Ex. 3. 3 16 10-6 1 10 2 5 10-6 1 13 117 1 2 6 8 3 10 4 4 2 3 9 2 1 5-3 5-8 11 3 22 18 2-9 2-9 2 8 2 9 1-6 4 9-4 9 2 6 41 10 4 6 8 Ex. 1. 1 1 Ex. 2. 1 16 5 Ex.3. 13 2-1 1 3 10-5 1 3 5-2 2 2-3 5 4 3-1 7 14 0-8 1 3 2-2 15 11-3 17 10-1 1 47 4 5 17 5 9 10-6 18 5-2 1 8-6 1 3 2 1 2 11 13 10 11 18 4 9 4 1 3 Ex. 1. 3 Ex. 2. 4 9 51 Ex. 3. 1 6 Hi 1 11 17 5 I -2 15 8 5 8J 5 13 n 3 10 9 if 18 9 10 5 7 6 6 14 7f 15 18 6i 17 7* 21 20 1 8 16 9 OJ MENTAL CALCULATIONS OF PERCENTAGES. 13 TO CALCULATE 2 PEE CENT. EULE. For the Pounds. Cut off the unit figure of the pounds in the principal, and divide the higher figures by 5. For the Shillings. Multiply 4s. by the number of the re- mainder in the preceding division, and add Is. for each 2, 10s. in the remaining part of the principal. For the Pence. Consider the shillings in the rest of the principal, after the foregoing valuations have been made, as so many farthings, abating 1 from 12 to 37, or 2 when above the latter number. EXAMPLE. To find the amount of 538, 16s. 2d. at 2 per Cent. Product. 10, 15s. 6Jd. Cutting off the 8 in the number of the pounds, and dividing 53 by 5, we get 10 in the product, with a remainder of 3 ; then 4s. multiplied by 3, with 3s. for 7, 10s., make up the 15s. ; and lastly, the remainder of the shillings in the prin- cipal (8, 16s. less 7, 10s. = 1, 6s.) being 26, by abating 1 we get 25 farthings or 6Jd. For Exercises on the above, those to 2J per Cent, (see Part L, page 15, and the present Part, page 11) may be used, the following being their products at 2 per Cent. s. d. s. d. s. d. Ex. 1. 8 19 4 1 19 6 18 6 1 13 4 938 1 17 1 Ex. 2. 14 19 2 Ex. 3. 18 15 83 3 104 1| 16 10 6 14 13 1| 143 3 1 167 9 51 18 10 9 12 9 91 107 10 H 103 5 2 30 11 3 383 16 11 420 12 8} 14 MENTAL CALCULATIONS OF PERCENTAGES. EXAMPLE. To find the amount of 657, 19s. lid. at 5 per cent. Product, 32, 17s. 11-95-lOOd. Taking the 657 as shillings, we obtain the 32, 17s.; taking 19s. lid., we put down 5 hundredths, because there is an odd penny, and carry 5 for the half of 11 ; then we say, 6 times 9 are 54 and 5 are 59, put down 9-10ths and carry 5 ; 6 times 1 are 6 and 5 are 11. Or the pence and parts may be obtained thus : 9s. lid. are 119 pence, 20 in 119 gives 5 and 19 over (or 19-20ths); to the 5 pence add 6 pence because there are also 10s. in the principal. The 19-20ths multiplied by 5 or divided by 2 may be set down as 95-100ths, or -95. EXERCISES. Ex. 1. Ex. 2. Ex. 3. & s. d. s. d. s. d. 400 520 10 6 337 15 7 67 10 44 17 10 67 14 2 844 6 536 13 7 824 7 11 90 00 97 16 4 53 10 5 456 17 8 357 19 6 263 13 3 55 12 6 42 95 17 11 PRODUCTS OF THE COLUMNS. Ex. 1. Principals 1914 6 2 Percentages 95 14 37 2. 1599 17 9 79 19 10-65 3. 1642 19 3 82 2 11-55 See Part IT. , page 11, for products of separate items. INTEREST ACCOUNTS IN ACCOUNTS-CURRENT. 15 INTEREST ACCOUNTS IN ACCOUNTS- CURRENT. WITHOUT fully entering into this subject, which properly belongs to a Work on Book-keeping, the following observa- tions may serve to give the learner some useful information on Accounts. An Interest-Account is sometimes detached from the General Account, being placed either at the foot of it or in another place, the balance only being inserted in the latter account. In this case, the D r and C r portions of the Interest- Account are occasionally placed one under the other, (particularly when they belong to the adjustment of an Account-Sales,) instead of being placed, as in general, on opposite sides of the account. The position of the different portions of each line or entry is much varied, as, among others, in the following ways, for the first line on the D r side of Example 2, in Part /., page 23. 1887 Due. Days. Interest. Principal. June 30 | To Balance | June 30 | 184 | 28 10 9 | 1426 16 4 1887 Due. Days. Interest. Principal. June 30 | To Balance | June 30 | 1426 16 4 | 184 | 28 10 9 In the forms used in Part /., pages 23, 25, 29, the date of entry in the books of the party making out the account is omitted, as being of no importance to the party to whom it is to be sent ; and the principal sum is placed on the left of the account, to be followed by the cause of its being charged, by the date when due, the number of the days for which the Interest is reckoned, and the amount of the Interest or its equivalent Interest-Number. N.B. The Account on the next page has Balances, and consequently Interest, on the Dr. side only. 16 INTEREST ACCOUNTS IN ACCOUNTS-CURRENT. EXERCISE 1. (Part /., page 24.) First Method with Interest Numbers. 1886 Dec. 31 . 1887 Feb. 1 . D r s. d. 863 17 10 241 8 8 C r Day 32 D r 27,648 C r Mar. 17 . D r 622 9 2 150 'C 1 ' 44 27,368 Apr. 11 . D r 472 9 2 64 13 'C'' 25 11,800 29 . D r 407 16 2 100 'c r ' 18 7,344 May 16 . D r 307 16 2 300 V 17 5,236 June 14 . D r 607 16 2 500 V 29 17,632 July 16 . D r 1107 16 2 600 'o' 32 35,456 Aug. 1 . D r 507 16 2 307 7 'c r ' 16 8,128 ,, 23 . D* 200 15 7 500 V 22 4,422 Sept. 17 . D r 700 15 7 357 10 V 25 17,525 Oct. 11 . D r 1058 5 7 160 D r 24 25,392 Nov. 4 . D r 1218 5 7 300 *D r * 24 29,232 Dec. 20 . D* 1518 5 7 233 18 4 *C r 46 69,828 D r 1284 7 3 41 5 Interest 5 / 11 14,124 31 . D' 1325 12 3 ol 365 301,135 INTEREST ACCOUNTS IN ACCOUNTS-CURRENT. 17 6 * CO O O O O "^ ^H Oi lOlOCOOOCOt^O CMCOT-HCOCOCOIOCO rH OCOt^^OCOCMrH GO ^ i I CM O <*! O T-H CO CO T-H CO g. CO OS ^ CO GO CM T-H CO GO CO TtH CO XO T I CO CM CM T-H i I ^ 00 O O O t* ^ Oi ^ H ^ w , 00 O CO O O oo CM CO ^ eo T-H 11 r-H r-H s fXj 5 T-H O ^H O t- CO iO CM ^ M-l 'rt fi> ^ 10 CO CO CM CM GO o II r-H l>- T-H Oi CO 1 1 i-H | K^, I-H T-H CM T-H CM CO r^H ^*s CO t . ^< "^ o oo ^ eS &i S'5' 1? pd "8 Pi r ^^ ^^ t^- ^**J r~i '? fl O 5 co O 00 t^ o CD o T-H o +3 a 0> py 1 )i visor -4-5 10~ co o 10 I- CM ._ ccT 3 PH rH CH i-H co o CO CO r-H T-H j< ^^ C3 ^^ CO T-H CO CQ p^ - . ^ O "fl 8 ,-_) co^ ! CO CO CJ5 O CM CM CM 8 I-H 10 i-H CO t- s 10 o t -M 1- 3 *^1 e7? J 1 g ^ O O O CO ^ 1 1=-! * J^. o *o CO MH CO T-H I-H T-H CO CO 8 1 !o rH O -^H CM CM fa GO CO 1O co 1 1 CO O o co 1 T-H CO ^ ec I- T-H ^ T-H 1 co GO CO t>. T 1 r I CO . O o ^5 I"H n ^r^H? -5 m M 18 INTEREST ACCOUNTS IN ACCOUNTS-CUHKENT. ^ 00 CO 0) rH 00 t^ rH rH o l-T rH T-H It O 00 -Jj CO CO xfn !> J^ -H ^ 43 rH rt 10 > &H . c ^* S, M 2 ^1 rH OO CO XO -^ o -2 a 1 ^T IQ co CO t>- rH t- (M >o CO "* r 1 -^ IS c*l CO rH O5 CO rH 00 iO T 1 1 1 (M ^H O ro z! TO -r^H rH 00 O Q-, i d ,_; * PH ^J ~ !>. I rH 3 i ""} ^^ o g c 1C CO rH rH 1^ CO oo co I-H T^ CO - ^ 1 co co J^ rH rH (M rH T-H CO R2 oo OO O (5 00 - r-H >> S3 ^"p^^j S* & 1^ ^^OO io CO(MI>.CDO co icoo X ** 00 O O O 5 o co o o co ?H rH IO O (M t- 100^* 1OOCM t^OCO OOCOCM^ (M 1-1 GO 1O ,5 ss t- O cqt^ * * CO COCOOOb-O^O ^OOOOCOO^O CO ^OO-H i lOOCO OTCOO COCOOO i 1 T-I CM co CO OF O> T3 g) I H -PH .s a s 82 ^ .2 | 60 < .2 a 20 INTEREST ACCOUNTS IN ACCOUNTS-CURRENT. I CO w 03 I 3 O ^?i s rH^rHrHOCOCOCO 10 r- i 10 co ^ ^ 10 rH co r i ^.(MrHOilOCOlOr- 1 w d rQ o "^ so rS sS'qj ~ <& 1-7, ^ Q HjfJti P OCOOOrHCOOOOOCO^H OOOCqiOCOCMOOr-HCM OCOt-COi iCOOOCOt^ I - CO l>- * h^- 00 ~ ^00 ^00 ^00 ^rH ^H co * - ~oo "oo ^00 ".id MH rH rH rH rH H O Q >^ v^; I i s^/ %^^ V.M ix^ i - *xw \^-rf i^j MCO 9) "2 /o> . 105| 53 J> ^ /O' . 94| Metropolitan Corporation, 3J %, . . . 113 Birmingham 3J %, . , 109 109J Liverpool 3J %, . . 109J 110 Nottingham 3 %, . 96J 97 ' * This New 2f % Stock, bearing 3 % interest to 5th April 1889, and 2f interest to 5th April 1903, becomes afterwards 24 % Stock, irre- deemable to 5th April 1923. It has been created by Mr. Goschen's Budget of 1888-89, in lieu of Consols, 3 %, Keduced 3 %, and the earlier New 3 %, and is called New Consols (Goschens). 30 THE STOCKS. For an explanation of the prices of the Stocks, reference may be made to Part /., page 36 ; and for the same of the Terminable Annuities, of Exchequer Bills, and Miscellaneous Bonds, also to Part /., pages 41-43. Further observations on these subjects, and on Bank and India Stocks, will be found in those following Sections of this Part in which the calcula- tions are shown. There now remains only to make a few observations on the term far Account, used to the quotations in the List on the previous page. The given quotation say, for the 3 per Cent. Consols, at 100J, 100J shows the prices at which bargains were made on this day, July 27, 1888, to deliver and take Consol Stock at the next fortnightly settling day the two prices indicat- ing, as they do in other instances, the fluctuations on the given day in these prices. These time bargains are considered to be made to suit the convenience of either the purchaser or the seller, though very often they arise from speculations as to the expected rise or fall in the prices by the settling day. In either case, it often occurs that the Stock is not demanded or delivered, but is either carried over to the following account, at a rate of con- tinuation then agreed upon, or is resold by the purchaser to the seller, the one paying and the other receiving, according to circumstances, the difference between the prices of the Stocks on the day of the bargain and the day of settlement. If carried over the rate of Interest charged is called Contango. The first day of the Settlement is Contango day, when the client must decide to pay, or continue it ; the second day is Ticket day, when the Broker must pass a ticket of full parti- culars ; and the third day is Pay day, and the Stock may be delivered then, or on any of the following ten days. N.B. The days of shutting and opening the Books for transfer are fixed by the Court of Directors of the Bank, and the time of being closed is longer or shorter according to the extent of the accounts. THE STOCKS. 31 CASE 1. (Part L, page 37.) Ex. 1. s. d. 96 10 12 1158 Value 1 10 Brokerage Ex. 2. s. d. 97 15 733 2 6 Value 18 9 Brokerage 1159 10 Cost 734 1 3 Cost Ex. 3. s. d. 96 12 6 Ex. 4. s. d. 744 97 J* 845 9 4 Value 1 1 11 Brokerage 723 10 10 Value 18 8 Brokerage 846 11 3 Cost 722 12 2 Net Ex. 5. s. d. 564 15 10 14 2 5 Ex. 6. s. d. 823 17 7 425 578 18 3 Value 14 2 Brokerage 819 15 2 Value 107 Brokerage 578 4 1 Net 818 14 7 Net N.B. The Charge for Brokerage in the above and in the following Exercises is taken at the exact amount, except that any fraction of a penny is charged 1 penny. It may be calculated by the Rule for l-8th per Cent., Part /., page 19. The Charge for Brokerage on odd amounts of Stock is not uniformly the same. Some Brokers charge in sixpences for each 10, or under, of Stock; others charge Is. for 25, Is. 6d. for 50, 2s. for 75, or under these sums, and 2s. 6d. when above 75. * By a typographical error, 94 is given in Part /., page 37. 32 THE STOCKS. CASE 2. (Part /., page 38.) Ex. 1. 91 J with = 92 Cash. i As 92 : 100 : : 100 : Ans. 92 ) 10000 ( 108-695 800 or 640 108, 13s. lid. Stock. 880 520 In this contracted mode of Division, instead of reducing the remaining into sterling shillings, etc., we reduce it into decimal shillings, pence, and farthings, of 10 to each higher integer, and value them by reckoning 50 decimal farthings to the sterling shilling. N.B. It is a little under 07 or 14s., therefore 13s. lid. Ex. 2. 98f with = 9Sf Cash. As 98-| : 100 : : 1000 : Ans. s. d. V 1000 12 10 032 1012 13 2 Stock This calculation may be worked by reducing the first and third terms into fourths, and then dividing 400,000 by 395; but as the first term is 1J per Cent, less than the second, we can also work the calculation, as here done, by adding on to the amount of the third term a succession of 80ths. N.B. If the charge for Brokerage is made otherwise than at the exact amount, the quantity of Stock must be reduced for the produce of the difference. THE STOCKS. 33 CASE 3. (Part /., page 38.) Ex. 1. 97|- lessi- = 97 Cask As 97 : 100 :: 100 : Ans. s. d. *97) 10000 (103 1 10 Stock 300 etc. Ex. 2. s. d. AslOSJ : 100 :: 854 10 : Ans. 421 3418 s. d. 421) 341800 (811 17 6 Stock 500 etc. N.B. The quantity of Stock to be sold must be proportion- ately increased, if the Brokerage is charged at more than the exact amount. The results of this and the last Case should be proved, as thus for Ex. 1, above, using the decimal of a for Is. lOd. (viz. -092). 103-092 99-99924 12886 s. d. 100-128 = 100 2 7 Value 2 7 Brokerage 100 Net. * This and other Examples are worked by brief methods of Division. 2 N 34 THE STOCKS. CASE 4. (Part /., page 39.) The Stocks of the Companies concerned in the calculations of this Case are transferred at the India Office of the Bank of England, and the Transfer days and regulations are the same as for English Government Funds. INDIA STOCKS. The total Interest-bearing debt of India in England, amounted at the beginning of the fiscal year 1886-87 to upwards of seventy-three million pounds sterling, and the total interest-bearing debt of India in India, was at the same date over ninety-one millions. The Loans raised in England consist of (1) India 4 per Cent. Stock, 53,306,100, redeemable on and after October 10, 1888, upon one year's notice by the Secretary of State for India; interest half-yearly, 5th April and 5th October. (2) India 3 per Cent. Stock 11,398,017, not redeemable until 5th January 1931 ; interest quarterly, 5th January, 5th April, 5th July, and 5th October. (3) India 3 per Cent. Stock, 12,748,548, redeemable 5th October 1948; interest quarterly, 5th January, 5th April, 5th July, and 5th October. There are also India 3J per Cent. Debentures issued in 1884, in amounts of 500 and 1000, payable to bearer. The bonds have coupons attached, payable half-yearly at the Bank of England, 16th February and 16th August, and redeemable at Par, 2,000,000 on 16th August 1889, and 3,000,000 on 16th August 1891. The Loans raised in India consist of India Government Eupee Promissory Note Loans,* and other Loans, the description of which cannot be given within the limits of this work. BANK STOCK has been formed by the subscriptions of the Proprietors, with additions from the surplus Profits, and has been employed by the Company as a loan to the Govern- * These Promissory Notes are known as " Enfaced Paper," from the notification printed on the face of them that "Interest is payable in London by draft on Calcutta." In Stock Exchange transactions, the buyer of "Enfaced Paper" has to pay the seller, in addition to the market price, the interest accrued from the last payment of interest to the day of purchase. The Loans are quoted at " per Cent." in Sterling, and the interest is calculated at the rate of 2s. per Rupee of accrued interest. THE STOCKS. 35 ment, with the sanction of Parliament. The capital, at the first, amounted to ,1,200,000, the power of giving a Charter and forming the Company having been granted to the Crown, by an Act, passed in 1693, entitled "An Act for granting to Their Majesties several rates and duties upon the tonnage of Ships and Vessels, and upon Beer, Ale, and other Liquors, for securing certain recompenses and advantages in the said Act mentioned, to such persons as shall voluntarily advance the sum of 1,500,000 towards carrying on the war with France." Out of the produce of these duties, the Bank were allowed =96,000 per Annum for Interest upon their advance, as above, and 4000 per Annum for defraying the expenses of management. The Charter was dated July 27, 1694. Between 1697 and 1782, by new Subscriptions and Calls, the Capital was increased to 11,642,400; and by further additions out of what is called the " Rest," there was a fur- ther increase to 14,686,800 in 1816. No reports are pub- lished, and no accounts beyond Weekly Statements of "Assets and Liabilities." The dividends are due 5th April and 5th October. These were in 1880-81, 9J; 1882, 10J; 1883, 10 J; 1884, 9f; 1885, 10; 1886, 9J; 1887, 9f. The Reserve Fund or "Rest" necessarily varies from week to week. On August 1, 1888, it was 3,357,157. This amount shows the Balance in favour of the Bank, for if they converted their Securities, as Exchequer and Mercantile Bills, Bonds, etc., into money, the amount of these, together with their stock of Bullion, would enable them to pay off all their outstanding Notes, with all claims for the Deposits, which, as with private Bankers, have been made with them, and it would leave to them the amount of the "Rest" for their private property. Besides this, it must be recollected that they have a claim upon the Government for 11,015,100. In 1816 this claim was 14,686,800, but one-fourth being subsequently repaid, the amount since 1860 has stood at 11,015,100, on which the Bank receives 3 per Cent. Interest. They likewise possess 4,080,000 in Stock of 3 per Cent. Annuities, to- gether with the Buildings, Land, etc., of their establishment, which have been valued at upwards of One Million Sterling. The Bank transacts the Government Business, and has among other valuable privileges the sole right of issuing notes within 65 miles of London. By the Bank Act of 1844 an 36 THE STOCKS. Issue Department was established, and notes to the amount of .1 4,000,000 authorised to be issued against Government Securities, without a Gold reserve. This is now over 16,000,000. According to the return of August 1, 1888, there were notes amounting to ,35,502,860 in circulation, against Government Securities and public and private Deposits. A Summary of the Affairs of the Bank of England is pub- lished weekly in the London Gazette. We give one of these Summaries of recent date, August 1, 1888, in Supplement, No. 2, at the end of this work. EXERCISES TO CASE 4. (Part /., page 39.) Ex. 1. s. d. 1000 India Stock at 276, . . 2760 Transfer, . . 1 10 Brokerage, .150 2 15 Net, 2757 5 Ex. 2. s. d. 500 Bank Stock at 196, . . . 980 Transfer, . . 12 Brokerage, . . 12 6 146 Net, 978 15 6 Ex. 3. s. d. 800 Canada Stock at 201, . . 1608 Transfer, . . .080 Brokerage, . .100 ion i o \j Net, 1606 12 The above, it will be noticed, are Sales. There is no ex- pense of Transfer to the Purchaser except when the quantity of Stock is so small that the Seller will not pay it. This ex- pense is occasioned by these Transfers requiring a Stamp, from which all the Government Stocks and Annuities are exempt. TERMINABLE ANNUITIES. 37 CASE 6. (Part /., page 40.) The selling prices of the Stocks include what are called the growing dividends since the last date when they became due, excepting, that if any bargain is made for the sale of any such Stock during the time that the books are shut, to be delivered upon the opening of the books, the price is generally stated to be ex dividend, because the purchaser would not, in this case, be allowed to receive from the Bank the dividend then due, unless he had a Power of Attorney from the seller, for this purpose. Calculations of the rates per Cent, of Annuities that are produced from the prices of the Stocks, are seldom made with the precision used in the Example to this Case, though there are some estimates of the values of Stock in which the net prices are required to be found. In the Consolidated and Eeduced 3 per Cent. Annuities, there is, when the books of both are open, a difference of one quarter's Annuity, or J per Cent., in their intrinsic values; but yet there is not always this difference in their prices, because there is generally a slight preference given to the Consols, on account of the dividends becoming due at Midsummer and Christmas, when money is commonly most wanted. TERMINABLE ANNUITIES. EXERCISES 1 and 2, Part /., page 41. In each of these Exercises, the Annuity or the amount to be received per Annum is multiplied by the number of the years in the rate of the price, and the Brokerage is reckoned upon the Annuity, at the rate of 6d. for each pound, and, generally, for any fraction of a pound. In the Example, the purchaser of such an Annuity would have to pay 638, 15s., and he would then be entitled to receive 50 per annum, until the end of the term of the Annuity. 38 EXCHEQUER BILLS. EXCHEQUER BILLS. Exchequer Bills are issued from the Exchequer by virtue of the Act of Parliament specified on each Bill ; and those which are so issued in aid of the Eevenue are declared to be current in any of the Public Revenues, Aids, Taxes, or Supplies, or to the account of Her Majesty at the Bank of England, after twelve months from the date they bear. This clause is now, however, of no effect, because they are called in for payment or renewal within a few days (as stated in Part L, page 42), before or after the expiration of the year. When Exchequer Bills are renewed, the Interest is paid, and the holders necessarily prefer a renewal, because by claiming payment they would lose the Premium which these Bills generally bear in the Market. The Rates of Interest on these Bills have frequently varied, ranging from 3|d. per Cent, to l|d. per Cent.^r diem. N.B. Eeckoning per annum, the March Bills of 1886 were 2 and 2J per Cent., and the June Bills of 1886 were 2 per Cent. EXERCISES, page 42. Ex. 1. Interest 8, 2s. ; Cost 1666, 10s. Ex. 2. s. d. 2 Bills, 500 each, . 1000 1 do, . . . 1000 - 2000 Interest, 139 days at 4s. 2d., . 28 19 2 Premium, 2s. %, . 200 2030 19 2 Brokerage at Is., . 100 Net, 2029 19 2 BONDS OF COEPOEATIONS, ETC. 39 BONDS OF COKPOKATIONS, ETC. During the last two decades the rapid growth and increas- ing importance of Corporate bodies in the United Kingdom, and the new methods which they have introduced in their system of raising moneys required for local purposes, have excited much attention in the Financial world. The con- version of Corporation Loans into Marketable Securities had no existence before 1870. On -the 1st January 1873, 5J millions sterling was all that stood under the heading "Corporation Stocks." It is now over 70 millions. The Loans are chiefly for Public Works and Improvements, sanctioned by Parliament, and are raised at various rates of Interest. All have special Securities in the General Estates and Revenues of the Corporations. The Loans are redeem- able in a stated number of years. Stocks are convertible into Bonds of 100, 200, 500 and other amounts, payable to bearer, with Coupon sheets attached. The Metropolitan Board of Works Stock, and Birmingham, Liverpool, Hull, and other Municipal issues are domiciled at the Bank of England, where the regulations of transfer are similar to those of Consols. The Examples and Exercises in Part /., pages 42 and 43, show the principles upon which the calculations of Exchequer Bills and Corporation Bonds are made, which is all that can here be attempted to be done. EXERCISES, Part /., page 43. To be arranged as in the Example. Ex. 1. Int. for 2 mo., 6 13 4 30 days, 3 5 9 Premium, 2 10 Brokerage, 10 Ex.2. Int. for 3 mo., 17 13 days, 285 Premium, 520 Brokerage, 17 40 MAEINE IKSUKANCES. MAEINE INSUEANCES. Contracts to undertake the risks of Marine Insurance are made either by individual subscribers, called Underwriters, or by the Chartered Companies. Policies of Insurance effected with the former are said to be done at Lloyd's, a name given to the place of general insurance business, from that of the proprietor of a Coffee- House, formerly used for the same purpose, in Lombard Street. The concern was afterwards removed to Pope's Head Alley, where it was called New Lloyd's, and sub- sequently, in 1773, to some rooms in the upper part of the Eoyal Exchange ; and the interest in the same having long since been purchased of the proprietor, it has from that time been placed under the management of a Committee of the Members. The only Chartered Companies which were formerly authorised to subscribe Policies of Marine Insurance were the London and the Eoyal Exchange Assurance Companies. This exclusive privilege was conferred upon them by authority of an Act of Parliament passed in 1719, but this Act having been repealed in 1824, various other Companies have since been incorporated, and it is still considered to be illegal, under the penalties of rendering the Insurance void and of forfeiting an amount equal to the sum subscribed, for a partnership firm to be affixed as underwriters to a policy ; a restriction which is, however, rendered in a great measure nugatory by the subscription of their separate signatures, or by one party acting for the others as their Agent. MAKINE INSURANCES. 41 Insurances are mostly effected by Insurance Brokers, and besides the allowance on the Premiums noticed in Part L, page 47, a Discount of 12 per Cent, is also allowed upon the balance of the yearly account, when in favour of the Underwriters, upon the settlement of the account. The Companies make the same allowance to parties having accounts opened with them ; but if these accounts are settled monthly, or if the premium is paid at the time of effecting the insurance, besides the 5 per Cent, on the Premium, a further allowance of 10 per Cent, is made on the remainder, as a Discount, without reservation or reference to any present or future claim upon them for either an average or a total Loss. The forms and conditions of the Policies used by Under- writers slightly differ from those used by the Chartered Companies. Their general tenor being however the same, for the information of those who are unacquainted with In- surances, we give on the next two pages a copy of a filled-up Policy as used at Lloyd's,* premising that the figures denoting how many pounds the Policy will cover, the date of its delivery from the Office, with the number and the signature, in initials, of the distributor, are necessarily omitted. It is also to be observed, that an original document occupies only one large page, and that to each Underwriter's signature is added the amount, both in words and figures, of the risk which he has undertaken ; and it is requisite also to state the day and year on which the signature is affixed, in order to give validity to the insurance. * It may be here observed, that in Policies of Insurance from one foreign port to another, as from Rio to Trieste, an addition is some- times made to the Memorandum, giving permission for any Average to be made up according to the Custom of the Port of discharge. 42 MARINE INSURANCE POLICY. S " II IJ o o 1b o I P-I & }8 3^ 3 13 .S . c^ p Is H > cc i lri 3 2 - ? Q (3 ~ l S H II 5 M .st r^ ,0 ^^s-i d^ a 58 fil^H 3-i.g e 1 00 r^ 1^^1.1 f S'S.^g-i * ,S ^-5,2 - -g 2* 11 *! - Hill S s O g ^ : MARINE INSURANCE POLICY. 43 -s^^s ^ ?:5^ ^^ -H a s a ~ o m *&*&* *3 1 OJ'I i solfj *i*$aH:li oT'c o a" .5 ^9 *M*-3lig itfo^blWS. i^ ^^ Ci *-H j^^ ^^ C ^" J I . 'J'' * O Si 'H < % iJ'wi'^S -rr-( ^t 5 - 1 nin H 5~S 4J ' < 5Sd CO J>- co * p^ O C I-H I.&S 9 o ^ CO co : > o ^ 13 02 f>d ^^ f^ rH o I-H *^ r <~| ^ c+i ' Oi o pq o3 -^ M " ^ ^ ^COOCOOCO O CO g^ ^Q 1* O d ^ t>- rH oo o o :! : j ; :o : ; ' ^ & ^.S m O rt>0 i-i rH O I-H CO 05 W C8*-** CO ^f 5 B a, S^ ' of ' ^-^ ' * f & *S &. d 0^ cS n? * * ^^ ?V^ ^"^ . ^ j^'"^ O *\ n PH ,O ci "eg Q) w" a ~S d ^ & 1 -"^ ^3 s ^ O fe rt v^ CJ *^^ t* t^ 1 W**-^ ^ PH I^ ? ^ , p "^ rrt f* O \ ^ _Q ^* r"^ ^ E^^ ^ ^^ ^^ y^ j^ : GENERAL and ] } Genoa, occasione lage was sustaine< 1 for general prese Disbursements at < 1 ifeilfsfiit SI S f> ts " " a S "S ^ MO 5^Sl S llHl'S 9-Sl o 8.1 g| S.J, S- 9 OO^-^g^c^Qgoog ^ I d r^ CQ r^5 ^ "^ h> OT WH'Kr^l |'^3'2 ! ^COOCOOCOOOCOIOOOCO O) w d 2 J5 -4^ T~n ghl SrO 1 .-t-cqoooooorHOt-c^ooio i 1 rH rH rH rH rH rH ^ Jl IO-rH tOO CO H ^S ^ CO rH -^ rH Florins. Pence f Eouble. Prussian Thalers. Florins and Kreuzers Pence f Duro. Lire Nuove & Cent. Pence ^ 6 Lire Austr. Ducat. ,, Milreis. The rates given in foreign money are for 1 Sterling, except the rate for Frankfort, which is for 10 Sterling. The rates for Berlin and Petersburg are nominal. Time. Rate. Amsterdam 3Mos. 12 3f ?J Short 12 ,2J Antwerp 3Mos. 25 80 Hamburg J5 13 111 Paris 25 72| M Short 25 55 Frankfort 3Mos. 120| Petersburg Berlin 3 Us. 3 Mos. 36| 7 Vienna 9 52 Madrid tj 49J Genoa n 25 80 Venice 47 Naples 39| Lisbon 60 Days 53f N.B. As the Course of Exchange continually varies, the lists are only intended to be average or definite prices. ARBITRATIONS OF EXCHANGE. 83 EXERCISES. (See Part /., pp. 63, 64.) Ex. 1.* Multiply Frs. 2-0975 by 12, and take parts for If Stivers. Ex.2. 1 1 1 : 10 1 Fl. and Kr. 100 . 254 Francs. To Frs. 25-40 add l-600th for 1 (Old) Kreuzer. Ex.3. 240 Pence? (1920) (321) 40J . 1 Ducat. 100 . 418 Francs. Bring the Pence into 8ths, multiply 4-18 Frs. by 1920, and divide the product by 321. N.B. Any numbers produced by the reduction, multipli- cation, or division of any two terms (one on each side) of the Equation, may be set (as the above are), in parentheses, by the side of the original numbers, which are then to be can- celled. Ex. 4. 1 ? 1 . 25-60 Francs. 187 . 100 Marks Banco. Divide 2560 Marks by 187, bringing the remainder into Schillings. N.B. In reading this Equation we say What will 1 Sterling produce; If 1 will buy 25 Francs 60 Centimes, in London, and 187 Francs will sell for 100 Marks in Hamburg ? The other Equations may be read in a similar manner. * For the Products of all the Exercises (numbered 1 to 69), l-anging from this page 83 to page 111, infra, see Part /., page 85. 84 ARBITRATIONS OF EXCHANGE. . Ex. 5. 1 1 I . ' 30-40 Lire. 218 . 100 Marks Banco. To be worked as Ex. 4. Ex.6. 1 ? 1 - . 20-60 Mks. and Pfen. 100 . 59 Florins. 48 . 100 Francs. 2060 x 59 - = Francs 25-32. Ex. 7. Statement made. (Part L, p. 64.) 2-42 Flor. 240 49J)58080 [=99)116160] ' Florins 1173 It is to be particularly observed that, as we always know what the rate to be produced will nearly be, decimals may be used as if they were whole numbers, and that all ciphers in the lower part of whole numbers not having fractions may be omitted. In this case we know that the result will be about 12 Florins=l. Ex. 8. Statement made. (Part /., p. 64.) Multiply 2565 by 21 for a divisor upon 288, with as many- ciphers as may be required. (525-v- 25=21, and 1000-r-25 = 40; then 40 x 3 x 24 = 2880> 288 96 96000 ^ , 2565 x 21~2565 x 7~17995 ~ ARBITRATIONS OF COINS. 85 AEBITEATIONS OF COINS. In the calculations of this Section, the weight of the different Coins in Troy Grains is deduced from the mintage full rates of the various countries ; but these can hardly be said to afford any correct data for forming Pars of Exchange, further than for the purpose of general information, because several of these coins are not worked fully up to their standards, and because Gold being the standard of value in this country, and not in some Continental States, where it bears a variable Agio or Premium, this agio would be required to be taken into consideration, and then the valuation of the Gold Coin would become, at least as far as regards one of the places, properly only a valuation of Bullion. Silver is the general money of payment abroad ; here it is so but to a very limited amount ; and in consequence of the high relative value which our mintage regulations have given to it, as against Gold, no mintage pars of exchange can, with any near approach to truth, be formed from a comparison between the British and any foreign Silver Coins. For Example, from the mintage rates of the French and English Silver Coins, the par would be 23 Francs 44 Centimes Sterling, while from Gold, without the Agio, the par is 25 Francs 22 Centimes per Pound Sterling. This disagreement arises from the different relative values of the two metals in the two countries. In France, and it is elsewhere nearly the same, 1 portion of fine Gold is rated equal to 15 J like portions of fine Silver, or the mintage relative values of Silver to Gold, are as 1 to 15J, while in England, they are as 1 to 14-287 ; an arrangement by which we are certain to keep our Silver Coin in the Country, since it has no value, approximate to its English current value, in any other country, and therefore Gold Coin, which, as the standard of value, should be kept here as the medium of payment, is employed to restore the equilibrium of exchanges, which necessarily occasions, by the conflict of these antagonist principles, a great liability to serious disturbance in our Monetary System, 86 ARBITRATIONS OF EXCHANGE. EXERCISES. (Part I. page 65.) Ex. 9. 623 V 102 20 Shill. ? 3840 Grains. 10 Florins. 623 1246 3840 20 63546 ) 76800 ( 12-08} etc. N.B. The numbers from each side of an equated statement may be used in any order, and no denominations need to be applied to the first used consequent, as the product must necessarily be of the same denomination as the last given consequent. Ex. 10. 20 Shill. 1 623 3840 Grains. 10156 566f Prussian Thalers. 2539 192 623 566f 15818 Th. Gro. ) 108800 ( 6 26 etc. It is quite sufficient to use only 5 figures in this divisor, taking the lowest at its nearest value. Ex. 11. Statement made. (Part I. page 66.) Pence 62923 -i- 1648 = 38&d., nearly. Ex. 12. 240 Pence? 1 . 8 Grains. 375J . 5 Francs. 9600 -4- 375-5 = Frs. 25-56J ARBITRATIONS OF EXCHANGE. 87 EXERCISES. (Partf /., page 66.) Ex. 13. 240 Pence? 1 . 8 Grains. 1604 . 10 Florins. 1604-^4=401, and 19200-^4=4800 Flor. 400 ) 4800 12-00 3 Florins 11-97 Cents. Ex. 14. 240 Pence ? 1 . 8 Grains. 3902 , 20 Florins. Flor. 3902 ) 38400 ( 9 Fl. 50 Old Kr. etc. Ex. 15. 20 Sh. 1 5 1 Oz. St. 65 . 8 Coin Mks., fine. 1 . 27| Marks Banco. Mks. Bo. 27f x 32^65=Mks. 13 10 J Sch. Bo. Ex. 16. 1 Duro ? 1000 , 835 Oz. St. Silver. 1 . 60 Pence. Pence 6 x 835-^100=50^. 88 ARBITRATIONS OF EXCHANGE. AEBITKATIONS OF BULLION. Bullion, or Gold and Silver in Bars or Ingots, may be considered as the chief regulator of Exchanges; for when the arbitrated rate produced from the prices in this and any other country, differs from the rate of exchange for Bills between the same, by an amount exceeding the Charges of purchase, transport, and sales, Bullion immediately begins to flow into that country in which it yields the best comparative price. Gold, as being the easier of transport, is the more commonly thus employed; though when taken to places where there are no facilities for its mintage, Gold in Coin is always pre- ferred. Owing to this circumstance, and to the necessity, from our monetary regulations, of our having a large supply of Gold in this country, some of our public journals periodi- cally state the arbitrated pars between London and Paris, as well as Berlin, Hamburg, Amsterdam, and other Commercial centres, and compare them with the prices of Bills at short sight, such Bills being considered as present Cash, as are the prices of Bullion. Respecting these statements, it may be mentioned, that it is incorrect to employ, as is done, the old French Tariff rate (known as "the Commercial Tariff") of Gold, which was in use before the year 1835, because in all large operations, as well as in most of the minor ones, the new Tariff, or that established in that year, is now almost exclusively used. Nor should the selling price in London be taken at the Mint rate for coinage, or, 77s. lOjd., instead of the long established and uniform Bank buying rate of 77s. 9d. per oz., because the former is a price which Gold now never fetches in the bullion market. These deviations from the ordinary practice, unfortunately, greatly deteriorate the value of these statements. Calculations of this nature are made from fixed numbers, such as those given in the Bullion Tables in the Modern Cambist* but as the fixed Numbers for the Eates of Gold for Paris and Hamburg may be useful for the purpose of * See 20th edition, 1887, pp. 217 et seg. ARBITRATIONS OF BULLION. 89 checking the statements alluded to, and to practise the Stu- dent before undertaking Exercises on more recent Exchanges, we shall here give them, referring to the Exercises in Part /., pages 80 and 84, and to the mode of working them in this Key (or Part //., pages 104 and 111) for the application of the Charges and the comparison of the Eates. Fixed Numbers for Gold in operations with Paris. At the Old Tariff, of Francs 3434-44 per Kilogramme. Bank Eate, 77s. 9d. per Oz., . F. N. 25-186 Mint Eate, 77s. lOJd. : . 25-146 At the present Tariff, of Francs 3437*77 per Kilogramme. Bank Eate, 77s. 9d. per Oz., . F. N. 25-210 Mint Eate, 77s. lOJd. . 25-170 Whichever of these Fixed Numbers is used, if the rate of Premium is applied, as in Exercise 17, in the following page, the Arbitrated Eate is at once obtained. Fixed Numbers for Gold in operations with Hamburg, under the old Monetary System. In Marks Banco, per Hamburg Mark Weight. Bank Eate, 77s. 9d. per Oz., . F. N. 3137 Mint Eate, 77s. lOJd. .; 3132 No example of this operation in Gold with Hamburg being given in Part L, for the sake of showing the application of these Fixed Numbers, we here give the following calculation. Supposing the price of Bar Gold in Hamburg to have been 434 Marks Banco per Hamburg Mark of Fine Gold, and in London 77s. 9d. per Oz. Standard, and the rate of Short Bills in Hamburg to draw for the amount, 13 Mks. 9| Sch. Banco per < Sterling. M. B. M. B. M. B. Sch. 4-34 x 3-137 = 13-614 = 13 9^ Bills 13 9f = 13-609 On 13-609 the Diff. O'OOo nearly equals 0-04 per Cent. This shows that at. the time of such an operation Gold was dearer, by this rate per cent., in Hamburg than in London ; whereas, if the Mint price were taken, Gold would have been about 0*12 per cent, dearer in London. 90 ARBITRATIONS OF EXCHANGE. EXERCISES. (Part L, p. 67.) Ex. 17. Statement made. Frs. 77J 1960-109 Fixed Number * 4 4 311 ) 7840-436 25-210 252 10 per Mille. 101 4 012 i Frs. 25-57J Ex. 18. 240 Pence 1 59J . 1 Oz. 1 . 31-1002 Grammes. 1000 . 203-50 Francs. 48 (=240x2). 9768 311 (59|x2)=119 ) 30378 Frs. 25-52f nearly. N.B. It is useless to employ the lower figure belonging to the last multiplier (311002), and the pence are here con- sidered to be reduced into half-pence (119 and 480). * This fixed number is obtained from the terms of the Equation, leaving out the first antecedent (77f) and the last terms (1000= 1014^), and calculating these as above. ARBITRATIONS OF BULLION. 91 EXERCISES. (Part L, page 68.) Ex. 19. Statement made. 14426 311 (for 311002) 44864 22 (for 11x20) 98700 77f 9870 10% 12 3948 4/ 14 Prem. 933 ) 112518 ( 12-06 Florins, etc. Ex. 20. Statement made. 311 222 = 37x6 595 ) 69042 11-60,3 '34,8 3 % 08,7 |%3|Prem. Florins 12-03,8 or 12-04 Ex. 21. Statement made. Mks. B (65x2) = 130 443 7735 ) 10632 ( 13 Mks. 12 Sell, nearly, x 8 x 2 = 443, and 443 x 240=10632.) 92 ARBITRATIONS OF EXCHANGE. AKBITEATIONS OF MERCHANDISE. CASE 1. (Part /., page 69.) Ex. 22. s. Frs. c. As 867 18 : 23072 40 : : 1 : Ans. Frs. Fr. c. 8679 ) 230724 ( 26 58 f 5714 etc. Ex. 23. s. Fl c. As 1644 10 : 19982 60 : : 1 : Ans. Flor. FL c. 16445 ) 199826 ( 12 15 ? < 3537 etc. Ex. 24. MTcs. As 538|- : H754 :: 1 : Ans. 4311 94032 4311 ) 94032 ( 21 Mks. 81 pf. 7812 3501-0 52-20 etc. Ex. 25. R. cop. s. d. R. As 9566 27 : 1434 18 6 : : 1 : Ans. d. 9566 ) 344382 ( 36d. f Rouble, 57402 ARBITRATIONS OF MERCHANDISE. 93 CASE 2. (Part L, page 71.) Ex. 26. Statement made. 20 x 35 x 300 x 88_ 100 x 300 x 88_ 26400 ^ 28x326 ~~ 7x326 ~ 1304T =Ans. 20 Mks. 24 pf. Ex. 27. 240 d. ? 5J . 1 Ib. 110 . 100 HalfKilogr. 1 . 35 Cents. 100 . 1 Florin. 47 \ . 100 Francs. Kate 102 . 100 for Shipping Charges. 100 . 92 Sale Charges. 16 x 92 102 x 9 x 11 x 5J N.B. 47-254-5-25=9 and 240 x 35=8400 which 4-5-25=16 .Ex. 28. Statement made. 20x5-60x2_224_ 4 ^ x2 1-743 for 7% 23-157 1-389 6% 21-768 435 2% 21-333 Ans. 21 Mks. 33 pf. N.B. If the product of 102J multiplied by 97J were used -as a divisor, it would make very little alteration in this result, the product being 999 3|, nearly equal to 100 x 100 on the -other side. * Goods are sold in Antwerp by private contract in Netherlands ^ Florins and Cents, but by public auction in French Francs and Cents. 94 ARBITRATIONS OF EXCHANGE. ARBITKATIONS OF WEIGHTS AND MEASUEES. EXERCISES. (See Part L, pages 72-74.) Ex. 29. 1 3798 10392 Ex. 30. 112 7000 5120 1 Ibs. Avoird. Grains. Asen. Ib. Danish. 401408 -7- 39469 = 1017 Ibs. Danish. 1 15434 498J 78400 112 7000 1000 1 Ibs. Avoird. Grains. Grammes. Ib. Bremen. 769 = 101-9 Ibs. Old Bremen. Ex, 31. 1 5120 1 4864 3798 Mark Hamb. Asen. Grains Troy. Grs. 1899 x 1-9 = 3608-1 Grs. Troy. N.B. 3798^-2 = 1899; and 4864 x 2 = 9728, which divided by 5120=1-9. The weight of the Amsterdam Mark of 5120 Asen was formerly the chief standard of comparison for the commercial weights of Germany and the North of Europe. The Cologne Mark of 4020 Asen, reckoned equal to 4864 Amsterdam Asen, and to 3608 Grains Troy, was ordered to be the standard for the weighing of Gold and Silver throughout Germany, by an edict of the Emperor Charles the Fifth. The French System, taking the Mint Pound of 500 Grammes as. an Integer, is now in use. ARBITRATIONS OF WEIGHTS AND MEASURES. 95 Ex. 32. 1 Cast. Mark ? 1 , 4608 Granos. 20030 . 15434 Grains Troy. Grs. 15434 x 4608 -f- 20030 = 3550-6 Grs. Troy. Ex. 33. 1 Z. V. Mark ? 1 . 233-856 Grammes. 1 . 15-434 Grains Troy. Grs. 15-434 x 233-856 = 3609-3 Grs. Troy. The Castile Mark was the weight employed in Spain, and in all the Spanish Settlements, for the weighing of the precious metals, before the adoption of the French Metrical System, in 1859. The Zoll-Verein Mark, which was about 1 Grain Troy heavier than the Hamburg Mark, was the Berlin standard or Model of the Cologne Mark. This standard was adopted by the German States forming the old confederation of the Zoll-Verein or Customs-Union, as the money weight for their Coins, and its weight was declared to be as above given in Grammes, or with reference to the weight of the French Kilogramme, which is now the general standard of com- parison throughout Europe. In the models of this weight, the Kilogramme, there is a slight discordance; for the one which is kept as the standard in Paris is estimated to weigh 15433 Grains, while the weights in general use having been formed with une toUrance en plus, or turn of the scale, weigh rather more than less than 15434 Grains Troy. The German Mark weight is of great antiquity. It was introduced into England by the Saxons, and was used in the coinages of this kingdom until the year 1526, when by order of King Henry the Eighth the Pound Troy was substituted for it. The weight of the Saxon Mark was 3600 Grains Troy, it was divided into 10 Ounces, and the moneyers' Pound was 15 of these Ounces, while the Troy Pound was 16 of the same Ounces. The Mark was also a denomination of money being represented by, or being equivalent to, this weight of Silver. 96 ARBITRATIONS OF EXCHANGE. Ex. 34. 1-534 1 1 277-274 1 Barile 1 1 Millerole. 64-377 Litres. 61-028 Eng. Cub. Inches. 1 Imp. Gall. 392879 -~ 42534 = 9-237 Imp. GalL Ex. 35. 1 1 277-274 8 Ex. 36. 1 144 1 1 1 Metzen ? 3100 Fr. Cub. Inches. 1-21057 Eng. Cub. Inches. 1 Imp. Gallon. 1 Imp. Bushel. 375276 -> 221819 = 1-6918 Imp. Bushels. 1 375-897 1 0-324839 39-371 Vara ? Paris Lines. Paris Foot. Metre. Eng. Inches. 480743 -T- 144 = 33-385 English Inches nearly. Ex. 37. 1 144 1 177935 1 139-129 0-324839 39-371 Ehineland Foot ? Paris Lines. Metre. Eng. Inches. 144 = 12-356 Eng. Inches. N.B. In the above calculations, contracted Multiplication and contracted Division have been used. In some cases we have explained the methods of abbreviation, to assist the student in working out the Exercises, not so fully explained. PERCENTAGES OF RATES OF EXCHANGE. 97 PERCENTAGES OF EATES OF EXCHANGE. In making the corrections for Interest upon the Eates of Exchange in the Exercises of this Section (Part /., pages 75 to 80), 4 per Cent, per Annum has been generally taken for both the places concerned, as rendering the calculations more easy of performance, and as being sufficient to show their prin- ciples and the objects for which they are made. In practice, however, it is usual to take the current rates for the discount of Bills at the places on which they are drawn, as it is these which chiefly influence the difference between the rates of Bills at short and long dates.* An instance of this may be shown from the Paris quotation of Bills on London, in which the rate for 30 days, at a set date, is given at 25 -50, and that at 90 days at 25-42J, making a difference of 1\ centimes for 60 days, or 45 centimes for 1 year,f being T76, or nearly 2 per Cent, per Annum, for the rate of Discount in London. So also, at a like date, the rate in London upon Paris was, for Bills at 3 days' sight, 25*55, and for Bills at 3 months' date, 25-72J, giving a difference of 17J centimes for 3 months, or 70 centimes for 1 year, and being 274, or nearly 3 per Cent., for the rate of Discount in Paris. * The difference of time is not generally the sole cause of the dif- ference in the rates ; for the price of the one or the other class of Bills is also influenced by the greater or less demand for them. When Banking operations are extensive, when Bills are in demand for sale in other places than those on which they are drawn, or when they are wanted for holding, from an expected approaching rise in the rates, 3 months' Bills command a better relative price. On the contrary, when political events occasion an apprehension as to the security of payment, no Bills, except short time ones, are saleable, and these upon disadvantageous terms. t The difference in these rates does not exactly show the rate of Discount, because the negotiating difference is not less than 2^ cen- times, except in particular instances. 2 R 98 PERCENTAGES OF RATES OF EXCHANGE. CASE 1. EXERCISES, (See Part L, page 77.) Ex. 38, 42, 43, and 44 to be worked as Example 1. Ibid., page 75. Thus Ex. 38 : Fr. 25 50-100= 25 J Cents. Ex. 39, 40, and 41 to be worked as Example 2. Ibid., page 75. Thus Ex. 39: Fl. 12 2=242 Stivers=1210 Cents; and 1210^-100=12 Cents. Ex. 45 and 46 to be worked as Example 3. Ibid., page 76. Thus Ex. 45: 37Jx 4=149 = 1-49, and 1'49 less-37 = M2 or 1 J farthings. Ex. 47. Fr. c. -fa ... 25-80 Eate at 3 months. 32 Interest. Frs. 25-48 Short. Ex. 48. Eate, . Frs. 35-87,5 Frs. 25-87 x 37 -r- 9000 = Cts. 10'6 Charges, Cts. 25-8 Less J, . 3-2 22-6 33,2 Net, . Frs. 25-54,3 N.B. 9000 is the Divisor Number for 4 % for 360 days, considered as a year (12 x 30). PERCENTAGES OF RATES OF EXCHANGE. 99 CASE 1. < Ex. 49. T ff . . . Flor. 12 6 st. ~ Flor. 12-30 Interest, . . '12,3 Net, , Flor. 12-17,7 Ex. 50. Rate, . Flor. 12 7J st. = Flor. 12-37,5 Flor. 12-37 x 54 -H 7200 = Cts. 9-3 Charges, Cte. 12-3 Lessi, .1-5 . . . 10-8 20,1 Net, . Flor. 12-17,4 B. 7200 is the Divisor Number for 5 %- d. Ex. 51. Rate, . , 49-50 3mos.=i ) 5 /o = 2ff ) Short, . . 50-12 d. Ex. 52, Rate, . . 54-25 54-25 x 137 -=-7200=1-03 54-25-7-80 for 1J=0'67 1-70 Short, . . 55-95 The reason for adding the Interest (and also the Charges in the last) in the latter two rates, and subtracting it in other instances, is given in the Observations at foot of page 79, Part I. 100 PERCENTAGES OF RATES OF EXCHANGE. CASE 2. EXERCISES. (Part /., pages 78, 79.) Ex. 53 and 54. 200 -T- 259 = 0-77 or f per Cent. 300 -7- 244 = 1J per Cent., nearly. Ex. 55. Eate for 3 mos., . 25-60 Int. 1 per Cent., . -25,6 Net, . 25-34,4 Eate at sight, . . 25-30 0-04,4 Diff. 4 -T- 25 = 0-17 or J- per Cent. Ex. 56. London Eate, . 25'75 Paris Eate, . 25-20 Interest, . 25,7 for 3 mos. 25,2 Short, 25-49,3 Short, 25-45,2 Diff. 41 -*- 25 = 0-16 or per Cent. Ex. 57. Arb. Eate, . 25-55 Direct Eate, . 25-60 Charges, . -16 Interest, . -25,6 Net, 25-39 Short, 25-34,4 Diff. 4-6 -f- 25 = 0-18 or ^ per Cent. It must be noticed, that the latter rate is here for Drafts on Paris, and not for return Bills as in the following Exercises. PERCENTAGES OF EATES OF EXCHANGE. 101 CASE 2, continued. (Part /., pages 79, 80.) Ex. 58. . Arb. Eate, 13-45 T ^ . Eeturn Eate, 11-95 Interest, -26,9 Discount, -07,9 Net, 13-18,1 Short, 12'02,9 Diff. 115-2 -r 12-02 = 9-5 or 9J per Cent. Ex. 59. Arb. Eate, 46- Eeturn Eate, 49- Interest, 1-38 Discount, -49 Net, 47-38 Short, 48-51 Diff. 11300 '-f- 4738 = 2-38 or 2f per Cent. Ex. 60. Arb. Eate, Int. 27 days, Net, 25-75 07,7 Eeturn Eate, Discount, Charges, Short, 25-25 08,4 06,3 25-67,3 25-39,7 Diff. 276 -r- 254 == 1-08 or 1 T V per Cent. Besides this, which is the most usual mode of drawing up the statement, there is another, which is, to consider the Charges as well as the 1 month's Discount, as belonging to the Arbi- trated Eate, and the 27 days' Interest as belonging to the direct Eate. 102 PERCENTAGES OF RATES OF EXCHANGE. The Statement then appears thus Arbitrated Eate, 25-75 Eeturn Eate t 25-25 Interest, 8-6 Disc. 27d. -07,7 Charges, 6 '4 -15 25-32,7 25-60 Diff. 273 -r- 253 = 1-08 or 1 T V per Cent. Either way produces the same result, but the latter most accords with the routine of the transaction, as may be seen from the following Pro-forma Account, dated say 1st July. 1000 laid out in London is supposed to produce, in Paris, Net, . . . . . Frs. 25750- Deduct, Charges on Eeturns per Cent., . 64-37 Amount remitted at 25-25, . .. Frs. 25685-63 Fr. 25685-63 = Sterling, . . . 1017 5 1 Amount laid out, . . 1000 Interest on do. to July 28, the day of Discounting the Bills, 27 days, . . . 2 19 2 Discount on 1017 5 1 for 1 month, . . . . 3 7 10 1006 7 Profit lyV per Cent., . 10 18 1 The same result would also come out by allowing the month's Discount in Paris (which would yield Frs. 25600-01 net), in order to have returns at 25-25 in Short Bills, and then deducting the 27 days' Interest, leaving, net, 1010, 18s. Id. PERCENTAGES OF RATES OF EXCHANGE. 103 To show that the reversing in the additions and subtrac- tions, which takes place when rates are in Sterling instead of being in foreign money, is correct, we shall make out a statement for the following example : If by sending goods to Cadiz I establish a net arbitrated rate of 35Jd., what is the rate per cent, of my gain if I have bills in return at 3 months at 37fd., after adding 9 mos. Interest at 4% to the arbitrated rate ? According to the data it may be supposed that 35250 Pence were laid out in this country in the purchase of Goods, which have been sold in Cadiz for a sum, after paying all expenses there, equivalent to 1000 Pesos of Plate ; that 9 months elapse before return Bills are obtained at 3 months' date; and that these Bills are then discounted at 4 per Cent., per Annum. Pence. Amount of Cost and Charges, .... 35250 Interest for 9 months, . . . .1057 Cost and Interest, ..... 36307 Return Bills for 1000 Pesos at 37|d., d. 37750 Discount for 3 months, . . . . . 377 37373 Profit, 2-93, or nearly 3 per Cent, on Cost and Interest, . .... . . 1066 The rates here being in Sterling, the Interest is additive to the arbitrated rate, while the discount is subtractive from the return rate, which is the reverse of what takes place when the rates are in foreign money. It further requires to be remarked, that there is a similar reversal of the rates upon which the profit is to be estimated ; for when the rates are in foreign money the return rate is used, but when they are in sterling, the aroil rated rate is employed; in either case, however, the discount upon the former or the interest upon the latter should be previously applied. 104 PERCENTAGES OF RATES OF EXCHANGE. CASE 2, continued. (Part /., page 80.) Ex. 61. For the Statement see Ex. 17, Part /., page 67, and for the Calculation, Part II. , page 90. Arbitrated Par, 25-57,5 Charges, 0-383 Interest, 0*079 0-46,2 25-11,3 Return Rate, . . 25-17,5 Loss, 0-06,2 nearly J%. The above return rate being for Sight Bills, or rather for short Sight Bills, there is no correction required for Discount. That there would be a loss with the above rates is evident, from there being more French money required to obtain the return of 1 Sterling than would be yielded by the same sum laid out in the purchase of Gold. Ex. 62. Statement made. (Part /., page 80.) 219J x!6*xllx2 .. 884 77| x 4 x 3609~~ Arbitrated Rate, . . 6-884 Charges, . . -077 Net, . . . 6-807 Drafts, . . . 6 -666 = 6f or 6Th. 20 gr. Profit, . . . 0-141 or 2 per Cent. * Mentally worked, 480x4 =16. ARBITRATED PRICES. 105 AEBITEATED PKICES. The objects of these calculations may be more clearly under- stood if we state that in finding an Arbitrated Cost Price it is to be the highest price at which the article should be bought ; or, in finding a selling price, the lowest price at which it should be sold, either to prevent any loss upon the transaction or to realise any proposed profit. In calculations of this kind, there are generally two classes of Charges to be taken into account : the one comprises the Percentage Charges, as Commission, Insurance, etc., which are dependent upon the amount of merchandise, and the other, the Fixed Charges, as Duty, Freight, etc., which attach to the article without regard to its value. Houses of business having frequent occasion for calculations of this nature, generally make up Tables of Fixed Numbers, from which, by applying either the rate of Exchange or the given Price, the required Price can be obtained with little cal- culation. Some examples of the use of these Fixed Numbers are given on pages 108-111, infra. The Charges of both kinds here used (but particularly those of Percentage), although taken from the average of several transactions, are to be more regarded as showing their effect on the calculation than as exhibiting actual Charges. Percentage Charges chiefly de- pend upon agreement; Charges for Insurance and Freight can frequently be but little more than surmised ; and the rate of Exchange, particularly with some places, is rarely so steady as to be depended upon at the time when the order is exe- cuted, as at the time when quoted, or when the calculation was made. Hence limits are generally attached to the order upon these different points. 106 ARBITRATED PRICES. Ex. 63. EXERCISES. (Part /., page 82.) Statement. 400 20 1 5 Eate 100 100 ., 85J 2868-75 Ibs. Genoese 1 Cwt. English. Sterling. Lire Nuove. Lire fuori Banco. 97J for Discount. 106 Shipping Charges. 100 Sale Charges. 286875 85J x 342 = 4 = 342 8-388 -209 Discount. 8-179 . . . -490 Shipping Charges. Lire fuori Banco, 8-669 = A near result of such calculations as the above being known, all ciphers (and therefore each instance of 1 00) may be omitted, and such rates as" are percentages, the first term being 100 (as 100 : 106) may be taken upon the product of the other terms. The 100 made in Divisor by 20 x 5 is, of course, also omitted. Lire fuori Banco, the money of Genoa previous to its an- nexation to Sardinia, though now only a nominal money, is still used in the valuation of articles of merchandise. These Lire are exchanged into Sardinian Lire nuove, of the same value as French Francs, at the rate given in this calculation. The present Lire of all Italy (Lire Italiana) is also equivalent to the Franc of France, Belgium, and Switzerland. N. B. The above arbitration is taken from the Pro-form^, Invoice and Account-Sales of Logwood given in Part /., p. 111. ARBITRATED PRICES. 107 Ex. 64. Statement. 50 Kilogrammes ? 100 . 220J Ibs. English. 1 . 3f Pence. (3) 240 . 25-60 Francs. (32) Rate, 100 . 110 for Shipping Charges. 94 , 100 Sale 240 and 2560 -r- 80 = 3 and 32. 32 x 3} x 220J x 5 = 13230. 94 x 3 = 282. 13230 -T- 282 = 46-91 $ ... 4-69 Shipping Charges. Francs, 51-60 per 50 Kilogrammes. 'Ex. 65. Statement. 1 Ib. English ? (19) 95 . 100 Brazilian. 32 . 6-500 Reis. (130) 1000 . 26J Pence. Rate, 100 . 120 for Shipping Charges, 87J . 100 Sale 26J x 130 = 3445. 87J x 32 19 = 532. 3445 -f 532 = 6-47 J ... 1 -29 Shipping Charges. 7-76 or7|d. per Ib. 108 ARBITRATED PRICES. Ex. 66. Statement made. (Part /., page 83.) 95 -T- 5 = 19 and 105 -j- 5 = 21. 88 x 19 -f- 54 x 21 = 1*4744 Fixed Number. 5 7*372 6.63 9 per Cent. 37 i Cents, 8-072 or Cts. 8 T \ per Ib. Supposing the rates of Charges to be fixed, or not variable to any great extent, we at first leave out of consideration the price and rate of exchange, and then afterwards apply them to the Fixed Number. Respecting the mode of calculating this rate of Exchange, it must be noticed that the old Currency Par, or valuation of the Dollar at 4s. 6d. in nominal Sterling (making 40 Dollars equal to .9 Sterling) is still retained in the exchanges of the United States with this country, and therefore, according as the actual sterling value of the Dollar is less or greater than this Par, the addition of a Premium or the deduction of a Discount is required to bring the real sterling to a footing of equality. In the Custom-House Valuations for the payment of ad valorem duties, the Pound Sterling is valued at 4 Dollars 80 Cents, making the value of the Dollar 4s. 2d., which is equal to a Premium of 8 % on the assumed Par of 4s. 6d. per Dollar. As with other rates of Exchange, that of the United States is greatly governed by the abundance or scarcity of Bills. The higher the rate of the Premium is, as when Bills are plentiful, the more favourable it is to this country for Drafts upon England, because less is paid here for each Dollar ; and, of course, the reverse is the case for the making of remittances. ARBITRATED PR>SUO. x 109 EXERCISE 67. made. (Part /., page 83.) 112 x 105J x 20* = 236320 lOlf x 25 x S x 4:4:4= x 92 x 97J = 80450 80450 ) 236320 Fixed Number 29375 for 10 Reals 3672 1J 108 ) 33047 11J s. d. & 30-6 = 30 7 3 8 Charges. Arbitrated Price, , s. 34 3 f Cwt. The Havana Price (9 reals) being given, the Pro-rata Cost Charges in that place (2J reals) are added to the Price per Arroba, and the Sale Charges in London are added to the result of the equational Calculation. The exchange at Havana on London is made similarly to that of the United States, excepting that in the valuation at 4s. 6d. per Dollar, giving 444-444 dollars = . 12 25 Do. on Returns, Fl. 12124, . 12 12 Commission on Sales, . < . 40 83 126 45 Net Returns, . N. Flor. 12124 48 At 12 07 J, . . . 1004 1 11 Less Disct. 2 mos., @ 2 %, . 3611 Brokerage on Purchase, . 100 4 6 11 Result, 5s. Loss on 1000, . 999 15 By working the calculation with precision, to 4 places of decimals, it appears that there would be a Loss of l-4th per Mil, which is not shown by the arbitrated rate, because, (1) this rate is not carried out to a sufficient number of places of decimals ; and (2) the Charges, etc., are not calculated upon exactly the same amounts. * As 30 : 36-9375 : : 9950 : 12250-9375. ARBITRATED RATES OF EXCHANGE. 125 MONETARY TABLES, OLD AND NEW. The changes made in certain Continental Monetary Systems are of such recent dates, that a student desirous of becoming a complete master of the subject should exercise himself in the old systems, and not confine himself to a knowledge of existing systems only. In adjusting accounts extending back (it may be) a decade or more of years he will find an acquaintance with earlier denominations of money of great practical value. Guided by this idea, we have given among our previous Examples, Exercises, and Illustrations, various instances of early operations, and also retained three of the old Exchange Lists, with Equations for Arbitrated Pars, etc. We now set before the student a series of Tables of Old and New Moneys, and the approximate pars of Exchange with British Moneys, and shall then proceed to give certain recent Exchange Lists for London, Paris, Amsterdam, Hamburg, Berlin, Antwerp, Vienna, Italy, St. Petersburg, and New York, with some of the equations worked out. 1. GREAT BRITAIN. 1 Pound =20 Shillings =240 Pence = 9 60 Farthings. 1 = 12 = 48 l: .- 4 2. FRANCE. 1 Franc =100 Centimes. If the Par of Exchange be taken at 25*25, then Fr. 25 25 cents. =1, and 1 Fr. = 9|d. 3. BELGIUM. Same as France. 4. SWITZERLAND. Same as France. 5. NETHERLANDS. 1 Florin or Guilder=20 Stivers = 100 Cents. 1 = 5 Approximate Par : Fl. 12=1. ; 1 Fl. = ls. 8d. Exchanges are made in Florins and Cents ; but in London custom retains the Stiver. 126 ARBITRATED RATES OF EXCHANGE. 6. HAMBURG. Old.* 1 Marc Banco =16 Schillings =192 Pfennings. 1 = 12 Approximate Par : Mks. B. 1 3 7 J Sch. =1. 1 Mk. B. = 17d. 7. FRANKFORT. Old.* 1 Florin =60 Kreuzers=240 Pfennings. 1 4 . 1 Eix-dollar =90 360 Approximate Par: Fl. 11 50 Kr.=l. 1 Fl. = 20Jd. 8. PRUSSIA, Old.* 1 Thaler=30 Silver Groschen=360 Pfennings. 1 = 12 Approximate Par : Th. 6 24J Silv. Gr.= 550 100 Milreis. Russia, . j> 312 100 Roubles. EQUATIONS FOR ARBITRATED PARS WITH PARIS. Belgium. 1 {* 1 100 25 30 99 50 Fr. and C. Result, 25 17J. Italy. 1 ,? 1 . 28 10 Lire and Ot. 100 . 89 50 Fr. and 0. Result, 25 15. Netherlands. 1 1 1 . 12 3 Fl. and St. 100 . 211 50 Fr. and C. Result, 25 63. Germany. 1 ? 1 . 20 55 Mks. and Pf. 100 . 122 50 Fr. and C. Result, 25 17J. Austria. 1 ? 1 . 11 75 Fl.&Neu-Kr. 100 . 210 Fr. Result, 24 67. Spain. 240d. 1 48 . 1 Peso. 100 . 505 Fr. Result, 25 25. Portugal 240d.? 52 . 1 Milreis 100 . 550 Fr. Result, 25 38. Russia. 240d. 9 30 . 1 Rouble. 100 . 312 Fr. Result, 24 96. ARBITRATED RATES OF EXCHANGE. 131 ARBITRATIONS FOR REMITTANCES AND RETURNS WITH PARIS. PARIS ON LONDON. For Returns @ 3 months, . . 25 20 Interest, 2 %, . . . 12| 3 Brokerages, . . . . 7 20 Commission, J %, Frs. 25 48} Paris. Fr. C. London. Belgium, , . 99 50 25 30 Fr. & C. Italy, . . . 89 50 28 10 L. & C. Netherlands, . . 211 50 12 3 Fl. & St. Germany, . . 122 50 20 55 M. & Pf. Austria, . . 210 11 75 Fl. & Kr. Spain, . . .505 48d. f Doll. Portugal, . . 550 52d. f Milr. Russia, . . .312 30d. f Rouble. LONDON ON PARIS. For Remittances @ 3 months, ... 25 Discount, 3 %, . . . 19 Less 1 Brokerage, 2J Pars. Fr. C. 25 17J 25 15 25 63J 25 17 J 24 67i 25 25 25 38 24 96 25 16} 25 8} None of the above Arbitrated Pars (excepting the Nether- lands rate) is favourable. Bills on Amsterdam cover the commission, and give a profit of 15 Centimes per Sterling. On Joint- Account the profit of 23^ Centimes is nearly 1 per Cent. 132 London, France, Belgium, Germany, Italy, _ Austria, Russia, ARBITRATED RATES OF EXCHANGE. AMSTERDAM EXCHANGE. short and 2 months, ) ?) short and 3 months, 3 months, 1 Sterling. ,,100 Francs. Fl. C. . 12 05 . 47 . 47 50 ., 100 Francs. , 59 100 Imp. Mks. , 43 100 Lire. 102 100 Flor. (A.) 150 , 100 Roubles. EQUATIONS FOR ARBITRATED PARS WITH AMSTERDAM. France. Italy. 1 100 1 1 . 25 25 F. 0. 47 Fl. 1 1 1 . 28 10 L. C. 100 . 43 FL Result, 11 86-7. Belgium. Result, 12 08-3. Austria. 1 100 1 ? . 25 30 F. C. . 47 50 Fl. 0. 1 ! 1 . 11 75 Fl. K. 100 . 102 Fl. Result, 12 01-7 Result, 11 98-5. Germany. Russia. 1 100 1 1 . 20 55 M. Pf. 59 Fl. 240 d. ? 30 .. 1 Rouble. 100 . , 150 Fl. Result, 12 12-4. Result. 12 00. ARBITRATED RATES OF EXCHANGE. 133 AEBITEATIONS FOR REMITTANCES AND RETURNS WITH AMSTERDAM. AMSTERDAM ON LONDON. For Eeturns @ 2 inos., Interest, 2 %, 3 Brokerages, Commission, ^ %, 4- 3-6 , 12 5- 7-6 12 12-6 4- Florins 12 16-6 Amsterdam. Pars. London. Fl. c. Fl. c. France, . 47 25 25 Fr. c. 11 86-7 Belgium, 47 50 25 30 12 1-7 Germany, 59 20 55 M. pf. 12 12-4 Italy, . 43 28 10 L. c. 12 8-3 Austria, 102 11 75 Fl. k. 11 98-5 Eussia, . 150 30d. p. Rble. 12 LONDON ON AMSTERDAM. FL c. Fi.st. For Remittance @ 3 mos., . . 12 15 = 12 3 Discount @ 2J %, . 7'59 Less 1 Brokerage, . . 1-21 06-38 12 8-62 If, for Bills on Berlin, realising (after discount), . . / . 12 10' Returns are made in Bills on Paris at cost (after discount) of, . .11 83*7 With 4 Brokerages, 4 -8 And Commission, J%, 5-9 10-7 11 The profits will be, or nearly 1 T \- per cent. 134 ARBITRATED RATES OF EXCHANGE, HAMBUEG EXCHANGE. Mks. pf. London, Short and 2 mos. 20 42 per 1 Sterling. France, 3 mos. 81 ,,100 Francs. Belgium, . n )> 80 25 100 Francs. Netherlands, 5J 169 50 100 Florins. New York, )) 53 413 100 Dollars. Austria, 3 mos. 175 100 Florin. Italy, . . n 75 100 Lire. Portugal, . j> 450 lOOMilreis. Spain, . . 412 100 Dollars. EQUATIONS FOR ARBITRATED PARS WITH HAMBURG. 1 100 France. 1 1 25 25 F. c. 81 M. Eesult, 20 45. 1 100 Belgium. 1 ? 25 30 F. c. . ' 80 25 M. pf. Kesult, 20 30. Netherlands. 1 ? 1 . 12 15 Fl. c. 100 . 169 50 M. pf. Eesult, 20 59. New York. 240 d. 1 48 . 1 Doll. 100 . 413 M. Eesult, 20 65. Austria. 1 . 11 75 Fl. kr. 100 . 175 M. Eesult, 20 56. Italy. 1 1 1 . 28 10 L. c. 100 . 75 M. Eesult, 21 07. Portugal. 240 d. V 52 . 1 Milr. 100 . 450 M. Eesult, 20 76. Spain. 240 d. ? 48 . 1 Doll. 100 . 412 M. Eesult, 20 60, ARBITRATED RATES OF EXCHANGE. 135 AEBITEATIONS FOR REMITTANCES AND RETURNS WITH HAMBURG. HAMBURG ON LONDON. For Returns @ 2 mos., . . 20 42 Interest, 2 %, . 3 Brokerages, . . . Commission, J %, 20 54-8 6 '8 20 61-6 France, . Belgium, Netherlands, New York, Austria, Italy, . Portugal, Spain, . Hamburg. M. P f. London. Pars. M. pf. 81 25 25 F. c. 20 45 80 25 25 30 F. c. 20 30 169 50 12 15 Fl. c. 20 59 413 48d. f Doll. 20 65 175 11 75 Fl. kr. 20 56 75 28 10 L. c. 21 7 450 52d. f Mil. 20 76 412 48d. f Doll. 20 60 LONDON ON HAMBURG. For Remittances at 3 mos., . Discount, 2J %, . . . 12-8 Less 1 Brokerage, . . 2- 20 55 10-8 20 44-2 After allowing for Discounts, it will be found that, accord- ing to the above Arbitrated Rates, Bills on Italy are supposed to sell, after Paying all Expenses, at a good Profit, which would be much increased by making Returns in Bills on Brussels or Antwerp. 136 ARBITRATED RATES OF EXCHANGE. London, France, Netherlands, Germany, Italy, Spain, Portugal, London, France, Netherlands, Belgium, Austria, London, France, Netherlands, Belgium, Germany, Italy, ANTWERP EXCHANGE. Fr. Short or 3 mos. c. 25 20 99 50 211 50 123 89 5 10 5 50 BERLIN EXCHANGE. 8 days & 3 mos. 8 days & 2 mos. per 1 Sterling. 100 Francs. 100 Florins. 100 Marks. 100 Lire (paper). 1 Peso (or 5 Pesetas). 1 Milreis. -m./vo. jsj , 20 40 per ! Sterling. 81 100 Francs. 169 50 100 Florins. 81 100 Francs. 175 100 Florins. VIENNA EXCHANGE. Fk kr. 3 mos. 117 50 40 50 47 50 46 50 59 20 42 10 per 10 Sterling. 100 Francs. 100 Florins, N. 100 Francs. 100 Imperial Mks. 100 Lire (paper). ITALY EXCHANGE. London, Short & 3 mos. 28 Lire per 1 Sterling. France, j> 110 100 Francs. Germany, 5) 133 100 Imp. Mks. Austria, J >J 217 100 Florins, A NEW YORK EXCHANGE. Doll. London, < Cable Transfers at sight & 60 days U 86 per .1 Sterling. Paris, Do. do. 1 ., 5 18 Francs. Amsterdam, Do. do. 41 100 Florins. Hamburg, Do. do. 95 400 Imp. M. ARBITRATED RATES OF EXCHANGE. 137 LONDON COUKSE OF EXCHANGE, August 2, 1888. Prices negotiated. 25 31J-36 Fr. and Cts. 25 47J-52J 12 3 - 3J Fl. and St. 12 li- 2J 20 55 -59 Mks. and Pf. 20 55 -59 20 55 -59 12 45 -50 Fl. and Kr. 25 58J-58f Fr. and Cts. 25 77J-82J Lire and Ct. 46Jd.-46Jd. f Peso-Duro. 52f d.-52 jd. ty Milreis. 22Jd.-22f d. f Eouble (paper). FOREIGN RATES OF EXCHANGE ON LONDON. On Usance. Paris, . , cheques. Do., . . . . 3 mos. Amsterdam, 5> Do., . . sight. Berlin, 3 mos. Hamburg, . Frankfort, . j) Vienna, > Antwerp, n Genoa, Naples, . H Madrid, Lisbon, Oporto, . n St. Petersburg, . n Paris, Aug. 2. cheques. 25 31J Fr. and Cts. Amsterdam, short. 12 05| Fl. and Cts. Berlin, . 55 20 44| Mks. and Pf. Do., . . }5 3 mos. 20 34J Hamburg, 5) 55 20 32 Frankfort, short. 20 46 Vienna, . )} 55 12 32 Fl. and Kr. Constantinople, July 28. 3 mos. Ill 20 Piast. and Asp. Madrid, . 55 55 25 54 Peset. and Cts. New York, Aug. 2. 60 days. 4 85 Dolls, and Cts. Eio Janeiro, 5> 90 days. 26 T 7 F d. f Milreis. Calcutta, . July 27. telegram. l/4 T yl. f Rupee. Hong Kong, 5) 4 mos. 3/Of d. f Dollar. Shanghai, 55 > 4/2|d. ? Tael. N.B. The Piastre=40 Paras= 120 Aspres. The Rupee of 16 Annas has the nominal value of 2s. Its metallic value depends upon the market price of Silver. The Dollar in the Hong Kong rate is the Mexican Dollar, 4 grains Troy less than the American Trade Dollar. The Tael (a definite weight) is valued by its rate of Exchange for Dollars, 138 MINT PAES. MINT PARS. Besides the Arbitrated Pars of Exchange between different countries, resulting from the prices of Gold and Silver, there is what is called the Mint Par, fixed by law, representing in countries which possess the Gold Standard the number of Units of Coins which contain the same quantity of pure Gold as the Sovereign. In these countries the price of Bar Gold cannot differ much, by Premium or Discount, from its Mint price. The Mint Pars, or rather the Pars resulting from the prices of Bar Gold, govern the Short Exchanges between England and the countries which have adopted the Gold Standard, France, the Netherlands, Germany, Portugal, the Scandina- vian countries, and New York. The two limits between which the Short Exchanges can fluctuate are found, the one by adding to, and the other by subtracting from, the Mint Par the cost of transhipment of Gold from one place to the other. These Units are called the " Specie Points," or "Bullion Points," and are of great importance to the com mercial world, as they govern the question of Export or Import of Gold. The Mint Par for Paris is thus found : 1 1 1869 = 480 oz. Troy, fa Stand. Oz. Stand. 1 = 31-10349552 Grammes ft. Gr. Stand. 12 = 11 Grammes Fine. Gr. Fine, 900 = 1000 Grammes French Coin. Gr. 100 = 3100 Francs. Thus abbreviated and worked by Chain Eule : 4x31-10349552x11x31 1869x9 =Fr. 25-22^. For all practical purposes, say Francs 25-22J Centimes. As "Specie Points" therefore may be taken the Short Ex- changes, Fr. 25-11 and Fr. 25*33; and at the former rate Gold would be shipped from London to Paris ; at the latter rate from Paris to London. MINT PARS. GOLD AND SILVER COINS. 139 The following are the Mint Pars and Specie-Points for the Countries of the Gold Valuation : Paris, . Amsterdam, Berlin, Lisbon, Copenhagen, New York, . Mint Pars. Fr. 25-2215 Fl. 12-107 Mks. 20-4294 53-285d. Kron. 18-1595 $ 4-8665 Specie-Points. Fr. 25-11 and 25-33 Fl. 12-02 12-17 Mks. 20-31 20-53 52jd. 53|d. Kr. 18-03 18-26 $ 4-83 4-90 N.B. Belgium, Switzerland, and Italy are the same as in France. GOLD AND SILVEE COINS. The following is a List of Gold and Silver Coins of a stated full weight and Assay Eeport. We have given the calculations of their fine and standard weights, and their Sterling Value up to two decimal-places of pence, and would advise the Student to work the exercises for himself, taking the Examples in Part /., pages 58, 59 for his guidance. We give the Calculations of the French Napoleon as an additional example for Gold : 4 dwts. 3}gr. = 99-5 gr. 100Q- = 89 ' 55 g r - fine weight JT = 97-69 gr. standard weight. 97-69 = 4 dwts. 1*69 grs. @ 77s. 10|d. per oz. = 15s. 10-19 and the calculations of the Prussian Thaler as another example for Silver : 11 dwts. 20 grs. = 284 grs. x 6 ^j = 7-67 Worseness. 284 less 7-67 = 276-33 Standard Weight. 276 '^ X37 =255-60 Fine Weight 255-60 grs. at 5s. per oz. = 2s. 10*54. 140 MINT PARS. GOLD AND SILVER COINS. GOLD COINS. Full Weight and Keported Fineness ; with their Fine and Standard Weights, and value at 77s. lOfd per oz. Standard. French Napoleon, German 20 M.-pce., Dutch 10 Flor.-pce., Eussian \ Imperial, American \ Eagle, Spanish Doubloon, Full Wt. Fine- Fine Wt. St. Wt. Value. dwls. grs. 4 3J ness. 900 grs. 89-55 grs. 97-69 s. d. 15 10-19 5 2J 900 110-25 120-27 19 6-15 4 7 900 92-70 101-17 16 4-88 4 3} 5 9 917 900 91-21 116-10 99-50 126-65 16 1-71 20 6-58 17 8J 870 362-36 395-30 64 1-60 SILVER COINS. Full Weight and Eeported Worseness with their Fine and Standard Weights, and value at 5s. per oz. Standard. French 5 Francs, Dutch Guilder, Prussian Thaler, Kussian Silv. Eouble, Aust. Species-Thaler, Spanish Pillar Doll., Mexican Dollar, Peruvian Dollar, U. States Dollar, Calcutta Sicca Eupee, Mad.Eupee(N.Gov.) Full Wt. Worse. Fine Wt. St. Wt. Value. dwts. grs. dwts. grs. grs. s. d. 16 If 6 347-17 375-32310-91 6 22 8 148-01 160-01 1 8 11 20 6 255-60 276-33 2 10-54 13 8 14 277-33 299-82 3 1-4,7 18 1 22 360-83 390-09 4 0-76 17 8 7 372-66 402-88 4 2-36 17 11 6| 376-22 406-73 4 2-84 17 7J 4 373-08 403-32 4 2-41 17 8 8 370-93 401-01 4 2-12 8 2 176-00 190-27 1 11-78 7 12 2 165-00 178-37 1 10-29 N.B. The Mexican and Peruvian Dollars are those of 1833; and the United States Dollar of 1792. ARBITRATIONS OF WEIGHTS AND MEASURES. 141 AKBITBATIONS OF WEIGHTS AND MEASURES. (Part /., pages 72-74; Part //., pages 94-96). In this Section we have given only four Examples and nine Exercises, and these chiefly of early systems. We had intended to have given in this place a series of Tables of the Weights and Measures, both of the Old and New denomi- nations and values, but finding that our space is too limited for the purpose, we have printed only a few tables illustra- tive of the French Metrical System, which is now adopted in Austria, Belgium, Denmark, Greece, Germany, Italy, Netherlands, Norway, Portugal, Spain, Sweden, and Switzer- land, and which has swept away the heterogeneous medley of systems formerly existing on the Continent. A work that we have in preparation, entitled The Handbook of Moneys, Weights, and Measures (New and Old), of all Countries, when published, will be found an invaluable book of reference on these matters, to business men and others. (1) MEASURES OF LENGTH. English Value. Inches. 1 Millimetre = 1000th of 1 Metre = 0-03937079 1 Centimetre = 100th of 1 Metre= 0-3937079 1 D6cimetre = 10th of 1 Metre = 3 -937079 One Metre (the Unit of Measure) is 39-37079 inches= 1 yd. ft. 3-37079 inch. 1 Decametre = 10 Metres= 10 2 9-7079 1 Hectometre = 100 Metres = 109 1 1-079 ., 1 Kilometre =1000Metres= 1093 1 10.79 One Myriametre=l 0,000 Metres, or 6 miles 376 yds. ft. and 11-9 inches. (2) MEASURES OF CAPACITY. Cubic Inches. 1 Millilitre = 1000th of 1 Litre = -061027 1 Centilitre = 100th of 1 Litre = 0-61027 1 Decilitre = 10th of 1 Litre = 6'1027 One Litre, or Cubic Decimetre (the Unit of Capacity), . . =61-027 or 1-7607 Imperial Pints. 142 ARBITRATIONS OF WEIGHTS AND MEASURES. (2) MEASURES OF CAPACITY (Continued). Cubic Feet. I Decalitre = 10 Litres = 0-3531 or 2-2009 Imperial Gallons. 1 Hectolitre = 100 Litres = 3-5316 or 22-019 Imperial Gallons. 1 Kilolitre = 1000 Litres = 35-3165 or 220-09 Imperial Gallons. One Myrialitre=l 0,000 Litres = 353*1658 or 2200-9 Imperial Gallons. N.B. The Millilitre is the Cubic Centimetre. The Litre is the Cubic Decimetre. The Kilolitre is the Cubic Metre. (3) MEASURES OF SURFACE. Square Feet. 1 Centiare or Square Metre = 100th of 1 Are= 10-76429 One Are (the Unit of Surface) = 1076-429 1 Hectare == 100 Ares =107642-9 or 2-47114 Square Acres, i.e. nearly 2J Acres. (4) WEIGHTS. Grains Troy. 1 Milligramme = 1000th of 1 Gramme = -0154323 1 Centigramme = 100th of 1 Gramme = '154323 1 Decigramme = 10th of 1 Gramme = 1-54323 One Gramme (the Unit of Weight) is 15-4323 1 Decagramme = 10 Grammes = 154-323 1 Hectogramme = 100 Grammes = 1543-23 or 3 oz. 8-438 drs. avoirdupois. 1 Kilogramme = 1000 Grammes = 15432-3 or 2 Ibs. 3 oz. 4*38 drs. avoirdupois. One Myriagramme = 10,000 Grammes= 154323* or 22 Ibs. oz. 11 -8 drams avoirdupois. N.B. The parts of the Metre, the Litre, and the Gramme are distinguished by prefixes taken from the Latin, deci, centi, and milli. The multiples of the Metre, the Litre, and the Gramme, preceding in decimal progression, have prefixes derived from the Greek, deca, liecto, M0, and myria. The Are has its parts and multiples similarly distinguished. INVOICES AND ACCOUNT-SALES. 143 BRITISH AND FOEEIGN INVOICES AND ACCOUNT-SALES. One of the objects which have been proposed to be attained by introducing these documents, as a completion of this course of Commercial Calculations, has been, to afford an opportunity for revising the greater part of those subjects, which have been treated upon in the preceding portions of this treatise. Another and perhaps no less useful purpose has been, to familiarise the student with the various forms in which such documents are usually drawn out; and as those here given have been selected from the records of actual trans- actions, and in a great variety of the branches of Commerce, it may be expected that they will serve as a useful intro- duction to his occupations in the Counting-House. Upon the observations and explanations which are contained in the following and concluding pages it seems scarcely requisite to offer any remark. Several of them have appeared to be necessary, in order to enable the learner to understand the principles upon which both those calcula- tions which have been left for his practice are to be made, and upon which those whose results are given, have been performed. Others have been intended to convey some information respecting either the nature of the commodities or the routine of mercantile usages, in order to account for the various allowances, charges, and settlements, which form a large portion of the items in these Statements. 144 INVOICES AND ACCOUNT-SALES. SELLING INVOICE OF DEALS. (Part L, page 100.) These Deals, being from Sweden, are sold by the Swedish Standard Hundred of 120 Deals, 14 feet long, 3 inches thick, and 9 inches wide ; and it may be noticed that those from Gefle (towards the south of the Gulf of Bothnia) are reckoned to be the best of the Swedish Deals. The cubic contents are found by multiplying the same num- ber of cubic feet as there are Deals by the number of feet in the length, and when the thickness and width are according to the standard, the product is the number of the feet ; otherwise proportional additions or allowances are to be made. The results reckoned as so many Deals are to be divided by 14. Battens, according to their standard of 12 feet long, 2J inches thick, and 7 inches wide, are estimated in a like manner. On damaged Deals there is an allowance of l-4th. Since the recent introduction of the Metric System, the Swedish Cubic Fot = -92431 Cubic Foot English = -02617 Cubic Metre. FREIGHT ACCOUNT. (Part /., page 101.) The term Freight is used to signify either the Cargo of a Vessel or, as here, the consideration to be paid for the trans- port of the Cargo, according to the terms of the agreement as expressed in the Bill of Lading. Although the Freight for the Wheat and Zinc in the pre- sent account is charged upon the landing quantity of the one and the delivery weight of the other, it may be useful to show the manner in which approximate estimates of the same may be made from the quantity and weight shipped according to the Bills of Lading, and as denoted in the account. INVOICES AND ACCOUNT-SALES. 145 The Shipping Quantity of this Wheat was 10 J Prussian Lasts, each of 72 Scheffels, or 744 Scheffels ; and, therefore, as 100 Scheffels are equal to 151 '21 Imperial Bushels (or the Prussian Last to 13-6089 Imperial Quarters), the 10 J Lasts are equal to 140 Imperial Quarters 5 Bushels, while the quan- tity rendered, according to the Certificate from the Corn Meters' Office, was 1 Bushel in excess, either from difference of measurement or from the swelling of the Grain. The Shipping Weight of the Zinc was 660 Prussian Cent- ners, each of 110 Prussian pounds; and as 1000 Prussian pounds are equal to 1031^ pounds Avoirdupois, the equiva- lent weight was 33 tons 8 cwt. 1 qr. 17 Ibs., or 2 cwt. 2 qr. 7 Ibs. above the quantity delivered. The Centner is now 50 Kilo- grammes. The estimates of the Staves, etc., require fuller explana- tion. A Mille of Pipe Staves, by which the Freight is calcu- lated, is 20 Schocks, each of 60 Staves, or 1200 Pipe Staves. Also, f 30 Schocks of Hhd. Staves. lMilleofPipeStaves=h ^ or 3 hd . Headings (80 Short or Barrel Hence, Pipe Staves. 55 Schock = 3300 Barrel Staves are 1650 I 650 12 = 720 Long Headings 240 240 4 = 240 Short Headings 60 60 3 Mille 300 Pipe Staves, or P. St. 3900 Also, 15 Sh. 22 St. = 922 Hhd. Staves are 614f 160 = 9600 Barrel 4800 45 = 2700 Hhd. Headings 900 1 =60 Barrel 15 5 Mille 329| Pipe Staves, or P. St., 6329| u 146 INVOICES AND ACCOUNT-SALES. INVOICE OF CURRANTS. (Part L, page 102.) The price at which this article of Commerce was generally sold was that which was called duty paid. When so sold for exportation, the amount of the duty, calculated upon the Net landing Weight, was deducted from the selling amount. Of the Charges it may be noticed, that in the first, or the Custom House Charges, are included 5s. for the expense of the Stamp for the Bond, the rest of these Charges being for the trouble of passing the requisite Entries. The Goods being shipped on account of the Consignee, and the amount being drawn for, the expenses of making the Draft are here included. The charge for the Insurance necessarily includes the Policy Stamp, which is now at a lower rate. ACCOUNT-SALES OF COCHINEAL. (Part /., page 103.) Cochineal from the Spanish Settlements is packed in bags, which are almost universally covered with a Hide, and such package is called a Seron,, from the Spanish word Zurron signifying a Leather Bag. Before taking the weight, this covering is removed, and the Tare is the actual weight of the Shirts or Linen Bags; and both the Gross and Tare are taken to ounces. Cochineal is sold at the prompt, or term of payment, of 1 month, the prompt expiring according to the general custom of London on the following Saturday, the day named at the foot of the Account-Sales. Cochineal is sold in Bond. In London, the Warehouses and Quays of the respective Docks are bonded by the Companies of the Proprietors, and the Charges which they make for the landing, weighing, housing, delivering, etc., of the Goods, are called Dock Eates. Of these Eates there are two kinds, the Landing Eate, which does not include any rent, and the Consolidated Eate, which, with an extension of the trouble taken with the Goods, includes the rent for a stated period, from the time of the ship's commencement of discharge, INVOICES AND ACCOUNT-SALES. 147 The Charge for Garbling, that is sifting and picking, is an extra charge. New Bags are required for the Garblings, and also for any Bags which have been sea-damaged. The rate of Freight is according to the terms specified in the Bill of Lading. Primage was originally a gratuity to the Captain for his care of the Goods. The Charge for Brokerage is commonly, if not always, made upon the Gross amount of the Goods, while that for Com- mission is usually made upon the Net amount. In a few cases, the rate of the Brokerage is upon the number of the Casks or Packages, as 5s. or 10s. per Hhd. or Puncheon ; but it is far more generally a rate per Cent., as one-half or one per Cent., the latter being usually charged either when much trouble has been required to be taken, when the Goods have been sold by Public Sale, or when advances have been made by the Broker to his Principal. ACCOUNT-SALES OF PIMENTO. (Part L, page 104). On the items of this Account-Sales of All-Spice or Jamaica Pepper no remark seems necessary, beyond what is stated in the preceding explanations, further than that this is one of the few articles on which Tret is stiH allowed. ACCOUNT-SALES OF IVORY. (Part /., page 105.) Elephants' Teeth are divided into five different sorts, accord- ing to their Weight, the smaller ones, or those under 18 lb., being called Scrivelloes. The Commission in this Sales is charged, like the Brokerage, upon the gross amount, 148 INVOICES AND ACCOUNT-SALES. ACCOUNT-SALES OF TOBACCO. (London.) (Part /., page 106.) The importation of Tobacco into this kingdom is placed under very severe restrictions. Where it is permitted to be landed, it is placed in appointed Warehouses under the special charge of the Customs, and it is weighed Net or without the Cask. Before, however, being thus weighed, any unsound part is cut off, and instead, as formerly, of its being destroyed (as is still required to be done to such Tobacco as the importer may choose to wholly abandon), it may now be exported, but not in packages of less than 300 Ib. in weight. The undamaged Tobacco is recased, and the allowance for shrinkage is made, to compensate for the loss of weight that may arise from the drying up occasioned by this cutting and exposure to the atmosphere. As with other bonded Goods, no Duty is required to be paid at the time of importation, but upon making the Warehous- ing entry, a charge of 2s. per Cask or Package is made for rent in such warehouses as are provided by the Crown, and the same is also payable on taking the Tobacco from the Warehouse (with a further charge of 4s. per Annum if remain- ing warehoused longer than 5 years), to defray which and other trivial Charges, the allowance of 3s. Td.per Cask is made to the purchaser of either sort of Tobacco from the United States. The Import Eate is charged by the Dock Company for the services stated in the Account-Sales. The London rate of Brokerage on Tobacco is 10s. per Cask, if sold for home trade, or 5s. per Cask, if sold for exportation. All Tobacco is sold in London at 2 months' prompt, or a discount, at the rate of 5 per Cent, per Annum, is allowed for any unexpired time. N.B. Both this and the following Account-Sales are from Brokers to their Principals, and consequently include neither Freight nor Insurance. INVOICES AND ACCOUNT-SALES. 149 ACCOUNT-SALES OF TOBACCO. (Liverpool.) (Part /., page 107.) The allowances upon the weights of most articles of Commerce are the same in the Out-Ports as in London, but in Liverpool, on this article, there is a considerable differ- ence. Except that an extra-shrinkage is allowed when the Tobacco has been long in the Warehouse, on Virginia and Kentucky, the shrinkage is only 15 Ibs. per Hhd., and on Maryland only 10 Ibs. per Hhd., each with a Draft of 2 Ibs. per Hhd., but with no allowance of Tret. The times of credit are also generally different. On this Tobacco, the time is 4 months, here stated to be 2 and 2 months, by which is meant, that at the expiration of 2 months, payment must be made either in Cash with the allowance of Discount, as Interest upon the money paid, at the rate of 5 per Cent, per Annum for the unelapsed time, or in approved Bills at 2 months' date. This settlement is called " as 4 months' Cash," signifying that payment may be made either on the day of sale or at any time within the first two months, with the allowance of Discount as above, the 4 months' payment being what is called "bill time," or 4 months and 3 days grace. There is no percentage Discount, nor are any Charges allowed to the Buyer; and the Tobacco Warehouse for this Port being free of Kent to the Crown, this article is free of Kent for 18 months from the date of importation, after which time the rent is charged at the rate of IJd. per package per week, which is payable by the then Owner. ACCOUNT-SALES OF OIL. (Liverpool.) (Parti., page 108.) At the date of this Account-Sales, the rates of the Selling Price and of the Duty upon Olive-Oil, were per Tun of 252 Imperial Gallons, calculated upon the delivery net weight for the former, and upon the customs net weight for the latter; it being estimated that the Gallon of such Oil 150 INVOICES AND ACCOUNT-SALES. weighed 9 Ibs. Avoirdupois, which was about 1J per Cent, less than its real weight, as 100 Gallons weigh on an average 913 Ibs. Avoirdupois. The rate of Freight is very often calculated in the same manner, but, in this instance, it was rated upon the Customs net weight, at the given rate of 35s. per Ton of 20 Cwt. The Tun of 252 Gallons is one quarter of a Cwt. in excess of 1 Ton in weight. The rates of Draft vary according to the weight of the Cask. Under 1 Cwt. it is 1 Ib. ; 2 Cwt. 2 Ibs. ; 3 Cwt. 3 Ibs. ; 10 Cwt. 4 Ibs. ; 18 Cwt. 7 Ibs. ; 18 Cwt. and above, 9 Ibs. Thus in this Account-Sales, of which only the total Gross is given, on 53 Casks under 10 cwt. and not less than 3 cwt. each, the Draft was 4 Ibs. each Cask; and on 20 Casks under 18 cwt. and not less than 10 cwt. each, the Draft was 7 Ibs. each Cask. Whether bonded or not, the selling price was for duty paid, and from there being no charge for the Bond, it appears that the Goods in this Account-Sales were not housed in a Bonded- Warehouse, and an opportunity is thus afforded of giving some explanation of the nature of the Entries at the Custom-House in those places in which the warehousing system of the London Dock Companies has not been established. Before a Landing Waiter is appointed to the charge of a Vessel which has entered the Port, and therefore, necessarily, before commencing its discharge, it is required that at least two-thirds of the Cargo should be entered,* and unless the Goods are bonded, the duty must be paid upon an estimated amount. This is called making a Prime-Entry, and when afterwards the Goods have been landed, and the net weight or quantity has been ascertained, the consignee is required to * An entry is merely a description containing the name of the Vessel and of the Consignee or party making the Entry, the sort of Goods thus entered, and, in the above case, the quantity on which the duty is proposed to be paid. INVOICES AND ACCOUNT-SALES. 151 make a second or Post-Entry, and pay the remaining duty. The Goods are then given out of the Charge of the Customs, and when the Prime-Entry has been made for more than the landing weight, etc., which is rarely the case, the surplus can be recovered upon application to the Board of Customs. In Liverpool, at the time of making the Prime-Entry, the Dock Rates and Town Dues had to be paid, the former being calculated similarly to the Duties, and therefore requiring to be adjusted in the Post-Entry, but the latter being in almost all instances upon the number of the packages, had to be paid upon the number entered to be landed. Cartage, Porterage, Cooperage, Warehouse Rent, etc., may be called private Charges, and the manner in which the latter is usually calculated will be shown when noticing the Account- Sales of Cotton at the end of this Section. The Charge for Bank Commission was made under the supposition that all the money received for the goods was deposited in one of the Banks of the Town, and therefore as a charge of one quarter per Cent, was the common rate of Commission charged by the Bankers upon withdrawing the money (they allowing Interest upon it while deposited), it was also charged by the Agent to his Correspondent. INVOICE AND ACCOUNT-SALES OF INDIGO. (Part /., page 109.) Indigo being sold in Bond by the Importers, in order to be allowed to take it out of the Warehouse for exportation, the party entering it for Shipment is required to give a bond, with security to the Customs, that it shall not be relanded in any part of the United Kingdom. The first portion of this Statement contains an abstract of the usual Invoice, the second part being the same of the Account-Sales, in which several of the Charges are stated in Hamburg Currency, and the amount of these therefore re- quires to be reduced into Hamburg Banco at the rate then existing of 123 Marks Courant for 100 Marks Banco. 152 INVOICES AND ACCOUNT-SALES. Hamburg Currency was the money in Coin which was minted in the principal pieces at the rate of 34 Marks in Coin from one Mark Weight of Fine Silver. Hamburg Banco was a valuation of Fine Silver from the Bars of Silver deposited in the treasury of the Bank to form the credit of the accounts opened with the Bank by the Merchants and Traders of Ham- burg. The valuation of this Silver, at the rate of 27f Marks on its being received, and at 27f Marks on its being with- drawn, constituted what was termed Banco, in which the accounts of Merchants were kept, and in which the Exchanges were reckoned up to 1875 ; while, in general, the accounts of Tradesmen were kept in Currency. Taking the receiving rate for Silver, 100 Marks Banco were equal to 123^ Marks Current, but in calculating the Charges the fraction is re- jected. 150 Imperial Marks now represent 100 Marks Banco. On most articles of merchandise formerly coming into Hamburg, there was a duty of one-half per Cent., reckoned in currency as the money of this Free State ; and on passing up or down the Elbe at Brunshausen, near Stadte, a Transit Duty was exacted by the King of Hanover, which duty was paid in Hamburg. The latter forms what is termed in these accounts the Stadte Duty. From the amount of the Invoice in London and the net proceeds of the Sales in Hamburg was formed an arbitrated rate of Exchange, from which and the rate of drafts or re- mittances might therefore be shown the rate of profit upon the transaction. INVOICE AND ACCOUNT-SALES OF CASSIA LIGNEA. (Parti., page 110.) Cassia Lignea, the bark of a tree growing in Eastern India, the Spice Islands, and China, is similar in appearance and taste to Cinnamon, but is much inferior in quality. The Invoice and Account-Sales here given are for the same purpose as those in the last Statement. INVOICES AND ACCOUNT-SALES. 153 The modern Netherlands weights, as well as the measures, are regulated upon the French or Metrical System, and the Netherlands Pond is usually also called a Kilogramme. Either the Half -Kilogramme, or the Centner of 100 Half -Kilogrammes, is the usual commercial weight for the rating of the prices of goods, the Kilogramme being seldom used for this purpose. 100 Half-Kilogrammes are very nearly equal to 110J Ibs. Avoirdupois. The Florin is divided into 100 Cents; the Stiver, still used in English rates of Exchange, being equal to 5 Cents. INVOICE AND ACCOUNT-SALES OF LOGWOOD. (Parti., page 111.) Logwood, called also Campeachy Wood, from the place of its growth in the Isthmus of Darien, is used in dyeing for imparting a red colour. In the Account-Sales of this article in Genoa, the weight it there rendered is given in Cantari, each of 100 Eottoli, and these are reduced into Libbre peso grosso, at the rate of 3 Lib- bre for 2 Eottoli, or by adding half the number. At the time of this account the current money of Genoa was the same as that of the Sardinian dominions, to which the Duchy of Genoa had been annexed, or in Lire nuove of 100 Centesimi of the same value as French Francs, yet the old monetary rate of Lire fuori banco, divided into 20 Soldi, each of 12 Denari, had been retained for the valuation of merchandise, and in fact is still in use. As this, however, was not a legal money of account, the result required to be converted into Lire nuove, at the rate of 5 Lire fuori banco for 6 Lire nuove. The present Lire Italiana of all the Italian States is nearly of the same value as the Lire nuova and of the French Franc. The words fuori banco mean " not the same as banco." For the equational formula for finding the arbitrated price, see Part I., page 82, and Part //,, page 106. 154 INVOICES AND ACCOUNT-SALES. INVOICE AND ACCOUNT-SALES OF HAVANA SUGAR. (Part L, page 112.) A detailed statement of the cost, charges, and sales of this article of commerce, on page 167, infra, affords a better oppor- tunity than the present of explaining some of the items. The object of the present statement is to find an arbitrated price, and the estimates will be seen to accord with those in Part L, page 83. INVOICE AND ACCOUNT-SALES OF GOLD. (Par* I., page 113.) Gold was formerly purchased in Portugal and Brazil by the Oitava, the 8th part of the ounce, or the 64th part of the Portuguese Mark, which was estimated to weigh 3541 \ grains Troy. The weight of 100 Oitavas is, therefore, 11-528 ounces Troy, making 1637J Oitavas equal to 188 oz. 15 dwts. Troy. The Metric System of France is now in use. Gold Dust is sold at varying prices according to its supposed quality, the demand for it, and the value borne by Specie in the Brazilian Paper Currency. There is commonly a con- siderable loss in weight in the melting of it, partly from the oxidising of the alloy, but chiefly from its frequently contain- ing many particles of earthy matter. The Charge for Freight is according to the agreement with the captain, this gold having been brought by a private vessel. The Assay is here charged at the Mint rate, or the price charged by the English Assay Master. ACCOUNT-SALES OF GOLD. (PartL, page 114.) In the first part of this statement are given the weights before and after melting, with the Assay Parting Eeports, showing not only the quality of the Gold, but also the relative quantity of the Silver contained in the compound metal. From the first part of each report, is calculated the quantity of the standard Gold contained in each Bar, and from the second part, the quantity of fine Silver in the same, taking the weight after melting for each calculation. INVOICES AND ACCOUNT-SALES. 155 The Gold is valued at the Bank buying-price for standard Gold; the fine Silver is reckoned to be 17 dwts. (B.) better than standard, or 1 dwt. (W.) worse than pure Silver, and is valued at the present price of Silver without Gold. The Gold in the scrapings of the black-lead crucibles, in which it is melted, is valued, retained, and paid for by the melters, or set off against their charge for melting, which is here 6d. per pound, this being Bar Gold. The purchaser of this Gold paying for the contained Silver, is allowed 4 shillings per pound, for the expense he will incur for parting or separating the two metals. When, therefore, the quantity of Silver in the Bar is not above 1 6 dwts. per pound, it will not defray this expense, and is considered valueless. INVOICE OF BULLION AND SPECIE. (Part I. , page 115.) Like the Portuguese Mark, the Spanish Mark in weight is divided into 8 Ounces each of 8 Oitavas, and the Assay Mark or integer, into 288 Granos, or into 12 Dineros each of 24 Granos for Silver, and 24 Quilates or Carats of 4 Granos for Gold. The Assay Keport is now in Milliemes, with the former style sometimes used concurrently. In order to ascertain the Fine "Weight, or the number of the grains of fine Silver contained in each Bar, the number of the grains in the Assay Eeport is multiplied by the number of the marks, and parts are taken for the ounces and oitavas. Thus for the Bar weighing 138 marks 6 ounces, and reported as being 11 dineros 19 granos or 283 granos fine, we multiply the latter by 138, and add parts for the ounces. In the valuation of Assayed Silver, the Spanish standard of this metal being 1 1 ounces fine, it is rated at the agreed price per 264 grains of pure Silver, the rate, in these valuations, being equal to 1 real per 4 granos, or 1 dollar for 32 granos. The Bars in the second parcel of this Silver, containing each a ley, mixture or alloy, of Gold, are reported as in the English method, by the number of the Grains in each Mark. The weight of tbe fine Gold is found in the same manner as that of the fine Silver, and it is valued at the given price per 4400 grains, which are ll-12ths of the Spanish Mark weight for 156 INVOICES AND ACCOUNT-SALES. Gold, this Mark being divided into 50 castellanos each of 8 ochavos or 96 grains. The Eagle or Mexican Dollars are valued in this Invoice at their current amount. The export duty upon them is 3J per Cent., but upon the Bar and Pena Silver it is 7 per Cent. ACCOUNT-SALES OF SILVER. (Parti, page 116.) This Account-Sales being of the Silver forming the subject of the preceding Invoice, trials may be made to ascertain how far the Spanish weights and reports coincide with those here given, it being noticed that 100 Spanish Marks are equal to 61-64 Pounds Troy, that the Dineros in the former reports are equal to English Assay Ounces, and that by the deduction of One-sixth of the number of the Grains, the corresponding number of Assay Pennyweights is obtained. Thus, for the Bar Number 2, -in this Account-Sales, the Invoice Number of which is 83, and which weighed 139 Mks., Ibs. 61 -64 x 139 = Ibs. 85 8 3 Weight before melting, . 85 8 10 Difference, .. . 7 dwts. Spanish report of the same, 11 dwt. 13 gr. = ll oz. 11 dwts. English report, 11 oz. 12 dTts. Or, Better 10 dwts. So also to reduce the report of 109 Grains of Gold per Spanish Mark of 4800 Grains to a proportional rate per Pound Troy of 5760 Grains, a fifth of their number is to be added, which makes them very nearly equal to 131 Grains Troy per Pound. The report, however, in this Sales gives for this Bar 145 Grains of fine Gold per Pound, and the reports of the other Bars also give to each a nearly proportionate excess of Gold above the Spanish estimates of the same, but upon the latter, in such parting reports, very little reliance can in gene- ral be placed. The mode of finding the Standard Weights is given in Part L, page 58 ; and it will be observed, in the present valuations, that the first Bars, being without Gold, sell at a less price than the second Bars which contain Gold. The difference is from Jd. to d. per ounce, it being considered that the pur- INVOICES AND ACCOUNT-SALES. 157 chaser is a gainer at the least to this extent, by the Gold actually obtained being greater in quantity than what is in- dicated by the Assay Report, and by the allowance for refining being greater than the expense incurred. The quantity of the Gold in each Bar is calculated, like the standard weight, upon the weight after melting, and from the report of this metal, an allowance of 5 grains per pound being now made for the expense of parting, instead of making the allowance in the manner stated in the preceding Account- Sales of Gold. This allowance, however, often varies. In the valuation of the fine Gold found in Bars of Silver, the purity is reckoned to be 1 carat 3| grains better than the standard, or J of a carat grain inferior to pure Gold, and with this purity the valuation is made at 2-1149 pence per grain, which rate corresponds very exactly with the valuation of 77s. 9d. per ounce standard. The loss of weight on the Pena Silver here amounts to only about 1 per Cent., which loss agrees with that upon some very dry Plata Pena furnished from the Bullion Office of the Bank, with the average report of Better, . 16 J Dwts. Gold, . under 2 Grains in the Pound. In conclusion, it may be noticed, that from the nature of parting reports, the two portions taken together can neces- sarily amount to not more than 24 carats or 12 ounces. Thus in a parting report of Gold, reckoning the carat as half an ounce, and the carat grain as 2J dwts., Standard Gold can- not have more than 20 dwts. of fine Silver, or Gold reported 1 carat 1 grain Better, more than 7 J- dwts. of fine Silver mixed with it. So, also, Silver reported Standard, or 18 dwts. in- ferior to pure Silver, could not contain more than 432 grains of Gold per pound, and in this way each dwt. above standard would reduce these contents by 24 grains. In like manner in this Account-Sales, the Bar No. 3, being reported to be 9|- dwts. better than standard, and to contain 150 grains or 6J dwts. of Gold in the pound, would have only 2J dwts. of alloy in the pound. Dollars, in large quantities, are always sold by weight ; and it is commonly reckoned that 1000 Dollars weigh about 866 ounces, or 72 Ibs. 2 oz. Troy. 158 INVOICES AND ACCOUNT-SALES. Kespecting the general rates of the Charges upon Silver, that for melting is from 15 to 20 shillings per 100 pounds. Mint parting assays of Silver are charged; and the Commercial Assay Masters have an uniform Tariff of Charges. On Silver the charge for Brokerage is l-8th per Cent., but there is no Brokerage on Gold which is bought by the Bank of England. The Freight on Bullion being an ad valorem Charge, should it be required to be delivered to the owner, without being sold, the value of it is taken at an estimate. ACCOUNT-SALES OF SILVER IN HAMBURG. (PartL, page 118.) The Mark, by which the precious metals were weighed in Hamburg, and to which reference has before been made as being the old standard, in this place, of the Cologne Mark, and as weighing 7 oz. 10 dwts. 8 grs. Troy, was divided into 16 loths of 18 grains, or into 288 grains, the grain being divided into 1 6ths in the weighing of Gold. The assay Mark or integer was divided into 16 loths each of 18 grains, for the assaying of Silver, or into 24 carats each of 12 grains, for the assaying of Gold. The valuation of either of these metals was made from the weight of the pure metal, and this valuation being in Marks Banco, the range of the price of Silver in Hamburg was generally confined within the rates of 27 Mks. 10 Sch. and 27 Mks. 12 Sch. Banco, the former being, as before noticed, the rate at which Silver was received by the Bank as a deposit to form or increase the credit of an account, and the latter being that which was charged for it, or for which the withdrawer's account was debited, when it was taken out of the Treasury. The calculation of the fine weight was made, by multiplying the gross weight by the number of the loths in the assay re- port, taking parts for the grains, and dividing the result by 16. The value was found by considering the weight as so many Marks, Schillings, and 18ths, Banco, and as then expressing the value at 1 Mark Banco, per Mark in weight ; from which the value was calculated for the given rate. One loth was com- monly valued at 27f schillings, and one grain at 1 J Sch. Banco. The Stadte Dues have been noticed in the remarks on the Account-Sales of Indigo. INVOICES AND ACCOUNT-SALES. 159 ACCOUNT-SALES OF SILVER IN PARIS. (PartL, page 119.) The rates for the valuation of Gold and Silver in France are stated in Part /., page 61, and the manner of forming them may here be explained. By the laws of France, the Kilogramme of Gold of the purity of 9-10ths, or 900 milliemes fine, is coined into pieces of money worth 3100 Francs, and the same weight of Silver of the same fineness, into 200 Francs; and by a Decree of 22d March 1854, the charges to be made, as the expense of fabrication, to persons bringing these metals into the Mint to be coined, were fixed for Gold, at Fr. 6-70 (from 1835 to 1854, 6 Francs), Silver, 1-50 ( 2 ), f Kilogramme of the standard purity.* These deductions being made from the preceding or mint- age rates, give Fr. 3093*30 for Gold, and Fr. 198*50 for Silver, as the Tariff Eates per Kilogramme, 900 milliemes fine ; the latter rate being exactly 22 centimes for each mil- lieme in the purity of Silver. Bars of Silver containing Gold bear, as in this country, a higher price or premium than those which are without it ; and, in the valuation of this gold, 1 millieme is allowed for the expense of refining, being equal to 5| grains in the pound Troy. The rest is charged for, as if pure gold, at the tariff rate (between 1835 and 1854) of Frs. 3437*77 per Kilo- gramme. Gold in bars is now negotiated at Frs. 3437*00 fine (New Tariff), and Silver at Frs. 218*89 fine (Old or Com- mercial Tariff). See Part II. , page 112, supra. The calculation for the Gold in this Account-Sales is thus made, the weight of the Bars being 35*467 Kilogrammes, and charge being made for 3 milliemes of Gold : K. 35*467 x 0*003 = K. 0*106401 Frs. 3437*77 x 0*106401 = Frs. 365*78 * A charge of this nature, or for the coinage of Gold or Silver, is technically called a Brassage or Seignorage. 160 INVOICES AND ACCOUNT-SALES. INVOICE OF INDIGO. (Part I., page 120.) The weights of these 10 Chests of Indigo are taken in Factory Maunds each of 40 Seers, the Seers containing 16 Chittacks, or, as they are sometimes, but incorrectly, called, Catties. The valuation is made in Company's Rupees of 16 Annas each of 12 Pie.* The first of the Charges is rated at 2 Eupees 12 Annas, or 2f Rupees per Chest. Godoivn, compounded of the words go and down, is the term used in India for an underground place of deposit for goods. At the date of this Invoice, the Export Duty, at 3 Com- pany's Rupees per Indian Maund, is reckoned upon the weight in Indian Maunds, which are reckoned legally to be the same as Bazaar Maunds, 10 of which are considered to be equal to 11 Factory Maunds, 3 of which are estimated to weigh 224 Ibs. Avoirdupois. There is, however, a slight difference between the former two of these Maunds, for the Indian Maund contains 40 Seers of 80 Tolahs, each equal to 180 grains Troy,f making the Indian Maund equal to 100 pounds Troy, which would, therefore, also make 10 Indian Maunds equal to 11 T \- Factory Maunds. The Freight and Insurance are both made payable in London ; the latter is usually by Draft of the Assured on the Consignee. The Bill of Lading and the Policy of Assur- ance are documents which very frequently accompany Bills of Exchange, drawn upon account of shipments, and which are given up to the Drawees upon payment of the Bills. * A Pie is the third part of a small copper coin called a Pice, but the distinction between the two is sometimes omitted to be observed. Accounts of Goods and Charges are seldom taken lower than to the Pice or 3 Pie. t This is the weight of the Company's new Rupee, in Silver, or the new Mohur, valued at 15 Rupees, in Gold. The Standard for the purity of each of these Coins is ll-12ths fine. The Government Rupee, which has taken the place of the Company's Rupee, is of the same weight and fineness. The Company's Rupee is still quoted in some Exchange Lists. INVOICES AND ACCOUNT-SALES. 161 ACCOUNT-SALES OF INDIGO. (Part I., page 121.) The arrangement of the weights of the Chests in this Ac- count being according to the numbers of the Sale Lots, the original numbers are placed in the margin, by which reference can be made to the preceding Invoice, in order to ascertain how far the Indian and British weights correspond. The relation between these weights has been already given, but as some of the reductions are rather difficult, we give the following Table showing the weights of Factory Maunds, Seers, and Chittacks, in Pounds Avoirdupois, to two decimal places. Maunds. Gwt. qrs. Ibs. Seers. Ibs. Chitt. Ibs. 1.02 18-66 1 . 1-86 1 . 0-11 2.11 9-33 2 . 3-73 2 . 0-23 3.200 3 . 5-60 3 . 0'35 4.22 18-66 4 . 7-46 4 . 0*46 5.31 9-33 5 . 9-33 5 . 0'58 6.400 6 . 11-20 6 . 0-70 7.42 18-66 7 . 13-06 7 . 0-81 8.51 9-33 8 . 14-93 8 . 0-93 9.600 9 . 16-80 9 . 1-05 10 . 6 2 18-66 10 . 18-66 10 . M6 20 . 13 1 9-33 20 . 37-33 11 . 1-28 30 . 20 30 . 56-00 12 . 1-40 13 . 1-51 To apply these estimates for the pur- 14 . 1'63 pose mentioned above, we may take 15 . 1*75 Chest No. 1, in the Invoice, weighing 5 Maunds 10 Seers 4 Chittacks. Cwt. qr. Ibs. Maunds, 5 = 3 1 9-33 Seers, 10 :s 18-66 Chittacks, 4 = 0-46 Cwt. qrs. Ibs. 3 2 0-45 Weight of the same in London, . 3 1 23 Loss in weight (nearly 5J Ibs.), 5 '45 162 INVOICES AND ACCOUNT-SALES. INVOICE OF SALTPETRE. (Part L, page 122.) The weights are here first given in English weights, to be afterwards reduced into Factory Maunds, etc., in order to be valued, at the given prices per Maund, in Sicca Eupees. The values thus found are then converted into Company's Eupees, at the rate of 106| Company's Eupees for 100 Sicca Eupees,* or 16 of the former for 15 of the latter. The Charges are similar to those in the last Invoice, except that the Duty is an ad valorem rate of 3 per Cent, on the en- tered value. ACCOUNT-SALES OF SALTPETRE. (Page 123.) Saltpetre, like other articles of commerce, varies in price according to its quality. Never being imported in a state of pure Nitrate of Potash, an allowance of 5 Ibs. in 112 Ibs. is made as a sort of standard alloy, and the weight to be paid for by the purchaser is calculated from the net weight of the Eough Saltpetre, in the relation of its degree of purity to this standard. That is to say, the ascertained rate of alloy, called refraction, being deducted from 112, the proportion becomes As 107 : Eemainder : : Net weight : Paying weight. But the calculation may be better made by multiplying the net weight by the difference between the ascertained refrac- tion and 5, the standard refraction, and dividing the product * This is nearly, but not exactly, the relation between the value of the Company's Rupee and that of the Sicca Rupee, a name derived from the old Rupee of the Mogul Empire, which was one Sicca in weight, and was reported to be formed of pure Silver. INVOICES AND ACCOUNT-SALES. 163 by 107, in order to find the quantity which is to be added to, or subtracted from, the net weight, according as the refraction is less or greater than the standard. The impurities constituting this refraction are arranged under these three heads : Insoluble and Moisture, Sulphates, and Muriates, and the reports are made out in the following forms, as for the three qualities in this Sales. It is, however, to be noticed that, generally, the same mark is considered to be of the same quality, but when, as in the instance of the first of these parcels, the quality of a portion much differs from that of the rest, it is put into a different pile, as here ex- pressed.* Insol. & Moist., 2-30 2*85 345 Sulphates, . . 040 0'65 5-10 Muriates, . . 175 645 770 445 9-95 16-25 Refraction, . 4| 10 16 J . per Cwt. The loss in weight upon Saltpetre is nsually so considerable, that no comparison can be satisfactorily made between the Indian shipping weights and the English selling weights. The allowances are also different. Upon these parcels, the general rate of 5 Ibs. per Bag was allowed for Tare, in Calcutta ; while, in London, the Dock Company, taking an average from the actual weight of several Bags, as is always done with such Goods, rated the Tare at 12 Ibs. per Bag. A further allowance of 1 Ib. per Bag, for Draft, is also made to the purchaser, by the seller. * The term Refraction signifies a part to be broken off, and not the refraction or divergency of the rays of light. Although some scientific authors adopt the" latter explanation, the quality is ascertained by Chemistry, and not by Optics. 164 INVOICES AND ACCOUNT-SALES. ACCOUNT-SALES OF MANUFACTURED GOODS. (Part /., page 124.) It is often stated in the Indian Price-Currents that " Goods upon advance or discount sell at the exchange of 2s. 6d. per Company's Rupee on Invoice Value," and the formula of this Account shows in what manner such valuations are made. It is, in the first place, to be observed, that the Invoice to which reference is made does not contain any Shipping Charges, Freight, or Insurance, the Goods being charged at such prices as are, at the least, sufficient to cover these expenses; and that in the terms of the agreement for the sale of them, a stipulated increase, as here of 50 per Cent, upon the Cost, is to be made, with the valuation of the Eupee at 2s. 6d. Ster- ling, which is much in excess of its real value. The amount of the Boxes and Packing Charges, not having this advance, is, however, first deducted, as also the amounts of the damaged Goods and the claimed rate of Discount. It is upon the remainder that the advance is made, to which are added, first, the packing Charges (previously deducted), then, the amount of the Boxes with 25 per Cent, advance ; and when the total has been valued in Company's Eupees, which, in Bombay, are divided into 4 quarters each of 400 Eeas, a further addition is made of the sum at which the damaged articles are valued. The Discount upon the Sales, here placed with the Charges, is reckoned for 60 days or 2 months, at 9 per Cent. ; and it may be observed that Indian Discounts are in great variety, not only in times but also in rates per Cent. The Duty at 3J per Cent., is an ad valorem rate upon most Goods of English manufacture, or which are the produce of the British Isles or Colonies ; but on Woollen Goods, some of which formed a portion of these Sales, the Duty is only 2 per Cent., both rates being on the entered values, here stated, in Company's Eupees, Annas, and Pie. The Net Proceeds are valued at 2 Shillings Sterling per Company's Eupee. INVOICES AND ACCOUNT-SALES. 165 ACCOUNT-SALES OF CORAHS. (Part L, page 125.) Corahs are a species of woven Silk Goods, used for Hand- kerchiefs. They are usually imported plain, to be printed in this country, and are sold in bond at the usual credit of three months, or upon what was formerly called "Company's Terms ; " that is, with a stated Deposit, and without Dis- count for early payment upon Clearance. The Commission is here charged upon the gross amount, and a Commission of \ per Cent, is charged upon the amount insured. The charge for Unpacking, etc., is made by the Dock Company for management. INVOICE OF CURRANTS. (PartL, page 126.) Under the British Protectorate, English Avoirdupois weight was established as the weight of the Ionian Islands, but in the present case, instead of the Cwt. and Ton, the native Cen- tinajo of 100 Ibs. and the Migliajo of 1000 Ibs. are used. The weights now used are the same as those of France. Mna is Kilogramme, Drachme" is Gramme, Obolos is Decigramme, and Kokkos is Centigramme. A Talanton=lJ Quintal, or 330-699 Ibs. Avoirdupois. A Tonos=10 Talanta=lJ Tonneaux=3306'9 Ibs. Avoir- dupois or 29-52669 Cwt. The legal money of these islands when under the British Protectorate was in pounds, shillings, and pence similar to Sterling, but inferior to it by about, 4 per Cent, in conse- quence of the valuation of the Spanish Dollar at 4s. 4d. (the rate formerly given to it by Order in Council) being still retained. The Monetary system is similar to the French; 100 Lepta=l Drachma, worth, like the Franc and Italian Lira, about 9Jd. The Duties and other Charges here given are according to the old rates, the whole amounting to more than 30 per Cent, upon the cost price. 166 INVOICES AND ACCOUNT-SALES. ACCOUNT-SALES or CURRANTS. (Part L, page 127.) Casks of Currants are differently designated according to their weight. Officially, at the least, they are called Butts, when above 15 Cwt. Pipes, from 9 to 15 Carotels,* 5 9 Barrels, 2J,, 5 Half-Barrels, under 2J- and the Dock Rates are regulated by these distinctions. As with many other articles of commerce, Currants are sold to the trade at a re-weight, and, as before noticed, the selling price at the date of this Account includes the duty of 22s. 2d. per Cwt. (the half of the rate of Duty previous to the year 1842), which rate is at the present time only 7s. per Cwt. Only the net weights are given in this Account-Sales, but it may be noticed that the usual allowances on the weights are, on Butts. Draft 2 Ibs. each. Tare generally 18 Ibs. per Cwt., some- times 19 Ibs. per Cwt. ; and for those weighing less than 17 Cwt. always 20 Ibs. per Cwt. Carotels. Draft 2 Ibs. each. Tare generally 20 Ibs. per Cwt., some- times 21 Ibs. per Cwt. Although these Currants have been sold upon the Importers' own account, a Commission has been included among the Charges, which is often done in order to show what the Profit would have been if an Agent had been employed. * Carotels or Caratels, from the Italian Caratelli, is a term for small Casks. Carotel is pronounced as if written Caroteel. INVOICES AND ACCOUNT-SALES. 167 INVOICE OF HAVANA SUGAR. (Part /., page 128.) The rates of the prices of the different parcels constituting this shipment are given in Eeals per Arroba of 25 Ibs., Spanish, the amount being carried out in Dollars of 8 Eeals, each of 16 Cuartos. The reimbursement is made by Drafts upon the Consignees, here, at the rate of 9 J per Cent., the form of calculating which is given at p. 109 supra. The amount to be thus drawn for, in order to include the amount of the drawing Charges, at 2-| per Cent., with the amount of the Invoice, being, therefore, together at the rate of 97J per Cent., is found by this proportion. As 97 J : 100 : : Invoice amount : Drawing amount. ACCOUNT-SALES or HAVANA SUGAR. (Part /., page 129.) The rate of Duty on Havana Sugar at the time being too high to admit of its being entered for home consumption, it was always sold, in bond, for exportation. Some of the Boxes of these Sugars, having arrived in a damaged state, a claim, as is shown in the following state- ment, has been made upon the assurers, and has been allowed by them, and the amount so recovered is brought into this account as a part of the proceeds. From the heading of the preceding Invoice, it appears that these Sugars were not shipped directly to London, but that the destination of the Cargo was to be governed by the in- structions which the Captain of the vessel should receive, on arrival at Cowes in the Isle of Wight. The Insurance was therefore so effected, that liberty was retained of proceeding onwards, as to Antwerp, Hamburg, St. Petersburg, etc., as it should be deemed most advisable, or that a part of the pre- 168 INVOICES AND ACCOUNT-SALES. mium, 9s. 6d. per Cent., should be returned, if the Sugar was landed in any port of the United Kingdom. Consequently, as the Cargo was discharged in London, this return was made, not, however, upon the full amount insured, but upon the net amount, or after deducting the sum, say 30, recovered for Particular Average. From the uncertainty of the voyage, the rate of the Freight was necessarily made upon the net shipping weight, reckoning, as in Avoirdupois weight, 2240 pounds, Spanish, to the Ton. In general, the net landing weight in England gives a slight increase, in the number of pounds, upon the Spanish weight, but there is also sometimes a loss. The mode of taring the Boxes in the Havana makes some difference. With some houses, it is the practice to average the Tare at the same rate as in this country, or at 52 Ibs. per Box ;* other houses take the actual Tare, and according as this is above or below the average, there will be a loss or gain in the landing weight, in combination with what the Sugar may have lost from drainage or gained from damp, during the voyage. Exactly 100 Ibs. Spanish are equal to 101-44 Ibs. Avoirdupois. A Spanish Libra, or lb. = 1-014422 Ib. Avoirdupois English = 46014 Kilogrammes ; so that 100 Ibs. Spanish =101 -44 Ibs. Avoirdupois. The Weights and Measures of Spain are the same as those of France, Belgium, and Switzerland. Primage and the Consolidated Eate or the Dock Charges have before been noticed. The Auction Duty is charged upon the gross amount of all Goods sold at public sales, when they come from any State which has not entered into a Treaty of Commerce with this country. The Brokerage is here 1 per Cent., the rate usually charged on Merchandise sold by public sale. * A Draft of 2 Ibs. per Box is also allowed to the purchaser, but no Draft is allowed in calculating the landing Net, for Duty, Dock-Rates, or Freight. The Sales of Sugar are generally made upon re-weights, except Mauritius and East-India Sugar, or with an allowance for loss upon the landing weights. INVOICES AND ACCOUNT-SALES. 169 STATEMENT or PARTICULAR AVERAGE. (Part /., page 130.) The proportionate Loss to be borne by the Underwriters upon the damaged part of the Sugar, forming the subject of the preceding Account-Sales, is estimated in this Statement. The first portion of it contains the Account of the Insured Interest, with the condition relative to the Average, which, by the clause in the Memorandum to the Policy, must amount to 5 per Cent., in order to enable the Assured to call upon the Assurers for reimbursement. The second portion is the general declaration of the cause of the present Claim. The third portion contains an account of the estimates of what the 22 Boxes of damaged Sugar should have weighed, proportionately to the weight of the whole of those which arrived sound, and of what they should have produced, ac- cording to the Broker's Certificate of their estimated selling prices, if they had not been damaged. From the amount of these valuations is deducted the actual produce of the 21 Boxes (1 Box having been emptied to fill up 3 of the damaged Boxes), as shown in the preceding Account-Sales, and from the estimated Sound Value compared with the estimated Loss, thus found, is obtained the Percentage Eate of the Deterio- ration. The last portion of this Statement has for its object the distribution of the Loss upon the series of the numbers, and as the insured value of each of the Boxes was stated in the Policy, no valuation of them is here necessary from a propor- tionment of the whole amount insured, upon the whole num- ber of the Boxes, as would otherwise be required. Also, as in the landing of the Sugars, those which were damaged were set apart for examination until after the rest had been weighed 170 INVOICES AND ACCOUNT-SALES. and numbered, as is usually, but possibly not very fairly, done, the numbers of the Boxes of the damaged Sugar come all in the latter series of numbers. Hence, in the present case, the separate amounts, calculated for each series of ten running numbers, are each of them more than 5 per Cent, upon the insured value of 10 Boxes, and no question therefore arises as to the liability. It may further be observed, that when the last numbers are damaged and do not make 10 Boxes of a series, as in these Boxes for numbers 961, 962, and 963, they are reckoned by themselves or without reference to any 10 Boxes, and a single Box, slightly damaged, might thus claim an average. On the other hand, if there had been only 961 Boxes in all, and 22 Boxes out of them had been damaged, then 1 Box would have come into the series 930 to 940, and as the deterioration for this Box would have been only 1, 7s. 4d., it would not have amounted to 5 per Cent, upon 50, and there would, conse- quently, have been no claim for making good the damage on this number. The same sometimes happens when one Box, Case, etc., or more, has been passed over at the first as being sound, and has afterwards been discovered to be damaged. The amount of the deterioration has, in this case, to be ascertained and per- centaged upon the series to which it belongs, and there being a claim, or there being no claim, depends in like manner upon its amount. This Insurance having been effected at Lloyd's, the amount of the Claim is percentaged upon the amount insured in order to show the pro rata Claim upon each of the Underwriters. Further observations on the nature of these calculations belonging to Particular Averages will be found in the Section under this head, in Part /., page 51, and in the corresponding Section of the present Part, pp. 49 et sey. INVOICES AND ACCOUNT-SALES. 171 INVOICE OF COTTON. (Part I., page 132.) American weights are formed upon the same standards as those of this country, but the combinations of pounds Avoir- dupois into Cwts. and Tons are not used. The prices of this Cotton are in Cents, of a Dollar per pound, but it is to be observed that the valuations are made upon the gross weight, because the material of which the Bags are made, and in which the Cotton is sent down from the Planters, is, by custom, considered to be of the same value, by weight, as this article. The Charge for Bale Pressing is borne by the Ship, being done for the convenience of stowage, but any repairs, &c., of the Bags, is at the expense of the purchaser. The amount of the Drayage and Shipping Charges, depends upon the distance of the Warehouses from the Wharf, and also upon the quarter of the City in which the shipment is made, New Orleans being divided into three municipalities, in which the wharfage charges are different. The Fire Insurance is here charged upon 29,000 Dollars at l-8th per Cent. The Charge for Bills of Lading is merely for the paper and trouble. The Order for this Shipment having been given by parties in New York, the reimbursement is made by Drafts upon them, and from the state of the Exchanges, Bills upon New York at 10 days' sight selling at a premium, there is an advantage of $425-26 by this operation. In some Statements of this nature, a Charge of 1 per Cent, is made upon the negotiating of the Bills, and it sometimes is called Bill Brokerage ; but it is a charge made by one of the Banks in the place for their endorsement or guarantee, in order to enable the drawer to sell his Bills at the current rate of Exchange. 172 INVOICES AND ACCOUNT-SALES. ACCOUNT OF DRAFTS. (Part /., page 133.) The shipment of Cotton, the purchase of which forms the subject of the preceding Invoice, and the sales of which is stated in the following Account-Sales, having been made upon joint-account of parties in New York and Liverpool, the former render to the latter this account of their payments, on the one part, and of their drafts, on the other part, fcr the portion of the amount to be borne by them. The Bills drawn up by the Agent in New Orleans, be- coming due on the 3d and 21st of December, the average time is reckoned to be the 9th of this month ; and the average time of drawing on Liverpool being taken as the 19th of the same month, Interest is charged at the regular United States' rate of 6 per Cent, per Annum (360 days), for the inter- vening time. The first of the reimbursements is for 2000, which, selling at 8^ per Cent, premium, produces $9622-22. There then remains $5480 '3 to be drawn for, the Sterling amount of which, at 8f premium, is found by working the following equation. 5480-3 $ 1 40 . 9 Currency lOSf . 100 Sterling . Eesult 435 A previous calculation, however, requires to be made for the Brokerage upon the amount of the Drafts, and this is done, with sufficent precision, by taking J per Cent, upon the net amount $15,064-76, and adding the same percentage upon the product. Being upon joint-account, no Commission has been here charged, but it is by no means unusual, even in such a case, to charge 1 per Cent., or more, for paying and drawing. INVOICES AND ACCOUNT-SALES. 173 ACCOUNT-SALES OF COTTON. (Part /., page 134.) It will be seen from different portions of this Statement, that part of the Cargo has been thrown overboard in order to lighten the Vessel, and, as a necessary consequence of opening the hatches in stormy weather, a large portion of the rest has arrived in a damaged state. It is customary, in such cases, for the whole of the Goods so injured to be sold by Public Auction directly after their arrival, but in this instance, only 79 out of 316 Bales were so sold, the rest having been left by the Assurers (here stated to be the Eoyal Exchange Company) to the management of the Consignees, and the sale of these 237 Bales forms the fifth item in this account. The terms for the sale of American Cotton in Liverpool, are, 10 days for clearance, with payment at the expiration of that time, in approved Bills at 3 months payable in London, or in Cash with the allowance of Interest at 5 per Cent, per Annum on the money paid, and not, as in London, on the amount of the Sales. The amounts received for the Pickings of the wet, damp, and dry Cotton conclude the account of the sales, the first two belonging to the statements in the Particular Average ; and it may be here observed, that the valuations of these are generally made to the exact amount, while in those of the Bales of Cotton the odd pence are always rejected. The Owners of the Ship having paid for the 32 Bales short delivered (being the Jettison above alluded to), and the Assurance Company having paid the Claims upon them for the damage on the part arrived, the amounts so recovered are brought into the proceeds. The landing net weight on which the amounts of the Duty, Dock Kate, and Freight are payable, are generally calculated upon Goods like the present, which have arrived partly damaged by sea water, by making a proportionate estimate 174 INVOICES AND ACCOUNT-SALES. for the latter, from the landing weight of the undamaged portion ; but when the whole has been damaged, either an estimated portion of the actual weight is struck off for the increase by wet, or the Invoice weight is taken, to which 1 per Cent, is added for supposed increase of weight by damp during the voyage, and taking this as what would have been the landing weight, 2 Ibs. per Bale are deducted for Eopes, and the Tare is calculated at 4 per Cent, to find the net weight. In making a claim on account of short delivered Bales of Cotton, the Invoice weight is, in a like manner, taken with the same addition of 1 per Cent., and then another I per Cent on the amount is deducted for supposed loss of weight when warehoused. The draft at 1 Ib. per Bag, * and Tare at 4 Ib. per Cwt., are, necessarily, also allowed. The manner in which Prime- and Post-Entries are made, when Goods are not bonded, has been explained in the remarks upon the Account-Sales of Oil in Liverpool, in this Part, pages 150 and 151 supra ; and in addition to those upon the Dock Eates and Town Dues of that Port, it may be noticed that freemen of Liverpool are exempted from the payment of Town Dues, wherever they are resident. The charge for Warehouse Rent is commonly reckoned to commence from the day of the Vessel's beginning to discharge, to the last day for each delivery, both days inclusive.! There are various modes of making this Charge, but the following method will show how it is generally calculated, it being premised that one month is charged as the shortest period. * The Draft is actually 2 Ibs. per Bale, because, in weighing for delivery, 1 Ib. is struck off the actual gross weight, by a pound weight being hung in the weight scale, and rope is also weighed against rope. t This is usual in charging for Warehouse Rent. For instance, Rent being charged by the Dock Companies of London at certain rates per week, if the Rent begins on a Monday, etc. , and the Goods are delivered on the same day in the following week, Rent is charged for 2 weeks. INVOICES AND ACCOUNT-SALES. 175 The day on which the Kent here commenced is the 25th of February, and by reference to the Account-Sales it will be seen that the several days of clearance, being each 10 days from the date of the Sales, are as in the following statement, the Charge for each Bale being l|d. per week for the first four weeks, and Id. per week for each further week. Warehouse Kent on 808 Bales of Cotton, from Feb. 25 inclusive to Bales. d. March 10 . 1 month . 79 . 316 28 . 32 days . 237 . 7584 April 4 . 39 . 183 . 7137 22 . 57 . 309 . 17613 7 ) 32334 = 4619 4935 808 Bales @ 2d., . 1616 6551 6551d.=27 5 11 Interest is charged to the average day of the Sales being due, on the Duty and Charges from the day of making the Prime-Entry ; also on the Extra Charges from the same day to that of their being repaid by the Insurance Company ; on the General Average to the former day from the time of its being paid by the Consignee ; and on the Freight from the time of its being due, or 3 months, as on a Bill, from the day of the clearance of the vessel. The full amount recovered for the Jettison having been placed to the credit of the Sales, the Charges allowed upon it are added to the other Charges. This arrangement is generally adopted, because when a Commission is charged on the amount of the proceeds, it gives the Consignee a slight advantage. 176 INVOICES AND ACCOUNT-SALES. ACCOUNT-CURRENT. (Parti., page 136.) This is a usual appendage to an Account-Sales when specific advances have been made. In the present transaction the whole has been settled by the paying over of the balance, according to the directions of the house in New York. STATEMENT OF PARTICULAR AVERAGE. (Part L, page 137.) The management of the damaged Cotton, having been, as Defore mentioned, confided to the consignees, this statement, together with those referred to in it, was made out from their documents, and was agreed to by the Assurers. No particular explanation of its different portions and modes of adjustment seems to be here required, for, like the previous Statement of this nature, its contains the usual general declarations of the Insured Interest, and of the portions on which there is or is not a claim for compensa- tion, and then particularises the grounds for remuneration, referring to the accompanying Documents (not here given) for the details. To the amount of the proportionate deterioration is added the claim for extra Charges, and to the amount of these is further added the sum which has been paid by the consignees of the Cotton to the collecting Broker of the Ship, for their share of the General Average ; and to ensure such payment it is customary for the Ship's Agent to get an Average Bond signed by each consignee : no respectable houses would with- hold their signatures. BANK OF ENGLAND STOCK ACCOUNT. 177 SUPPLEMENT No. II. The following is the Form of Account mentioned in the description of Bank of England Stock, page 34, supra. It is published weekly in the London Gazette : BANK OF ENGLAND. An Account pursuant to the Acts 7th & 8th Viet., cap. 32, for the Week ending on Wednesday, August 1, 1888. ISSUE DEI Notes Issued, . 35,502,860 >ARTMENT. Government De- partment, . 11,015,100 Other Securities, 5,184,900 Gold Coin and ^ Bullion^. . 19,302,860 Silver Bullion. . 35,502,860 35,502,860 BANKING D Proprietors' Capi- tal, . . . 14,553,000 Rest, . . . 3,357,157 Public Deposits,* 3,567,463 Other Deposits, . 25,285,906 Seven-Day and other Bills, * 204,816 EPARTMENT. Government Se- curities, . . 16,717,828 Other Securities, 18,688,429 Notes, . . . 10,261,920 Gold and Silver Coin, . . 1,300,165 46,968,342 46,968,342 * Including Exchequer, Savings Banks, Commissioners of National Debt, and Dividend Accounts. Dated August 2, 1888. 2 F. MAY, Chief Cashier. 178 FINANCIAL AND COMMERCIAL TABLES. The two following Tables of Financial and Commercial matters may be of service : (1) COMPARATIVE VIEW OF THE BANK RETURNS, BANK RATE OF DISCOUNT, PRICE OF CONSOLS, ETC., AT 7TH AUGUST 1878 AND IST AUGUST 1888. f? Y? Circulation,* . . . 28,177,085 25,240,940 Public Deposits, . . . 3,622,089 3,567,463 Other Deposits, . . . 19,986,659 25,285,906 Government Securities, . , 14,967,178 16,717,828 Other Securities, . . , 18,309,896 18,688,429 Reserve of Notes and Coins, . 8,602,963 11,562,085 Coin and Bullion, . . . 21,780,048 20,603,025 Proportion of Reserve to Liabilities, 36f % 39f % Bank Rate of Discount, . . 4% Price of Consols, . . . 94f 91 Price of Silver f oz., . . 52|d. 42( Average Price of Wheat, . 44s. lOd. 32s. 5d. Exchange on Paris (Short), . 25 12J-17J 25 31J-36J Amsterdam (Short), | 121-2 12 1J-2J Hamburg (3 Months), 20 63 20 55-59 Clearing-House Return, . 95,288,000 154,595,000 (2) COMPARATIVE VIEW OF BANK OF ENGLAND STOCK OF COIN AND BULLION AND RESERVE FOR FIVE YEARS. Beginning of Coin and -r> August. Bullion. Keserve. 1884, . . 24,361,000 14,123,000 1885, . 26,665,000 17,248,000 1886, . . 21,546,000 11,488,000 1887, . . 20,965,000 11,121,000 1888, . . 20,603,000 11,562,000 N.B. The above is in round numbers for the lower figures. * Exclusive of Bank Post Bills. f New Two and Three-quarter per Cents. (Goschens), 1888. In Florins and Stivers. These figures show the amount of Bills and Cheques cleared at the Bankers' Clearing-House for the week ending August 7, 1878, and August 1, 1888. CHAIN KTJLE. 179 CHAIN EULE, OK RULE OF EQUATIONS. Continued Proportion is a combination of two or more Proportions, when the product or fourth term of each simple proportion forms the third term of the following proportion. Instead of working these proportions separately, they may be performed together like Compound Proportion, by the following method, called the Chain Eule, or Rule of Equations. KULE. Arrange the given quantities in the following order : make the quantity whose value, weight, or other result is required, the term of demand ; and in order to distinguish it, place against it to the right hand a note of interrogation ; then place the first and second terms of the given proportions, so that the first term of the first proportion may be similar to the term of demand, and that the first term of each following proportion may be similar to the last second term. Reduce, if necessary, the similar terms into their lowest denomination, multiply the last term by the numbers in succession of all the second terms, and also the term of demand. The product should then be divided by the pro- duct of the numbers of the first terms, and the quotient is the answer. OBSERVATIONS. 1. The first terms are the antecedents, and the others con- sequents ; and the statement of them is an equation, because each consequent is the value or equivalent of its antecedent, each pair of terms being a rate of the equation. 2. By Cancellation, any antecedent and any consequent may be divided by a number, that will exactly divide them, and their quotients used instead ; and this may be repeated as often as practicable, taking only two terms, one on each side, at a time. 3. When the equation is complete, the last quantity will be of the same species as that required to be equivalent to the term of demand, and represented by the note of interrogation. N.B. In Part L, page 62, will be found a brief explanation of this Rule. 180 CHAIN RULE, OR RULE OF EQUATIONS. EXAMPLE. If 22 oz. of fine gold make 24 oz. of standard gold, and 12 oz. make 1 lb., and for the "journey-weight" of 15 Ibs. of standard gold the Royal Mint delivered 701 sovereigns, what number of sovereigns were delivered in return for 367 oz. of fine gold 1 367 oz. fine ? 1st Proportion. Oz. fine 22= 24 oz. standard. 2d Oz. 12= 1 lb. 3d Ibs. 15= 701 Sovereigns. 22 701 Sovereigns. 12 367 264 257267 15 24 396,0) 617440,8 ( 1559 Sovereigns. 2214 2344 3640 768 remainder. The term of demand is here 367 oz. of fine gold, and the value of this quantity is required in sovereigns, the last term which therefore forms the last consequent, or term. Or, dividing 12 and 22 by 12 and by 2 for 24, and dividing 24 by 24, we have on one side 11, 1, and 15, and on the other 367, 1, 1, and 701, and the statement of the calculation is expressed thus, 701 24 367__701 367 T5~ X 12 X 22 ~ 15 X 11 and is worked thus, 701 367 lfi , f 11 ) 257267 \15 ) 23387 10 Sovereigns. EQUATION OF PAYMENTS. 181 EQUATION OF PAYMENTS, OR AVERAGE TIMES OF PAYMENT. An equated or average time of payment is a time at which the Interest upon the whole of several sums of money is equal to the amount of the Discounts upon the separate sums for the separate times they have to run. The Rule for cal- culating average time, not being given in the body of this Work, is offered here, as likely to be of service in business. KULE. Multiply each payment by the number of years, months, or days which that payment has to run. Then say, by the Eule of Three, If the amount of all the payments require 1 year, etc., what will the amount of the products require ? The answer to which statement will be the equated time required. When particular days are specified, it is usual to reckon the time of each payment from the day on which the first payment becomes due ; then the first payment will not re- quire any multiplication, and the whole amount will be reckoned due at the end of the number of days in the equated time, calculated from the day of the first payment. EXAMPLE 1. On March 2d, 300 is due; on March 18th, 350 is due; and on April 17th, 550 is due. It is required to find an average time of payment for the whole sum. From March 2 to March 18 is 16 days. to April 17 is 46 days. 300 350 x 16 = 5,600 550 x 46 = 25,300 day As 1200 : 1 : : 30,900 : Ans. Answer, 26 days. March 2 March 28 = Equated date of payment, 182 EQUATION OF PAYMENTS. EXAMPLE 2. Find the equated time of paying the balance of the follow- ing Account : Dr. Hubert Hall & Co. Cr. 1888 1888 Jan. 11. To Goods, . $750 Feb. 10. By Draft, Feb. 1. To 3 mos., 600 60 days, . $500 Mar. 15. To ,,6 1500 Mar. 3. By Cash, . 700 May 3. To 4 900 April 15. By . 300 Due. Amt. Days. Product. Jan. 11. 750 x 10 May 1. 600x120 Sept. 15 1500x257 3. 900 x 245 3750 1500 2250 7,500 72,000 385,500 220,500 685,500 125,400 ) 560,100 Paid. Amt. Days. Product. AprilU. 500x103 51,500 Mar. 3. 700 x 61 42,700 April 15. 300x104 31,200 1500 125,400 248J| or 249 days. Balance due 249 days from Jan. 1 = Sept. 7, 1888. Assuming for convenience Jan. 1 as the standard date, we find the term of Credit for each debit amount, and, reckoning from the same date, the time to each credit amount. Multi- plying each amount by its time in days, and severally adding up the Dr. and Cr. products, we find the number of days' interest of $1 due to the Dr. and the number of days' interest of $1 he has already received. The difference, 560,100, shows the number of days' interest of $1 still due, and, as the balance is $2250, the time must be -^Vtfths of 560,100 days, or 249 days. Hence the equated time is 249 days from January 1, which will be September 7, as above. LIFE ANNUITY TABLE. VALUE OF AN ANNUITY OF 100 ON A SINGLE LIFE, FROM BIRTH TO NINETY YEARS OF AGE. (As fixed by the Legacy Act.) 183 Age. Value. Age. Value. Age. Value. a. s. s. Birth 1032 14 31 1463 18 61 879 10 1 1346 10 32 1449 10 62 854 14 2 1563 6 33 1434 14 63 829 2 3 1646 4 34 1419 10 64 803 4 1701 35 1403 18 65 776 2 5 1724 16 36 1388 66 748 16 6 1748 4 37 1371 12 67 721 2 7 1761 2 38 1354 16 68 693 8 1766 4 39 1337 10 69 664 14 9 1762 10 40 1319 14 70 636 2 10 1752 6 41 1301 16 71 607 10 11 1739 6 42 1283 16 72 579 12 1725 2 43 1265 14 73 550 14 13 1710 6 44 1247 4 74 523 14 1695 45 1228 6 75 496 4 15 1679 2 46 1208 18 76 471 16 1662 10 47 1189 77 445 14 17 1646 4 48 1168 10 78 419 14 18 1630 18 49 1147 10 79 392 2 19 1616 14 50 1126 8 80 364 6 20 1603 6 51 1105 14 81 337 14 21 1591 4 52 1084 18 82 312 4 22 1579 14 53 1063 14 83 288 14 23 1568 54 1042 2 84 270 16 24 1556 55 1020 2 85 254 6 25 1543 16 56 997 14 86 239 6 26 1531 4 57 974 18 87 225 2 27 1518 8 58 951 12 88 213 2 28 1505 6 59 928 89 196 14 29 1491 16 60 903 18 90 175 16 30 1478 2 184 BRITISH COINAGE. The following Tables give the British Imperial Standard Weights and Fineness of the Gold and Silver Coins now in use. BRITISH GOLD COINS. Number in the Troy Ib. 93^- Half-Sovereigns, 46 Sovereigns, Standard Weight. Ors. 61-637 123-274 Fine Gold in each. Ors. 56-500 113-001 Alloy in each. Grs. 5-137 10-273 Standard. 22 Carats, or 916$ Mill., or ll-12ths Fine Gold. 2 83J l-12th Alloy. BRITISH SILVER COINS. Number in the Troy Ib. 264 Threepences, 132 Sixpences, 66 Shillings, 33 Florins, . 26| Half-Crowns, 13| Crowns, . Standard Weight. Ors. 21-8182 43-6364 87-2727 174-5455 218-1818 436-3636 Fine Silver Alloy in each. in each. Ors. Ors. 20-1818 1-6364 40-3636 3-2727 80-7273 6-5455 161-4545 13-0909 201-8182 16-3636 403-6364 32-7273 Standard. 11 oz. 2 dwts., or 925 Mill., or 37-40ths Fine Silver. 18 75 3-40ths Alloy. BRITISH COPPER AND BRONZE COINS. Formerly 1 Ib. Avoirdupois of Copper was coined into 24 Pence, or 48 Half -pence, or 96 Farthings. In 1860 the Bronze Coinage replaced the Copper. It was of less weight, being composed of 95 parts Copper, 4 of Tin, and 1 of Zinc. 1 Ib. Avoirdupois of Bronze (7000 grains) was coined into 48 Pence, or 80 Half -pence, or 160 Farthings. CUSTOMS AND INLAND REVENUE ACT, 1888. 185 CUSTOMS AND INLAND EEVENUE ACT, 1888. Part IIL, STAMPS. SECTION 12. Charge of Duties on Foreign Share Certificates xnd Bonds, transferable ly delivery. (1.) There shall be charged upon Foreign or Colonial Share Certificate or any other document whatever, being primd facie evidence of the title of any person as proprietor of, or as having the beneficial interest in, any Share or Shares, or Stock or Debenture Stock, or Funded Debt, of any Foreign or Colonial Company or Corporation, where such person is not registered in respect thereof in a register duly kept in the United Kingdom : On the occasion of the first delivery thereof in the United Kingdom, on or after July 1st 1888, and on the occasion of the first delivery thereof in the United Kingdom in any year after the year in which such first delivery shall happen, Where the nominal amount in money of the share, etc., does not exceed 25, . . 3d. Where such nominal amount exceeds 25, and does not exceed .50, . . . 6d. Where such nominal amount exceeds 50, for every ,50, and any fractional part of 50 thereof, . . . 6d. Provided that where the holder of any Foreign or Colonial Share Certificate bearing the stamp of any year, in conformity with the section, shall, in the course of such year, cause him- self to be registered in the Register of the Foreign or Colonial Company or Corporation, and shall obtain a new Certificate, etc., it shall be lawful for the Commissioners of Inland Revenue to stamp such new Certificate for the same year without payment of duty, subject to such regulations as they may prescribe. (2.) There shall be charged upon Security for money of any Company or Corporation (being a marketable security and 2 Z 186 CUSTOMS AND INLAND REVENUE ACT, 1888. transferable by delivery), or security for money by, or on be- half of, any Foreign or Colonial State, Government, Municipal Body, Corporation, or Company (being a marketable security and transferable by delivery), whatever may be the date thereof, or of the issue thereof, and whenever it may have been made or issued, or the interest may be payable : On the occasion of the first transfer thereof by delivery in the United Kingdom on or after the 1st July 1888, and on the occasion of the first transfer thereof by delivery in the United Kingdom in any year after the year in which such transfer by delivery shall happen, Where the amount secured does not exceed 25, ..... 3d. Where such amount exceeds 25 and does not exceed 50, . . . 6d. Where such amount exceeds 50, for every 50, and any fractional part of 50 thereof, 6d. Provided that duty under this section upon a security shall not be payable in the case of any security, duly stamped with the duty of Is. for every 10, and also for any fractional part of 10, of the money thereby secured in con- formity with the Customs and Inland Revenue Act, 1885, but shall be payable upon every other security transferable by delivery, and in the case of any stamp duty having been here- tofore paid upon such security, in addition to such stamp duty. (3.) The duties under this section are to be denoted by adhesive stamps appropriated by words and figures on the face thereof to such duties and to each year. (4.) Every person who delivers or transfers, or is concerned as Broker, or Agent, in delivering or transferring, any instru- ment chargeable with duty under this section, and not being duly stamped, shall forfeit the sum of 20. SECTION 13. Duties on Transfers of Marketable Bonds, etc., not transferable by delivery. (1.) There shall be charged upon a transfer, assignment, disposition, or assignation, otherwise than a mortgage, of any Mortgage, Bond, Debenture, or Covenant (being a marketable security), or of any security for money by, or on behalf of, any Foreign or Colonial State, Government, Municipal Body, Corporation, or Company (being a marketable security), the following duties (that is to say) : CUSTOMS AND INLAND REVENUE ACT, 1888. 187 Where the transfer, assignment, disposition, or assignation, is on sale, the same ad valorem duties as are now charged under the Stamp Act, 1870, upon a conveyance or transfer on sale of any property by relation to the amount or value of the consideration for the sale. Where the transfer, assignment, disposition, or assignation is of any other kind than on sale or mortgage, 10s. (2.) The duties under this section shall be in substitution for the duty of 6d. for every 100, and also for any fractional part of 100, of the amount transferred, assigned, or disponed, in any case in which such duty is imposed by the Stamp Act, 1870. SECTION 14. As to Stamp Duty on Mortgages of Stock, etc. (1.) The Stamp Duty now payable upon a mortgage of any stock or marketable security is hereby repealed, (2.) Every instrument under hand only (not being a pro- missory note or bill of Exchange) given upon the occasion of the deposit of any share warrant or stock certificate to bearer, or Foreign or Colonial share certificate to bearer, or Foreign or Colonial share certificate, or any security for money trans- ferable by delivery, by way of security for any loan, shall be deemed to be an agreement, and shall be charged with the duty of 6d. accordingly. (3.) Every instrument under hand only (not being a pro- missory note or bill of Exchange) making redeemable or qualify- ing a duly stamped transfer, intended as a security, of any registered stock or marketable security, shall be deemed to be an agreement, and shall be charged with the duty of 6d. accordingly. (4.) A release or discharge of any such instrument shall not be chargeable with any ad valorem duty. (5.) Any deed operating as a Mortgage of any Stock or Marketable Security shall be chargeable, in respect of such operation, with the ad valorem duty chargeable upon a Mortgage under the Stamp Act, 1870. SECTION 15. As. to Stamp Duty upon Equitable, Mortgages. (1.) The ad valorem duty chargeable upon a Mortgage under the Stamp Act, 1870, shall cease to be payable upon an equit- able mortgage effected by an agreement or memorandum under hand only relating to the deposit of any title-deeds or instruments constituting, or being evidence of, the title to any property whatever (other than stock or maketable 188 CUSTOMS AND INLAND REVENUE ACT, 1888. security), or creating a charge on such property, and in lieu of such duty every such agreement or memorandum shall be charged with the duty of Is. for every 100, and any frac- tional part of 1 00, of the amount secured by the equitable mortgage. (2.) Where the total amount, which may be at any time secured by any equitable mortgage, is unascertained or unlimited in the first instance, and the ad valorem duty impressed on the agreement or memorandum in conformity with this section, is available under Section 107 of the Stamp Act, 1870, for such an amount only as such duty extends to cover, such agreement or memorandum shall, for the purpose of stamp duty, be deemed to be a new and separate agreement or memorandum, being dated on the day on which any advance or loan is made in excess of the amount covered by the duty impressed thereon. SECTION 16. Stamp Duty on Contract Notes. (1.) In lieu of the Stamp duty of Id. now payable on a Contract Note, where such note advises the sale or purchase of any stock or marketable security of the value of 100 or upwards, there shall be charged the duty of 6d. (2.) The duty under this section is to be denoted by an adhesive stamp, or adhesive stamps, appropriated to a contract note, and such stamp or stamps is, or are, to be cancelled by the person by whom the note is executed. (3.) The amount of duty upon a contract note stamped in conformity with this section may be added to the charge foi Brokerage or Agency. SECTION 17. Provisions as to Contract Notes. (1.) The term " Contract Note " means, the note sent by a Broker or Agent to his principal (except where such principal is acting as Broker or Agent for a principal) advising him of the sale or purchase of any stock or marketable security, and any person who effects any such sale or purchase as a Broker or Agent, shall forthwith make and execute a contract note and transmit the same to his principal, and in default of so doing shall forfeit the sum of 20. (2. ) Where a note advises the sale or purchase of more than one description of stock or marketable security, the note shall be deemed to be as many contract notes as there are descrip- tions of stock or security sold or purchased. INDEX. *** The Roman Numerals, in lower-case, refer to PART i. and PART n. ACCOUNT CURRENT, i. 136. (For) in Exchange, ii. 30. of Drafts, i. 144. Sales and Invoices, i. 99-144 ; ii. 143-146. Agio on Gold, ii. 85. Alloy in Coins, ii. 184. of Gold and Silver, i. 57, 73, 75. American and English Coins, i. 150. Money, i. 152. Amsterdam Exchange, i. 92 ; ii. 132, 137. Mark, ii. 94. Mint Par, ii. 139. on London, i. 88, 92-94; ii. 122-124, 132-133, 153. Annuities, Government, ii. 22-23. ' Life, ii. 28. Terminable, i. 41 ; ii. 28, 37. Annuity (100), value of, ii. 183. Antwerp Exchange, ii. 136. Goods, ii. 93. Mint Par, ii. 139. Approximate Pars, ii. 125-128. Arbitrated Pars, i. 62, 86-98 ; ii. 88, 113-119, 130-135. Prices, i. 81-85 ; ii. 105-112. Arbitrations of Bills, i. 63-64, 86-98 ; ii. 78- 84, 113-117. of Bullion, i. 67, 68 ; ii. 88-91. of Coins, i. 65 ; ii. 85-87. of Exchange, i. 62-74 ; ii. 78-96, 113-117. of Exchange, influences on, ii. 114-116. of Merchandise, i. 69-71 ; 81-85; ii. 92, 93 ; 105-112. of Weights and Measures, i. 72-74, 94- 96 ; ii. 94, 95, 141, 142. Are, Unit of Surface, ii. 142. Assay by Goldsmiths' Company, ii. 63. Companies, ii. 68-71. of Coins, ii. 139, 140. of Gold and Silver, i. 57-61 ; ii. 56-59. Offices, ii. 68-71. Reports, ii. 58, 60, 61, 77, 155. Auction, Particular Average, ii. 52. Australian Gold, ii. 65. Austrian Coins, i. 150. Money Tables, ii. 126. Average, General, i. 51-53, 55; ii. 49, 51, 63-66. Average, Particular, i. 51, 54, 55 ; ii. 52-55. Averages, Statements of, i. 52-56 ; ii. 49-54, 169, 176. BALANCE of Trade adjusted, ii. 114. Bank Holidays, i. 32, 147 ; ii. 116. Bank of England, Capital, ii. 35, 36. Discount Rates, ii. 178. Government Debt, ii. 27. Rate of Gold, ii. 89, 111. Returns, ii. 178. Stock, i. 36, 39, 149 ; ii. 34, 35. Stock of Coins, ii. 178. Weekly Summary, i. 36 ; ii. 177. Bank of Ireland, Government Debt, ii. 27. Banking Accounts, i. 32, 33. Barrel Staves, Freight Account, i. 101, 138 ; ii. 145. Belgian Coins, i. 150. Money Tables, ii. 125. Belgium. (See Antwerp.) Berlin Exchange, ii. 116, 136, 137. Mint Par, ii. 139. Bills in Banking Operations, ii. 114. Bills of Exchange, i. 63, 64, 86-98 ; ii. 78-84, 97, 113-117. Charges, i. 87 ; ii. 116. Interest, i. 79; ii. 116, 117. London and Paris, ii. 117. on Madrid, ii. 103. on Paris, ii. 102. Short, i. 76 ; ii. 117. Tenor of, ii. 116. Bonded Warehouses, ii. 150. Bonds of Corporations, i. 43 ; ii. 39. Bonds, etc., Stamp Duties, i. 148 ; ii. 185. British Coins, ii. 184. in 10 years, i. 152. Money Table, ii. 125. Value in Foreign Money, ii. 66. Brokerage on Annuities, i. 41. on Bills of Exchange, i. 87. on Bonds, i. 43. on Exchequer Bills, i. 42. on Marine Insurance, i. 46,149 ; ii. 44. 45. on Stocks, i. 36, 39 ; ii. 31, 32. Broker's or Agent's 'Contract Notes, ii. 187, 188. 190 INDEX. Bronze Coinage, ii. 62, 65, 184. Bullion, Arbitrations of, i. 67, 68 ; ii. 88-91. Bank Stock of, ii. 178. Exchanges regulated by, ii. 88. Fixed Numbers, ii. 89. Valuations of, i. 7 ; ii. 7. Points, ii. 138, 139. and Specie, Invoice, i. 115, 141 ; ii. 155. CALCUTTA Exchange, ii. 137. Californian Gold, ii. 65. Canadian Stock, i. 39, 149. Cancelment, Marine Insurance, i. 47. Cassia Lignea, Invoice, etc., i. 110, 140; ii. 152. Castile Standard Mark, ii. 95. Chain Rule, i. 62 ; ii. 179, 180. Chancellor of Exchequer and the Mint, ii. 61, 63, 65. China Exchange, ii. 137. Cochineal Account-Sales, i. 103, 138 ; ii. 146. Coinage and the Public, ii. 62. of Copper and Bronze, ii. 62-65, 184. of Gold and Silver, ii. 61-66. Annual, ii. 65. on Emergency, ii. 64. " Remedies," ii. 61. Coining, Royal Privilege of, ii. 61. Coins, Arbitration of, i. 65, 66. British, ii. 184. British, Foreign Value of, ii. 66. British, in Ten Years, i. 152. Foreign, i. 150 ; ii. 85, 86, 139, 140. Consols, i. 35 ; ii. 27, 29. (Goschens), ii. 29. Prices of, i. 148 ; ii. 178. Constantinople Exchange, ii. 137. Contract Notes,Stamp Duties on, ii. 187, 188. Copper and Bronze Coinage, ii. 62, 65, 184. Corporation Bonds, i. 43 ; ii. 39. Stocks, ii. 39. Cotton, Invoices, etc., i. 132-137 ; ii. 171-176. Course of Exchange, i. 88, 149 ; ii. 82, 129, 137. (See Exchange Lists.) Covered Interest, Marine Insurance, i. 50 ; ii. 48. Cubic Measures, Metric, ii. 142. Currants, Invoices, etc., of, i. 102, 126, 127, 138, 143 ; ii. 146, 165, 166. DANISH Coins, i. 150, 151. Mint Par, ii. 139. Money Tables, ii. 128. Date-Marks for Gold and Silver, ii. 71. Days of Grace for Bills, ii. 116. Deals, Invoice of, i. 100, 138; ii. 144. Del Credere, or Guarantee, i. 45. Diet- Boxes, for Standarding, ii. 69. Direct and .Indirect Exchanges, i. 86-98 ; ii. 113-119. Discount, Bank Rates of, ii. 178. Divisors for Interest Numbers, i. 23-31, 145- 147 ; ii. 98, 99. Dozens, Valuations by, i. 2 ; ii. 2. Due-date of Bills, ii. 116. Dutch Coins, i. 150, 151 ; ii. 140. Dutch Money Tables, ii. 125. Exchanges. (See Amsterdam.) Weights, ii. 153. Duty-Marks for Gold and Silver, ii. 70, 71. EFFECTIVE, in Exchange Lists, i. 89. Eighth (One-) per Cent., i. 19 ; ii. 12. Elephants' Teeth, Account-Sales of, i. 105, 139 ; ii. 147. Enfaced Paper, Indian, ii. 34. English and American Money, i. 152. and Foreign Money, i. 150-152 ; ii. 66. Table, i. 150-152 ; ii. 66. and French Money, i. 151. Equation of Payments, ii. 181, 182. Rule of, i. 62 ; ii. 179, 180. Exchange, Bills of. (See Bills.) Tenor of, ii. 116. Lists, i. 88, 92, 95, 98; ii. 82, 129, 130 132, 134, 136, 137, 139. Rates, Better and Worse, i. 86. Comparison of, i. 86-98. Higher and Lower, i. 86 ; ii. 113 114. on London, ii. 137. Percentages of, i. 75-80 ; ii. 97-104. Value of Foreign Money, i. 151. Exchanges, Direct and Indirect, i. 86-98 ii. 113-119. Exchequer Bills, i. 42 ; ii. 28, 38. Bonds, ii. 28. FINE AND STANDARD WEIGHTS of Coins, ii. 184. of Gold and Silver, ii. 112, 139, 140. Five Per Cent., Valuations by, i. 13 ; ii. 11. Fixed Numbers for Gold, ii. 89, 90, 105, 108-111. Flour, Freight Account of, i. 101, 138 ; ii. 144. Foreign Bills, ii. 79. Coins, Value of, i. 150 ; ii. 85, 86, 139, 140. Money, Exchange Value of, i. 151. Tables of, ii. 125-128. Rates of Exchange, ii. 137. (See. Ex- change Lists.) Reports, Standarding, i. 61 ; ii. 60. Securities, Stamp Duties on, ii. 185-188. Frankfort Exchange, ii. 137. Money Table, ii. 126. Freight Account of Sundries, i. 101 French and English Money, i. 151. Coins, i. 150, 151 ; ii. 139, 140. Kilogramme, for Standarding, ii. 95,159. Metric System, ii. 141, 142, 144. Mint Pars, ii. 139. Money Table, ii. 125. Funded Debt, British, i. 35 ; ii. 25-28. Funds, Existing, Description of, ii. 27, 28. Origin of the, ii. 21. GENERAL AVERAGE, i. 51-53, 56; ii. 49-51 53-55. Genoese Lire, i. Ill ; ii. 106, 158. Money Table, ii. 127. INDEX. 191 German Coins, i. 150, 151. Empire, New Monetary System of, i. 66, 88 : ii. 82, 126. Mark Weights, i. 61 ; ii. 95. Mint Par, ii. 139. Money Tables, ii. 126. Gold, Alloy of. (See Alloy.) Assay of. (See Assay.) Australian, ii. 65. Bank Buying, Bate of, ii. 77, 88. Bank Imports of, ii. 62. Bank Weight, i. 59. Betterness or Worseness of, i. 57 ; ii. 60, 72-77. Californian, ii. 65. Dealings with Paris, ii. 112. English Standard of, ii. 62, 65. Fixed Numbers for, ii. 89, 90, 105, 108- 111. French Valuations of, i. 61 ; ii. 68, 112. Invoices, etc., i. 113, 114, 140 ; ii. 154. Mint Pars, ii. 138, 139. Mint Eate of, ii. 88. Partings, i. 57 ; ii. 56. Premium per Mille, ii. 111. Reports of Assay, i. 61 ; ii. 60. Standards, ii. 67-69. Gold Coins, Foreign, i. 150. Light, ii. 62, 77. Gold and Silver, Annual Coinage, i. 152. Bars, ii. 112. Hall-Marks, ii. 68. Imports, ii. 65. Journey- Weights, ii. 62. '- Manufactures, ii. 67-71. Mintage Rates of, ii. 85, 111, 112. (See Tariffs.) Standarding of, i. 57-61 ; ii. 56-77. Gold and Silver Coins, British, i. 152 ; ii. 184. Foreign, i. 150 ; ii. 85, 86, 139, 140. Goldsmiths' Company, ii. 63, 68. Goschens, or New Consols, ii. 20. Goschen's Stamp Act, 1888, ii. 185-188. Gramme, Unit of Weight, ii. 142. Great Britain, Money Tables, ii. 125. Greek Money Tables, ii. 128. Growing Dividends, i. 40 ; ii. 37. Guarantee, Marine Insurance, i. 45. HALF-PER-CENT. (ONE), i. 17 ; ii. 12. Hail-Marks of Gold and Silver, ii. 68-71. of Plate, ii. 68-71. Hamburg Exchange, i. 95 ; ii. 134, 137. and London, i. 95-97 ; ii. 124, 125. Marks Banco (Old), i. 66, 68, 95 ; ii. 152. Courant, ii. 152. Money Tables, ii. 126. Stadte Duty, ii. 152. Standard Mark, ii. 95. Havana Exchange, ii. 111. Holland. (See Amsterdam, and Dutch.) Hong-Kong Exchange, ii. 137. INDIA DEBENTURES, ii. 34. Loans, ii. 34. India, Money of, i. 84, 122 ; ii 110, 137, 140, 160, 162. Stock, i. 39, 149 ; ii. 34. Indigo Invoices, etc., i. 109, 121, 140-142; ii. 151. Interest Accounts, i. 21-34 ; ii. 15-20. backwards and forwards, i. 21, 28, 30. Divisors, i. 23, 24, 26-28, 31, 145-147; ii. 98, 99. for 360 days, i. 147. Numbers, i. 21, 23, 25, 26, 29, 30, 31 ; ii. 16, 17, 19, 20. of National Debt, ii. 26. on Bills, checking of, ii. 116, 117. Invoices and Accounts-Sales, i. 99-144 ; ii. 143-176. Ionian Islands, Weights in, ii. 165. Italian Coins, i. 150. Exchange, ii. 136, 137. Lire, ii. 106, 153. Mint Par, ii. 139. Money Tables, ii. 128. JETTISON of Cargo, i. 51, 56 ; ii. 49. Jewellery, Standard of, ii. 67. KILOGRAMME, French Standard, ii. 95, 159. LEAP YEARS, i. 28, 145. Life Annuities, ii. 28. Annuity of 100, value of, ii. 83. Light Gold, ii. 62, 77. Lisbon Exchange, ii. 139. Litre, Unit of Capacity, ii. 141, 142. Liverpool Docks, ii. 151. Lloyd's Marine Insurance, i. 46. 47 ; ii. 40. (New), ii. 40. (Old), ii. 40. Policy, ii. 42, 43, 45, 52. Local Loans, i. 43 ; ii. 28. Logwood, Invoice, etc., of, i. Ill, 140 ; ii. 153. London and Amsterdam, i. 88, 92-94 ; ii. 122- 124, 132, 133. and Hamburg, i. 95-97 ; ii. 124, 125. and Paris, i. 89-91 ; ii. 120, 121. Paris, and Amsterdam, i. 98 ; ii. 120-124. Course of Exchange, i. 88, 149 ; ii. 82, 129, 137. Foreign Exchanges on, ii. 137. Docks, ii. 150. Lotteries, Government, ii. 22. MAKERS' MARKS, Plate, etc. , ii. 68. Manufactured Goods, Account-Sales, i. 124 142 ; ii. 164. Manufactures of Gold and Silver, ii. 67-71. Marine Insurance, i. 44-56 ; ii. 40-55. Brokerage, i. 46, 149 ; ii. 44, 45. Companies, i. 47 ; ii. 40. Covered Interest, i. 50, 56 ; ii. 48. Del Credere, i. 45. Discount, ii. 41-45. General Averages, i. 51-53, 56 : ii. 49, 51, 53-55. Lloyd's, i. 46, 47 ; ii. 40. 192 INDEX. Marine Insurance, Particular Averages, i. 51, 54, 55, 130, 137, 138 ; ii. 52-55. Policy, ii. 42, 43, 45, 46, 48, 52. Premiums, ii. 41, 44. Returns of Premiums, i. 45-49. Salvage, i. 51. Marks Banco, i. 66, 68, 95 ; ii. 152. Courant, ii. 152. German Imperial, i. 66, 88 ; ii. 82, 126. Mark- Weights, Standard, i. 73 ; ii. 94, 95. Measures. (See Weights and Measures.) Mental Percentages, i. 12-20 ; ii. 10-14. Merchandise, Arbitrated Prices of, i. 81-85 ; ii. 105-112. Arbitrations of, i. 69-71, 85 ; ii. 92, 93. Valuations of, i. 2-7; ii. 2-7. Metre, Unit of Measure, ii. HI. Metric System, French, ii. 141. 142, 144, 153. Mexican Coins, ii. 137, 140. Mint (The), ii. 61,65. Assayer of, ii. 65. Chancellor of Exchequer and, ii. 61-65. Deputy Master of, ii. 61, 65. Issue of Coins, i. 152 ; ii. 63, 64. Master of, ii. 61, 63-65. Mint Pars, ii. 138, 139. Prices of Gold, ii. 88. Mintage Rates of Gold and Silver, ii. 85, 111, 112. (See Tariffs.) Mints, British, abroad, ii. 65. Money Market, Influence of, ii. 115. Tables, English and Foreign, i. 150-152 ; ii. 66. Tables, Old and New, ii. 125-128. NAPLES, Monetary Tables, ii. 127. National Debt, British, i. 35-42 ; ii. 21-38. Particulars of (1887), ii. 26-28. French, ii. 25. Netherlands (For). (See Amsterdam and Dutch.) New Consols (Goschens), ii. 29. Three per Cents., ii. 27. Three-and-a-Half per Cents., ii. 27. Two-and-a -Half per Cents., ii. 27. Two-and-Three-Quarters per Cents., ii. 27. New York Dollars, i. 151, 152 ; ii. 108. Exchange, ii. 136, 137. Mint Par, ii. 139. Monetary Tables, ii. 128. Premium on Bills, ii. 108. Newfoundland, Coins for, ii. 65. Nickel Coinage, ii. 65. OLIVE OIL, Account-Sales of, i. 108, 139 ; ii. 149. One per Cent., i. 16 ; ii. 11. One-and-a-Quarter per Cent., ii. 14. Open Policies, i. 46-50 ; ii. 46, 48. PARIS Exchange, 1. 89 ; ii. 180, 187. Mint Par, ii. 139. and London Exchanges, i. 90, 91 ; ii. 120, 121. Paris and London Percentages of Rates, ii. 97. Pars of Exchange. (See Arbitrated Pars.) Particular Average, i. 51, 54-56 ; ii. 52. Statements of, i. 130, 131, 137, 143, 144 ; ii. 50, 52-55, 169, 176. Parting Assays of Gold and Silver, i. 57 ; ii. 56, 59-60. Pena Silver, ii. 157. Penalties and Stamps, i. 149. Percentages, Calculations of, i. 9-12 ; ii. 8, 9. Mental, i. 12-20 ; ii. 10-14. of Exchange Rates, i. 75-80 ; ii. 97-104. Causes of Variation, ii. 97. Perte, or Discount, i. 89. Pie and Pice, Indian, ii. 160. Pimento, Account-Sales of, i. 104, 139 ; ii. 147. Policies, Marine Insurance, i. 44, 99. Brokerage on, i. 46, 47 ; ii. 44, 45. Cancelment of, i. 47 ; ii. 45. Duty on, i. 44 ; ii. 44. Open, i. 46 ; ii. 48. Returns on, i. 47-49, 56 ; ii. 45-47. Running, i. 46. Short Interest, i. 48, 56 ; ii. 46, 47. Time, i. 44, 149. Valued, i. 46. Voyage, i. 44. Portugal. (See Lisbon.) Portuguese Assay, i. 61. Coins, i. 150. Monetary Tables, ii. 127. Powers of Attorney for Dividends, i. 36, 149. for Sales and Transfers, i. 36, 149. Practice, i. 2-12 ; ii. 2-9. Premium on Gold, ii. Ill, 112. Marine Insurance, i. 44, 45 ; ii. 44, 45. Return of, i. 47-49 ; ii. 45-47. Protest, Marine Insurance, ii. 50. Prussian Monetary Tables, ii. 126. Thalers in Circulation, i. 80, 88. Thalers, Fine and Standard Weights, ii. 139, 140. Weights and Measures, i. 80 ; ii. 145. Public, Coinage for the, ii. 62, 77. Purities of Gold and Silver, i. 61, 63, 64; ii. 58. Pyx, Trial of the, ii. 63, 64. QUARTER-PER-CENT (One), i. 18 ; ii. 12. RATES of Exchange, Percentages, i. 75-80; ii. 97-104. Rates per Cent., i. 9-12; ii. 8, 9. per , i. 8 ; ii. 8. per Shillings and Pence, i. 11, 12 ; ii. 9. Red Sea Telegraph Annuities, i. 41 ; ii. 28, 37. Reduced Three per Cents., ii. 27. Refraction of Saltpetre, ii. 163. Remedies of Gold and Silver Assays, ii. 61, 64. Reports, British Assay, i. 57-60 ; ii. 60, 77. Foreign Assay, i. 61 ; ii. 139, 140, 155-157. Rest, or Reserve Fund, Bank, ii. 85. 194 INDEX. VALUATIONS OF BULLION, i. 7 ; ii. 7. ! Weights and Measures, Metric, ii. 141, 142. of Merchandise, i. 2-7 ; ii. 2-7. 1 West Indies, Coins for, ii. 65. Vienna Exchange, ii. 136, 137. Wheat, Freight Account of, i. 101, 138 ; ii. 144, 145. WEIGHING OF GOLD AND SILVER, Decimal, i. 61 ; ii. 58. (See Assay.) j ZINC, Freight Account of, i. 101, 138 ; ii. 144, Weights and Measures, Arbitrations of, j 145. i. 72-74, 85 ; ii. 94-96. i Zollverein Mark (Old), ii. 95. Printed by T. and A. CONSTABLE, Printers to Her Majesty, at the Edinburgh University Press. INDEX. 193 Returns of Marine Insurance, i. 47-49, 56 ; ii. 45-47. Running Accounts, i. 21, 34 ; ii. 15, 20. Rupees, Indian, i. 84 ; ii. 110, 140, 160, 162. Russian Coins, i. 150. Monetary Tables, ii. 128. ST. PETERSBURG EXCHANGE, ii. 137. Saltpetre, Invoice, etc., i. 122,123, 142; ii. 162-163. Salvage Losses, i. 51 ; ii. 52, 54. Sardinian Lire, ii. 106, 153. Savings' Banks Annuities, i. 41 ; ii. 28. Saxon Mark Weight, ii. 95. Scores, Valuations by, i. 3 ; ii. 3. Scrip, or Stock Receipt, ii. 23. Seignorage, or Brassage, ii. 65, 159. Settling Days of Stock Exchange, ii. 30. Shanghai Exchange, ii. 137. Short Interest, Marine Insurance, i. 48, 56 ; ii. 46, 47. Silk Corahs, Account-Sales, i. 125, 142 ; ii. 165. Silver, Account-Sales of, i. 116-119, 141 ; ii. 156-159. Alloy of, i. 57-59 ; ii. 184. Assay of. (See Assay.) Assay Reports. (See Reports.) Silver, Bank Weight, i. 59. Betterness or Worseness, i. 57-58 ; ii. 60. in Germany, ii. 65-66. in Gold Ore, ii. 56. Payments abroad in, ii. 85. Seiguorage on, ii. 65, 159. Sycee, ii. 76. Varying value of, ii. 65. Partings. (See Parting Assays.) Coins. (See Gold and Silver Coins.) and Gold. (See Gold and Silver.) (See Tariff Rates.) Foreign Standards of, ii. 94-95. Standard Marks, ii. 67-71. Coins, Weights of, ii. 139-140, 1S4. Manufactures, ii. 67-71. Sinking Fund, ii. 24-25. Annuities, ii. 26, 28. South Sea Company, ii. 22. Spanish Assays, i. 61 ; ii. 156. Coins, i. 88, 150, 151 ; ii. 157. Monetary Tables, ii. 127. Specie Points, ii. 138-139. Stamps for Marine Insurance, i. 44, 46. Stamps for Stocks, i. 36, 39, 148 ; ii. 36, 185- 188. for Transfers, i. 148-149 ; ii. 36, 185-188. of Customs and Inland Revenue Act 1888, on Foreign Securities, ii. 185, 186. on Mortgages of, ii. 187-188. on Contract Notes, ii. 188. Standard, the Gold, ii. 62, 65, 138. Marks, British, ii. 67-71. Trial Plates, ii. 63. Weights of Coins, ii. 139-140, 184. Standarding of Gold and Silver, i. 57-61 ; ii. 56-77. 2 Standarding Foreign Gold and Silver, ii. 94-93. of Jewellery, ii. 67. of Manufactures, ii. 67-71. Standards of Gold, ii. 67-69. of Silver and Gold, ii. 94-95. Stock, the Term, i. 35. Stock Exchange, i. 36; ii. 34. Official Prices (1888), ii. 29. Settling Days, ii. 30. Stock-Office, Bank of England, ii. 23-24. Stocks, The, i. 35-43 ; ii. 21-39. Consolidated (or Consols), i. 35. Dividends, i. 35-36. Funded, i. 35-36 ; ii. 22-29. Irredeemable, i. 35. Official Prices of (18SS), ii. 29. Origin of, ii. 21, 22. Quotations of, i. 36. Redeemable, i. 35. Reduced, i. 35. Sale of, i. 36 ; ii. 23. Scrip, or Receipt, ii. 23. Stamps, i. 36, 39, 148 ; ii. 36, 185-188. Transfer of, i. 36 ; ii. 24, 34, 36. Transfer Fees, i. 39. Unfunded, ii. 25. Sugar, Invoice, etc., i. 112, 128, 129, 140, 143 ; ii. 109, 154, 167. Particular Average on, i. 130, 143; ii. 169. Supply, Exchequer Bills for, ii. 38. Switzerland, Mint Par, ii. 139. Money Tables, ii. 125. Sycee Silver, ii. 76. TAEL, Chinese, ii. 137. Tariff Rates of Gold and Silver, ii. 58, 88, 112, 159. Ten per Cent., i. 12 ; ii. 11-14. Tenor of Bill of Exchange, ii. 116. Tenth (One-), per Cent., i. 20 ; ii. 12. Terminal ile Annuities, i. 41 ; ii. 26, 28. Time Bargains on Stock Exchange, ii. 30. Settling Days for, ii. 30. Tobacco, Account-Sales of, i. 106, 107, 139 ; ii. 148, 149. Touch, the term in Assays, i. 61. Transfer of Stock, i. 36 ; ii. 24, 34, 36. Days of, ii. 30. Fees, i. 39. Stamps for, i. 36, 39, 148; ii. 36, 185-188. Treasury Bills, ii. 28. Troy Pound, British Coins in, ii. 184. Weight, Valuations by, i. 7, 8 ; ii. 8. Turkish Piastres, ii. 137. Two per Cent. Valuation, ii. 13. Two-and-a-half percent. Valuation, i. 15 ; ii. UNDECLARED INTEREST, Marine Insurance, ii. 46, 48. Underwriters, i. 44, 47, 49, 51 ; ii. 40, 41, 49. Form of Policy, ii. 42, 43. Unfunded Debt, ii. 25, 26. United States. (See New York.) Mints, ii. 59. A MAY, 1899. CATALOGUE OF Commerciat an6 otfkr PUBLISHED AND SOLD BY EFFINGH AM WILSON $ufifi00er anb Q&oofteeffen 11 ROYAL EXCHANGE, LONDON. TO WHICH IS ADDED A LIST OF TELEGRAPH CODES. EFFINGHAM WILSON undertakes the printing and publishing of Pamphlets and Books of every description upon Commission. Estimates given, and Conditions of Publication may be had on application. INDEX. Arbitrage PAGE Haupt, O. (Arbitrages et Panic's) 17 Willdey's American Stocks . 26 Arbitration- London Chamber of. j I I f I J| Lynch, H. Foulks . . .20 Banking- Banking, History of . . .10 Banks and their Customers . 5 Banks, Bankers and Banking . 22 Bibliography (Bank of England) 24 Easton's Banks and Banking . 15 Easton's Work of a Bank . .15 English and Foreign (Attfield) . n Examination Questions, Arith- metic and Algebra . .21 Half-yearly Balance Sheets . n Howarth's Clearing Houses . 18 Hutchison, J 18 Journal Institute of Bankers .. 19 Questions on Banking Practice . 23 Scottish Banking . . -19 Smith's Banker and Customer . 24 Bankruptcy McEwen (Accounts) . . .20 Stewart (Law of) ... 7 Bills of Exchange Kolkenbeck (Stamp Duties on) . 19 Smith (Law of Bills, etc.) . . 7 Bimetallism- List of Works . . .27, 28 Book-keeping Cariss 13 Carr (Investors) . . .11 Drapers' Accounts . . .14 Harlow's Examination Questions 17 Holah's Double Entry . . 10 Jackson 18 Sawyer . . . 24 Seebohm's (Theory) . . .10 Sheffield (Solicitors) . .24 Van de Linde . . . . 25 Warner (Stock Exchange) . 26 Clerks- Commercial Handbook . . 10 Companion to ' ' Solicitor's Clerk " 19 Corn Trade . . . -23 Counting-house Guide . . 25 Kennedy (Stockbrokers) . . 8 Mercantile Practice (Johnson) . 19 Clerks (continued] PAGF Merchant's .... 9 School to Office ... 9 Solicitor's . , 19 Correspondence (Commercial) Beaure . . . . .11 Martin (Stockbrokers) . . 8 Coumbe ..... 6 Counting-house Crowley . \J\ \ 12 . . 10 Pearce 9 Tate . . . . . .25 County Court Jones 19 Currency and Finance Aldenham (Lord) . . .11 Barclay (Robert) . . r jf-'j5j Clare's Money Market Primer . 13 Cobb 13 Cuthbertson . . . -13 Del Mar's History . . .14 Del Mar's Science of Money . 14 Ellis 15 Gibbs, Hon. H., Bimetallic Primer 16 Haupt . . . . -17 Indian Coinage and Currency . 23 Poor (H. V.) The Money Ques- tion 23 Dictionaries Meliot's French and English . 21 Directors Haycraft (Liabilities and Duties) 10 Exchanges Brazilian Exchanges . . .26 Clare 13 Goschen 17 Norman's Universal Cambist . 22 Tate's Modern Cambist . . 25 Exchange Tables Dollar (Eastern) . . 19 Garratt (South American) . . 16 Goodricke's Tea Exchange Tables 1 7 Lecoffre (French) . . .20 Merces (Indian) . . .22 Schultz (American) . . .24 Schultz (German) . . .24 Insurance Bourne's Publications . . 12 Short-Term Table ... 25 EFFINGHAM WILSON, 11 ROYAL EXCHANGE, LONDON. 3 Interest Tables PAGE Bosanquet 12 Crosbie and Law (Product) . 13 Cummins (2^ / ) ... 13 Gilbert's Interest and Contango 16 Gumersall 17 Ham (Panton) Universal . . 17 Indian Interest (Merces) . . 22 Lewis (Time Tables) ... 20 Rutter 24 Schultz 24 Wilhelm (Compound) . . 26 Investors ( see also Stock Exchange Manuals) Investment Profit Tables . . 27 Houses and Land ... 9 How Money makes Money . 14 How to Invest Money . . 9 Joint-Stock Companies Cummins' Formation of Accounts 13 Company Promoters (Law of) . 5 Haycraft (Directors) . . .10 How to ascertain the Profits (Dale) 13 j Simonson's Debentures and De- benture Stock (Law of) . . 5 j Smith 7] Legal and Useful Handy Books List of ..... 7-10 Maps British Columbia . .6 Hauraki Goldfields ... 6 Kalgoorlie .... 6 Tasmania, West Coast of. , 6 Witwatersrand Goldfields . . 6 Mining- Accounts of G. M. Cos. . . 14 Beeman's Australian Mining Manual . . . . .11 British Columbia Mining Laws 12 Gabbott's How to Invest in Mines 15 Goldmann (South African Mining) 16 Kindell's African Market Manual 19' Milford's Dictionary of Mining Terms 22 Paull's Columbia and Klondyke Manual . . . . .22 Tin-Mining in Spain. . . 12 Miscellaneous Arithmetic and Algebra . . 21 Australia in 1897 . . .22 Author's Guide . . . .27 On Compound Interest and An- nuities 24 Copyright Law . . . -13 Cotton Trade of Great Britain . 15 Miscellaneous (continued] PAGE District and Parish Councils (Lithiby) . . . .20 Factors (Law relating to) . . n Gresham, Sir Thomas (Life of) . 12 Ham's Customs Year Book . 17 Ham's Inland Revenue Year Book 17 High Court Practice . . .23 Licensing Acts . . . -19 Macfee, K. N., Imperial Customs Union 20 Maritime Codes, Spain and Portugal (Raikes) . . .23 Maritime Codes, Holland and Belgium . . . -23 Patent Law and Practice (Emery) 15 Property Law (Maude) . . 21 Public Man . . . .25 Public Meetings . . 25 Red Palmer . . . -25 Schedule D of Income Tax . 10 Solicitors' Forms (Charles Jones) 19 World's Statistics . . .11 Money Market (see Currency and Finance). Pamphlets 27 Prices Dunsford( Railways) . . -15 Ellis (Market Fluctuations) . 15 Mathieson (Stocks) . . .21 Railways American and British Investors . 26 Dunsforct (Dividends and Prices) 15 Home Rails as Investments . 24 Mathieson's Traffics . . .21 Poor's Manual (American) . 23 Railroad Report (Anatomy of a) 27 Railways in India . . .22 Ready Reckoners(^^also Exchange Tables, Interest, etc.) Buyers and Sellers' (Ferguson) . 9 Commission and Brokerage . 22 Hawke's Instantaneous Share Reckoner . . . .17 Henselin's (Multiplication) . 18 Ingram (Yards) . . . .18 Kilogramme Tables . . -25 Redeemable Stocks (Mathieson) 21 Merces (Indian) . . .22 Robinson (Share) . . 23 Silver Tables (Bar Silver) . . 16 EFFINGHAM WILSON, PAGE Sinking Fund and Annuity Tables- Booth and Grainger (Diagram) . 12 Hughes 18 Speculation (see Investors and Stock Exchange). Stock Exchange Manuals, etc. Contango Tables Fenn on the Funds, English and Foreign ..... Higgins, Leonard, The Put-and- Call Investor's Ledger Investors' Tables, Permanent or Redeemable Stocks Laws and Customs (Melsheimer) 21 Laws, English and Foreign Funds (Royle) . . 23 Motors and Cycles . . .18 Options (Castelli) . . .13 Poor's American Railroad Manual 23 Rapid Share Calculator . . 14 Redeemable Stocks (a Diagram) 12 Registration of Transfers . . 15 16 18 18 PAGE Stock Exchange Manuals,etc.NALD. yers the fidelity of other Employees. >mmittees' Bonds fered. Loans on igainst. placed at not less also adds to the E. itle, &c. tcy, &c. r Wills, Marriage us of trust funds is ;ofore. i~i f\n rt iTT-uirfc / u 50m-7,'16 neaa umce w, unAiNutnr LAINL, LUINUUN, W.C. City Office 56, MOORGATE STREET, LONDON, E.G. Branch Offices at Dublin, Edinburgh, Birmingham, Bristol, Glasgow, Huddersfield, Leeds, Liverpool, Manchester, Newcastle- on -Tyne, Nottingham, Barnstaple. ^^^ UNIVERSITY YB i Royal Exchange Assurance. INCORPORATED A.D. 1720. For SEA, FIRE, LIFE, and ANNUITIES. Chief Office : ROYAL EXCHANGE, LONDON, B.C. FIENDS IN HAND CLAIMS PAID 4,400,000. 38,000,000. Insurances are granted against Loss or Damage \sy ?ire on Property of almost every description, at moderate rates. Private Insurances. Policies issued for Two Years ap^ .rds are allowed a liberal discount. Losses occasioned by Lightning will be paid wK property be set on fire or not. LATEST DEVELOPMENTS OF LIFE ASSU', 1. Settlement Whole Life Polici per annum is guaranteed on the Su 2. Pensions for Old Age, retu 3. Immediate Life Assu 4. Optional Endowment 5. Loans on Reversions Apply for Full Prospect/ ie of 5 per cent. :rest. Ixamination. at with despatch. Secretary. P0