2. Bought a horse for $120, and sold him at 6 per cent. advance. What did I gain ? Ans. $7.20.

3. Sent 1728 barrels of flour to Liverpool, but in a storm 25 per cent. of them were thrown overboard; how many remained? Ans. 1296 barrels.

4. A certain colonel, whose regiment consisted of 900 men, lost 8 per cent. of them in battle, and 50 per cent. of the remainder by sickness. How many had he remaining? Ans. 414 men. 5. A merchant, having $1728 in the Union Bank, wishes to withdraw 15 per cent.; how much will remain ?

Ans. $1468.80. 6. A gentleman, who had an estate of $25,000, gave in his will, to his wife, 40 per cent. of his property, and to his son Samuel, 30 per cent. of the remainder. The residue he divided equally between his daughters, Marcia, Isabella, and Clara, after having deducted $60 as a present to his clergyman. What did each receive?

Ans. 15cwt.

Ans. Wife, $10,000; son, $ 4,500; daughters, $3,480 each. 7. What is 15 per cent. on 500 bushels? Ans. 75 bushels. 8. What is 20 per cent. on 75cwt. ? 9. What is 30 per cent. on 150 tons ? 10. What is 75 per cent. on $500 ? 11. What is 95 per cent. on 700 chaldrons

?

Ans. 45 tons.

Ans. $375.

Ans. 665 chaldrons.

12. What is 2 per cent. on 40 miles ?
13. What is 99 per cent. on $1000 ?
14. What is 33 per cent on 144 barrels ?
15. What is 663 per cent. on 90 hogsheads?

Ans. .8 miles.

Ans. $990.

Ans. 48bbl.

Ans. 60 hogsheads.

16. What is 17. What is

per cent. on $100 ?
per cent. on 1728lb. ?

Ans. $0.25. Ans. 15.12lb.

SECTION XLIII.

COMMISSION AND BROKERAGE.

COMMISSION AND BROKERAGE are compensations made to factors, brokers, and other agents, for their services, either for buying or selling goods.

NOTE. A factor is an agent, employed by merchants residing in other

places to buy and sell, and to transact business on their account. A broker is employed by merchants to transact business.

The method of operation is the same as in Interest and Dis

EXAMPLES.

1. My agent in New Orleans has purchased cotton, on my account, to the amount of $18,768; what is his commission, at 12 per cent. ? Ans. $328.44. amount of $ 896, Ans. $17.92.

2. If a broker sells goods for me to the what is his commission, at 2 per cent. ?

3. My factor in London writes that he has purchased for me to the amount of 395£. 15s. 5d. ; what is his commission, at 2 per cent. ? Ans. 8£. 18s. 165d. 4. A factor receives $1976, which he is to lay out for goods; having deducted his commission of 4 per cent. how much will remain to be laid out? Ans. $1900.

NOTE. As his commission is to be taken out of the sum remitted he will not receive 4 dollars on every 100, but 4 on every 104; that is, he will receive 104.

5. What is a broker's commission for purchasing goods to the amount of $7658.75, at 1 per cent? Ans. $114.881.

6. My factor at New Orleans advises me that he has purchased on my account 37 bales of cotton, at $107.75 per bale; what is his commission, at 3 per cent.? Ans. $14.952.

7. I have engaged a broker to purchase for me 12 shares in the Boston and Maine Railroad, at $112.25 per share; what is his commission, at per cent. ? Ans. $3.36.

8. My agent, S. Cloon, at Cincinnati, advises me that he has purchased on my account a cargo of pork, consisting of 700 barrels, at $12.25 per barrel; what is his commission, at 12 per cent. ? Ans. $150.06.

9. Sent to my agent, John Crowell, at Rochester, N. Y., $8960, to purchase a quantity of flour; his commissions are 2 per cent. on the purchase, which he is to deduct from the money sent him; what is his commission ? Ans. $175.6832.

10. What is a broker's commission on the sale of 700 barrels of flour, at $5.75 per barrel, at 1 per cent.? Ans. $70.433. 11. What is the commission on the sale of 173cwt. of sugar, at $8.95 per cwt., at 17 per cent. ? Ans. $29.03.

12. My agent in London has purchased goods for me to the value of 879£. 12s. 9d; what is his commission, at 3 per Ans. 29. 13s. 9d. 13. Sent a cargo of flour to Liverpool, which my factor sold

cent. ?

for 987£. 18s. 6d. He invested this sum in broadcloths, at 1£. 3s. 8d. per yard. His commission for selling the flour is 24 per cent., and for purchasing the broadcloth 17 per cent., and he is to receive his commissions, for selling and buying, out of the proceeds of the flour. Required the number of yards of broadcloth that I should receive. Ans. 801376yd.

14. I have remitted to my correspondent a certain sum of money, which he is to lay out for me in iron, and having reserved to himself 21 per cent. on the purchase, which amounted to $90, he buys for me the iron, at $95 per ton. Required the sum remitted, and the quantity of iron purchased.

Sum remitted, $3690.

Ans. {Iron purchased, 37T. 17cwt. 3qr. 16 lb.

SECTION XLIV.

STOCKS.

STOCKS is a general name used for funds established by gov ernment, or individuals, in their corporate capacity, the value of which is often variable.

When stocks will bring more in the market than their original cost, their value is said to be above par, and when, from any circumstance, their value is less than the original cost, they are said to be below par.

15

The method for computation is the same as in Interest.

EXAMPLES.

1. What is the value of $24360 of the National Bank stock, at 135 per cent. ? $24360 x 1.35 $ 32886 Ans. 2. Sold 15 shares, $100 each, of the Boston Bank, at 13 per cent. advance. To what did they amount? Ans. $1695. 3. What must I give for 12 shares in the Haverhill Bank, at per cent. advance, shares being $100 each? Ans. $1380. 4. What is the purchase of 1058£. 12s. bank stock, at 115 Ans. 1225£. 6s. 72d. per cent. ? 5. Sold 30 shares, $100 each, in the Boston and Providence Railroad, at 8 per cent. advance. To what did they amount ? Ans. $3262.50.

6. What is the value of 10 shares in the Philadelphia and Trenton Railroad stock, at 85 per cent., original shares being $100 ? Ans. $850.

7. What must be given for 5 shares of the stock in the Ocean Insurance Company, at 7 per cent. advance, the original shares being $100 ? Ans. $535.

SECTION XLV.

INSURANCE AND POLICIES.

INSURANCE is a security, by paying a certain sum, to indemnify the secured against such losses as shall be specified in the policy.

POLICY is the name of the writ, or instrument, by which the contract or indemnity is effected between the parties.

NOTE.

If the average loss does not exceed 5 per cent. the underwrit ers are free, and the insured bears the loss himself.

RULE. - The same as in Interest and Discount.

EXAMPLES.

1. What would be the amount of the insurance on my house, valued at $5728, at 12 per cent. ? Ans. $100.24. 2. What would be the premium for insuring my good ship Betsey, for a voyage from Boston to Liverpool, at 14 per cent., the vessel being valued at $17,289. Ans. $216.11.

3. My ship Massachusetts is valued at $50,765. If I insure $10,000 at the Columbian Office at 43 per cent., $12,000 at the Atlas Office at 33, and the vessel is cast away on her voyage, what is the amount of my loss? Ans. $29,705.

4. A gentleman in Boston effected an insurance on his store and goods, valued at $47,600, for 5 years. For the first year he is to pay 4 per cent., for the second year 37 per cent., for the third year 4 per cent., for the fourth year 5 per cent., and for the fifth year 5 per cent. What is the amount of his whole insurance? Ans. $11,007.50.

5. What is the premium on $1728 at 74 per cent? Ans. $125.28.

6. My ship, the Julia Ann, is valued at $35,000, and her cargo at $75,000. I procure an insurance on the value of the ship, at 34 per cent., and on of her cargo, at 21 per cent. What is the amount of premium? Ans. $1932.50. 7. The good ship Marcia Demming is valued at $18,750; her cargo cost $ 37,960, and, being bound to Canton, I have got

$10,000 insured on the vessel, at 33 per cent., and $20,000 on What would be my loss if the vesAns. $27,997.50.

her cargo, at 4 per cent. sel should founder at sea? 8. My library consists of 2691 volumes, valued at $3675. If I get this insured, at 47 per cent, what is my actual loss if it be destroyed? Ans. $179.15. 9. What is the premium on $896, at 12 per cent.?

10. What is the premium on $850, at 18

Ans. $107.52. per cent. ? Ans. $157.25.

11. What is the premium for insuring $9870, at 7 per cent. ?

Ans. $690.90.

12. What sum will be secured for a policy of $1728, deducting 15 per cent. ? Ans. $1468.80. out for, to cover Ans. $2750.

13. What sum must a policy be taken $2475, when the premium is 10 per cent. ?

NOTE. As 10 per cent. is already taken out, the sum covered must be 10% of the policy.

90

14. A certain company own a cotton $26,250. For what sum must a policy be the whole property, at 121 per cent.?

factory, valued at taken out to cover Ans. $30,000.

15. If a policy be taken out for $3600, at 40 per cent., what is the sum covered? Ans. $2160.

NOTE. It is evident, that, if 40 per cent. be taken from any sum, 60 per cent. will be left.

16. If a policy be taken out for $ 600, at 10 per cent., what is the sum covered? Ans. $540.

17. A merchant adventured $1000 from Boston to New Orleans, at 3 per cent.; from thence to Chili, at 5 per cent. ; from thence to Canton, at 6 per cent.; and from thence to Boston, at 7 per cent. For what sum must he take out a policy, to cover his adventure the voyage round? .

Ans. $1241.34,8+.

SECTION XLVI.

BANKING.

A BANK is a place of deposit for money, which is usually divided into shares, and owned by persons called stockholders.