The rial plate is 10 cents, and the rial velloni 5 cents in the U. States. To reduce rials plate to rials vellon, or the contrary, multiply the rials plate by 32 and divide the product by 17, for rials vellon; or multiply the rials veflon by 17 and divide the product by 32, for rials plate. 1. Thus 1100 rials plate= 1100 × 32 rials vellon=207019 Aus. 17 And 100 rials vellon= 100×17 rials plate=534 rials plate. Ans. Note. The rules to reduce rials plate or vellon to Federal Money are obvious and need no examples. 2. In the sale of a bill of exchange of 1563 rials plate, the rial plate was estimated at 95 cents; how much per cent. was the rial below par and how much the loss? Ans 44 per cent. $6.943 the loss. 3. If the piastre be valued in exchange at 81 cents, what is the per cent, above par on a bill of 1672 piastres 5 rials plate, and what is the advance on the bill in Federal Money? 4. OF HAMBURGH. Ans. 12 deniers 2 grotes make 1 shilling lubs, or stiver. Or, 12 grotes or pence Flemish make 1 shilling Flemish. 20 shillings Fl. 7 marks 1 pound Flemish. A mark is of a dollar, or 334 cents in the U. States, and the Rix dollar is equal to the Spanish dollar, or 100 cents. The mark is 23 shillings Flemish. The Bank money of liamburgh is superior to the currency at a variable rate per cent. 1. To reduce marks banco to dollars, divide the marks by 3. 3437 Thus 3437 marks= dolls. $1145 66 cts. 2. To reduce pounds Flemish to dollars, multiply the pounds by 5, and divide the product by 2 for dollars. Thus, to reduce 175 pounds Fl. and 10 shillings to dollars, 175.5X5 dolls. $438-75cts. 3. To reduce Hamburgh money to sterling, use the following proportion; As, the value of a pound sterling at Hamburgh is to 1 pound, so is the Hamburgh sum to the sterling required. 1. When the pound sterling is 33 shillings Flemish, what is the value of £1567 10s. Fl. in sterling money? S. £ £ Fl. £ sterling. As 33 1: 1567-5: 950 *Banco is money placed in banks of deposit, and is not to be drawn out, Ent is transferred from one person to another for the payinent of contracts. 2. Reduce 2560 marks 8 stivers to sterling, at the rate of 33 shillings Fl. per pound sterling. Ans. £204-16-9-6d. sterling. 3. When the pound sterling is 34 shillings Flemish, what is the per cent. below par? Ans. 43 per cent. 4. To reduce current to Bank money, use the following proportion. As 100 marks with the rate added is to 100 bank money, so is current sum to the bank money required. 1. Reduce 360 marks current to bank money, when rate or agio is 20 per cent. As 100+20 100 :: 360: 300 bank money, Ans. 2. When the rate or agio is 18 per cent. what is the value of 3759 marks 8 stivers current in bank money? Ans. 3. If 375 marks current are estimated at 320 marks bank, what is the rate per cent? OF CALCUTTA. 12 pice make 1 anna, 16 annas 1 rupee. Ans. The Bengal rupee is estimated at 50 cents in the United States; in exchange it is usually 3 or 4 cents less. 100 sicca rupees are equal to 116 current rupees. 1. Reduce 187 rupees 8 annas to federal money at 461 cents per rupee. Ans. $89 061 cents. 2. Reduce $367 to rupees, the rupee being valued at 48 cents, Ans. 763 rupees, 15 annas, and 4 pice. Note. From the exchange value of the money of different countries, and from the Table of Money of commercial countries, immediately before the "Chronological Problems," the student will be able to derive particular rules for making all the exchanges of money, which may be necessary in business. POLICIES OF INSURANCE. INSURANCE is an assurance or security by a contract, to indemnify, for a specified sum, the insured for such losses as the property may be exposed to, for a certain time. The insurer or underwriter, is the party that is bound to indemnify for the loss sustained. The premium is the compensation paid by the insured for the insurance. The policy is the document by which the contract of insurance is made. Goods are said to be covered, when their value and the premium and other charges are insured. If the loss do not exceed five per cent. the underwriter is free, and the loss is borne by the insured. Particular average, is the proportioning of such losses as arise from ordinary accidents at sea, among the proprietors of the property which suffers the injury. General average, is the proportion to be paid by all the owners of ship and cargo, for losses necessary to preserve the rest, such as cutting away masts, &c. throwing part of the cargo overboard, and the like. As this is done for the common good, it is to be borne by the owners of the ship and cargo, in proportion to the value of the property possessed by them severally. In computing general average for masts, &c. to replace those. cut away, one third is usually deducted from the expense, because the new articles may be supposed better than the old. Unless the property is covered the insured is not indemnified, in case of total loss, but in the proportion contained in the policy; and, in case of a partial loss, the insured is to be indemnified only in the same proportion. Note. General average is computed by the Rule for Single Fellowship. See examples 19 and 20 under that rule. CASE I. When the premium, at a certain rate per cent, for insuring a sum, is required, the operation is the same as in interest, or commission. EXAMPLES. 1. What is the premium upon 5371. 15s. 9d. at 6 per cent.? £ s. d. 537 15 9 3226 14 6 61/ 268 17 10 34/95 12 44 20 19/12 12 1/48 4 1194 Ans. £34 19s. 14d. nearly. Ans. $28.125. 2. What is the premium upon $375, at 7 per cent.? CASE II. To find the sum for which a policy should be taken out to cover a given sum. Or, RULE. Take the premium from 1001. or $100, and say, As the remainder is to 100, so is the sum adventured to the policy.* *It is plain, that the policy should be equal to the insurance and the sum insyed. Hence at 8 per cent. a policy of £100 would secure only £92. In order to C92, therefore, the policy must be taken out for £100. Heuce the rule is In decimals, take the premium from 100, annex two cyphers to the sum to be covered, and divide by the remainder for the policy. EXAMPLES. 1. It is required to cover 7591. premium 8 per cent. For what sum must the policy be taken? 2. A merchant sent a vessel and cargo to sea, valued at $5760 : What sum must the policy be taken out for, to cover this property, premium 19 per cent.? Ans. $7155 28c. CASE III. When a policy is taken out for a certain sum in order to cover a given sum. To find the premium, say, as the policy is to the covered sum ; so is 1001. (or $100) to a fourth number, which, being taken from 100, will leave the premium. Or, In decimals, divide the sum covered, with two cyphers annexed, by the policy; subtract the quotient from 100, the remainder is the premium. EXAMPLES. 1. If a policy be taken out for 12501. to cover 500l. What is the premium per cent. ? : obvious. The difference between 100 and the rate per cent. will be the first term, 100 the second, and the sum to be insured the third term of a proportion, and the rule is merely a particular application of the Rule of Three. In the first example, the proportion would stand thus, 100-8: 100 759 the policy=== 100X759 8×825 £825. Now the premium on £825, is, £66, and 66+ 100-8 100 759 £825, the policy. The rule for decimals is evidently a contraction of this rule. In Case III. the last three terms in the preceding proportion are given to find the rate. Those three terms evidently give the difference between 100 and the rate, and the rule is obvious. In Case IV. the first two terms and the last term of the preceding proportion are given, to find the third term or sum covered, and the reason of the operation is plain from the consideration of that proportion. among the proprietors of the property which suff In computing general average for masts. cut away, one third is usually deducted cause the new articles may be supposed Unless the property is covered the inst case of total loss, but in the proporti and, in case of a partial loss, the insured in the same proportion. Note. General average is compu lowship. See examples 19 and 20 3226 14 = 268 › 34195 |