8. A owes $500, due Apr. 12, and $1000, due Sept. 20, and wishes to discharge the obligation by two equal payments, made at an interval of 60 days; when must the two payments be made? Ans. 1st, June 28; 2d, Aug. 27.

9. When shall a note be made payable, to balance the following account?

Dr.

James Tyler.

Cr.

10. I received goods from a wholesale firm in New York, in parcels, as per bills received, namely: Apr. 1, a bill for $536.78; May 16, $2156.94; June 12, $843.75; July 12, $594.37; Sept. 18, $856.48. In part payment, I remitted cash as follows: June 3, $500; July 1, $1000; Nov. 1, $1500. When is the balance payable, allowing credit of 2 months for the merchandise? Ans. July 23.

ACCOUNT SALES.

621. An Account Sales is an account rendered by a commission merchant of goods sold on account of a consignor, and contains a statement of the sales, the attendant charges, and the net proceeds due the owner.

622. Guaranty is a charge made in addition to commission, for securing the owner against the risk of non-payment, in case of goods sold on credit.

623. Storage is a charge made for keeping the goods, and may be reckoned by the week or month, on each article or piece. 624. Primage is an allowance paid by a shipper or consignor of goods to the master and sailors of a vessel, for loading it.

625. A commission merchant having sold a shipment of goods by parts at different times, and on various terms, makes a final settlement by deducting all charges, and accrediting the owner with the net proceeds. It is evident, therefore,

I. That commission and guaranty should be accredited to the agent at the average maturity of the sales.

II. That the net proceeds should be accredited to the consignor at the average maturity of the entire account.

Hence the following

RULE. I. To compute the storage. Multiply each article or parcel by the time it is in store, and multiply the sum of the products by the rate per unit; the result will be the storage.

II. To find when the net proceeds are due.-Average the sales alone, and the result will be the date to be given to the commission and guaranty; then make the sales the Cr. side, and the charges the Dr. side, and average the entire account by a compound equation.

NOTE. be used.

- In averaging, either the product method or the interest method may

EXAMPLES FOR PRACTICE.

1. Account sales of 100 pipes of gin, received per ship Hispaniola, from Havana, on alc. of Tyler, Jones & Co.

1860.

April 15 Sold 32 Pipes, 4160 gal. @ $1.05, on 30 days,....... 40 66 5240 66 @1.02, cash,..........

May

June

28

66

66 28 66 3650 66

@

1.00, "

What are the net proceeds of the above account, and when due? Ans. Net proceeds, $9489.48; due, May 20, 1860.

NOTE. The time for which storage is charged on each part of the shipment is the interval, reduced to weeks, between Apr. 1, when the pipes were received into store, and the date of sale. Every fraction of a week is reckoned a full week.

2. A commission merchant in Boston received into his store on May 1, 1859, 1000 bbl. of flour, paying as charges on the same

day, freight $175.48, cartage $56.25, and cooperage $8.37. He sold out the shipment as follows: June 3, 200 bbl. @ $6.25; June 30, 350 bbl. @ $6.50; July 29, 400 bbl. @ $6.12; Aug. 6, 50 bbl. @ $6.00. Required the net proceeds, and the date when they shall be accredited to the owner, allowing commission at 3%, and storage at 2 cents per week per bbl.

Ans. Net proceeds, $5614.28; due, July 10.

SETTLEMENT OF ACCOUNTS CURRENT.

626. To find the cash balance of an account current, at any given date.

J. Burns in account current with Tyler & Co.

Required the cash value of the above account, July 1, 1860, interest at 6 %.

ANALYSIS. For either side of the account we write the dates at which the several items are due, and the days intervening between these dates and the day of settlement, July 1. We then compute the interest on each item for the corresponding interval of time, and add it to the item if the maturity is before July 1, and subtract it from the item if the maturity is after July 1; the results must be the cash values of the several items on July 1. Adding the two columns of cash values, and subtracting the less sum from the greater, we have $375.05. the cash balance required. Hence the

RULE. I. Find the number of days intervening between each maturity and the day of settlement.

II. Compute the interest on each item for the corresponding interval of time; add the interest to the item if the maturity is before the day of settlement, and subtract it from the item if the maturity is after the day of settlement; the results will be the cash values of the several items.

III. Add each column of cash values, and the difference of the amounts will be the cash balance required.

EXAMPLES FOR PRACTICE.

1. Find the cash balance of the following account for June 1, 1858, interest at 6 per cent.?

2. What is the cash balance of the following account on Dec. 31, at 7 per cent.?

627. Partnership is a relation established between two or more persons in trade, by which they agree to share the profits and losses of business according to the amount of capital furnished by each, and the time it is employed.

628. The Partners are the individuals thus associated.

NOTE. The terms Capital or Stock, Dividend, and Assessment, have the same signification in Partnership as in Stocks.

CASE I.

629. To find each partner's share of the profit or loss, when their capital is employed for equal periods of time.

1. A and B engage in trade; A furnishes $500, and B $700 as capital; they gain $96; what is each man's share?

fit or loss will have the same ratio to the whole profit or loss as his part of the capital has to the whole capital, A will have of the $96, and B7 of the $96, for their respective shares of the profits.

We may also regard the whole capital as the first cause, and each man's share of the capital as the second cause, the whole profit or loss as the first effect, and each man's share of the profit or loss as the second effect, and solve by proportion thus:

RULE Multiply the whole profit or loss by the ratio of the whole capital to each man's share of the capital. Or,

The whole capital is to each man's share of the capital as the whole profit or loss is to each man's share of the profit or loss.

EXAMPLES FOR PRACTICE.

1. Three men engage in trade; A puts in $6470, B $3780, and C $9860, and they gain $7890. What is each partner's share of the profit? Ans. A's, $2538.453; B's, $1483.053; C's, $3868.493.

2. B and C buy pork to the amount of $1847.50, of which B pays $739, and C the remainder. They gain $375; what is each one's share of the gain?