15. A factor receives 988 dollars, to lay out, after having deducted his commiffion of 4 per cent. how much will remain to be laid out? d. 100 4 d. d. If 104: 100 :: 988: 950 dols, the Anf. 16. A factor has in his hands 3690 dollars, which he is directed to lay out in iron, referving from it his commiffion of 2 per cent. on the purchase, the iron being 95 dols. per ton; how much did he purchase? Anf. 37 tons 17 cwt. 3 qrs. 164 lb. INSURANCE. INSURANCE is an exemption from hazard, by paying, or otherwise fecuring a certain fum, on condition of being indemnified for loss or damage. Policy is the name given to the inftrument, by which the contract of indemnity is effected between the infurer and insured. Average lofs is 5 per cent. that is, if the infured fuffer any lofs or damage not exceeding 5 per cent. he bears it himself, and the infurers are free. RULE. The method of operation as in interest. EXAMPLES. 1. What is the premium of insuring £.924, at 7 per cent ? Ant. £.64 13 7 2. What is the premium on 1650 dols. at 12 per cent ? 3. What is the premium of infuring 1250 sent ? Anf. 198 dols. dollars, at 7 per Anf. 93 dols. 75 cts. 4. What is the premium of infuring 4500 dollars, at 25 per Anf. 1125 dollars. Gent ? What is the premium of insuring 1650 dols. at 15 per cent? 6. What is the premium of infuring 1873 dols. at per cent ? Anf. 2 dols. 34 cts. I m. 7. What fum is to be received for a policy of 1658 dols. deducting the premium of 23 per cent ? Anf. 1276 dols. 66 cts. 8. What fum must a policy be taken out for to cover 1800 dols. when the premium is 10 per cent. ? 9. What fum muft a policy be taken out for to cover 3926 dols. 7 cents, when the premium is 6 per cent. ? Anf. 4176 dols. 67 cents. GENERAL AVERAGE. WHATEVER the mafter of a fhip in diftrefs, with the advice of his officers and failors, deliberately refolves to do, for the prefervation of the whole, in cutting away mats or cables, or in throwing goods overboard to lighten his veffel, which is what is meant by jettison or jetfon, 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 lofs of what was fo facrificed for the common welfare; and it must be made good by the insurers in fuch proportions as they have underwritten. EXAMPLES. EXAMPLES OF ADJUSTED AVERAGES. 1. A loaded fhip met with fuch exceeding bad weather, that the mafter and mariners found it impoffible to fave her without throwing part of her cargo overboard, which they are authorized to do for prefervation. Being thus neceffitated, they threw fuch goods as lay nearest at hand, and lightened the fhip of 10 cafks of hardware and 40 pipes of Madeira wine, which they judged fufficient to keep her from finking. Soon after that the ship arrived at her deftined port, and then an average bill was immediately made in order to adjust the lofs, and to pay the proprietors of thofe goods, which were thrown overboard, for the good of the whole. Average accrued to ship -for goods thrown overboard for prefervation of fhip, freight and cargo. If 40000 give 10000 lofs, what lofs will 100 give? Anf. 25 per cent. The ship must pay to A. W. and L. W. for 12000 dol lars, at 25 per cent. The freight, 3000 dollars, at the fame rate A. W. and L. W. receive of the owners of the goods Their property being infured, the underwriters pay them 3000 750 1000 625 2125 } 7500 2500 10000 Q 2. The Sea-Horfe, Capt. Dix, laden with hemp, cordage, and iron, bound from Riga to Bofton, ran on shore, coming through the grounds at Elfineur. The captain hired a great number of men, and feveral lighters, to lighten the fhip, and to get her afloat again, which was done; but he was obliged to pay 409 dols. 23 cts. for their alfiftance. This expenfe being incurred to preferve both fhip and cargo, the average muft confequently be general. When the fhip arrived at Bofton, the captain immediately made a proteft and an average bill, which was thus ftated. Average accruing to the fhip Sea-Horfe, from Riga to Bofton, in 1799, for affiftance in getting off the ftrand of Elfineur. dols. cts. } For fundry charges paid at the Sound for lighters and 409 23 affiftance in getting off the fhip Proteft and poftage The fhip's freight money Wages for all the people, 4 ms. and 20 d. 560 Į 300 35 37 444 60 3460 860 2600 If 39000 dollars lofe 444 dols. 60 cts. what will 100 dols. lofe? The fhip must bear 12000 dols. at 114 cents per 100 The freight 2600 dols. at the fame rate William Jenkins for 18000 Daniel Jones for 4000 Enoch Flinn for 2400 Anf. 1 dol. 14 cts. BUYING AND SELLING STOCKS. STOCK, in the fenfe in which it is here used, is a fund established by government or individuals in a corporate capacity, the value of which is variable. EXAMPLES. I. What is the amount of 1565 dollars national bank stock, a 134 per cent. P 1565 6260 4695 1565 What is the amount of 2958 dollars bank stock at 25 per cent. advance ? 2. 3. 6959 of 8 per cent. ftock, at 110 per cent. Ans.7654,99 Is the abating of fo much money to be received before it is due, as that money, if put at interest, would gain in the fame time and at the fame rate. Thus 100 dollars would discharge a debt of 106 dollars payable in 12 months, discount at 6 per cent. per annum, because the 100 dolJars received would, if put to interest, regain the 6 dollars discount. RULE. As 100 dollars, with the intereft for the given time, is to 100, fo is the given fum to the present worth, and the difference be tween the present worth and the given fum is the discount. |