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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 sam 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 loss, and then it will be

As the total gain or loss
Is to the suni of the several stocks :
So is each man's share of the gain or loss

To lis particular share in stock. Q. What else doth this rule belong to besides fellowship?

À. By it the estate of a bankrupt may be divided among kis creditors : also legacies may be adjusted, when there is a deficiency of assets or eftrets.

EXAMPLES. 1 A and B were sharers in a parcel of merchandize, in the purchase of which, A laid out 3i and B 77 and the Commodity being sold, they find their clear gain amounts to 25s what part of it must each may have ? Ans. A must have 7s 6d and B 178 6d.

2 A, B and C, trading together, gained 1207 which is to ke shared according to each man's stock; A put in 1401 B 300 and C 1601 what is each man's share ? Ans. A 287 B 601 C 321.

3 I'hree merchants trading to Virginia, lost goods to the value of 8001. Now if A's stdck was 12001 P's 48002 and C's 2000, what som did each man lose ? Ans. A lost 1201. B 4801 C 2001.

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

77250 146357

74100 IT6557

5 A. B, and C trading to Guinea, with 4801 6801 and 8401 in 3 years time did gain 1010l how much is each man's sliare of the gain? Ans A 2421 88 B 3431 88 € 42 41 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 S70l to T 4001 to V 1401 128 60 bụt upon his decease his estate is found to be worth no more than 4091 148 how must it be divided among

bis creditors ? Ans S must have 461 19s 3d 3qrs15

T

2681 7 7 1

94 7 O 2 8 If the money and effects of a bankrupt amount to 14001 145 6d and he is indebted to A 7421 12s to B 6411 19s 8d and to C 9871 19s 9d how must it be divided among them?

Ans A must have 4381 8s 4d Iqri!!!
B

379 0 3 3
с

583 5 9 3 OF COMPOUND FELLOWSHIP. Q What is Compound Fellowship?

A Compound Fellowship is wheu the Stocks continue 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.

1 58 365 355117 107329 3397TT.

EXAMPLES.

1 Three merchants traded together; A put in 1201 for 9 months ; B 100l for 16 months; and 100l for 14 months; and they gained 1001 how must it be divided ? Ans A must have 261 98 4d 3qrs1888 B

39 4 3 3
C
34 6 3 1

4087 2 Three merchante join in trade ; A put in 4001 for 9 months ; B 6801 for 5 months; C 1201 for 12 months i

H

2.40

017 720

S.

2840

7 840

6 200

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

l.

d.

qrs. A must lose 213 5 4 3 Answ. B

201 8 5 0
C
85 6 1 3

8740 3 A, B, and C, hold a Pasture in common, for which they pay 20l 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? A ouglit to pay

6 10 2 Answ. B

3 17 1

0 2000 с

9 12

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d. qrs.

TTO 2 5000

930

OF EXCHANGE. Q. WHAT is Exchange ?

A Exchange is the giving the money, weight, or measure of ove 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?

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

Q What is Agio?

Å It is a Term used in gome countries abroad, especially in Italy, but never in England, and signifies the difference between the value of Pank-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-n es, 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 an: other ; commonly called running cash.

Q What is usance ?

À 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 thie 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 ?

Å 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 Maryadies.
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 511 sterling : con sequently I rial is worth 6d 1971.

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Note 1. Spain gives to London one dollar or piece of eight for all 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 excepted Note 1. 12 Deniers make 1 Sol. 20 Sols

1 Livre.
5 Livres 1 Piece of Eight, at Genoa.

6 Livres 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, | 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 Cadia for 1468 pieces of eight, at 46 6d 2qrs per piece ; how much sterling is the sum ? Ans 3331 78 2d

A Bill of Exchange, viz. Leghorn on London. Leghorn, July 31, 1981, for 786 pieces of eight of Mexion,

at 55d sterling per piece of eight, at 3 months. Three months after date, pay this my first of exebange to Mr. James Le Morte, or order, seven hundred and eighty-six pieces of eight at Mexico, for the value reseived of himself, at 52d sterling per piece, and place it to account, as per advice. Your humble sery't. To Mr. William Mahew, ? James Douglass.

Merchant, in London. 3 How mueh money must be received in England for this bill ? Ans 180L 2s 6d.

CASE 2. Q What place does London exchange with in Ducats ? A With Ñenice, in Italy. Note. 6 Solodi make 1 Gross.

24 Grosses 1 Ducat. Q What is the par of exch. between Lond, and Venice? Å 100 livres are worth 3 pounds sterling. Q How many sorts of ducats are there at Venice?

Å Two sorts, viz. Ducats banco, or bank-dacats, 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 sterlivg; and the par of the ducat.picoli, is 40 pence sterling:

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