NOTE. The doctrine of Insurance is extensive; if we were to arrange the different heads, it would be necessary to consider each separately.

As 1st. Of Marine Insurance; considering,

1. The policy, its nature. 2. The construction to be put on it. 3. Warranties in policies. 4. Proceedings on policies. 5. Of re-assurances and double assurances.

2d. Of losses under such policies.

1. Of total losses, by peril of the sea. 2. By capture. 3. Detention. 4. Barratry. 5. Stranding. 6. General, or gross average. 7. Partial loss and adjustment. 8. Salvage and abandonment. 3d. Of fraud, illegality, or irregularity; which either vitiate the policy, or prevent a recovery, though a loss happen.

1. Of direct fraud in policies. 2. Of changing the
ship. 3. Deviation on the voyage. 4. Sea
worthiness. 5. Of wager policies. 6. Of va-
lued policies. 7. Of illegal voyages.
8. Of
enemies' ships, &c. 9. Of prohibited goods
and commerce. 10. Return of premium, in
cases of void or fraudulent policies, &c.

4th. Of bottomry and respendentia.

5th. Of insurance on lives.

6th. Of insurance against fire, &c.

BARTER.

Barter is the exchanging of one commodity for another; and teaches traders to proportion their quantities without loss.

I shall give a few examples in Barter, with the method of working them, as questions in Barter cannot be conveniently classed in separate cases.

EXAMPLES.

1. How many tons of bar iron, at $7.50 per Gwt. should I give for 5000 gallons of apple brandy, at 60cts. per gallon?

610)7.510

12.5)5000(400Cwt.=20T. Ans.

2. How much iron, at $120 per ton, must be given for 100 barrels of flour, at $8.50 per barrel? 8.50 X 100 -7T. 1C. 29. 18 lb.

120

3. How much tea, at $1.37% per lb., must be given for 200 gallons of Madeira wine, at $1.62 per galThe given prices being as 11 to 13,*

lon?

4. How much sherry wine, at 87 cts. per gallon, must I give for 750 gallons of Lisbon, at 37 cts, per gallon? The given prices being as 7 to 3,

5. How much wheat, at $1.50 per bushel, must I exchange for 1000 bushels of Indian corn, at 75cts. per bushel? The prices being as 2 to 1,

6. How much calico, at 314cts. per yard, must I give for 5000 shingles, at $5.75 per thousand?

5.75 X 5
.31.25

* In Barter, where the prices are given in dollars and parts of a dollar, or in even parts of a dollar, the ratio to each other is easily discovered by inspection; here 11 is to 13, arises from 1.373, containing of a dollar, and 1.621, .

13.

7. How much broadcloth, at $6 per yard, cash, but 86.50 credit price, must I give for 300 gallons of peach brandy, at 80cts. per gallon, barter price? 6.50 6.80: 731-cash price for a gallon.

960

And 731- × 300÷6=36yds. 3q. 2 n. Ans.

13

8. How much linen, at 87 cts. per yard, barter price, should I give in exchange for 3000lb. soal leather, at 25cts. ser lb. cash, when the barter advance is agreed at 12 per cent? Ans. 960yds.

LOSS AND GAIN,

OR PROFIT AND LOSS.

Profit and Loss is the name of a species of account, by which the profit or loss, on the sale of any commodity, may be known.

EXAMPLES.

1. Bought 300 gallons of whiskey, for 30cts. per gallon, and sold it for an advance of 3cts. per gallon; required, the whole gain.

300 x .039. Ans.

2. Sold 1000 gallons of peach brandy, at 87 cts. per gallon, which was at 20 per cent profit; required, the prime cost per gallon, and the whole profit?

120: 100 :: 87.5: 7211 prime cost.

And .87.5-72 × 1000-$145.83 gain. Ans. 3. If I buy 1500 bushels of wheat, for $1.37 per bushel, and sell the whole for $2475, what is the whole gain, and gain per cent?

1.37 x 1400=2062.50 and 2475—2062.50— 412.50 whole gain.

Then,

412.50 X 100

2062.50

=20, the rate per cent.

S

4. If I sell linen for 75cts. per yard, and gain 121 per cent; what would the prime cost of 30 pieces, each 33 yards, stand me in the whole?

.75 X 100

100+12.5

:.663cts. per yard prime cost.

And 33 x 30 x.66 = $670 cost in the whole. 5. Bought a quantity of leather, at 22cts. per lb.; how should I sell it, to gain 10 per cent profit?

Philadelphia, June 1, 1820. 6. Shipped on board the Leopard, for Barbadoes, 700 barrels of flour, at $9 per barrel; paid porterage, 6cts. per barrel, storage, 7cts., insurance on the whole, at 5 per cent; how do they stand me on board, taken altogether? Ans. $6709.50

7. Imported from Amsterdam, 20 casks of gin, containing 2080 gallons, at 3 guilders, or 111cts., per gallon; paid here freight $200, porterage $13.50, gauging, 25cts. per cask, insurance on the invoice, 10 per cent, leakage in the whole, 19 gallons, storage, 27cts. per cask. How will I stand, if I should sell it for $1.30 per gallon? Ans. $80.67 loss.

8. Bought goods to the amount of $1400 cash, and sold them at a credit of 4 months, for $1600; what is the gain per cent per annum?

1600-1400 =200 gain in 4 months. And 200 × 3=600 gain in 12 months.

9. Bought for cash, $1740 worth of ironmongery, and sold the lot again for $2000, on a credit of 3 months; what is the gain per cent per annum?

Ans. 5997.

10. Bought 3000 gallons of rye whiskey, at a credit of 2 months, for 30cts. per gallon, and sold it again at 35cts. per gallon, on a credit of 3 months; required, the gain ger cent. Ans. 64.36+

11. Bought 12 hogsheads of apple brandy, each f12 gallons, at 40cts. per gallon. One hogshead by accident stove; it is required to sell the remainder so that the owner may afford a credit of 2 months, and clear by the bargain 10 per cent.

Ans. 46.92cts. per gallon.

12. A distiller is about purchasing 10000 gallons of molasses, which he can have at 50cts. per gallon, cash, or at 52cts. with 2 months credit; it is required to know, if he would have any advantage in borrowing money at 8 per cent, to take the molasses at cash price.

The cash price of the molasses is $5000, credit price 5200; present worth of credit price 5131.578+ amount of cash price at 8 per cent $50663, and 5131.578-50663=64.912+ advantage in favor of

borrowing.

13. Shipped for Rotterdam 500 salt ox hides, weight nett 400G. 29. 14lb. at $5 per Cwt.; paid duty, charges, &c. $60; the hides weighed in Rotterdam, 39370lb.; my correspondent sells them at 15 guilders, or $5.55 for 100lb.; he deducts for weight, charges, &c. 650 guilders, or $240.50, and for his commission 2 per cent; the nett proceeds he remits to London, at 2s. sterling, or 443cts. per guilder, for which I draw at 2 per cent above par. What do I gain by the adventure? Ans. $265.821 gain.

14. Borrowed $5000, for which I pay 6 per cent interest; with which sum I purchased goods at 6 months credit, but was allowed discount at the same rate per cent, for paying cash; sold said goods at 3 per cent advance, but gave a credit of 2 months. What is gained or lost by the trade?

Ans. $132.02.8 gain.

NOTE. Questions, such as the above, should be carefully studied; being of material consequence in trade. The nature of such reckonings being well understood, may save many a blunder in settlements,. and be profitable to the merchant..