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ACCOUNTS OF STORAGE.

441.

OPERATION.

bbl.

d.

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440. Accounts of storage of property contain an entry of the number of articles received and delivered, with the date of each transaction.

Storage is usually reckoned by the month of 30 days, at a certain price per barrel, bale, box, &c.

The number of articles on which storage is chargeable for one month, or any other time agreed upon, is usually determined by an average.

To find the average of storage for a month, or any other time.

Ex. 1. What will be the cost for the storage of flour at 6 cents per barrel, which was received and delivered as follows: Received May 1, 1857, 1000 barrels ; May 26, 2000 barrels. Delivered May 16, 500 barrels ; June 1, 1000 barrels; June 12, 1100; July 2, 400.

Ans. $ 114.

The storage of 1857.

prod. 1000bbl. for 15d. May 1, Rec. 1000 X 15 = 15000 + 500bbl. for 10d. 16, Deliv. 500

+ 2500bbl. for 5d.

1500bbl. for 11d. Bal. 500 X 10 = 5 000 + 400bbl. for 20d., 26, Rec. 2000

is the same as the Bal. 2 5 0 0 x 5

1 2 5 0 0 for 18., or 1900bbl.

storage of 57000bbl. June 1, Deliv. 1 000

for a month of 30 Bal. 1 500 X 11

= 16 500 days. And the storDeliv. 1100

age of 1900bbl. at

6 cents each equals Bal. 400 x 20 8 000 $ 114, the answer

required. July 2, Deliv. 400 310) 5 7 0 0:0 In practice, it is Chargeable for 1 month, 1900 customary, when the

number of articles 1900bbl. x .06 = $ 114, cost of storage. upon which

age is chargeable, as found, contains a fraction less than a half, to reject the fraction; but if it is more than a half, to regard it as an entire article.

RULE. — Multiply the number of barrels, or other articles, by the number of days they are in store, and dividle the sum of the products by 30, or the number of days in any term agreed upon.

The quotient will give the number of barrels, or other articles, on which storage is chargeable for that term.

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EXAMPLES.

2. What is the cost of storage of tea at 3 cents a chest per month, received and delivered as follows: Received, May 16, 1857, 4560 chests. Delivered, May 30, 564 chests; June 1, 904 chests ; July 9, 1000 chests ; August 3, 1500 chests; and August 16, the balance.

3. Received, and delivered, on account of Richard Gordon, sundry bales of cotton, as follows: Received, January 1, 1857, 2310 bales; January 16, 120 bales; February 1, 300 bales. Delivered, February 12, 1000 bales; March 1, 600 bales ; April 3, 400 bales ; April 10, 312 bales. Required the number of bales remaining in store on May 1, and the cost of storage up to that date, at the rate of 5 cents a bale per month.

Ans. In store, 418 bales ; cost, $ 306.90.

MISCELLANEOUS EXAMPLES.

1. The stocks of three partners, A, B, and C, are $ 3500, $ 2200, and $ 2500, and their gains $ 1120, $ 880, and $ 1200, respectively, and B's stock continued in trade 2 months longer than A’s. Required how long the money of each was in trade.

Ans. A's money, 8mo. ; B's, 10mo. ; C's, 12mo. 12. A merchant failed for $ 15000. On settling up, his net assets, equably distributed, gave only $ 540 to a creditor whose demand was $ 660 more than that sum. How much did the bankrupt pay on a dollar, and how much did he owe more than he could pay ? Ans. 45 cents on a dollar; owed $ 8250 more than he could

pay. 13. A and B pay a poll tax each of $ 1.50, and a property tax at the rate of 7 mills on a dollar. A's entire tax is $ 64.50, which is just $ 14 more than B's entire tax.

What is the taxable property of each ?

Ans. A's property, $ 9000; B's property, $ 7000. v 4. The expenses of a district school are, for fuel, $ 20, for repairs of the school-house $ 30, and for teacher's salary $ 150, and the public money amounts to $ 50. If the rate bills require to be made out at the rate of 3 cents a day for each pupil's attendance, what was the aggregate attendance ?

Ans. 5000 days. 5. J. Kimball had goods to the value of $ 7000 on board a vessel, which, from stress of weather, required cargo to the amount of $ 4000 to be thrown overboard, and of which the value of $ 3000 belonged to Kimball. If, in adjusting the general average, the several contributory interests pay 5 per cent., to what sum will Kimball's loss be reduced ?

Ans. $ 350. 16. A owes B $ 150, $ 50 to be paid in 4 months, and $ 100 in 8 months. Bowes A $ 250 to be paid in 10 months. It is agreed between them that A shall make present payment of his whole debt, and that B shall pay his so much sooner as to balance the favor. Required the time at which В must pay the $ 250.

Ans. 6 months. 7. A debt is to be paid } down, 1 in 6 months, & in 8 months, and the balance in 12 months. If the payments were all converted into one, on what credit should it be? Ans. 5mo. 25d.

8. A merchant proposes to admit a young man into business with him, on condition that, if he put into the stock $ 2000, his pay shall be $ 800 a year, or if he put in $ 4000, he shall have $ 1100 a year; in this offer what was allowed for his services only ?

Ans. $ 500. 9. A gentleman is owing three notes to George Shannon, one of $ 100 due in 4 months, another of $ 100 due in 8 months, and a third of $ 200 due in 12 months. Should the three notes be converted into two for the same amount, the one to run just twice as long as the other, when ought they to be made payable ? Ans. The one in 6mo., and the other in 12mo.

10. An account settled January 1, 1858, showed a balance of debts to the amount of $ 360, and a balance of interest in favor of the credit side to the amount of $ 3.78 ; how long in equity ought the balance of debts to remain unpaid after the day of settlement, exactly to offset this balance of interest, allowing the rate of interest to be 6 per cent.? Ans. 63 days.

INSURANCE.

442. INSURANCE is a contract of indemnity, by which one party engages, for a stipulated sum, to insure another against a risk or loss to which he is exposed.

The insurer or underwriter is the party taking the risk.

The premium is the sum paid for insurance, and is generally reckoned at a certain per cent. of the value of the property insured.

The policy is the written obligation or contract. Note. — Insurance is generally made by an incorporated joint-stock company, and sometimes by individuals. When each person insured becomes a member and proprietor in the profit or loss of the concern, it is called a mutual insurance company. Many companies, as a security against fraud, do not insure property for its full value.

FIRE AND MARINE INSURANCE.

443. Fire Insurance is that which indemnifies damage and loss caused by fire or lightning.

444. Marine Insurance is that which indemnifies damage and loss caused by the perils peculiar to navigation.

445. To compute the premium of insurance on any given amount at a specified rate.

Ex. 1. What would be the premium for insuring a house, valued at $ 5728, at 15 per cent. ?

Ans. $ 100.24.

OPERATION

$ 5728 x .01 = $ 100.24. RULE. Find the percentage of the given sum at the rate of insurance, and the result is the premium.

NOTE. — When the amount insured and the premium are known, the rate of insurunce may be found by Art. 350.

EXAMPLES.

2. What is the premium for insuring a house valued at $ 896, at 12 per cent. ?

Ans. $ 107.52. 3. How much would be required to be paid to effect the insurance of a brig valued at $ 17,289, at 14 per cent. ?

Ans. $216.11.

4. My ship Keystone State is valued at $ 35000, and her cargo at $ 75000. I procure an insurance on şof the value of the ship, at 31 per cent., and on şof her cargo, at 21 per cent. What is the amount of premium ? Ans. $ 1932.50.

5. My library, worth $ 3675, I got insured by paying 43 per cent. ; and the policy cost me $1. The library having been destroyed by fire, what was my actual loss? Ans. $180.15%.

6. The premium for insuring $ 9870 was $ 690.90. What was the rate per cent. ?

7. White & Bigelow effect an insurance on their store and goods, worth $ 47600, for 5 years. The first year they are to pay 41 per cent. ; the second year, 3} per cent.; the third year, 43 per cent. ; the fourth

year,

5 per cent. ; and the fifth year, 54 per cent. What is the whole they are to pay for the insurance ?

Ans. $ 11,007.50.

446. To find what sum must be insured, at a given rate, to cover both property and premium.

Ex. 1. For what sum must a policy be taken out, to cover both property and premium, the value of the property being $ 2475, and the rate of insurance 10 per cent. ?

OPERATION.

$ 2475 • .90 $ 2750. Since the sum to be covered by the insurance includes both the property and the premium, and as the premium is 10 per cent., or .10 of that sum, the property, evidently, must be .90 of the sum for which the policy is to be taken out.

RULE. Divide the value of the property to be covered by 1 de. creased by the rate of insurance expressed decimally, and the quotient will give the whole sum to be covered.

Note. When the rate of insurance and premium are known, the amount insured may be found by Art. 350.

EXAMPLES.

2. A manufacturing company own a factory valued at $ 26250. For what sum must a policy be taken out to cover the property and premium of insurance, the rate being 124 per cent. ?

Ans. $ 30,000. 3. A store and its goods are worth $ 6370. What sum must be insured, at 2 per cent., to cover both property and premium?

Ans. $ 6500.

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