18. If a trader gain 14d. per shilling on his goods, how much does he gain per cent.? Ans. 12 per ct.

19. If I buy 28 pieces of stuffs at 4L. per piece, and sell 10 of the pieces at 6L. per piece, and 8 at 5L. per piece; at what rate per piece must I sell the rest, to gain 20 per cent. by the whole? Ans. 3L. 8s. 9 d. 20. Having bought a parcel of goods for 18L. and sold the same immediately for 25L. with 4 months credit, what is gained per cent. per annum?

Ans. 116L. 13s. 3 d.

FELLOWSHIP.

Fellowship is a rule, by which merchants, &c. trading in company with a joint stock, are enabled to ascertain each person's particular share of the gain or loss, in proportion to his share in the joint stock.

By this rule also legacies are adjusted, and the effects of bankrupts divided, &c.

CASE 1

When the several stocks in company are considered without regard to time.

RULE.

As the whole sum, or stock,

Is to either person's share in stock, &c.

So is the whole gain or loss,

To that person's share of the gain or loss.

PROOF.

The sum of the several shares must equal the whole gain or loss.

EXAMPLES.

1. Three merchants trading together, gained 800 dollars; A's stock was 1200dols. B's 4800 dols. and 'C's 2000dols.: what was each man's share of the gain? A's stock 1200dols. B's stock 4800dols.

C's stock 2000dols.

Whole stock 8000 dollars.

As 8000 1200 :: 800: 120 A's share of gain. As 8000 4800 :: 800: 480 B's share of gain. As 8000: 2000 :: 800: 200 C's share of gain. 2. D, E, and F, trading together, gained 120L. D's stock was 140L. E's was 300L. and F's was 160L.; what was each man's share of the gain?

Ans. D's share was 28L. E's 60L. F's 32L. 3. Three merchants trading together, lost goods to the value of 1920dols.; now suppose A's stock was 2880dols. B's 11520dols. and C's 4800dols.; what share of the loss must each man sustain?

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

5. If the money and effects of a bankrupt amount to 1400L. 14s. 6d. and he is indebted to M 742L. 12s. to B 64ÎL. 19s. 8d. and to C 987L. 19s. 9d.; how must the property be divided among them?

Ans.

M must have 438L. Ss. 44d.

379L. Os. 3 d. 583L. 5s. 9 d.

6. Suppose a person is indebted to S 70L. to T 400L. and to V 140L. 12s. 6d. but upon his decease his property is found to be worth only 409L. 14s.; how must it be divided among his creditors?

S must have 46L. 19s. 3 d.

Ans. T
V

7. Three graziers pay among them 120dols. for a grass enclosure, into which they put 300 oxen, whereof L had 80, N 100, and C 120; how much should each person pay? Ans. L 32dols. N 40dols, and C 48dols.

CASE 2.

When the respective stocks in company are considered with time.

RULE.

Multiply each man's stock by its time; then,

As the sum of the products,
Is to either particular product;
So is the whole gain or loss,

To the gain or loss of the stock from which that product is obtained.

EXAMPLES.

1. Three merchants traded together; A put in 120L. for 9 months, B 100L. for 16 months, and C 100L. for 14 months, and they gained 100L.; what is each man's share?

As 4080

1080 :: 100: 26 9 43+ A's share. 1600 :: 100: 39 4 3+ B's share. As 4080 1400 :: 100: 34 6 34+ C's share.

As 4080

2. B, C, and D, traded together; B put in 50 dollars for 4 months, C 100 dollars for 6 months, and D 150 dollars for 8 months; they gained $126.80: what is each man's share of the gain?

Ans. B's share is $12.68, C's $38.4, D's $76.8. 3. B and C trade in company; B put in 950L. for 5 months, and C 785L. for 6 months, and by trading they gain 275L. 18s. 4d.; what is each man's share of the gain? Ans. B's 138L. 10s. 10d. C's 137L. 7s. 6d. 4. Three merchants trade in company; A put in 400L. for 9 months, B 680L. for 5 months, and C 120L. for 12 months; but by misfortunes lost goods to the value of 500L: what must each man sustain of the loss? A must lose 213L. 5s. 44d.+ 201L. Ss. 5d. + S5L. 6s. 14d.+

Ans. B
C

5. A, B, and C, made a stock for 12 months; A put in at first $873.60, and 4 months after he put in $96.00 more; B put in at first $979.20, and at the end of 7 months, he took out $206.40; C put in at first $355.20, and 3 months after he put in $206.40, and 5 months after that he put in $240.00 more. At the end of 12

months their gain is found to be $3446.40; what is

each man's share of the gain?

Ans.

SA's share is $1334.82

C's

$1271.611+ $839.96

EXCHANGE.

Exchange is the reduction of the money of one state or country to that of another.

Par is equality in value;* but the course of exchange is frequently above or below par.

Agio is a term used to signify the difference, in some countries, between bank and current money.

DOMESTIC EXCHANGE.

To change the currency of either State into that of any other, work by the Rule of Three; or by the theorems in the following page.

EXAMPLES.

1. What is the value of 750J. Massachusetts currency in New-York?

Ans. 1000L. Or thus:

S.

L. S.

*Note.-A Spanish dollar is valued at 4s. 6d. sterling, and at 7s. 6d. Pennsylvania currency: 4s. 6d. sterling is therefore equal to 7s. 6d. Pennsylvania currency, and 100L. of the former is equal to 166 L. of the latter. When Exchange between England and Pennsylvania is at this rate, it is said to be at par.

A TABLF,

Georgia.

Subtract twice.

either opposite to that state, or under it, in the table. The value of a dollar in any state is found,