Q. What is the rule?

A. As the sum of the several stocks,
Is to the total gain or loss:
So is each man's share in stock,
To his share of the gain or loss.
Q. How is this rule proved?

A. Add all the shares together, and the sum will be equal to the given gain or loss.

Note. This way of proving Fellowship will not hold good always, for if an error should be committed in the beginning of the work, and carried on through the whole operation, yet the same will prove tho' each man's share of the gain or loss assigned him by that operation, be either more or less than his true Share. The most exact method, then that I would propose, though something more tedious, is to change the order of the question, and put each man's Share of the gain or loss in the place of his stock first laid out, and make the sum of the stocks stand in the place of the whole gain or less, and then it will be

As the total gain or loss

Is to the sum of the several stocks:

So is each man's share of the gain or loss

To his particular share in stock.

Q. What else doth this rule belong to besides fellowship?

A. By it the estate of a bankrupt may be divided among his creditors also legacies may be adjusted, when there is a deficiency of assets or effects.

EXAMPLES.

1 A and B were sharers in a parcel of merchandize, in the purchase of which, A laid out 31 and B 77 and the Commodity being sold, they find their clear gain amounts to 25s what part of it must each man have? Ans. A must have 7s 6d and B 17s 6d.

2 A, B and C, trading together, gained 120/ which is to be shared according to each man's stock; A put in 1401 B 300 and C 1601 what is each man's share? Ans. A 281 B 601 C 321.

3 Three merchants trading to Virginia, lost goods to the value of 800l. Now if A's stock was 1200l P's 4800/ and C's 2000, what sum did each man lose? Ans. A lost 1201. B 480! C 2001.

4 Three merchants traded together, and they put inte one common stock 1000 each man, and gained 6001 how much must each man have ? Ans. 2001 each man.

5 A. B, and C trading to Guinea, with 480 680l and 8401 in 3 years time did gain 1010 how much is each man's share of the gain? Ans A 2421 8s B 343/ 8s C 4241 4s

6. A B, and C freighted a ship from the Canaries to England with 108 tuns of Wine, of which A had 48; B 36; C 24; but by reason of bad weather they were obliged to cast 45 tuns overboard; how much must each man sustain of the loss? Ans A 20 tuns, B 15 tuns, C 10 tuns.

7 A merchant is indebted to S 70l to T 4007 to V 140/ 12s 6d but upon his decease his estate is found to be worth no more than 4097 14s how must it be divided among his creditors? Ans S must have 46/ 19s 3d

141750

3qrs 26330

1

77250 146350 74100 146556

8 If the money and effects of a bankrupt amount to 1400/ 14s 6d and he is indebted to A 742/ 12s to B 641/ 19s 8d and to C 987/ 19s 9d how must it be divided among them ? Ans A must have 4381 8s 4d 1qr303527

an equal term of time.

Q What is the Rule?

A Multiply each man's Stock and time together. 2 Add the several products thence arising together. 3 As the sum of those products,

Is to the whole gain or loss:

So is each product,

To its share of the Gain or Loss.

Q How is this rule proved?

A As in Single Fellowship.

EXAMPLES.

1 Three merchants traded together; A put in 120l for 9 months; B 100 for 16 months; and C 100 for 14 months; and they gained 100l how must it be divided ? Ans A must have 261 98 4d 3qrs +080

B

C

39 4 3 3 240

4080

34 6 3 1 720
4080

2 Three merchants join in trade; A put in 400l for 9 months; B 680l for 5 months; C 120l for 12 months į

H

but by misfortunes lost Goods to the value of 500!. What must each man sustain of the loss?

d.

qrs.

A must lose

213

5

4

3

2840

8440

8440

for which

3 A, B, and C, hold a Pasture in common, they pay 201 per annum. In this pasture A had 40 oxen for 76 days; B had 36 oxen for 50 days, and C had 50 oxen for 90 days. I demand what part every one of these Tenants ought to pay of the 201? 1. 3. d.

A ought to pay

Answ. B

OF EXCHANGE.

Q. WHAT is Exchange?

A Exchange is the giving the money, weight, or measure of one country, for the like value in bills, money, weight, or measure of another country.

Q What is the Course of Exchange?

A It is the value of money agreed on among merchants. Q Is the Course of Exchange always the same?

A No-the Course of Exchange rises of falls almost every day, according as money is plenty or scarce; or according to the time allowed for payment of the money in Exchange; and then the value is said to be above or under Par.

Q What is the Par of Exchange?

A It is the Intrinsic Value of any Foreign Money compared with Sterling Money.

Q What is Agio?

A It is a Term used in some countries abroad, especially in Italy, but never in England, and signifies the difference between the value of Bank-notes or Bank-money and Current-money, in such places-that is, it is the difference between the best money used in the terms of Exchange, and the worst used in the payment for goods.

Q What is meant by Bank-notes, or Bank-money ?

A Bank-notes are obtained from foreign Bankers, for Money lodged in their Banks, which Money is called Bank-money.

Q What is Current-money?

A It is such as passes from hand to hand, in the receiv

ing and paying such sums as are due from one man to another; commonly called running cash.

Q What is usance?

A It is a certain time allowed for the payment of bills of exchange; bat different according to the usage or custom of the place where the bill is made, compared with the distance of that place on which the bill is drawn ; that is, the nearer the place on which the bill is drawn, is to the place where it was drawn, the time is the shorter; but the farther those places are from each other, the length of the time allowed for the payment of that bill, from the date of it, is the greater.

Note. Bills are payable five ways, viz.

1. At sight. 2. At so many days after sight.

3. At usance, or a certain length of time agreed on between the two places.

4. At double usance, which is double the time agreed on between the two places.

5. Marts or fairs, which is to be understood at some certain days, accounted for fairs in the same places where the bills are made payable.

Q What are the days of grace ?

A In London it is customary to allow three days to the time mentioned in the bill, which are called days of grace, on the last day of which (if it be not on Sunday, but if it is on Saturday) the bill must be demanded, and if not then paid, must be immediately protested.

Note. In some places they allow a larger number of days of grace, than we do at London; and in others none at all. Q How are questions in Exchange proved?

A By changing the order of thein.

CASE 1.

Q What places doth London exchange with in dollars, or pieces of eight of Mexico?

A With Madrid and Cadiz, in Spain, and with Genoa and Leghorn, in Italy.

Q How do they keep their accounts in Spain?

A In Rials and Marvadies.

Note. 372 Marvadies make 1 Rial.

8 Rials

1 Piece of Eight.

Q What is the par of exch. between Lond. and Spain? A The par of the money between London and Spain is, that 1900 rials are exactly equal to 517 sterling: consequently rial is worth 6d 1q3

Note 1. Spain gives to London one dollar or piece of eight for an uncertain number of pence sterling.

2 In Spain they allow 14 days of grace.

Q How do they keep their accounts in Italy?

A In livres, sols, and deniers, some few cities exceptedk

Note 1. 12 Deniers make 1 Sol.

1 Livre.

5 Livres

6 Livres

1 Piece of Eight, at Genoa.

1 Piece of Eight, at Leghorn.

2. The Usance of Genoa to London is 3 months after date.

3. At Genoa they allow 30 days of grace.

EXAMPLES.

1 What is the amount of 631 sterling, in pieces of eight; at 56 pence per piece? Ans 270 pieces of eight.

2 A factor has sold goods at Cadiz for 1468 pieces of eight, at 48 6d 2qrs per piece; how much sterling is the sum? Ans 3331 7s 20

A Bill of Exchange, viz. Leghorn on London. Leghorn, July 31, 1781, for 786 pieces of eight of Mexico, at 55d sterling per piece of eight, at 3 months.

Three months after date, pay this my first of exchange to Mr. James Le Morte, or order, seven hundred and eighty-six pieces of eight at Mexico, for the value received of himself, at 52d sterling per piece, and place it to account, as per advice. Your humble serv't. James Douglass.

To Mr. William Mahew,
Merchant, in London.

How much money must be received in England for this bill? Ans 180/ 2s 6d.

CASE 2.

Q What place does London exchange with in Ducats ? A With Venice, in Italy.

Note. 6 Solodi make 1 Gross. 1 Ducat.

24 Grosses

Q What is the par of exch. between Lond, and Venice? A 100 livres are worth 3 pounds sterling.

Q How many sorts of ducats are there at Venice?

A Two sorts, viz. Ducats banco, or bank ducats, which are usually given in exchange; and ducats picoli, or current-ducats, which are usually bargained for and paid in the purchase of goods and merchandize, and are 20 per cent. worse than the bank-ducats.

Note 1. The par of the ducat-banco, is 52 pence sterling; and the par of the ducat-picoli, is 40 pence sterling.