ysis. Since the whole stock is $600+$900 $1500, A's

it was, and B's part was in of the stock, he must have

3.

Now since of the gain; and $300 120. For the same reason B must have of the gain; 00×3=$180.

ve may reason thus: As the whole stock is to the whole loss, so is each man's particular stock to his share of n or loss.

That is, $1500: $300 :: $600: A's gain; or $120.
And

$1500 $300 :: $900 : B's gain; or $180.

OF.-$120+$180-$300, the whole gain. (Art. 21. Ax. 11.)

3. Hence, to find each partner's share of the gain or loss, The stock of each is employed for the same time.

tiply each man's stock by the whole gain or loss; divide the t by the whole stock, and the quotient will be his share of the - less.

make each man's stock the numerator, and the whole stock ominator of a common fraction; multiply the gain or loss fraction which expresses each man's share of the stock, and duct will be his share of the gain or loss.

OF.-Add the several shares of the gain or loss together, and sum is equal to the whole gain or loss, the work is right. 21. Ax. 11.)

1. The preceding case is often called Single Fellowship. But since a =hip is necessarily composed of two or more individuals, it is somewhat to see the propriety of calling it single.

is rule is applicable to questions in Bankruptcy, and all other operawhich there is to be a division of property in specified proportions. 65, 466.)

A, B, and C formed a partnership; A put in $1200 of the , B $1600, and C $2000; they gained $960: what was man's share of the gain?

-523. How is each man's share of the gain or loss found, when the stock of employed for the same time? How is the operation proved? Obs. What is it es called? To what is this rule applicable ?

3. A, B, and C entered into partnership; A furnished $2350, B $3200, and C $1820; they lost $860: what was each man's share of the loss?

4. A bankrupt owes A $2400, B $4600, C $6800, and D $9000; his whole effects are worth $11200: how much will each creditor receive?

5. A, B, C, and D, engaged in an adventure; A put in $170, B $160, C $140, and D $130; they made $3000: what was each man's share?

CASE II.-When the stocks are employed unequal lengths of time.

6. A and B formed a partnership; A put in $900 for 4 months, and B put in $400 for 12 months; they gained $763: what was each man's share of the gain?

Note. It is obvious that the gain of each depends both upon the capital he furnished, and the time it was employed. (Art. 518.)

Analysis. Since A's capital $900, was employed 4 months, his share of the gain is the same as if he had put in $3600 for 1 month; (Art. 519;) for $900X4=$3600. Also B's capital $400, being employed 12 months, his share of the gain is the same as if he had put in $4800 for 1 month; for $400X12= $4800. The sum of $3600 and $4800 is $8400. Therefore, A's share of the gain must be 3408–4.

3600

And $763X+ $436, B's share. Hence,

=

524. To find each partner's share of the gain or loss, when the stock of each is employed unequal lengths of time.

Multiply each partner's stock by the time it is employed; make each man's product the numerator, and the sum of the products the denominator of a common fraction; then multiply the whole gain or loss by each man's fractional share of the stock, and the product will be his share of the gain or loss.

OBS. This case is often called Compound or Double Fellowship.

QUEST.-524. When the stock of each partner is employed unequal lengths of time, how is each man's share found? Obs. What is this case sometimes called?

7. The firm of X, Y, and Z lost $4500; X had $3200 employed for 6 months, Y $2400 for 7 months, and Z $1800 for 9 months: what was each partner's loss?

8. A, B, and C hired a pasture for $60; A put in 15 oxen for 20 days, B 17 oxen for 16 days, and C 22 oxen for 10 days: what rent ought each man to pay?

9. In a certain adventure A put in $12000 for 4 months, then adding $8000 he continued the whole 2 months longer; B put in $25000, and after 3 months took out $10000, and continued the rest for 3 months longer; C put in $35000 for 2 months, then withdrawing of his stock, continued the remainder 4 months longer; they gained $15000: what was the share of each?

GENERAL AVERAGE.

525. The term General Average, in commerce, signifies the apportionment of certain losses among the different interests concerned, when a part of the cargo, furniture, &c., of a ship has been voluntarily sacrificed to preserve the rest. (Art. 466.)

The property thus sacrificed is called the jettison.

526. Losses thus incurred are charged to the ship, the cargo, and the freight, pro rata; or according to the value of each.

The contributory interests are to be freed from all charges upon them before the average is made.

OBS. 1. In estimating the freight, in New York, one-half, but in most ports one-third is deducted from the gross amount, for seamen's wages, pilotage, and other small charges.

2. In the valuation of masts, spars, cables, rigging, &c., of the ship, it is customary to deduct a third from the cost of replacing them; thus calling the old, two-thirds the value of the new, in making the average.

3. The cargo is valued at the price it would bring at its destined port, after the storage and other necessary charges are deducted. The property sacrificed must be taken into the account as well as that which is saved.

527. General Average may be calculated both by Analysis and Partnership. (Arts. 464, 522.)

OBS. 1. Losses arising from the ordinary wear and tear, or from a sacrifice made for the safety of the ship only, or a particular part of the cargo, must be borne by the individuals who own the property lost, and not by general average.

2. General average is not allowed, unless the peril was imminent, and the sacrifice indispensable for the safety of the ship and crew.

10. The ship Minerva from London to New York, had on board a cargo valued at $75000, of which A owned $30000; B $27000; and C $18000; the gross amount of freight and passage money was $11040. The ship was worth $40000, and the owner paid $520 for insurance on her. Being overtaken by a severe tempest, the master threw $18000 worth of A's goods overboard, and cut away her mainmast and anchors; finally, he brought her into port, where it cost $2798.75 to repair the injury: what was the loss of each owner of the ship and cargo?

Now $20000X30000÷$120000-$5000, loss of A.

$20000 X 27000-$120000=$4500

$20000X18000-$120000=$3000

$20000 × 39480-$120000=$6580
$20000 X 5520÷$120000=$ 920

kr

B.

PROOF.-Whole loss (Ax. 11.) $20000, the same as above.

Note-We may also find what per cent. the loss is; then multiply each contributory interest by the per cent. Thus, since $120000 lose $20000, $1 will lose 1 of $20000; and 20000÷$120000=.16%; that is, the loss is 163 per cent. Now $30000×.163=$5000, A's share of the loss. The loss of the others may be found in a similar manner.

EXCHANGE OF CURRENCIES.

528. The term currency, signifies money, or the circulating medium of trade.

529. The intrinsic value of the coins of different nations, depends upon their weight and the purity of the metal of which they are made. (Art. 245. Obs.)

OBS. For the present standard weight and purity of the coins of the United States, see Arts. 245, 246. For that of British coin, see Art. 248. Obs.

530. The relative value of foreign coins is determined by the laws of the country and commercial usage.

OBS. The legal value of a pound sterling in this country has been different at different times. By act of Congress, 1799, it was fixed at $4.44. In 1832 its value was raised by the same authority to $4.80; and in 1842, to $4.84.

531. The process of changing money from the denominations of one country to its equivalent value in the denominations of another country, is called Exchange of Currencies.

CASE I-Reduction of Sterling to Federal Money.

Ex. 1. Change £60 sterling to Federal money.

Solution. Since £1 is worth $4.84, £60 are worth 60 times as much, and $4.84 X 60=$290.40. Ans.

2. Change £8, 7s. 6d. to Federal money.

Operation. $4.84 8.375

$40.535 Ans.

We. first reduce the 7s. 6d. to the decimal of a pound; (Art. 346;) then multiply $4.84, and £8.375 together, and point off the product as in multiplication of decimals. Hence.

532. To reduce Sterling to Federal Money.

Multiply the legal value of one pound, $4.84, by the given number of pounds, point off the product as in multiplication of decimals, and it will be the answer required. (Art. 324.)

If the example contains shillings, pence, and farthings, they must be reduced to the decimal of a pound.

QUEST.-523. What is meant by currency? 529. On what does the intrinsic value of the coins of different countries depend 530. How is the relative value of foreign coins determined? Obs. What is the value of a pound sterling? 531. What is ine int by ex change of currencies 532. How is Sterling money reduced to Federal ?