7. Required the neat proceeds of certain to £.456 11 8, allowing a commission of 2 £.5 20 456 11 8 222 16 7 commission at 5 11 8 goods amounting per cent. per cent. 3 commission at 2 per cent. Ans. £.445 3 4 neat proceeds. 8. What is the commission on £.1371 9 5 at 5 per cent.? Ans. 9. What is the commission on £.1958 at 5 .68 11 5 per cent. ? Ans. £.107 13 9 10. What is the commission on £.1859 7 6 at 3 per cent.? Ans. £.16 5 4 11. What is the brokerage on 1853 dols. at per cent. ? Ans. 13 dols. 89 cts. 7 ms. 12. What is the brokerage on £.874 15 3 at per cent.? Ans. £.2 3 83 13. What is the brokerage on 1298 dols. 53 cts. at 3 per cent.? 1298,53 8)3895,59 Dols. 4,86,94 Ans. 4 dols. 86 cts. 9 m. 14. What is the brokerage on £.1321 11 4 at 13 per cent.? Ans. £.14 17 4 15. A factor receives 988 dollars to lay out, after having deducted his commission of 4 per cent. how much will remain to be laid out? If 104: 100 :: 988 : 950 dols. the answer. 16. A factor has in his hands 3690 dollars, which he is directed to lay out in iron, reserving from it his commission of 2 per cent. on the purchase; the iron being 95 dols. per ton: how much did he purchase? Ans. 37 tons 17 cwt. 3 qrs. 16 lb. INSURANCE. INSURANCE is an exemption from hazard, by paying, or otherwise securing a certain sum, on condition of being indemnified for loss or damage. Policy is the name given to the instrument, by which the contract of indemnity is effected between the insurer and insured. Average loss is 5 per cent.; that is, if the insured suffer any loss or damage not exceeding 5 per cent. he bears it himself,. and the insurers are free. RULE. The method of operation as in interest. EXAMPLES. 1. What is the premium of insuring £.924 at 7 per cent.? Ans. £.64 13 7 2. What is the premium on 1650 dollars, at 12 per cent.? Ans. 198 dols. 3. What is the premium of insuring 1250 dollars, at 7 per Ans. 93 dols. 75 cts. cent. ? cent. ? 4. What is the premium of insuring 4500 dollars, at 25 per Ans. 1125 dols. 5. What is the premium of insuring 1650 dollars, at 153 per cent. ? Ans. 255 dols. 75 cts. 6. What is the premium of insuring 1873 dollars, at per Ans. 2 dols. 34 cts. 1 m. cent.? 7. What sum is to be received for a policy of 1658 dols. deducting the premium of 23 per cent.? Ans. 1276 dols. 66 cts. 8. What sum must a policy be taken out for to cover 1800 dollars, when the premium is 10 per cent. ? 100 policy. 10 premium. 90 sum covered. If 90: 100:: 1800 Ans. 2000 dols. 2000 dollars at 10 per cent. Proof, 9. What sum must a policy be taken out for to cover 3926 dols. 7 cts. when the premium is 6 per cent. ? Ans. 4176 dols. 67 cts. GENERAL AVERAGE. WHATEVER the master of a ship in distress, with the advice of his officers and sailors, deliberately resolves to do, for the preservation of the whole, in cutting away masts or cables, or in throwing goods overboard to lighten his vessel, which is what is meant by jettison or jetson, is in all places permitted to be brought into a general average, in which all, who are concerned in ship, freight and cargo, are to bear an equal or proportionable part of the loss of what was so sacrificed for the common welfare; and it must be made good by the insurers in such proportions as they have underwritten. EXAMPLES OF ADJUSTED AVERAGES. 1. A loaded ship met with such bad weather, that the master and mariners found it impossible to save her without throwing part of her cargo overboard, which they are authorized 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 7 11 that the ship arrived at her destined port, and then an avereco I 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, for goods thrown overboard for preservation of ship, freight and cargo. Dols. 12000 3000 4000 2500 8500 4000 6000 40000 Dols 4000 6000 10000 Mr. Andrew Wilson's goods thrown overboard were valued at ....... do. If 40000 give 10000 loss, what loss will 100 give? Ans, 25 per cent. The ship must pay to A. W. and L. W. for 12000 dollars, at 25 per cent. .... The freight 3000 dollars, at the same rate A. W. and L. W. receive of the owners of the goods saved, Their property being insured, the underwriters pay them 3000 750 1000 625 2125 7500 2500. 10000 2. The Sea Horse, capt. 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 dols. 23 cts. 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 Sea-Horse from Riga to Boston, in 1799, for assistance in getting off the strand of Elsineur. For sundry charges paid at the Sound for lighters and dols. cts. assistance in getting off the ship Protest and postage 35 37 444 60 The ship's freight money 3460 Wages for all the people, (4 ms. and 20 d.) 560 ? 860 300 S If 39000 dols. lose 444 dols. 60 cts. what will 100 dols. lose? Ans. 1 dol. 14 cts. dols. cts. The ship must bear 12000 dols. at 114 cts. per 100 dols. 136 80 The freight 2600 dols. at the same rate... William Jenkins for 18000 Daniel Jones for 4000 Enoch Flinn for 2400 29 64 205 20 45 60 27 36 444 60 ...... BUYING AND SELLING STOCKS. STOCK, in the sense in which it is here used, is a fund es tablished by government or individuals in a corporate capacity, the value of which is variable. EXAMPLES. 1. What is the amount of 1565 dollars national bank stock, at 134 per cent. ? 2. What is the amount of 2958 dols. bank stock, at 25 per cent. advance ? 2958 3697,50 Ans. 3697 dols. 50 cts. dels. dols. cts. 5. 6959 of 8 per cent. stock, at 110 percent. Ans. 7654,90 1643,34 696,57 2823,08 1271,52 2158,08 |