EXPOSITION OF

COMMERCIAL AND MONETARY TERMS.

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ACCEPTANCE.-In former times acceptance of a bill of exchange might be made either by writing on the face of the bill, or on another piece of paper, or even verbally. By an act of 1st Geo. 4, it was provided that the acceptance of inland bills must be written on the bills themselves. Now, by the Mercantile Law Amendment Act, 1856, sect. 6, it is enacted, that no acceptance of any bill of exchange, whether inland or foreign, made after the 31st December, 1856, shall be sufficient to bind or charge any person, unless the same be in writing on such bill, or, if there be more than one part of such bill, on one of the said parts, and signed by the acceptor or some person duly authorized by him: " (see BILL OF EXCHANGE.)

ACCOUNTS.-According to Strabo, it was believed that the Phoenicians were the first to find out "the art of casting accounts." In the book of Daniel, ch. 6, ver. 2, it is stated that the princes, appointed by King Darius, and who were 66 set over the kingdom by him, were to "give accounts" to the three presidents, of whom Daniel was one. A tablet has been found containing the account of the expense of the Athenians in the erection of the Erechtheion 407 years B.C. In modern times the Italians were noted for their system of accounts in connection with Book-keeping. That system was afterwards brought into England. In Shakspeare's play of Henry the 6th, the 2nd part, act 4, scene 2, it is said of the clerk of Chatham that "he can write and read and cast accompt." In the Statute of Limitations, 21 Jac. 1, c. 16, "such accounts as concern the trade of merchandise between merchant and merchant, their factors or servants," were excepted; but now, by the Mercantile Law Amendment Act, 1856,

s. 9, "all actions of account, or for not accounting, and suits for such accounts as concern the trade of merchandise between merchant and merchant, their factors or servants, shall be commenced and sued within six years after the cause of such actions or suits, or, when such cause has already arisen, then within six years after the passing of this act, and no claim in respect of a matter which arose more than six years before the commencement of such action or suit, shall be enforceable by action or suit by reason only of some other matter of claim comprised in the same account having arisen within six years next before the commencement of such action or suit." When an account is incomplete, as where items remain to be added, it is called an open account." Sometimes an account is made out pro formâ, and may afterwards be altered (see also OBSERVATIONS ON ACCOUNTS, post.)

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AGENTS.-In all cases, agents must be guided by the measure of their authority, whether general or special, and by usage. Factors and brokers are mercantile agents, whose acts, in general, bind their employers, or principals. Under section 13 of the Mercantile Law Amendment Act, 1856, an acknowledgment in writing made by the agent, duly authorized, binds the principal. If an agent exceed his authority, the principal is not bound. In order to enable an agent to bind his principal by deed, the authority must be by deed; (Steiglitz v. Egginton, 1 Holt, 141), otherwise, if the agent covenant by deed, or contract as principal, he renders himself liable: (Mahony v. Rukull, 22 Law T. Rep. 224; Turner v. Christian, 24 L. T. Rep. 91.) Under a del credere commission, a factor (receiving an additional premium) becomes bound for the value or price of the goods sold, and is liable in the second degree, as a surety. [Del credere is an Italian mercantile phrase, implying the same as the English term guarantee.] Agency is revoked by the bankruptcy, insolvency, or death of the principal or agent. An attorney acting ont of the usual course of his employment must have special authority given him to receive money, to enable him to give a valid receipt. Where the person is acting presumably as agent, the principal is bound: (Lee v. Everest, 29 Ľ. T. Rep. 263.)

AGIO.-A premium given for bank money in preference to

currency; chiefly in use at Amsterdam and Hamburgh, where there are two sorts of money called banco and currency, the former bearing a premium over the latter.

ALIEN ENEMY.-A contract to be performed by a British subject in a foreign country, is dissolved by a declaration of war against that country: (ABBOTT ON SHIPPING, by Shee.)

ASSETS (Fr. ASSEZ).-Goods or money enough to pay an obligation. A drawee when he accepts a bill of exchange is supposed to have assets, or "effects" of the drawer in his possession. A drawer of a cheque on his bankers is supposed to have assets in their hands. The term is now more generally used with reference to the property of a testator or intestate in the executor's or administrator's hands, applicable for the payment of debts and legacies.

ASSURANCE is a term now generally used to designate the insurance of a sum of money on a person's life, by payment of a certain premium (either annually or otherwise) to a life assurance office. It does not appear when the system of life insurance was first introduced into this country. The first book on life contingencies was by "John Graunt, Citizen of London," published in 1662, compiled from the bills of mortality. Dr. Halley's ob servations on the subject were published in the "Philosophical Transactions," in 1693. "The Amicable Society, for a Perpetual Assurance Office," was established by charter from Queen Anne, in 1706. In 1710 an act was passed (9 Anne, c. 6) to hinder assurances on marriages, births, &c. In general, any person may be either insurer or insured, and any kind of interest may be insured, provided it is not against the common law or statute (see INSURANCE.)

ATTACHMENT (FOREIGN), by the custom of London and some other ancient cities, is a process, whereby money, debts, or goods, in the hands of a third party. owing to a defendant, is seized, to secure to a plaintiff his debt. The third party is called the garnishee, because he is warned to show cause why the money, &c., should. not be paid to the plaintiff. This remedy is greatly extended by the Common Law Amendment Act, 1854.

AVERAGE, is a contribution made by the owners of a ship and the proprietors of the cargo, to those whose goods are sacrificed or damaged. Average is either general or particular. General average is a proportional contribution paid by all the proprietors of a ship and cargo for losses which occur with a view to safety.Particular average is a contribution for such damages or losses as may happen from the common accidents of the sea, in which case the average is borne by the proprietor of the article which suffers the damage. When a ship, cargo, and freight, are fully insured, the underwriters, or insurers, are responsible for general and particular

averages.

AVISTA (Ital.)—At sight.

BALANCE. This term has its origin in the ancient custom of weighing money in balances or scales, the first reference to which is found in Gen. ch. 23, ver. 16. A correct knowledge of the principles of balancing accounts is absolutely necessary in Book-keeping.

BALE.-An uncertain quantity of packed goods.

BAILMENT, is a delivery of goods by one person to another, by hiring, lending, pledging, keeping for safe custody, or, in fact, any delivery not made on sale. The person who delivers the goods is termed the bailor, he to whom they are delivered, the bailee.

BANCO.-See AGIO.

BANK, BANKER.-Bank is said to be derived from bancus (barb. latin), a bench or high seat; or from banco, the Italian word for a bench, because bankers were formerly accustomed to transact their business on benches, in the market-places or exchanges. The Greek word trapeza, used in the New Testament for money-changer, signifies also a table. Demosthenes and Xenophon refer to the bankers of Athens. The Roman governors were, at a certain period, appointed bankers for the receipt of taxes. They had other bankers also somewhat similar to ours, whose account books were kept with great care. The earliest public bank established in Europe was that of Venice, founded in 1157. A bank was established at Genoa, in 1407, and one in Holland in the early part of