versely as the times, we must have 3 at 5 for 1 at 9, so that the excess in one may equal the deficit or lack in the other. We have then 1 part at 3 mos., 2 at 9 mos., and 3 at 6 mos., making 6 parts of our principal $1200. Hence each part is $200. Then What is the date of a Note at 6 months, to close the above account? Ans. April 2, 1854. Partnership. 528. When several individuals advance a certain sum each, with which they form a capital for trading purposes, agreeing to share equitably the gain or loss resulting therefrom, they take the name of a company or firm. The sum advanced by each is called his stock in trade, and A the gain or loss is shared by each in proportion to his stock, when the stock has all been employed the same length of time. Rule: Divide the whole gain or loss by the whole capital, which will give the gain or loss of one unit of capital. Reduce this to its lowest terms, and multiply each man's stock by the result for his share of the gain or loss. This rule is obtained from the proportion-the whole stock: to each man's :: whole gain or loss each man's share. : 1. A, B, C, and D enter into partnership. A advances $500; B, $700; C, $800, and D, $1000, In one year they gain $3500; what is each man's share? Ratio of gain per unit, 7. Hence we add to each man's stock, and apportion to A, $583,331; B, $816,663; C, $933,331, and D, $1166,663. 2. A, B, and C buy a ship. A pays $5000; B, $6000, and C, the remainder, which is the cost of of the ship. The ship is chartered for $2000; what is the share of each? Ans. A has $727,27; B, $872, 72,81, and C, 400. 3. A, B, and C buy a ship. A pays $4600; B pays for }, and C pays the remainder, which is 1 of the share of B, together with of that of A. The ship gains $5000; what is 233 each man's share? Ans. A, $1277,777; B, $1666,663, and C, $2055,555. 4. A bankrupt owes £16000; his effects amount to £9866 13 s. 4 d.; what does he pay on the pound, and on each of the claims, A, £3085 13 s. 6 d.; B, £5216 11 s. 8 d., and C. £7697 14 s. 10 d.? Ans. 7, or 12 s. 4 d. on the pound. On the claims: A, £1902 16 s. 73 d. § qr.; B, £3216 17 s. 101 d. C, £4746 18 s. 93 d. qr. qr.; and 529. When the stocks are employed for different periods of time: Multiply each man's stock by the time it has been employed, and proceed with the results as in the preceding article. 5. Á begins business with $1000; after 6 months B joins him with $1500, and in 3 mos. more, C joins with $1200 They trade for 3 yrs. 6 mos. from the time A begins, and gain $5000; what is each man's share? ..4500 B, 1991,1553 A $1000 × 3 yrs. 6 mos., or 3 yrs. 3500 Ans. A, $1548,67,29 5000 11300 11300 C, 1460,17,79 Proof, 5000,00 113 50 , ratio of gain per unit of increased capital; 1137 wherefore each man's increased capital, multiplied by 50%, gives his share of gain. 6. Bragg, Oliver, and Richardson commence business with £50000. Bragg advances £25000; Oliver, £16000, and Richardson, £9000. At the end of 6 mos. Bragg withdraws £8000; four mos. after Richardson adds £4000, and 1 yr. 3 mos. from commencement Oliver withdraws £5000. They trade 3 years and gain £25000; what is each man's share? Bragg, 25000 Xyr.... 12500 66 Rich'n., 9000 X Oliver, 16000 × 11 “ 66 1651 We here multiply each increased capital by. Then as the results (413) are in the same ratio, we operate with these as we should have done with the capitals, and find 1651 qr. Bragg's share, £9993 18 s. 101 d. 565 5 0 964 1651 122 1651 7. Reynolds and Elliot begin business with $16000, of which Reynolds advances, and Elliot the remainder. After 5 mos. they are joined by Howard, with $12000. They trade during 3 yrs. 1 mo., and gain $13500; what is each man's share? Ans. Reynolds, $4549,18; Elliot, $3639,343; and Howard, $5311,4783. Af 8. Pitt and Fox commence business with £5000 each. ter 8 mos., Pitt advances £5000 more. In one year they are joined by Melbourne, with a capital of £7000. Six months after this they are joined by Grey, with a capital of £6000. At this time Pitt withdraws £2500, and Melbourne puts in £3000 more. They close at the end of 4 years, and find a gain of £15680 16 s. What is the share of each? Ans. Pitt.......... £3601 18 s. 11 d. 17 1589 1056 1589 1313 1589 0 792 1589 Moneys. a 530. Money is a general term for coin, paper, &c. used as circulating medium to represent property, and transfer the same from one person or party to another. It is distinguished into real and imaginary. Real Money consists of coin, bank notes, or any other tokens which pass current in exchange for property. Imaginary, or Ideal Moneys, are moneys of account, originally based on coins or weights, and though no longer represented by coins, their value is determined by a known relation to them. Money is in different countries called by a great variety of names, as cash, specie, currency, effective, &c. That which does not circulate but remains in Banks of Deposit, is called Banco; this, compared with other currency, generally bears a premium called the agio. That which circulates by way of Exchange, is called Money of Exchange, (Moneta di Cambio, It. or Giro.) Valuta or Valeur is the value or rate at which moneys are reckoned in commercial transactions. Reduction of Currencies. 531. Currency is a term often used to denote the money of a country which is in circulation, whether coin or paper. In the United States the term is sometimes applied to a paper money long discontinued, which on account of too great issue was subject to various rates of depreciation. Hence arose different currencies based upon the proportionate rise in the nominal value of the Pound Sterling and Spanish Dollar. These currencies have still a nominal existence in local domestic traffic, and are as follows: 1. In Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut, Virginia, Ohio, Indiana, Kentucky, Tennessee, and Mississippi, the value of the pound currency to that of the pound sterling is as 3 to 4. Hence, as the numbers are in inverse ratio to the values of their principal units, the dollar, being originally valued at 4 s. 6 d. Sterling, is 6 s. of this currency. Hence also, to reduce this Currency to Sterling, subtract 1. To reduce Sterling to this Currency add 1. The real of Spain, or 12 ct. piece, being $ or of 72 d. Currency, is here called ninepence, and its half fourpence halfpenny. 2. In New York and North Carolina, the ratio is 9 to 16; that is, 9 s. Ster. 16 s. Cur.; consequently, 9:41:16, or 2: 1:16: 8 s., value of the dollar, in currency. The ratio of this currency to the preceding being as 6 to 8, or 3 to 4, is the same as that of the preceding to Sterling, and is, therefore, reduced to that Currency by subtracting. Also, as its ratio to Sterling is duplicate, that is, the square of its ratio to the preceding, thus: X, it is reduced to Sterling by twice subtracting or by multiplying by = The 12 ct. piece is here called a shilling, because it corresponds with 1 s. Currency, each being $, and its half is called sixpence. 3. In New Jersey, Pennsylvania, Delaware, and Maryland, the ratio of Currency to Sterling is as 3 to 5. Hence we have 3:45, or 2:3:: 5 : 71, or 7 s. 6 d., value of the dollar in Currency. To reduce to Sterling, multiply by 3. To reduce Sterling to Currency, multiply by §. The ratio of 7 s. 6 d. to 8 s. is as 15 to 16; therefore, to reduce this to N. Y. currency, add. To reduce N. Y. to this, subtract Again, 7 s. 6 d. is to 6 s. as 15 to 12, or as 5 to 4; wherefore, to reduce this to Virginia currency, subtract . To reduce Virginia currency to this, add 1. As of 7 s. 6 d., or 90 d., is 111 d., the 121 ct. piece is here called elevenpence, which is contracted to levy; and its half is called fivepence, which is contracted to fip. 4. In South Carolina and Georgia, the ratio is as 27 to 28: therefore, to reduce Sterling to this add. Hence we have 4 s. 6 d. 54 d. and 545454+2: 56 d. 4 s. 8 d., the value of the dollar in this Currency. Here 121⁄2 cts. is 7 d. = = 532. Accounts are kept in Canada, Halifax, and other provinces of North America, belonging to England, in Pounds, Shillings, and Pence currency. The ratio is as 9 to 10; that is, £9 Sterling is equal to £10 Currency: therefore, to reduce Sterling to Currency, add. To reduce Currency to Sterling, subtract To The dollar, 4 s. 6 d. Sterling, is, therefore, in this Currency 5 s.; but, in army payments, it is reckoned at 4 s. 8 d. reduce Canada currency to Federal money, considering the dollar to be worth 5 s. or £1, multiply the pounds by 4. |