which they are authorised to do for preservation. Being thus necessitated, they threw such goods as lay nearest at hand, and lightened the ship of 10 casks of hardware, and 40 pipes of Madeira wine; which they judged sufficient to keep her from sinking. Soon after that, the ship arrived at her destined port, and then an average bill was immediately made, in order to adjust the loss, and to pay the proprietors of those goods, which were thrown overboard for the good of the whole. Average accrued to ship Seahorse, for goods. thrown overboard, for preservation of ship, freight, and cargo. Ship valued at Freight (wages and victuals deducted) $14000. 3000. Andrew Jones's value of goods, 5000. Mr. Joseph Baumgarden's wine thrown overboard, valued at Daniel Duffy's hardware, $4000. 9000. 5000. Now let 9000 X 100 21 per cent. 42000 The ship must pay to Joseph Baumgarden and Daniel Duffy, for $14000 at 21 per cent,$3000. The freight $3000 at the same rate, 642.85 1071.42 578.57 Robert Johnston for $8300 at same rate, 1778.57 J. B. & D. D. receive of the owners of 7071.43 1928.56 9000. The ship Seahorse, captain Dix, laden with hemp, cordage, and iron, bound from Riga to Boston, ran on shore, coming through the grounds at Elsineur. The captain hired a great number of men, and several lighters, to lighten the ship, and to get her afloat again, which was done; but he was obliged to pay $409.23 for their assistance. This expense being incurred to preserve both ship and cargo, the average must consequently be general. When the ship arrived at Boston, the captain immediately made a protest and an average bill which was thus stated: Average accruing to the ship Seahorse, from Riga to Boston, 1799, for assistance in getting off the strand of Elsineur. For sundry charges paid at the sound for lighters & assistance in getting off the ship, $409.23 Protest and postage, 35.37 444.60 The ship's freight money 3460. Wages for all the people (4 M. 20D.) 560 Victuals for ditto 560 } 860. 2600. Ship Seahorse valued at $12000. Freight valued at 2600. William Jenkins, for value of hemp, 18000. 4000. Enoch Flinn, for value of iron, 2400. 39000. If 39000 lose 444.60, what will 100 lose? Ans. 1.14 The ship then must bear for 12000 at 114cts. per 100, $136.80 The freight amounting to 2600 at same, William Jenkins for 18000 at same, 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 valued 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 Cwt. should I give for 5000 gallons of apple brandy, at 60cts. per gallon? 610)7.50 12.5)5000(400Gwt.=207. 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. 1836. 120 3. How much tea, at $1.37% per lb., must be given for 200 gallons of Madeira wine, at $1.624 per gal The given prices being as 11 to 13,* lon? 4. How much sherry wine, at 874ets. per gallon, must I give for 750 gallons of Lisbon, at 374cts. per gallon? The given prices being as 7 to 3, 750X3-321 Ans. 7 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 92yds. Ans. * 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 1.37, containing of a dollar, and 1.621, 13. 7. How much. broadcloth, at $6 per yard, cash, but $6.50 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. And 731- × 300÷6=36yds. 3q. 23n. Ans. 960 13 8. How much linen, at 874cts. 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 .87.5-721 x 1000-$145.88 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 × 1400=2062.50 and 2475-2062.50= 412.50 whole gain. Then, 412.50 X 100 2062.50 =20, the rate per cent. S |