m ifjHj^^^; Hb ''ill I' > 1 I (' I, ,\ I '1 \ I I ¥Afm WWiVi f, 'tw«-7r CORNELL UNIVERSITY LIBRARY Practical mercantile letter-writer 3 1924 031 265 436 olin.anx Library The original of tliis book is in tine Cornell University Library. There are no known copyright restrictions in the United States on the use of the text. http://www.archive.org/details/cu31 924031 265436 ^. W. Suggett. Cortland, N. Y. PKACTICAL MEECANTILE LETTEE-WRITEE. A COLLECTION OF Mnlm tilitm nf locatrag, NOTES CRITICAL AND EXPLANATORY, AN ANALYTICAL INDEX, AN APPENDIX. CONTAINIXG r-BO FORMA INVOICES, ACCOUNT SALES, BILLS OF LADING, AND BILLS OP EXCHANGE. AJT EXPLAITATION OF THE GERMAN . CHAIN EULK. AS APPLICABLE TO THE CALCULATION OF EXCHANGES. BY WILLIAM ANDERSON. NEW YORK: D. APPLETON AND COMPANY, 1, 3, AND 6 BOND STREET. 18F-, , PREFACE TO THE FIRST EDITION. The following sheets have been compiled with a view to sup- ply a deficiency that has hitherto existed in our literature. It appears a remarkahle anomaly that, in a country so eminently commercial as Great Britain, the initiatory studies of young men destined for mercantile life should be so noto- riously neglected. Our literature, copies enough in almost every other branch, affords abundant facility for an appro- priate course of tuition and study for the liberal professions ind the arts ; but, to the young merchant, it proffers little assistance of the kind required. We have excellent diction- aries of commerce, and works of practical utility in this de- partment ; but none, that I have met with, calculated to form the youthful mind to habits of business, and familiarize it with the objects to which its future energies are to be directed. Nothing, I conceive, can better conduce to this end than a collection of genuine commercial letters, of recent dates, adapted at once to form the style, and to afford a correct in- sight into the business of the counting-house. In fact, the utility of such a collection has been long acknowledged ; and its want felt, as well by the young gentlemen themselves, as by those tutors who profess to give their pupils a commercial education'. VI PREFACE. The few books of the kind that have existed are now out of print,* and not one of those which liave chanced to fall into my hands, appeared to me well adapted to answer the end proposed. They were defective in arrangement, or in diversity of subject ; they were too incorrect in style for the present improved and improving age ; and from the absence of explanatory notes, could not be sufficiently intelligible to to those totally unacquainted with the nature of business. Indeed, it is a matter of surprise, when we consider the rapid progress of publication within the last few years, that this deficiency has not sooner been supplied. Nor can I find any more probable reasons for it than the following ; 1st. The difficulty of procuring materials for the work, and which no single house of business could supply. 2dly. The want of time, or of that portion, however small, of literary taste and acquirements, which may be considered necessary to prepare it for the press. The foriner cause will operate in the case of men devoted to literary pursuits, who besides would be inadequate to the task, from their ignorance of business ; the latter in that ol merchants themselves. The difficulty alluded to is much greater than the reader may imagine. Merchants are, usually, and from a very proper feeling, averse to suffering their correspondence to be made public ; and when they have, in some few instances, permitted a small selection to be made, for the exclusive use of a private acad emy, they have limited the favor to old letters and common place subjects ; fearing that any correspondence of a per ♦ The best extaut is in tlie French language, and the last eilitiou per Fortuna. \ Account salts, 10 jnpes of wine, ) ex Sallust. \ Marlcets Froposed adventure to Bahia on joint account. Now by merely looking through the letters, as they lie in the parcel, without untying the tape, you have an index of their contents.* These notes should be made at once when the letter is endorsed ; for delay in this, as in every thing else, occasions tenfold trouble. In the letter-book a similar plan may be adopted, as the subject of each paragraph may be noted in the margin. As a means of instant reference from one letter to another, to the same address, whether preceding or following, without turning back to the index, I recommend, that as soon as a letter is copied, or the machine copy pasted in, the folio of the last letter, to the same party, be noted immediately under the name of the place in the margin. At the same time, note in the margin of the last letter the folio of the one just entered. The numbers may be placed together, thus, f-f-f-, or the upper one may be noted at the commence- ment, and the lower at the conclusion of each letter. This mode will be found particularly serviceable in large establishments, where two letter-books, with one index, are kept in use at once ; as either book may, by this means, be searched without the index, or with only one reference to it. In regard to giving instructions for answering any par- ticular points that may occur, the practice of merchants varies very much. Some open their letters in the presence of their corresponding clerks, read them aloud, and state at once what kind of reply is to be given to each ; excepting, of course, cases which require consideration and private con- • It is the practice, in some large houses, to keep an index to theit correspondence in a booli, which some may consider a preferable mode. Xviii PREUMINAKY OBSERVATIONS. sultation among the partners. Others read their letters bj themselves, and note with a pencil, or communicate verbally, on handing them to the clerk, their wishes in regard to the replies. Whichever plan be adopted, the young correspond- ent ought to feel certain that he fully comprehends his em- ployer's instructions before he attempts to commit them to paper ; and it is better to ask questions beforehand, than to have to amend his letter when written. When he receives directions verbally, he should note them immediately in a memorandum-book, kept for that purpose. If he can take them in short-hand, so much the better ; but note them he must, unless endowed with a singularly retfintive memory. Indeed, a juvenile clerk, having every thing to learn, will do well to take notes of every occurrence that passes before him ; by which means, he will lay by a stoet of useful infor- mation on commercial subjects, and of precedents for his fu- ture guidance ; he will greatly enhance the value of his ser- vices, and gain the good opinion of his employers, to whom it must ever be gratifying to see him steady, intelligent, and parfcctly au com ant des affaires. NOTE, SECOND EDITION. There are some minor points connected wi*h Mercantile Correspondence which are not undeserving of notice. It must frequently happen that the clerk is hurried in making up his letters for the post, and then it is that vexatious mis- takes occur, such as "misdirecting of letters, omitting inclo- Bures, and such quotations of prices, &c., as are unavoidably left to the last. To prevent this, it is a good practice to note in one corner of the front page every inclosure that is to go with the letters, and to aflSx a slight mark in the mar- gin opposite to every blank. All the blanks being first care- fully filled up, the letters should be handed to the copying- clerk, and being received back from the press suffioi^intly dry for folding, the correspondent proceeds to this last pro cess, first consulting the note in the corner, to be certaip that he has the inclosures correct. He must be careful, too that PRELIMINAKY OBSEKVATIONB. XiS no invoice, account-sales, _ or other document requiring the signature of the firm, be sent off without it. All letters copied by hand ought to be marked in some uniform manner ; and none should be folded that does not bear the usual evidence di its having been copied. The mere mechanical folding of a letter is not, as some persons unaccustomed to correspondence may imagine, a matter of little or no importance ; — far from it ! indeed, there is something offensive and redolent of vulgarity in a letter clumsily put together, ill-directed, or besmeared with wax or wafer in the awkward attempt to seal it. The com- mercial clerk and man of business must therefore study to acquire both a neat and a rapid method of making up his letters, and this is best accomplished by the aid of a paper knife and a thin slip of mahogany, with which, in some counting-houses, each clerk is furnished. In shape a letter should be neither too square nor too oblong, and large in proportion to the inclosures, so as not to appear clumsily thick. The address should be distinctly written and neatly placed ; not straggling too near the top, nor yet crowded too near the bottom ; and, finally, the aeiil OT wafer must not obliterate any portion of the writing. ANALYTICAL INDEX TO OOREESPONDENClS ^Dy/CE to persons commencing business, i. 1 ; ii. 3. CIKCULAES. Advances on consignments ofiFered and expected, xiii. 13. Agent, American, XT. 14. for settling claims, recovery of debts, and legal business, xv. 14 English, abroad, as attorney, solicitor, and general agert, X. 11. general, commencing in the Mauritius, iii. 6, at Pernambnco, vii. 9. at London, xiii. 12. intending to commence at Rio, xxv. 20. established, xxvi. 21. new firm, xxvii. 21. Broker for colonial produce, commencing in London, vi. 9. Ship and Insurance, xiv. 14. Commencing business, see Agent and Broker. wine merchant, xvi. 16. stationer, xviii. 17. Death of partner, no alteration of firm, iv. 7; xvii. 16. change of firm, in consequence of, v. 8 ; xix. 17. announcement of, xi. 11. new partnership in consequence of, xx. 18. Di.ssolution of partnership announced, between house in London and house abroad, vii. 10. signature used in liquidation, notice of, viii. 10; xxxiii, 25; xxxiv. 25. announcement of, xxxiii. 25. new firm, xxxv. 25. XXU ANALVTICAt, INDEX. Failure; notice of xxxi. 24 ; xxxii. 24. trustees appointed, xxxi. 24. Firms, two united, ix, 10. new, announcement of, xx. 18 ; xxvii. 21 ; xxviii. 22 u.i4 23 ; XXXV. 25. announcement of, in new connection, xxx. 23, alteration in, xxii, 19. old, extinction of, xxviii. 22. A«nch Funds, Table showing the rate of interest of, xxxvi. 26. Liquidation, see Dissolution of Parlnership. I'artner, nephew admitted, xii. 12. retirement of, xxii. 19. clerk admitted, xxiv. 20. See Dissohition of Pj 84 5/^ 96 h^\ 72 6/A 85 5t-Vo 97 fiJ/^ 73 6/^5 86 5,»o 98 6tV 74 6? 87 5iV 99 6 J, 75 6| 88 5t% 100 5 76 6J^ 89 5^ 101 4^% 77 6i 90 5f,5, 102 4,?^ 78 Q^^ 91 51 103 4Ji/5, 79 6^V 9a 5yy5, 104 4t^», 80 6J 93 6r% 105 4^^ 81 6tVj 94 5A=, 106 4JA 82 6t^j • 70-.5 : : 100: X = 7^j", LETTERS OF mTRJDtTCTION. 27 Letters of Introduction. XXXVII. London, Ath May, 13 — CiiAULES HoLDSwoRTH, E«q., Bristol. Dear Sir, — The bearer of these few lines is Mr. Edward Watson, of the firm of Watson, Brothers. In introducing to your acquaintance the nephew of our esteemed friend, Mr. Bryce Watson, of Manchester, so old a connection of your house as well as our own, we feel it to be quite superfluous to claim for him that friendly reception, which we know awaits him at your hands. We doubt not that you will feel the same interest as we do, in the prosperity of the above-mentioned firm, and be equally anxious to promote, to the utmost of your ability, the particular objects of Mr. Edward Watson's visit to Bristol We are always, dear sir, yours very truly, Thomas Holmes & Son. XXXVIII. London, Ath August, 18 — Messrs. Napier and Son, Bombay. Gentlemen, — Our highly respectable and esteemed friends, Messrs. Roquet and Favell, of this city, having requested an introduction to a Bombay House, to which they are desi- rous of intrusting the settlement of some afiairs of conside- rable delicacy and importance, we beg leave to refer them to you, well convinced that we cannot more effectually serve them, than by soliciting your best influence and exeirtions in their behalt We are, &c., Eeid & Curtis. XXXIX. London, 2nd Tune, 18 — . Edward Smith, Esq.. Liverpool. Sir, — Mr. Charles Burton, the eldest son of our senior, being about to visit your port for the purpose of embarking for Buenos Ayres, we are sensible that we cannot better in- 23 LETTERS OF rNTRODUCTION. sure to bim sucb polite attentions as are calculated to rendei his short stay agreeable, than by introducing him to you. We need scarcely say that we shall feel personally obliged by any marks of kindness that you may have the goodness to evince towards this young gentleman, and by any assistance that it may be in your power to render him, in making his arrange- ments for the voyage. We remain, with much esteem, sir, your very faithful servants, Burton, Ogleey & Co. XL. H. Edwards, Esq., London. Hamburgh, i.5th April, 18 — . Sir, — We recommend to your particular favor and atten tion the bearer, Mr. Fred. Schmidt, eldest son of Mr. Augus- tus Schmidt, of the highly respectable house of Schmidt and Meyer, of this city. Our esteemed young friend is about to visit France by way of London, on business for the house ; we therefore re- quest you, most urgently, to afford him your advice and as- sistance, and to render his stay in your metropolis as agree- able as possible. He is clever, steady, and unassuming, and we are convinced that on a near acquaintance he will prove himself deserving of your esteem and good will. Command us freely in similar cases, and be assured that we will use our best endeavors to do justice to your intro- ductions. We are, &c., Schneider & Co. XLL A. Bergman, Esq., Hamburgh. London, Gth May, 18 — . My dear Sir, — Permit me to introduce to you my count- ing-house colleague and intimate acquaintance, Mr. Robert Fortescue, and to claim for him a very kind and friendly reception. Mr. Fortescue is a talented young man, who has prinii- pall < by his own unaided exertions, made himself thoroughly aiaster of several languages. His health having been for some time in a delicate state, owing, probably, to a too close application to his studies, the physicians have recommended him to travel for a few months on the continent; and when LETTERS OP INTRODUCTION. 29 his strength is sufficiently recruited to admit of his return- ing to business, to fix his residence in some sea-port for a couple of years. With this view, my friend intends visiting France, Flanders, and Holland, on his way to Hamburgh, where he is desirous of obtaining a mercantile situation. Well acquainted with Mr. Fortescue's character, I can with justice bear testimony in his favor ; and more parti- cularly so, knowing that his conduct, during the nine years that he has spent in our counting-house, has been such as to give entire satisfaction to our principals, who regret the cir- cumstances which compel him to quit their employ. I there- fore most earnestly entreat you to afford him every assistance in your power, in accomplishing his object ; and I confess to you, that I expect more from your friendly exertions in his behalf, than from the letters with which the house have furnished him. Fully persuaded that you will show Mr. Fortescue every kindness and attention, and will endeavor to make his resi- dence at Hamburgh as agreeable as possible, I beg to assure you that I shall consider myself greatly obliged, and shall be most happy to have an opportunity of serving you in re- turn. Believe me, dear sir, yours most faithfully. H. Walther. XLII. London, I5th Angust, 18—. Messrs. Joseph Phillips & Co., Liverpool. Gentlemen, — I have the pleasure of introducing to your acquaintance the very respectable firm of Messrs. Dugard and Go. of Paris, whose principal, Mr. James Dugard, is at present in this city, and purposes visiting your town. A,ny civilities or attention that you may be pleased to show him, I shall consider a favor conferred on myself. These gentle- men occasionally give orders for cottons and other shipments from your port ; and from some conversation which I have had with Mr. D., I am led to hope* that the house will give ♦ 'I am led to hope.' These words I have substituted for the expression '■! flatter myself," which is often used improperly in this lenie. 30 LETTERS OF INTRODUCTION AND CREDIT. you a preference of their business in future. I shall feel happy should the present introduction lead to transactions mutually advantageous and agreeable. I remain, most truly, Gentlemen, your obedient servant, John Ltike. XLIII. London, 31 si July, 18 — . Messrs. George 'Wallis and Co., Oporto. Gentlemen, — This will be delivered to you by Captain Purkis of the Ceres, whom I beg leave to introduce to your acquaintance. You will greatly oblige me by giving him the preference, should you have any wines for shipment, while his vessel is loading at your port. The owners of the Ceres are my good friends and valua- ble correspondents, Messrs. P. Carter and Co. of Hull. Recommending Captain Purkis likewise to your good uffices and attentions in other matters, I am, &c., John Bigoar. Letters of Introduction and Credit. XLIV. Messrs. Bright & Co., Bri&tol. London, \st October, 18 — . Gentlemen, — We beg leave to introduce to you the bearer of this letter, Mr. Richard Templeton, a partner in the highly respectable house of Moore, Templeton and Co., of New- York, who is about to visit your city for the purpose of extending the commercial relations of his house with the principal firms of your place. In strongly recommending our.fjiend to your notice, we particularly request that you will not only forward his views by your influence and advice, but that you will also render his stay in your city as agree- able as possible, by showing him every attention that may be in your power. In case Mr. Templeton should have occasion to take up* any money, either for travelling ex- penses or operations of business, you will please to supply * This is a truly mercantile idiom, and very serviceahle. LETTEES OF INTRODUCTION AND CREDIT. 31 nini with funds to the extent of five thousand pounds, taking his drafts upon us at three days' sight* in reimbursement. We beg that upon similar, and all other occasions, you will freely command our services, and we remain, &c., Gr. Lynch & Son. XLV London, 5th April, 18 — , Messrs. Harwood and Co., Manchester. Gentlemeh, — We have much pleasure in introducing to your acquaintance Mr. Frederick Meyer, of the highly respectable firm of Messrs. Gottfried, Meyer and Sons, of Frankfort on the Maine. This gentleman is on the point of commencing a tour through our principal manufacturing towns, with a view as well to business as amusement. Should it be in your power to further his objects in any way, we shall be particularly obliged by your so doing ; and shall be most happy, should the introduction prove of mutual advantage to yourselves and our young friend. In the event of Mr. Meyer requiring a supply of cash for his travelling expenses, be so obliging as to accommodate him with any sum to the extent of 200Z., taking his draft on us at three days' sight for the amount. We remain. Gentlemen, your very obedient servants, George Thompson & Co. Mr. Meyer's signaturef — F. Meyer. XL VI. Mr G. Symons, Falmouth. London, 28th October, 1 8 — . Sir, — Permit me to introduce to your acquaintance the bearer of this letter, Mr. John Philips, who proceeds to Fal- mouth on his way to Portugal. * Merchants of respectability prefer having all EnglisM>i\]s dravi-a npon them at very short dates; in foreign bills they are not per- licular, as they are regulated by the customs of the respective places irhence they are issued. t It is usual, and certainly prudent, to aifix the signature of the 52 LETTERS OF CREDIT. Should Mr. Phillips desire to take up cash for pajmont of his passage, &c., you will please to advance him any sum not exceeding 150/., taking his draft at three days' sight on his house here, Messrs. Richards, Phillips and Co., in reim- bursement. I shall feel greatly obliged by such marks of civility and attention as you may have it in your power to show my young friend, whom you will find highly deserving of your regard. I am, &c., J. Carruthers. Lettees of Cbedit. XLVII. London^ \st May, 18 — . Messrs. James Pope and Son, Plymouth. Gentlemen, — I take the liberty of opening a credit with you, in favor of the bearer, Mr. John Ashton. Any sum of money that this gentleman may require, to the extent of fif- teen hundred pounds sterling, be pleased to advance on my account, either against his receipt, or his draft on me to your order, as may be most agreeable to yourselves. I am, &c., T. Clark. XL VIII. London, IQlh July, 18 — . Messrs. Barraud, Freres, bankers, Paris. Gentlemen, — We request the favor of your furnishing the bearer, Lord George Ryder, with any cash that his lordship may require during his stay in France to the extent of 3,000i (say three thousand pounds sterling), taking hi» lordship's receipt for the sums advanced, and placing the same to our debit. Individual in wliose favor the credit is given, for this reason ; the lei- ^(.■r might be lost, and the finder avail himself of it to receive the money ; whereas this imposture would be easily detected by a com- parison of the signature in the letter, with that to the receipt which !he party would be called upon to give. Vide note to Letter XLVin. CONSIGNMENT OF COTTON. 33 We refer to our letter of this date, per post, for his lord- iliip's signature.* And remain, &c. Hardy & Cox. General Coerespondence. FIRST SERIES. XLIX. Messrs. J. Phillips & Co., Liverpool. London, 16th Aug. 18 — . Gentlemen, — Being without any of your favors to reply to,f my present object is to request that you will purchase on my account, twenty-five bags of Pernambuco cotton, in bond, provided you can obtain them, of superior quality, at a price not exceeding 9d. per lb. ; shipping them for Kouen to the address of my friend Monsieur La Roche of that place, and giving me timely advice for insurance. The bags are to be marked VY, Nos. 1 to 25. On handing me a bill of lading and invoice, you will please to value on me at fifteen days' sight for your reimbursement. Have the goodness to transmit one bill of lading to the consignee, by the vessel. I am, &c., John Luke. L. Mr. John Luke, London. Liverpool, 16th Aug. 18 — . Sir, — We are in receipt of your esteemed letter of the 16th instant, ordering the purchase and shipment of twenty- five bags of Pernambuco cotton for Rouen, provided they could be obtained, of prime quality, at 9(i. per lb. We are sorry to say, in reply, that the quantity of Pernambuco cot- ton at market, just now, is very small, and -prices, conse- * The mode here alluded to, of giving the signature in a separate letter, which is forwarded immediately per post, is yet more secure than that described in Letter XLV., as it affords no opportunity of imitating the handwriting. ■f The original letter commenced thus : " Deprived of your favors, I have to request," &c. This expression, though often used in mer- cantile correspondence, appears objectionable, since we cannot be de- prived of that which we do not possess ; and useless, because wa have no difficulty in expressing correctly what is really meant. 34 GENERAL CORRESPONDENCE. SERIES I. quently, have advanced, say to lOc^. and lO^d. per lb. B is, therefore, out of our power to execute your order ; which we regret the more, as we are about to charter a vessel from Havre, and should have been glad of your parcel of cottons though small, to help out her freight. Should you think of shipping any other quality, it will afford us much pleasure to consign them to our common* friend M. La Roche. Annex- ed is a price-current for your government, ^nd believe us, we are, with esteem, sir, your very obedient humble servants, Jos. Phillips & Co. LI. Messrs. Joseph Phillips & Co. London, 20th August, 15— Gentlemen, — I am favored with your letter of the 18th instant, and observe that you could not execute my order for Pernambuco cottons in bond, at the limit of 9d. per lb. Being, however, very desirous of opening an account with M. La Roche of Rouen, you may, should you charter a vessel for Havre, ship in her for my account, and to M. La Roche's consignment, thirty bags of cotton, of such descrip- tion and quality as you may judge most suitable to that mar ket, but not exceeding my former limit as to price. I hope you will be able to meet with a parcel really cheap at the price, be the latter what it may, so as to insure me a profit on the sale. Trusting to your good management, I shall shortly look for the invoice and bill of lading, with advice of your draft for the amount of the former. I am, &c., John Luke. LIL M Louis La Roche, Rouen. London, 20th August, 18 — . Sir, — From the annexed circular you will observe, that my partnership with Mr. William Thomas was dissolved on the 30tL June last, and that I am now established on my own ?ile account. Being desirous, as Mr. Thomas retires from * The ttn-m mutual, which I have expunged from this place and aiaiiy others is incorrect wheii applied to a third party. CONSIGNMENT OP COTTON. 35 business altogether, of preserving your correspondence and eonnection, I have requested my friends at Liverpool, Messrs. Joseph Phillips and Co., to ship per first vessel, to your address, thirty bags of cotton, which you will please to dispose of, on arrival, on my account, on the most favorable terms your market will permit; furnishing me, in due course, with account-sales* thereof, and a remittance per appoint^ for the net proceeds. I trust the latter will be such as to encourage me to a continuance of my shipments. Messrs. I. P. and Co. will inclose you a bill of lading by the vessel, and I will hand you an invoice,^ as soon as I am in possession of the particulars.! Meanwhile referring you to the inclosed price-current, I am, &c., John LincE. LIII. John Luke, Esq. Lotidon. Liverpool, 'iS,rd August, 18 — . Sir, — In consequence of the orders contained in your es- teemed favor of the 20th inst., we have purchased for your account thirty bags of Maranham cotton, of good quality, at 'id. per pound, and shall ship the same on board the Ann, * This term is almost universally employed, and I see no objection to it, although some write account of saU. ■f Per appoint is another technical term in very general use, hoth among English and foreign merchants. The word appoint signifies odd money, " Monnoie qui se donne pour achever une somme qu' on ne saurait parfaire avec les priucipales espfeoes :" Diet, de L' Academie. A remittance per appoint is a remittance of the exact sum due. X There is a difference between an invoice and a bill of parcels, which is not always regarded. The account of goods sold by one merchant to another, or to a wholesale dealer, as, for instance, sugars to a grocer or sugar baker, is a Kll of parcels. Again, when a mer- chant orders of a manufacturer certain goods for shipment, the latter furnishes him with his bill, or account of the qualities and prices of the articles, with the weights, marks, and numbers of the several pack- ages or parcels of which the order consists : hence the name biU of parcels. This account the merchant enters in his invoice book, ana adding thereto all the charges incurred in the shipment, with the cost of insurance, his commission, &c., makes up (as the commercial phrase is) the invoice. Sometimes a dozen or twenty bills of parcels are comprised in one invoice, especially in the West India, and South Araorican trades. 36 GENERAL CORRESPONDENCE. SERIES 1. Captain Thomas Ball, a vessel wbieh we Lave chartered foi Havre, and which we expect to sail in ten or twelve days. For your government in insuring the same, the invoice amount will be about 200/.: when shipped, we shall wait on you with invoice and bill of lading, valuing on you, as re- quested, for our reimbursement. We are, very truly, &o., Jos. Phillips & Co. LIV. M. L. La Roche, Rouen. Liverpool, ^Qth August, 18 — . Sir, — By order, and for account of our common friend, John Luke, Esq. of London, we have shipped to your ad- dress, in the Ann, Captain Thomas Ball, for Havre, as per bill of lading inclosed, VY, Nos. 1 to 30, thirty bags of Maranham cotton, which we trust will arrive safe, and in the same good condition in which they are shipped. We hope that you will have it in your power to render our above- mentioned friend satisfactory account-sales of this shipment, following his directions as to the disposal of the net proceeds. We remain, most truly, sir, your very obedient, &c., Jos. Phillips & Co. LV. John Lotce, Esq. London. Liverpool, '6\)th August, 18 — . Sir, — Referring you to our letter of the 23d instant, we have now to advise the shipment of your thirty bags of Maranham cotton in the Ann, Ball, for Havre, to the con- signment of M. La Roche at Rouen, agreeably to your direc- tions. Inclosed you will please to receive bill of lading and invoice thereof ; the latter amounts to 205Z. 8s. &d., foi which sum we have valued on you, under this date, at fif teen days' sight, to the order of Jones, Price and Co., which draft we recommend to your protection, thus closing this transaction. We have transmitted a bill of lading to Si. La Roche by the vessel. Awaiting the pleasure of your further commands, we remain faithfully, &c., Jos. Phillips & Co. CONSIGNMEXT OP COTTON. 37 LVI. London^ 2nd September, 18 — Messrs. Joseph Phillips & Co., Liverpool. Gentlemen, — I have to acknowledge the receipt of your esteemed letter of the 30th ult., inclosing hill of lading and invoice of the thirty bags of Maranham cotton, shipped in the Ann, to Havre ; for the invoice amount whereof, 205Z. 8s. 6fi?., I have credited your account ; and on the other hand debited it with a similar sum, being the amount of your draft at fifteen days' sight, to the order of Jones, Price and Co., which has been duly honored. With many thanks for your attention to my orders in transmitting a bill of lading to the consignee by the vessel, I remain, &c. John Ltike. , LVII. M Iia Roche, B/nien. London, 2nd September, 18 — . Sir, — In pursuance of the orders given to my friends at Liverpool, as I advised you under date of the 20th ult., they have shipped, to your address, thirty bags of Maranhan) cotto'* of excellent quality, by the Ann, Captain Thomas Ball, to Havre. Inclosed I have now the pleasure to wait on you with invoice and duplicate bill of lading of this Eliip- ment ; the former amounting to 216^. 7s. XOd., which suui I hope you will be able to realize, together with a fair profit ; and as quick returns are the life of trade, I shall expect that you will, ere long, be enabled to remit me the net proceeds in a good bill on some of your friends in this city. I do not limit you as to price, being well assured that you will effect the best sales your market will allow. I remain, &e. John Luke. LVIIL Rouen, 7th Septembet; 1 8 — Messrs. Joseph Phillips & Co., Liverpool. Gentlemen, — I have duly received your valued favor of ths 30th ult., accompanied by a bill of lading for thirty bags 38 GENERAL CORRESPONDENCE. — -SERIES I. of Maranham cotton, consigned to me by the Ann, Captain Ball, by order and for account of our esteemed friend, Mr. John Luke of London. The Ann having arrived at Havre I have ordered them to be landed and forwarded to this place, when I shall do the needful,* and acquaint our said friend with the result. At present, I have every prospect of rendering him good account-sales, as cottons of all de- scriptions are in demand, and prices rather on the advance : much will depend, however, on the arrivals from your side of the channel, as there is no great quantity expected, direct, from Brazil or the United States. Referring you to the annexed price-current, I remain, very truly, sir, your most obedient humble servant, L. La Eoche. LIX. John Luke, Esq. London. Houen, 7th September, 18 — . Sir, — I received, in due course, your favor of the 20th ult., apprizing me that you purposed to make me a consign- ment ; to which letter I deferred replying, in expectation of learning that you had carried your kind intention into effect, as I have now the satisfaction to know from your favor of the 2nd instant, as also by advices from our common friends, Messrs. Joseph Phillips & Co. of Liverpool ; from whom, by the Ann, arrived at Havre, I have received a bill of lad- ing for thirty bags of Maranham cotton by that vessel. I shall offer this parcel to our buyers as soon as landed ; and I have no doubt I shall be able to remit you a very fair per centage on your invoice of 216/. 7s. lOi^., since our market for this article is very brisk : indeed, all descriptions of cot- tons are in good demand, with some prospect of an advance in prices, of which circumstance I shall take care to avail myself in the sale of yours. I would not, however, recom- mend delay, for when the state of our market is known on your side, no doubt we shall have large importations from thence, though, for your government, we do not hear of any expected arrivals from North or South America. * This is a technical expression of considerable value in mercantils correspondence, as saving a great deal of circumlocution. CONSIGNMENT JP COTTON. 3'; As I shall shortly have this pleasure again, I have only now to add that your interests will, at all times, command my best attention, and I beg to assure you that nothing shall be left undone on my part, to extend our correspondence to our mutual advantage. I remain, most sincerely, sir, your obliged and obedient humble servant, L. La. Roche. LX. John Luke, Esq. Lmidon. Rouen, \5th Septemoer, 18 — . Sir, — Herewith you will please to receive account-sales of your thirty bags of Maranham cotton, received per Ann, as advised in my letter of the 7th inst. I was enabled to place them at f. 180 per 50 kilogrammes : which I hope will give you satisfaction, as at this price you perceive they net f. 5996 75. This amount I remit you inclosed, in my own draft at two months' date, on my friends, Messrs. Bailey and Banfield in your city ; convinced it will meet due honor — producing, at the exchange of £ 25 50, 2351. 3s. M. sterling. Hoping this small trial will induce you to favor me with more considerable consignments, and begging reference to the annexed price-current, I am happy to say that our market continues encouraging for the importation of all kinds of raw cottons : but, as you will be better informed as to the quantity shipped from Liverpool and your ports, you can best judge to what extent you can go with safety in your speculation in this article. I am truly, sir, your obliged and obedient humble servant, L. La Roche. LXI. M. L. La Roche, Rouen. London, I8th Sepiember. 18— Sir, — I am in receipt of your favor of the 15th instant, in closing account sales of my thirty bags of Maranham cotton, per Ann from Liverpool (net proceeds to your debit f .^99fi '''5) ; and at the same time containing your draft on Bailey and Banfield for 235/. 3s. 4d. sterling, making at the 40 GENERAL CORRESPONDENCE. SERIES tl. exchange of 25 50, the same amount of f 5996 75 ; thug closing this first transaction, the said draft having been duly honored. Allow me to thank you for your punctuality and prompti- tude in this trifling afi^air, which I shall regard as an earnest of what I may expect in transactions of greater importance. It will certainly stimulate me to extend my shipments ; and the encouragement you hold out has induced me to give di- rections already to Messrs. Phillips and Co., to forward 100 bags to your address, per first ship, provided they can effect a purchase at the same prices as the last. On learning the result, I shall address yon again. In the interim, believe me, sir, your obliged and obedient servant, John Luice. SECOND SERIES. LXII. London, 1 %th August, 1 8 — -. Messrs. Lewis, Drake and Co. Lisbon. Gentlemen, — My partnership with Mr.Bull having terriii- nated on the 30th June, I have, since that time, been acting for myself and in my own name only, following, however, the same principles and branch of business as my late firm, namely, the commission line ; the wine trade being the chief object to which I intend devoting my attention. From what your Mr. Drake was kind enough to say, when T had the pleasure of seeing him here, I presume that you will readily ship any wines for which I may get orders, at your fixed prices, allowing me the usual commission of five per cent, on all wine shipped to this port; 10*. per pipe more when shipped to the outports ; and \ per cent, on re- jiittances; with an allowance of lOi. per pipe on all orders above ten pipes, and \l. on all above twenty. It is very difficult, at present, to get orders for wines of any description, particularly Lisbon ; but I trust I shall havo my share, and you may be assured I shall be very careful from whom I take them. ^Ir. Drake also spoke of doing something in exchanges WIJJE TRADE. EXCHA^'GE OPERATIONS. 41 I Bhall have no objection to make atrial on a small scale, by way of enlivening our correspondence, and in hopes of reap- ing a better interest than by having my capital locked up in public securities. For this purpose, I will appropriate a sum not exceeding IfiOQl.; and if you will come forward with an equal amount, we can work the two thousand on mutual ac- count, each of us charging only our respective disbursements, and allowing interest on advances, at the rate of 5 per cent. per annum: each party to guarantee, or be responsible, for the bills he takes. The present appearances of the exchange on Portugal indi- cate a fall, and, in my opinion, a considerable one. I expect to see that on Paris at 26 ; and on Lisbon 54J or 54, as it was in the autumn of 1820. Paris is this day at 24 50, Lis- bon 56, and Oporto 56j. If, at any time, you wish to make remittances in specie on your own account, I shall charge yon only J per cent, commission on the sales, and nothing on payment of drafts, or on remittances. Should you order insurance to be effect- ed thereon, it will of course be free of expense ; the premium, I imagine, would not exceed 15s. Qd. per cent, stamp includ- ed. Gold is certain of obtaining the Mint price, or 3/. 17s. lOjC? per ounce. I trust you will give me the preference in your orders and consignments to this country. I attend personally at Lloyd's, therefore any insurances you may have to effect I shall be very proud of attending to, and shall make the cus- tomary charge of j per cent, on effecting, and 5 per cent, del credere* for guarantee of the underwriters, if you wish it With great regard, I remain, gentlemen, your obedient hum- ble servant, James Corpell. LXIII James Cordell, Esq., London. Lisbon, 2nd Sept., 18 — . Su-j — We have to thank you for your very friendly letter * This is a premium, or commission, charged hy merchants for becoming responsible for the buyers of goods, or underwriters ; bo that in case of the failure of the latter, the owners are secured against 42 GENERAL CORRESrONDENCE. SERIES 11. of the 18th ultimo, and beg, in reply, to assure you that wc shall have much pleasure in continuing to transact what little business we have in your city, with you, on the same terms as with your late firm of Bull and Cordell. Our pre- sent prices for wine are : good dry Lisbon 35/., rich 38/. without discriminating the vintage; Bucellas 38/.; and Car eavellos 39/. per pipe on board. We shall be very glad to receive orders for any quantity, and you may, from the past experience of your late co-partnership, be convinced that all you may transmit us will be faithfully executed. With regard to the proposed speculation in exchanges, we must decline entering on it for the present, as our capi- tal is at this moment fully employed ; but when we have a surplus, we shall gladly avail ourselves of the opportunity of appropriating it in the manner the writer proposed when in your city. Any insurance, or other business we may have to transact, we shall, as a matter of course, intrust to your good management ; and with an offer of our best services on this side the water, we subscribe ourselves, v«ry truly, your obedient humble servants, Lewis, Drake & Co. LXIV. James Cordell, Esq., London. Oporto, 9,Qth August, 18 — Sir, — You will please to effect insurance for my account of 1,500/., on one-fifth part or share of the ship Ocean, Cap- tain A. Nogueira, from Pernambuco to this city, against all risks, and at the lowest premium possible, not exceeding, however, 10 per cent. I expect that she will sail under con- voy of a ship of war ; therefore you will be so good as to sti- pulate for a return of premium accordingly. It was intend- ed that she should sail within three weeks from the date of my last advices of the 12th June. You may draw on me as usual for the amount of premium and charges. I remain very truly, sir, your obedient humble servant, John Matthews. LXV. John Matthews, Esq., Oporto. London, 5th Sept., 1 8 — . Sir. — Agreeably to the order contained in your favor of ORDERS FOR INSURANCE. 43 ehe 20th ultimo, I have eflFeeted insurance on your fiftt Ebare of the Ocean, Captain A. Nogueira, from Pernambuco" to your port, say 1,500Z. as per copy of policy and account an- nexed, at 8 guineas per cent., to return 4/. per cent, if she sails under convoy of a man of war, and arrives. I have taken the liberty of valuing on you, under this date, to my own order for 138Z. 6s. 6d., the cost of this insurance, at tho exchange of 57:|- per mUrea, and at sixty days' sight ; which draft I am certain wiU meet due honor. Should you wish me to gurantee the underwriters, I am ready to do so for ^ per cent, del credere. And in that case you will please to inform my friends in your city, Messrs. A. and F. Rowlings, of your wish, and pay them the sum of 71. 10s. at the exchange above quoted; when the risk of failure, or non-payment by the underwriters in case of loss, wiU be mine ; otherwise, that risk remains your own. Always anxious to receive your orders, and determined to execute them in the most punctual and advantageous man- ner in my power, I remain, faithfully, sir, your obedient humble servant, James Cordeli,. LXYI. James Cordell, Esq., London. Lisbon, id Sept., 18 — . Sir, — I will thank you to insure 250/., value of twenty- five bags of cotton wool, marked AI, Nos. 1 to 25 (10/. each), shipped at Ceara, for my account, on board the brig General Sampayo, Captain Jose Maria Alves, for this port, against all risks ; debiting me with the amount of cost thereof Tho brig was to sail about the 15th of last month, without con- voy. Kelying on your getting the assurance done at five or six guineas per cent., but not limiting you as to premium, 1 remain, truly, sir, your obedient humble servant. Ant. Isidso. LXVII. Don Antonio Isidro, Lisbon,. London, ISth. Sept, 18— i Sir, — In pursuance of your orders, under date of the 3d l4 GENERAL CORRESPONDENCE. 'SERIES 11. instant, I have effected an insurance, as per copy of policy annexed, of 250/., on twenty-five bags of cotton, valued at 1 0/. each, marked AI, Nos. 1 to 25, by tbe Grcneral SampayO; Captain Jose Maria Alves, from Ceara, in the Brazils, to your city, from all risks, at six guineas per cent., amount to your debit as per account at foot, ISl. 2s. 6d., for which, if found correct, you will please to credit me in account cur- rent. Assuring you that 1 shall always pay the strictest attention to your orders, and soliciting a continuance of them, I remain, very truly, sir, your obedient servant, James Coebell. LXVIII. James Cordell, Esq., London. Oporto, 1st October, 18 — . Sir, — I received, in due course, your favor of the 5th ultimo, with copy of policy and amount of premium, &o., of 1,500/., insured on my one-fifth share of the ship Ocean, from Pernambuco, and advising me of your draft for the amount, 138/. 6s. 6c?., which has been duly honored. This vessel having arrived two days since under convoy of the Perola frigate, I wait on you with a certificate to that effect, to enable you to recover the return of premium, which you will please to deduct from your next account. The present is to request that you will purchase, and ship for my account, by the first regular free trader for this port, ten thousand (10,000) hare-skins, well packed, and in good sound condition, to be marked IM, 1 to 20. Be so good as to effect insurance thereon, so as to cover every expense in case of loss, and take your reimbursement by draft on me at sixty days' sight. Kelying on your known zeal, for the pro- per execution of this small order, I remain, sir, your faithful humble servant, John Matthews. LXIX. John Matthews, Esq., Oporto. London, 2ls^ October, 18 — Sir, — By the Mentor, Captain Bullock, I have shipped the twenty bales of hare-skins ordered in your favor of the Ist inst Inclosed you will find bill of lading, and annexed ORDER FOR HARE-SKINS. ^INSURANCB. 45 invoice of the same, amount of the latter 464/. 13s. Id. to your debit. These skins, I am confident, will give you satisfaction, for they are of very superior quality, and are shipped in excellent condition. I hope this will lead to more considerable orders. I have effected insurance on the sum of 500/., which will cover all expenses in case of loss, but which, I trust, will not occur. I have given you credit for 60/., return of premium per Ocean, recovered from the underwriters, and I have valued on you, in oompliance with your request, for the balance due to me this day, say 404Z. 13s. Id., at sixty days' sight, to the order of Thompson, Croft and Co., value of J. Bul- keley and Co., exchange 55^ per mUrea, to which I request your accustomed protection. Premiums of insurance to and from the Brazils are rising, in consequence of some recent captures by the Buenos Ayrean cruisers ; but it is to be hoped they will shortly return to the customary level of times of peace. I am, most truly, sir, your very humble servant, James Cordell. LXX John Luke, Esq. Inndon. Liverpool, Zrd September, 1 8 — Sir, — ^You will be so good as to cause the following t( be insured in London at the lowest premium possible, and not exceeding — the first, six and a half guineas per cent. ; the second, 40s. ; — ^at which we could have effected them here ; but we have no doubt you will be able to succeed at lower premiums. Say 1st. £175 on 100 bags of rice from Maranham to Oporto, by the Senhora da Agonia, Captain Joaquim Pa SUva, marked A 1 to 100. The ship to sail on or about the 10th October. 2nd. Bs. 20,000ff.000 at the exchange of 72d. on two- fifths of the cargo of the Wellington, Captain Joseph Mandel, from Bahia to Hamburgh, to sail the be- ginning of the present month. Particulars to ba furnished hereafter. Belying on your executing this order to the best of youi 46 GENERAL CORRESPONDENCE. SERIES m. ability, and requesting you to carry the amount of both to our debit in account, we remain, as always, sir, your obedient humble servants, Jos, Phillips & Co. LXXI. London, Qth September, 18 — , Messrs. J. Phillips & Co. Liverpool. Gentlemen, — I am favored with your letter of the 3rd instant, ordering two insurances, viz. £175 on 100 bags of rice per Senhora da Agonia, Captain J. Da Silva, from Ma- ranham to Oporto, which I have effected at six guineas per cent., with policy, com- mission, &c. . . per account £11 10 6 £6,000 equal to Rs. 20,000ff.000 at 72d. per milrea on two-fifths of the cargo, per Wellington, Captain J. Mandel, from Bahia to Hamburgh, at 35 shillings per cent., policy and commission . per acot. £120 Total . . £131 10 6 to your debit, which you will please note to my credit, accordingly. I hope you will be perfectly satisfied with my exertions on this occasion, since, I assure you, it cost me some pains to get the assurances effected within the limits prescribed. I shall expect you to favor me with the par- ticulars of the Wellington's cargo, for endorsement on the policy, as I always find it best to set a value on each package, for facility of settlement in case of average. I remain, your very obedient humble servant, John Luke. IHIRD SERIES. LXXII. Liverpool, I2th Sqitemher, 18 — JoBN Luke, Esq. London. Sir,-:- We are in receipt of your much esteemed letter of REMITTANCE. 47 the 6th instant, and beg to assure you that we are much pleased with the premiums of the insurances effected by you, per Wellington and Senhora da Agonia, and have credited you with the amount in the sum of 131^. 10s. 6d. We have the sum of 4,600/. to remit to our common friends, Messrs. J. Newfield and Co., at Oporto,* which we will do through your agency,, provided you consent not to charge us any commission thereon, because, this being more a family transaction than a matter of business, we are anxious to avoid expense as much as possible ; brokerage and postage we presume must be incurred. On receiving your answer, if in the affirmative, as we anticipate, we shall cause the amount to be paid to your bankers ; therefore you must favor us with their firm, and we shall rely on your remitting the same to our above-named friends, in un- doubted paper, either on Lisbon or Oporto, as you may be best able to find bills. We are truly, sir, your obedient humble servants, Jos. Phillips & Co. LXXIII. London, 15th September, 18 — . Messrs. Jos. Phillips & Co., Liverpool. G-ent., — In reply to your favor of the 12th instant, I beg to assure you, that it will afford me much pleasure to remit the 4,600/. to which you allude, to our Oporto friends, Messrs. J. Newfield and Co., without any charge for com- mission. You will, therefore, please to order that sum to be paid into my bankers, Messrs. Bosanquet and Co., when I will immediately proceed to execute . your order. Lisbon was done to-day at 64 to 54|- ; Oporto 54|-. To-morrow is post-day, when if any good paper offers, I shall secure it ; and to keep the transaction to ourselves, I will have the bills made payable to my order, endorsing them to Messrs. J. N & Co., of course without my prejiidice,\ since I derive no idvantage from the transaction. » See Letter LXXVTI. of the same date to J. Newfield and Co. Tbis Is a reservation frequently made by merchants, and signifies 18 GENERAL COKRESPONDENCE. SERIES 111. Their orders as to remittances on their own wine account, are, that when the rate of exchange on Lisbon is J below that on Oporto, it makes no difference to them on which place bills remitted to them are drawn ; but when it exceeds the :J, those on Lisbon are to be preferred. Be so good aa to say, whether I am to observe the same rule in the present instance. And believe me truly, gentlemen, your obedient humble servant, John Luke. LXXIV. London, VQth September, 18 — Messrs. J. Newpield & Co., Oporto. Gentlemen, — By order of our common friends, Messrs. J, Phillips and Co., of Liverpool, I have to inclose you five bills of exchange, as noted at foot, amounting to 1658J. 12s. 4(5?., part of 4,600/. which they have paid into my bankers'* for the purpose of being remitted to you, and you may be assured I shall do it with all possible despatch. No more bills offered to-day of which I could approve. You will observe that these draughts are made payable to me, and I have endorsed them, but this piust be understood (as I do .not charge commission or del credere) to be without my prejudice, my sole object, in so doing, being to prevent my prying neighbors from gratifying their curiosity. I shall notwithstanding, be as careful in the selection of bills as if the responsibility were entirely my own. By next mail, I expect to be able to make you a further remittance. In the mean time, believe me to be, gentlemen, your assured humble servant, John Luke, Note of BUls inclosed, viz. St of £1000 at 60 days' date on D.P. ) on your Pinto and Co., at 54;^. ) city. lliat it IS to he understood they do not, by the act in question, incur tny responsihility, and the other parties must "hold them harmless," or in other words, exonerate them from all consequences. * This expression, if not strictly grammatical, is truly mercantile ; the word '' hands " is understood. RKMnTANCE. 49 £!,000 Brought forward. St of 214 6 at 60 days' sight on D. G. D. Goimanner at 54. do. 90 8 4 or ff. 1,000, dated Amster- I on jova dam, 22d July, at 1^ [ city, usance on 0. and M. Garner, at 54J. 8d of 253 18 at 60 days' date on"! -, • i. Widow Moller and ^^ ^^^?^ a „(. cj I firsts Witt !3on, at 54^ i-^ , „ do 100 at 30 days' sight on A. J^- ^na u. Follett, jun., 53f . Fox. £1,658 12 4 To the debit of Jos. Phillips and Co.. LiverpooL LXXV. JjondoK, I6th September, 18 — . Messra F. and H. Fox, Lisbon. Grent., — I take the liberty of inclosing two firsts of ex- . change, as per note at foot, which you will be so good as to get accepted and hold at the disposal of the seconds,* re- mitted this day to our common friends at Oporto, Messrs. J. Newfield and Co. In case of non-acceptance or non- payment, be so good as to advise said friends thereof, and cause the bills to be noted, furnishing me with a protest, that I may recover from the drawers ; however, I feel confi- dent that such will not be needful. I remain, most truly, sir, your obedient humble servant. John Lxjkg. Particulars of Bills. £253 18 on "Widow Moller and Son, 100 on A. Follett, jun. * See " Bills " in the Appendix. so GENERAL CORRESPONDENCE. — SERIES III. LXXVI. John Luke, Esq., London. Liverpool^ lOiA Oct. 18 — . Sir, — We have received your esteemed letter of the 7th instant, accompanied by an account of your remittance to Messrs. J. Newfield and Co., of Oporto, of the 4,600/. placed in your hands for that purpose, together with your charges thereon, M. 12s., which sum we have ordered to be paid to your bankers, Messrs. Bosanquet and Co. This being a separate transaction, you will please to close it in your books accordingly. With many thanks for your trouble in this affair, we are, &c. Jos. Phillips & Co LXXVIl. Liverpool.^ \2th September, 18 — . Messrs. J. Newfield and Co., Oporto. Gent., — Having balanced the books of our late partner- ship, we find due to your Mr. Thompson, the sum of 4,827/. 13s. 4d. up to 30th June last. But as there are yet some small amounts outstanding, and a few claims unsettled, we purpose remitting you 4,600/. (say four thousand six hun- dred pounds), on account, through the medium of our com- mon friend, John Luke, Esq., of London, to whom we have written by to-night's post, apprising him of our intention, and proposing that, this Ijeing. a family affair, he should charge no commission. Persuaded that he will accede to our wishes, we have no doubt that you will by next mail re- ceive a part, if not the whole, of the above sum, in good bills, either on your city or Lisbon, with which you will please to do the needful, and credit Mr. T. accordingly, to whom we defer writing until we oan close the partnership accounts altogether. Meanwhile we request him to accept our kind regards, and remain, most truly, &c. Jos. Phillips & Co. • The intermediate letters are omitted, as devoid of interest. KEMITTANCE. 5t LXXYIII. London, \Uh October, 18 — . Messrs. i. Newfield & Co. Oporto. Gent., — Our worthy friend, Mr. Luke, having advised us that he has completed his remittance of the 4,600/. on account of your Mr. Thompson, and moreover furnished us with a note of his charges thereon, amounting, as per mem. at foot, to 4J. 17s. Qd., we have placed that sum to Mr. T.'s debit also ; of which you will please to take notice. Ex- pecting to hear shortly of the receipt of this remittance, we remain, &c. Jos. PmLLiPS & Co. £2 17 6 Brokerage, ^ per cent, on 4,600. 2 Postages to and from Oporto, Lisbon, and Liverpool. £4 17 6 LXXIX. Oporto, 21 si October, 18 — . Messrs. Jos. Phillips & Co., Liverpool. Gent., — Your much esteemed favor of the 12th ult., in- foririing us of your intention to remit us 4,600/. on our Mr. Thompson's late partnership account with you, was duly received ; but we deferred answering it until we could advise, as we have now the pleasure of doing, the receipt of the whole of the said sum. The various bills of which this remittance consisted, having been honored, and not doubting that they will be discharged at maturity, we place the amount to the credit of our Mr. Thompson's private account as desired ; and assuring you of the sentiments of esteem with which we are impressed, we are, &c., J. Newtield & Co. 52 GENERAL CORRESPONDENCE. SERIES IV LXXX. John Luke, Esq., London. Oporto, 21s« Oct., 18 — ^ Sir, — Since we last wrote to you on the 15th instant, w<> have been favored with yours of the 7th of the same month covering two bills on this city, value 1153/. 15s. Ad. These drafts have been duly accepted ; and the amount, added to your fcrmer remittances, completes the sum of 4,600/. on account of Messrs. J. Phillips and Co. of Liver- pool, thus closing this transaction. For your kind attention to this business, we can but request you to accept our best thanks ; and hope that on some other occasion your trouble will be better remunerated. With a tender of our best services here, we remain, &o. J. Newfiet.d & Co. FOURTH series. LXXXI. J. Thompson, Esq., Liverpool. London, \Ath Jati., 18 — . Sir, — I beg leave to trouble you with duplicate of a letter for Mr. J. M. Da Souza. of Bahia, ordering the shipment of 1,000 to 1,200 mangotes of tobacco, which you will please to forward by the first opportunity, for that city ; 1 have left it open under a flying seal for your perusal ; the original went per packet on the 14th inst. This tobacco is on joint account, as arranged when you were here, between Messrs. Wm. Thompson and Co. of Hamburgh, your firm, and myself, in thirds. It is understood and agreed that all commissions charged by the house at Hamburgh, and by me, shall be equally divided between the three parties ; consequently, Messrs. W. Thompson and Co. will have to credit you for one-third of their coBjmissions, and myself for one-third in like manner. Hut, under these circumstances, all responsibility on my part, in giving the orders, accepting drafts, and effecting insur- mce, must be removed, as well as that of the house af JOINT SPECULATIONS IN TOBACCO. 53 Hamburgh in making sales ; so that, in fact, every risk attending this speculation must be borne by all the parties in the proportions in which they are interested : and this will apply to all other transactions of a similar nature, in which the three houses may engage. The dd credere to be charged by the house at Hamburgh, will of course not be divided, because the guarantee of the purchaser is a risk which they take wholly upon themselves. As soon as I receive Mr. Da Souza's invoice, I shall fur- nish you with a copy, and you can then remit me the amount of your third share therein. Believe me truly, sir, your obedient humble servant, R. Jackson LXXXII. J. M. Da Souza, Esq., Bahia. Lofidon, lith Jin., 18 — . Sir, — At the recommendation of Messrs. W. Thompson and Co. of Hamburgh, I take the liberty of addressing you, and avail myself of the opportunity to make you a tender of my best services in this city. The object of my present application is, to request that you will have the goodness to purchase, and ship to the con- signment of our above-mentioned friends at Hamburgh, from 1,000 to 1,200 mangotes of tobacco, of prime quality, ii you can ship them at or under the price of 2 mil. 300 reis, (say two mil. three hundred reis), per mangote — all charges of shipping, your commission, and freight included. To enable you to ascertain this point, you will please to calculate the mark banco at 300 reis, or the pound sterling equal to 4 mil. 100 reis. For your reimbursement, you will draw on me at sixty days' sight, and at the most favorable exchange, furnishing me, at the same time, with invoice and bill of lading, and anticipated advice for insurance ; when you may rest assured your draft shall be duly honored. Trusting that this introduction may lead to more important transactions, I remain, most sincerely, sir, your very obedient humble servant, Robert Jackson. P.S. — I have ordered the tobacco in Mangotes, becans* Rolls are not saleable at Hamburgh. 64 GENERAL CORRESPONDENCE. SERIES IV. LXXXIII. London, I Zth January, 1 8 — Messrs. W. Thompson & Co., Hamburgh. Gentlemen, — I beg to inform you, that agreeably to an arrangement made with your worthy brother, Mr. Jamct Thompson of Liverpool, when in London, I have ordered from 1,000 to 1,200 mangotes of tobacco, to be shipped for your city, and to your address, by Mr. J. M. Da Souza ol Bahia, as you will perceive by the annexed copy of my letter under date of the 14th inst. As regards the account and con- ditions on which this investment is made, I must refer you to the inclosed copy of my letter of the 16th, to your brother, being in conformity with the terms agreed upon with him, and with which I apprehend he made you acquainted, prior to his leaving this place. In full expectation that this little adventure, from its success, will lead to others of greater magnitude, I remain, most sincerely, gentlemen, your obe- dient humble servant, Robert Jackson. LXXXIV. Liverpool, 17 tk January, 18 — Robert Jackson, Esq., London. Sir, — I have to acknowledge the receipt of your much esteemed favor of the 14th inst., and have noted its contents, which are perfectly in accordance with the verbal agreement entered into when I was in London. The letter for Mr. Da Souza shall be forwarded by the first yessel for Bahia ; there is none, however, at present loading for that city. Hoping this commencement of business on joint account, and in com- pany with my brother's house at Hamburgh, will be the forerunner of more extensive ^business ; and with assurances of my desire to render our correspondence mutually inter- esting and beneficial, I remain, sir, your very obedieEt humble servant, James Thompson. LXXXV. R. Jackson, Esq, London. . Hamburgh, 25th Jan., 18 — . Sir, — We are much obliged by the readiness with which JOINT SPECULATIONS IN TOBACCO. 55 jou acceded to Mr. J. Thompson's proposition, in regard to trying an adventure or two on joint account, and are glad to observe that, in consequence, you have ordered from 1,000 to 1,200 mangotes of tobacco, to be shipped from Bahia to our address by our friend there, Mr. J. M. Da Souza; which order we have no doubt he will execute within your limit. The demand for this article is slack at the present moment ; but by the time we may expect the arrival of the small parcel you have ordered, we doubt not it will be brisker, and we hope to have it in our power to render you satisfactory account-sales, so as to induce you to follow up the operation. We shall punctually observe the terms on which this, and future transactions of a similar nature, are to be conducted ; and it will, we beg to assure you, afford us much gratification io continue a correspondence, thus, as we consider, auspi- ciously commenced. We beg you will believe that our best services are always at your disposal ; and we remain, your truly obedient humble servants. Will. Thompson & Co. LXXXVI. Bahia, ^\st March, 18 — Messrs. W. Thompson, & Co., Hamburgh. Gentlemen, — I am greatly indebted to you for your good intentions in introducing Mr. Robert Jackson of London to my firm, having received a letter from that gentleman, or- dering the purchase of 1,000 to 1,200 mangotes of tobacco, to be shipped to your address ; limiting me, however, to 2 mil. 300 reis per mangote on board, freight to your place in- cluded. I am sorry to say that it is utterly out of my pow- er to execute this order, and I shall be much obliged by your informing Mr. Jackson that tobacco, at our current prices, would stand in nearly 15 per cent, more than his limit, ex- clusive of freight. I do not write to that gentleman, because i am unwilling to put him to unnecessary expense in post- age. Believe me, with great respect, gentlemen, your obe- dient humble servant, J. M. Da Souza. 56 GENERAL CORRESPONDENCE. SERIES IV. LXXXVII. Robert Jackson, Esq., London. Hamburgh, Ath June, 18— Sir, — We have been favored with a letter from our friend, Mr. J. M. Da Souza of Bahia, dated 31st March last, w'uich we transcribe on the other side, and from which you will per- ceive that he could not execute your small order for tobacco, within your limit : consequently, we must, for the present, forego the pleasure of being interested with you in specula- tions in this article from the Brazils. It is well that Mr. Da S. resolved on its non-execution ; for had he ezceeded your limits, it would have occasioned dissatisfaction, since our mar- ket would not enable us to realize a profit on the consign- ment. We, by this post, communicate this result to the writer's brother at Liverpool. On some other occasion, we shall be most happy to join you, when we hope to be more successful. We are, sir, your obedient humble servants. Will. Thompson & Co. LXXVIII. Hamburgh, ith June, 18 — . James Thompson, Esq., Liverpool. Sir, — Having received advices from Mr. J. M. Da Souza of Bahia, that he could not possibly execute our friend Mr. Jackson's order for tobacco, on our joint account in thirds, we beg to apprise you thereof, and to inform you that we have written to Mr. tf. to that efiFect. We expressed to him our regret at this unexpected prevention, or at least suspension, of the active correspondence which we anticipated, and assur- ing him that we shall, at all times, be ready to renew the at- tempt, whenever a more favorable opening occurs. Leaving it, therefore, to you to make such arrangement as you may deem proper, we remain, sir, your assured obedient humble (servants Will. Thompson & Co. LXXXIX. Ijondon, Wth June, 18 — . Messrs. Will. Thompson & Co., Hamburgh. Gentlemen, — I have been favored with yours of the 4th JOnJT SPECULATIONS IN TOBACCO. 57 mstant, stating the impracticability of the execution of my order to Mr. Da Souza of Bahia, for the purchase of tobacco. I cannot but regret with you, this disappointment to my hopes of establishing a connection with your respectable house, and your brother's at Liverpool, of an amicable and reciprocally beneficial character. However, we must have patience, and I hope that we shall be more fortunate in a se- cond attempt. In your brother's next visit to this place, we shall see what can be done ; meanwhile, I remain, most sin- cerely, gentlemen, your obedient humble servant, KoBERT Jackson. P. S — I shall write Mr. Da Souza, that if he can execute the order in the autumn, he may do so. XC. J. M. Da Souza, Esq., Bahia. London, lAth June, 18 — . Sir, — Our Hamburgh friends, Messrs. William Thomp- son and Co., having apprised me of the obstacles you have encountered in the execution of my order of the 14th Janu- ary last, for the purchase and shipment of 1,000 to 1,200 mangotes of tobacco, I have only to regret this circumstance, and the disappointment consequent upon it. This is, however, to authorize you to make the shipment at any time before next spring, provided it can be done within the limits already given : therefore you will please to consider my order in full force till March next. Hoping you will, ere then, succeed in effecting the purchase, I remain, most truly, sir, your obedient humble servant, KoBERT Jackson, XCI. London, Wth January, 18—. Messrs. Arthur Collins & Co., Bristol. Gentlemen, — I received, in due course, your favors of the 3rd and 6th inst., and have credited you -280?. 18s. Ad., being half the account of invoice of flax, per William, to Lisbon, on joint account. I have desired Messrs. E. Angova 58 GENERAL CORRESrONDENCE. SERIES IV. and Co., to whom they are consigned, to remit me the wholt of the net proceeds in specie, to which I presume you will have no ohjection, as I deem it better to keep this adventure quite distinct from all other transactions ; however, if you would rather those gentlemen should place your moiety of the net proceeds to your credit in account, you have only to write them to that effect, and I will confirm your letter. I have taken due note of your acceptance for 450^. at two months from 20th ult., payable with me to the order o. Castendieck and Co., which shall be punctually discharged at maturity and placed to your debit. Inclosed, I return you four bills received in yours of the 8th inst., for acceptance, the whole being duly honored. Believe me, very truly, sir, your most obedient servant, William Luke. XCII. London^ Wth January^ 18—, Messrs. H. & F. Vincent, Bell Alley. Gentlemen, — You will oblige me by investing the sum of 375^. 8s. 1 \d. (less your brokerage, and my commission of \ per cent, on the sum expended), in the three per cent, con- sols, in the name of Duiz de Merdonza, Esq., of the island of Madeira ; handing me an account thereof, when I will send a check for the cost and brokerage. I am truly, gentlemen, yours, &c., Thomas Adams. FIFTH series. XGIII. Gt. Winchester St., lOthJan., 18— Joseph Manning, Esq., Piccadilly. Sir, — Your acceptance for 38^, drawn by me on the 6th October last, and payable to my order three months after date, fell due yesterday, and now lies at my bankers, Messrs. Curtis and Co., Lombard Street, noted for non-payment. DRAFT DISHONORED. 59 I beg, therefore, to call your immediate attention to it, and request you will take up the same with 5s. expenses thereon. I remain, sir, your obedient humble servant, T. Williams. XCIV. Gt.Winchester St., \2th Jan. 18 — . Joseph Makning, Esq., Piccadilly. Sir, — I am very much surprised at your inattention, in a matter of so much importance as a dishonored draft. Re- ferring you to my note of the day before yesterday, inform- ing you that your acceptance of 38Z. had been noted for non-payment, I now beg to say, that if the draft be not immediately taken up, I shall be compelled to have recourse to measures no less unpleasant to me than disgraceful and disagreeable to yourself. I am, sir, yours, &c., T. Williams. xcv. Piccadilly, \2th January, 18 — , Thomas Williams, Esq., Great Winchester Street. Sir, — Having been out of town for the last fortnight, I am truly concerned to find that no provision was made for my acceptance of your draft, due on the 9th inst. for 38Z. When on my return to town this morning, your note of the 10th was put into my hands, I immediately took up the bill, which now lies before me, together with your note of this morning. I can only regret having, through inadvertency, caused you so much trouble. Believe me, very sincerely, sir, your obedient humble servant, Joseph Manning. SIXTH series. XCVI. James Box, Esq., London. London, \lth August, 18 — Sir, — In pursuance of our arrangement, I shall proceed 60 GENERAL CORRESPONDENCE. SERIES VI. to Paris to-morrow, and from thence to Havre de Graoe, to embark for Fayal in the Nancy, Captain W. Kichards ; in which vessel, our friends, Lafitte and Co., of Rouen, have shipped goods for my account, to the amount of 650/. (say six hundred and fifty pounds sterling). This sum I shall have to pay to their bankers in Paris, Messrs. De la Rue and Fils, and I will, therefore, thank you to furnish me with a letter of credit on those gentlemen, authorizing them to take my draft on you for 700/. (seven hundred pounds), at three months' date, and to negotiate the same ; all expenses attending the negotiation to be at my charge. On my arrival at Payal, I shall ship wines on board the Nancy to a similar amount, one moiety to the consignment of your friends, Messrs. Ross and Co., of Hamburgh, and the other to that of Messrs. W. Williams and Co., St. Peters- burgh, with directions for each of them to remit, or hold the net proceeds at your disposal. In the mean time, and as collateral security for the 700Z. draft, you will please to effect insurance on the goods shipped at Havre (of which I shall hand you p Articulars from thence), in the said sum of 7001. (seven hundred pounds). And as soon as you receive advice of the Nancy's safe arrival at Payal, open a policy for 400/ (four hundred pounds) on wines to Hamburgh, and 400/. (four hundred pounds) more on ditto to St. Petersburgh, awaiting my further orders to complete the same. It is understood that you are to charge interest at the rate of 5 per cent, on all sums advanced by you, until reimbursed; also the usual commission of ^ per cent, on all drafts draWn on you, and remittances in bills of exchange made by me, oi by my orders ; the same on all insurances effected with ^ per cent, for del acdere thereon, as well as on all transactions wherein your correspondents effect sales, &o. In the hope that this commencement may lead to more ex- tensive transactions, I remain, most truly, sir, your obliged, abedient humble servant, J. G. Sommers. XCVII. Messrs. De la Rue & Sons, Paris. London 1 Uh Aug., 18 — Grentlemon, — I beg leave to introduce to your acquaint CREDIT ON PARIS. INSURANCE. 61 »nce, the bearer, Mr. J. Gr. Sommers, who is about to visit your capital on business ; and I have to request, that, should Mr. S. have occasion to draw on me for 7001. (say seven hundred pounds sterling), you will be so good as to take his bill of exchange at three months' date, for that amount ; relying on the same being duly honored. It is understood, for your government, that your commission, and all charges attending this transaction on your side of the water, are to be defrayed by Mr. Sommers, and that the net amount which I am to Eay here, is the before-mentioned sum of 700/. I have the onor to remain, gentlemen, your very obedient humble ser- vant, James Box. XCVIII. James Box, Esq., London. Paris, \5th Aug., 18 — . Sir, — Mr. J. Gr. Sommers has delivered to us your letter of the 11th inst., establishing a credit in his favor for 700/. (seven hundred pounds sterling), which we shall have much pleasure in supplying him with, taking his draft on you at three months' date for our reimbursement. Requesting you will, at all times, command our best services, we have the honor to ii^aiain, sir, your obedient humble servants, De la Rue & Co. XGIX. James Box. Esq., London. Paris, Ind Septemher, 18 — . Sir, — Having nearly completed my business in this city, I shall proceed in a day or two for Havre, to embark for Fayal ; and having sent off some more goods for shipment per Nancy, I request you to insure the same for 300/. (three hundred pounds sterling). I shall addres you from Havre with the further particulars requisite. In the mean time, be- lieve me, sir, your obedient humble servant, * J. G. Sommers. G. London, 5th September, 18— J. Or. Sommers, 'E^sq.,, Havre de Grace. Sir, — I am favored with your letter of the 2d inst., and 62 GENERAL CORRESPONDENCE. — SERIES VI. have, agreeably to the order it contained, eflfeoted insuranot on goods, per Nancy, Captain W. Kichards, from Havre to Fayal, in the sum of 300/., at the same premium as the 700/. done previously to your departure from this city, say twenty shillings per cent. I shall expect the promised particulars for indorsement on the policies ; and remain truly, sir, your obedient humble servant, James Box. CI. Havre de Grace, 25th September, 18 — , James Box, Esq., London. Sir, — I hwe now to wait on you with a specification of tne good shipped on board the Nancy at this port, for my account, and which you will please to have declared on the policies, opened by you for 700Z. and 300/. respectively ; re- taining the former in your hands, as per agreement, and for- warding the latter (for 300/.) to my friends Messrs. Dugard, Freres, Rue St. Honore, Paris. It is expected that the Nancy will sail in the beginning of next month. I remain, faithfully, sir, your obedient humble servant, J. G. SoMMERB. CII. London, 2d October, 18 — . J. G. SoMMERS, Esq., Havre de Grace. Sir. — I am in possession of your favor of the 25th ult., and, having indorsed on the policies the necessary declara- tions of value of the different goods, of which your ship- ment consisted, I shall transmit that for 300/. by this day's post, to Messrs. Dugard, Freres, of Paris. The one for 700/. I retain as collateral security for any advances that I may come under for your account. By the by, you have not mentioned whether you made use or not of the credit on Messrs. De la Eue and Co. — ^please to inform me in your Dext. I shall be looking out for intelligence of the Nancy's arrival IRIIEGULAIIITY IN A DRAFT. 63 at Fayal, in order to effect the insurance on wines to Ham- burgh and Petersburgh, 400/. each, as ordered in your letter of the 1 1th August. Inclosed, you will please to receive co- pies of the respective policies, and an account of the premi- ums, &c., amounting to 121. 5s. Od., to your debit. Wishing you a pleasant passage, and profitable sales, I remain, sir, your obedient humble servant, James Box. cm. London, 8th October, 18 — . Messrs. De la Rue and Co., Paris. G-entlemen, — Since the receipt of your letter of the 15th August, respecting the credit for 700l. in favor of Mr. J. Gr. Sommers, nothing has occurred to occasion my troubling you ; but this morning, to my surprise, a bill of exchange for 700/. has been presented, purporting to be drawn by Mr, Sommers, at three months' date, from the 2nd September, and in favor of Messrs. De Rue and Co., but indorsed "De la Kue and Co.," apparently in your handwriting. Mr. Sommers having written to me on the very day on which this bill is dated, and subsequently from Havre, under date of the 25th ult., without mentioning his having drawn such a bill (though of course I expected he would do so), or hav- ing given any advice whatever of his having made use of the credit, I have' thought it prudent to withhold my acceptance until I hear from you, whether you have negotiated this bill or not ; for in these times, when forgeries are so frequent, and fraudulent practices of such common occurrence, the ut- most caution is required in transactions of this nature. If Mr. Sommers drew this bill, it is an unpardonable oversight, or inexcusable neglect on his part, that he did not give me the necessary advice, in the letters alluded to. I believe he is still at Havre, and I wrote to him on the 2nd inst. respect- ing this transaction. On receiving his or your answer, I shall of course honor the draft. I remain always, gentle men, your obedient humble servant, James Box. 64 GENERAL CORRESPONDENCE. SERIES VI. CIV. London, iOth October, 18 — , Messrs. De la Rue & Co., Paris. Gentlemen, — Referring you to my respects of the 8th inst., I have now to inform you that the holders of the draft mentioned therein, would not consent to hold it over until I received your reply ; consequently, I have accepted it, un- der protest for your honor*, as indorsers, in the persuasion that the indorsement is in your handwriting. I hope, in a day or two, to hear from you that all is right respecting this draft, when I shall not only be relieved from the uneasiness which Mr. Sommers's neglect has occasioned me, but you from all responsibility ; as I shall, in that case, place the draft to the account of that gentleman. I remain, gentle- men, your most obedient, humble servant, James Box. CV. London, 8th Octobei^, 18 — . J. G SoMMERS, Esq., Havre de Grace. Sir, — Confirming the above copy of my respects of the 2nd inst., I am now under the disagreeable necessity of in- forming you that a bill has been presented for acceptance, which appears to have been drawn by you on the 2nd ult. for 700J. at three months' date, to the order of De Rue Sf Co. (without the la). Having no advice from you, although you wrote to me on the same day, and again on the 25th ult., from Havre, I have been (however reluctantly) obliged to dishonor it. I hope you will, immediately on receipt of this (should you not have done it before, in answer to my last) do the needful and put me out of suspense. This neglect on your part (as I have no doubt it will prove to be) has exposed me to very serious consequences with Messrs. De la Rue & Co , who will perhaps attribute my refusal of your draft to some sinister motive. For Heaven's sake I be more regular and cautious in future. I always considered you a man of busi- * See " Bills" in the Appendix. IRREGULARITY IN A DRAFT. 65 ness ; bat these inattentions will shake my confidence in you, which has hitherto been unlimited. Awaiting your explana- tion with impatience, I remain truly, sir, your obedient hum- ble servant, James Box. CVI. James Box, Esq. London. Paris, \Uh October, 18 — . Sir, — The bill of exchange for 700Z. to which you allude in your favor of the 8th inst. was drawn by the gentleman who brought us your letter of credit for that amount ; and the signature " J. Gr. Sommers," is his — he having signed the draft in our office. We trust, therefore, that on your receiv- ing this assurance all will be correct, and all responsibility removed from our indorsement. We cannot account for Mr. Sommers' neglect in regard to the advice of his draft, but presume that he will be able to explain this irregularity to your satisfaction. We remain, sir, your devoted and obe- dient servants, De la Rue & Co. CVII. London, \ith October, 18 — . Messrs. De la Rue & Co., Paris. Gentlemen, — The explanation contained in your much valued favor of the 11 th inst. is perfectly satisfactory ; and, of course, all doubts as to the identity of Mr. Sommers'a draft for 700Z are removed. Having now accepted this bill in the regular way, you may consider your responsibility at an end. Regretting the trouble you have had in this trans- action, I remain, gentlemen, your obedient humble servant, James Box. CVIII. Havre de Grace, VBth October, 17 — . iliMES Box, Esq.., London. Sir, — Your favor of the 2nd inst. has just come to hand, and being on the point of departure, I have only time to say, that I drew on vou for the 700/. from Paris at three months' 5 56 GENERAL CORRESPONDENCE. SERIES VI. date in favor of your friends, Messrs. De la Rue & Co., and am surprised that my draft had not made its appearance. 1 certainly did not mention having drawn it in my letter of the 2nd, because at the time that was written I had not drawn it ; and when I did, I considered it unnecessary to advise you of my having done so, as I concluded you would consi- der it a matter of course. Trusting this may yet be in time to prevent any unpleasant consequences, I remain, in haste, but truly, sir, your obedient humble servant, J. G. SOMMERS P. S. — I find the insurances all right. CIX. London, 2nd October, 18 — , Messrs. Dugard, Freres, Rue St. Honm-^, Paris. Gent., — By desire of Mr. J. G. Sommers, I have the honor to wait on you with a policy of insurance for 300J. effected by me on goods per Nancy, Captain W. Richards, from Havre de Grace to the island of Payal. I avail myself of this opportunity to make you an offer of my best services in this city, and to assure you that I am, with great sinceri- ty, gentlemen, your obedient humble servant, James Box. ex. James Box, Esq., London. Fayal, 25th November, 18 — . Sir, — I have the satisfaction to inform you of my safe ar- rival at this island in the Nancy, on the 18th inst., after a tolerably pleasant passage. We shall begin discharging in a day or two, and then proceed to ship the wines with as much expedition as possible, before the winter sets in. I have given your address to my friends, Mr. A. J. Mar tins, and Mr. J. Vicenza of this island, who are both large exporters of fruit (oranges) to your market ; and, at my re- commendation, will have no objection to send a parcel to your consignment on trial, provided you will permit them to draw on you, on completing the shipment, for one half, or two-thirds i>f the amount of invoice. ORDERS TO CHARTER A. VESSEL. 67 I shall likewise be disposed to ship some on my own ao- count, or on joint account with you, if you should have no objection. At all events, you will please to charter a fast- sailing good vessel (a schooner to be preferred) for this port, to bring out coals, shook-pipes, and iron hoops, as per particulars annexed, and to load fruit and wiue for London. The freight for the voyage out and home must not exceed 5001. with five per cent, primage ;* the port-charges, &c., to be defrayed by the captain and owners, if you can prevail on them to agree to this. If you succeed in chartering a vessel on these conditions, the sooner she is despatched the better, with sufficient coals for ballast, the other articles al- ready named, and the few items comprised in the annexed list, for my own private use.. Should you have an opportunity, you may draw on me for the cost of the coal, &c., together with that of insurance, which you will be so good as to effect on the outward cargo, to its full value, with an addition of five per cent, to cover expences in case of loss. I hope the premium will be moderate. Time will not allow of the vessel going to Newcastle or Sunderland on the present occasion ; but probably, had it been a little earlier in the season, it would have been more advantageous to send her to one or the other of those places to load. Should you not be able to reimburse yourself by drawing, you will have the goodness to make your purchases at as long credit as may be practicable, to allow for the shipments I shall make being realized, if possible, in time to meet the payments for the outward cargo. I remain, sir, your obedient humble servant, J. G-. Sommers. CXI. J. G. Sommers, Esq., Fayal. London^ 2>0th Nov., 18 — . Sir, — Prior to entering on the subject of your esteemed fa70r of the 25th inst., acquainting me with your safe arrival * See "Primage'' in the Appendix. 58 GENERAL COURESrOSDENCE. — SERIES VI. at Fayal, I must acknowledge the receipt of that of the 18th of last month, from Havre de Grace, which sets the transaw tion of the 700Z. draft from Paris right ; and I immediately did the needful, debiting you for that amount, and my com- mission, J per cent., 31. 10s. I have to thank you for your introduction of my firm to your friends at Fayal, and shall be glad to receive any con- signments of oranges they may be pleased to send to my address ; but it is cot usual to make advances on cargoes of 80 perishable a nature, at least until the vessel is arrived and the state of the cargo ascertained, when, if the latter prove to be in good order and condition, I shall have no ob- jection to come under acceptance for two-thirds the estimated net proceeds ; the bills to be drawn at two months' date from the vessel's arrival, or three months from the time of her sailing from your island. From the perishable quality of the commodity, I must likewise decline taking any share or concern in the shipment which you propose making ; however, to serve you, I will, in the present instance, ship the goods you order, and await my reimbursement from the sale of such as you may consign to me. But as to purchasing coals, &c., at such credit as to enable me to pay for them out of the proceeds of your ship- ments, this is wholly out of the question, coal in particular b>ing a ready-money article. No schooner oiFering, I have been in treaty for a small brig, the London Packet, Captain Scott, to proceed to your port with the articles ordered in your favor of the 2nd. The broker demands 600Z. and I have offered him 400/. In my next I shall, no doubt, be able to inform you of my having completed the charter, and, you may be assured, on as low terms as possible ; but as to port charges, I fear no captain or owner will consent to defray them. The coals must be bought here, as there will be no time for the vessel to proceed to Newcastle or Sunderland, In- deed the additional freight which would be demanded, and the premium of insurance at this season of the year, would be more than equivalent to the difference in the price of the coals. SHIP CHARTERED. ^INSURANCE. 69 When I have concluded the charter, I shall lose no time in despatching the vessel, and hope she will be with you before Christmas. Believe me, sir, your obedient humble servant, James Box. CXII. London, 3rd December, 18—. J. Gr. SoMMERS, Esq., Fayed. Sir, — Referring to the preceding copy of my last re- spects, I have now to advise you of my having chartered the London Packet to proceed immediately to your island. I have agreed to pay 475Z, with five per cent, primage. The port-charges you are to defray, as you will perceive by the copy of the charter inclosed. I have purchased the coals, which she will begin to load to-morrow, and finish the next day. The empty pipes (shook) will be put on board the following day, and the iron hoops, which I have agreed for at 17Z. per ton, will he shipped on Saturday; when the vessel win clear, and, I hope, proceed on her voyage on Sunday next I feel confident you will approve, not only of the charter, but of the expedition used in getting the cargo on board. I have efiected insurance on 350^., the value of the dif- ferent goods to be shipped, at fifty shillings per cent., which I consider moderate for this season of the year. Premium &c., to your debit, as per account, and copy of the policy, inclosed, \Zl. 10s. I Of?. I have further insured 400J. on wines, to Hamburgh, per Nancy, at three gs. per cent. ; amount 15/. 12s. to your debit. Also 400/. on wines, by the same vessel, to Petersburgh, at five gs., being the lowest I could possibly get it done at, from the circumstance of the Nancy having to winter somewhere in England ; for which I have provided, as you will perceive, in the policy. The premium and charges on this assurance are carried to yoar debit in the sum of 24Z. By the chartered vessel, I shall send the articles ordered for your own use, which are in readiness, and for coat o'' irhich I have debited you 5/. 7s. as per note annexed 70 GENERAL COERESPONDENCE. SERIES VI. Believe me always sincerely, sir, your obedient humble servant, James Box. CXIII. J. Gt. SoMMERS, Esq., Fayal. London^ 7th December, 18—. Sir, — The present will be handed to you by Captain Scott, of the London Packet, which vessel sails to-morrow. I inclose a copy of my last respects of the 3rd inst. ; as also invoice and bill of lading of the shipments made by your orders ; amount of the former 378^. Is. Ad. to your debit. You will also receive herewith, bill of lading and invoice of twenty-five casks, containing 100 dozen of bottled porter, which I have shipped on my own account, and to assist in filling the vessel. The amount, 42J., I trust you will be able to realize. However, I do not wish to limit you as to sales ; but rely on your doing your best to dispose of this small consignment. The net proceeds you will please to invest in fruit for my account, to bo shipped, if possible, in the London Packet. I also send you, by Captain Scott, six gold Portuguese coins, of 6 mil 400 reis each, which I request you to lay out in the same manner, advising me in time for insurance, should an opportunity offer. The captain has special charge of the few articles for your private use. I will thank you to deliver the inclosed letters to Mr. Blartins, and to Mr. Vicenza, and I remain most sincerely, sir, your very obedient humble servant, James Box. CXIV. A. J. Martins, Esq., Fayal. London, 7th December, 18 — . Sir, — My friend, Mr. J. Gr. Sommers, of your island, hav- ing informed me of your wish to make me consignments of oranges, from time to time, during the ensuing season, I beg to thank you for this mark of your confidence ; but I am fearful my friend, in his anxiety to promote my interest, has overrated my ability, though he cannot my willingness to serve you. I shall be extremely happy to receive Buoh CONSIGNMENT. INSTUtJCTIONS TO CAPTAIN. 71 eonsigninents on the usual terms ; that is, to advance two- thirds of the estimated net proceeds on the cargo being landed, and the quality and actual state of the fruit (on which the value of the article so much depends) ascertained. But it is by no means, as you must be aware, the practice to accept bills of exchange, drawn on account of such cargoes in anticipation, on transmission of the bill of lading and invoice. In the event of your making any shipment, and wishing to insure, I shall be ready to effect any insurance you may be pleased to order, deducting the premium, commission, and charges from the proceeds of sales. Awaiting your commands, and in the hope that this may lead to a permanent correspondence, to our mutual satis- faction, I remain most truly, sir, your obedient humble ser- vant, James Box. cxv. London^ 7th December, 18 — ^. Captain John Scott, Brig London Packet, lying in the Thames. Sir, — Herewith you will receive a packet, directed to Mrr J. G. Sommers at Fayal, to whom your cargo is consigned, and for whose account your vessel has been freighted. You will be so good as to deliver the same immediately on your arrival at Fayal, and follow Mr. Sommers's directions as to all your further proceedings. Mr. Sommers will advance any money that you may need whilst at Fayal for the use of the vessel under your command, agreeably to the charter-party,* and you will please to give him duplicate receipts for what- ever sums you may receive. You will avail yourself of the first favorable opportunity to put to sea, and use all possible despatch in the prosecution of your voyage. Wishing you a safe, expeditious and plea- lant passage, I remain truly, sir, your obedient humble ser. rant, James Box. * See " C'HARTER-PARTy" in the Appendix. ?!( GENERAL CORRESrONDENCE. SERIES VI. CXVI. JiMES Box, Esq., Lotidon. Fayal,2^th November, 18 — i Sir, — Having completed tlie discharge of the Nancy, and finding it will not answer to attempt sending her to Ham- burgh and Petersburgh at this season of the year, I have made an arrangement with Captain Richards, who has con- sented to annul our agreement, and to proceed to your port witli a cargo of fruit, for another house here. As I have no doubt you will have been able to charter a vessel agreeably to my instructions of the 20th inst. (of which I annex a copy), I shall ship the wines, together with some fruit, di- rect to your port, for you to sell there or trans-ship to the Baltic, as you may deem most to my advantage. Should you have effected the insurance on these wines, per Nancy, please to cancel it, and get it done on the vessel which you have chartered to your port only ; also 300J. on fruit, say on 300 boxes of oranges, to be marked S, on my account charging the premium in the account-sales. I remain, sir, your obedient humble servant, J. G. Sommers. CXVII. London, \ith December, 18 — . J. G. SoMMEES, Esq., Fayal. Sir, — The foregoing is a copy of my last letter of thp 7th inst., since which time I have received your favor of the 28th ult. announcing your having annulled your agreement with Captain Eichards of the Nancy, and consequently requesting I would cancel the insurances effected on the wines, intended to be shipped in her for Hamburgh and St. Petersburgh. This I have accordingly done, and credited your account 14/. for premium returned in the former, and 18/. for ditto on the latter voyage. The underwriters always retain ^ per cent, for cancelling a policy, and the stamps are lost. I have now insured 800/. on the same wines to this port, by the London Packet, at two per cent, and 300/. on 300 Doxes of oranges, by the same vessel, at the same rate, mak- ing to your debit, as per accounts annexed, 20/. on the one INSURANCE. 73 and 8/. 5s. on the other. I cannot but approve of your de- termination with regard to the Nancy's intended voyage to the Baltic. Presuming you will likewise ship some oranges on my account, per London Packet, I have effected a provisional in- surance thereon, in 200^. Expecting shortly to hear of her arrival out, I remain, sir, your obedient humble servant, James Box. CXVIII. James Box, Esq., London. Fayal, Q,\st December, 18 — . Sir, — Referring to tlie annexed copy of my last respects, I have now the pleasure to inform you that the London Pack- et, Captain Scott, arrived here safely yesterday, and just in time to get her discharged before the holidays commence. The latter, I fear, will sadly interfere with her loading ; how- ever, I shall get her_^way with all possible expedition. I take due note of the insurances effected, and have credited you in my account accordingly, viz : £13 10 10 for prem. &c., of £350 on goods by her. 15 12 do. of 400 on wines to Hamburgh. 24 do. of 400 on do. to St. Petersburgh. & 5 7 cost of sundries as per your letter of the 7th instant. I have likfwise received your favor of the 30th ult. and have credited you a further sum of 3^. 10s. amount of your commission on my draft from Paris for 700Z. in favor of Messrs. De la Rue and Co. The principal I had already carried to your credit, and I beg to apologize for my omis- sion, in regard to the advice of that bill. I am glad to find that all is now right. The six pieces of 6 mil. 400 reis each, I have received from Captain Scott, and have credited your account 38 mil. 400 reis, together with twenty per cent, premium thereon, 7 mil. 680 reis. I shall dispose of your bottled porter, when land- ed, for the utmost I can obtain for it In the mean time, for your government in insurance, I intend shipping 200 boxes of oranges, Marked B, on board the London Packet, for your 74 GENERAL CORRESPONDENCE. SERIES VI. account, besides the 300 on my own : and this I think will fiU her. I shall address you again soon after the holidays ; mean- while I remain, ever, sir, your obedient humble servant, J. Gr. SOMMERS. CXIX. James Box, Esq., Loiidon. Fayal, I5th January, 18—. Sir, — The holidays and the weather have combined to de- feat my intention and exertions, in regard to despatching the London Packet sooner. However, she is now ready to put to sea, and will, I hope, take her departure to-morrow. Inclosed, you will find bills of lading for — 40 pipes wine, valued at £20 per pipe, £800 ) . 300 bxs oranges, do. at 1 per box, 300 \ °" ^^ account. 200 do do. do. at 1 per box, 200 on your acot. The invoice of the latter is likewise inclosed, and I have debited for you the amount, 480 mil. OOOreis in yoi/r account, crediting the same, for net proceeds of your 100 dozen porter, as per sales also inclosed, 400 mil. 000 reis, having, I con- sider, sold them well at 4 mil. 500 reis per dozen. I hope you will approve of this sale ; and flattering myself that the sales of tha fruit will give you equal satisfaction, it being shipped in prime order, I shall anxiously await the result of this little adventure. Believe me to be, 'as on all occasions, sir, your obedient humble servant, J. Gr. Sommers. cxx. J. G. Sommers, Esq., Fayal. London, I5th February, 18 — . Sir, — Your esteemed favors of the 21st December last and 15th ult. have been duly received; the latter by the London Packet. The wine and fruit have been safely landed, but I am sorry to say that the latter is in very bad condition and naarly all rotten: so much so, indeed, that I was obliged to put it up to auction immediately ; and you may form some idea of the loss which will be sustained on this part of the eargo, when I assure you that the net proceeds will scarcely ACCOUNT-SALES OP FRUIT. 75 defray the freight and charges. I attribute the damage to the bad package, and bad stowage (there not having been suf- ficient room left between the boxes for ventilation), and to the length of time the fruit must have been packed before it was shipped. The account-sales of your parcel shall be for- warded in my next letter. I have credited you, iu my account, for the cost of my 200 boxes, 480 mil. 000 reis, and debited the same 400 mil. 000 reis for net proceeds of my 100 dozen bottled porter, and 46 mil. 200 reis, produce of my six gold coins. I have tasted the wines, as also have several dealers. They are of a better quality than I expected, and I have consequently demanded 251. per pipe •; but I cannot get even 20/. offered for them, although all the parties who have tasted them, acknowledge that they are the best they ever knew to come from your island. I shall put them up to auction ; and if I cannot get 251. bid for them, shall immediately ship them for Hamburgh and Petersburgh, agreeably to your orders. From the pro-forma* account-sales and advices I have received from those ports, I think the wines would net there the price I have fixed for selling them at here. I remain, &c. J. Box. CXXI. Mr. J. Gr. "SoMMERS, Fayal. London.^ ?ith March, 18 — . Sir, — Without any of your favors since my last respects, of which the preceding is a copy, I have now to wait on you with account-sales of your fruit, the 300 boxes, netting 19/. 2s. 8(f. which I have placed to the credit of your account, as also 9Z. 8s. drawback of duties which I have recovered on the coals per London Packet. The duty and charges on my 200 boxes of oranges, ex- ceed the gross proceeds, by 10 J. 18s. lOcf. I therefore feel assured that you will not expect me to pay any freight there- on, since it is entirely owing to most culpable neglect, on the part of yourself, or of those whom you employed, that I have sustained this loss. It would certainly be very illiberal, as * See Appendix. 76 GENERAL COKRESPONDENCE. SERIES VI. I entered into the speculation merely to serve you, by help ing to fill up the vessel, both out and home, were you to per- mit me to be an additional sufferer, by paying freight foi goods that were evidently not in good order and condition when shipped. I have settled the freight and primage with Captain Scott BS per account inclosed, and have debited you, in your ac- count, 498Z. 15s. for balance paid him. Of the wines, four pipes only were sold by auction, at 251. and I have since disposed of ten pipes at 24/. per pipe, oi 110 gallons, and four months' credit. The pipes are rather small, and do not run more than 107 gallons upon an average. The remainder, together with the forty pipes and two hogs- heads left by you in the docks, I have taken freight for, say thirty-four pipes and two hogsheads, per London, Captain John Humbert, for Hamburgh, and have effected insurance thereon, in the sum of 875/ ; and 30 pipes per Charles, Captain James Knight, for St. Petersburgh, insured for 750/. Inclosed, you will find the account of the premium, &o., and for which I have debited pour account, 24/ 9s. 6d. When I am enabled to furnish you account-sales of these wines, I shall deduct the cost of insurance from the re- spective accounts, and credit you in account current for tho same, having entered the amount now to your debit, for regularity's sake. I have not charged you del credere in th* above account, being anxious not to increase expenses ; but I have been very careful in selecting the most responsible underwriters. Inclosed, I wait on you further with your account current, balance carried to your debit this day in a new account, 1743/ 6s. which I trust you will find correct ; and in that case, request you to pass the same in conformity. I remain, air, your obedient humble servant, James Box. CXXII. Jnwes Box, Esq., London. Fayal, \st April. 18 — . Sir, — I have to acknowledge receipt of your favors of the SHIPMENT ■ OF WINES. REMITTANCE 77 ,.5th February and 8th ult. ; the latter transmitting account gales of the 300 boxes of fruit, per London Packet, net pro- ceeds 19/. 2s. 8d. to your debit ; also my account current to the 1st ult., showing a balance in your favor of 1743J. 6s. This account is under examination, and, if found correct, shall be carried to a new account in conformity. I note that I have to debit you with the sum of 91. 8s. received for draw- back of the duties on the coal, and that I am to pass to your credit 485/. 18s. Id., balance of freight per London Packet, and 24/. 9s. 6d. amount of provisional insurance on wines to Hamburgh and St. Petersburgh. With regard to the fruit, I am astonished, as well as hurt, to learn that it has arrived in such bad order, every pre- caution having, as I considered, been taken to insure its preservation. The fruit was certainly gathered some time before it was shipped ; partly on account of the vessel having been expected to arrive much sooner ; and partly in order to take advantage of the weather, before the winter set in The loss is deplorable, particularly on your 200 boxes ; on which, under the circumstances, I cannot think of charging any freight, although I do not consider that the damage arose from any neglect of mine ; and as to the stowage, per- haps the Estivador was too anxious to fill the vessel as com- pletely as he could. With respect to the wine, I approve of all you have done, it being strictly in conformity with my instructions. Inclosed, you will receive first of exchange for 250/., at sixty days' sight, on George Bury and Co., with which you will please to do the needful, and credit my account accord- ingly. I will thank you also to effect insurance on six pipes of wine, S 1 to 6, which I am about to ship on board the Por- tuguese Schooner, Boa Lembranga, Capt. Dos Santos, from hence to Hamburgh ; for which' port she will sail in a few days, and will load back various goods that I have ordered from your friends, Messrs. Muller, Son, and Co of that city. The wines are consigned to that house, as, yea will perceive by the inclosed letter, which I have left cpcjn for your perusal, and which you will be so good as t (,eal and forward per first mail to Hamburgh. 78 GENERAL COKRESPONDENCE.' — SERIES VI. Our said friends are to account- to you for the net pro- ceeds of ihe wine, and to remit to you tne surplus, if any, oi otherwise to value on you for what the articles ordered may cost, over and above the said net proceeds ; in which latter case you will have the goodness to honor their drafts and place them to my debit. I remain, sir, your obedient humble servant, J. G. Sommers. CXXIII. Faynl, \st Apiil, 18 — . Messrs. Muller, Son & Co., Hamburgh. Sirs, — Our common friend, James Box, Esq., having favored me with your address, when lately in London, and having assured me, that you would gladly receive any con- signments of wine or fruit which I might be induced to make to you from hence, as likewise to execute any orders I might transmit, I beg to apprise you that I have chartered the Por- tuguese Schooner, Boa Lembranqa, from this port to yours, and that I shall ship on board of her six pipes of wine of this island's growth, relying on your realizing the best price your market will allow. The quality you will find excellent, and fully equal to that of the thirty-four pipes you will pro- bably receive from our London friend. I shall again address you by the vessel ; but in the mean time I must call your attention to the list inclosed, of a still, and sundry articles, which I have to request you to ship by the schooner, for my account, on her return. These you can have prepared forthwith, in order that the vessel may not be detained for them. You will please to famish me with the account-sales and invoice, advising Mr. Box of the amount of the latter, for his government in effecting in- surance thereon. Should the proceeds of the wines leave a surplus, after defraying the amount of the invoice, be so good as to remit such balance to Mr. Box for my account. On the contrary, should there be a deficiency, please to value ttn him for it. In hopes that this small essay may prove the forerunner of transactions of greater magnitude, I ro main most truly, gent, your very obedient humble servant, J. G. Sommers. INSURANCE. 7S CXXIV. ). G. SoMMERS, Esq , Fayal. London, I6ih April, 18 — . Sir, — ^I am favored with your esteemed letter of the 1st vnst., inclosing 250^. in a bill at sixty days' sight, on George Bury and Co., which, haying been duly honored, will appear to your credit at maturity. I have effected the insurance you order on six pipes of wine, per Portuguese schooner. Boa Lembran^a, from your island to Hamburgh, at five guineas per cent. This is, it must be admitted, a high premium, but no more than has been given on the same vessel on a former voyage. The captains of such vessels are, in general, very ignorant and unskilful ; and moreover there are reports of pirates being in your seas. Your account is debited 51. 13s. 6d. for the premium, &c. I take due note of your letter to Messrs. MuUer, Son and Co., and shall transmit it by to-morrow's post, confirming your instructions for them to value on me, should the cost of the articles ordered exceed the net proceeds of the wine sold. I shall duly attend to the insurance you desire to have effected on the return voyage, as soon as I am informed by our above-mentioned friends of the amount to be covered. I re- main very sincerely, sir, your obedient humble servant, James Box. cxxv. London, 9th March, 18 — . Messrs. MuLLER, Son & Co., Hamburgh. Gentlemen, — I hope shortly to receive account-sales of the Figueira wines, per Courier. Without waiting, however, for this, I have shipped to your address ten pipes more, by the London, Captain Kumbert. By the same ship, I have also consigned to you for sale, on account of Mr. J. G. Sommers of Fayal, thirty-four pipes and two hogsheads of Fayal wine. Twenty of them are called Madeira, but they are all, in reality, the produce of the island of Fayal There is a little difference, you will find SO GENERAL CORUESrONDENCE. SERIES VI. in the otLer fourteen ; but they are far superior to any of the kind hitherto imported. Inclosed, you will receive a bill of lading for these wines, and an invoice, pro forma, as you are not limited to price, but must make the most of them your market will allow. As to account-sales, you will please to furnish distinct accounts for each (the Figueira, the thirty-four pipes Fayal, and the two hogsheads being respec- tively for account of different parties), and remit me per ap- point for each. I remain, very truly, gent., your obedient numble servant, James Box. CXXVI. London, 2th March, 18 — -. Messrs. Tollmo and Son, St. Petersburgh. Gentlemen, — My last respects were under date of the 14th ult., and I have now to wait on you with a bill of lading* for thirty pipes of Fayal wine, marked " M & S 1 to 30," shipped to your consignment by the Charles, Captain James Knight, for your port. 1 do not hand you an invoice of these wines, but rely on your obtaining the best possible price for them. For your information, however, they ought to net above 25^. per pipe, your commission, freight, and all duties and charges deducted ; but I do not quote this price as a limit. You will please to guarantee the purchasers, charging del credere accordingly ; and remit the net proceeds per appoint as I do not wish this consignment to be mixed up with any other transaction. I have only to add that the sooner you can close the sale, without sacrificing the property, the better. I am most truly, gent., your obedient humble servant, James Box. CXXVII. London, 17 th April, 18 — . Messrs. Muller, Son & Co., Harnburgh. Gentlemen, — I have, on this occasion, to wait on you with * When the bill of ladir^ is signed, the goods are shipped. SHIPMENTS TO HAMBURGH AND ST. PETJRSBUKGH. 81 a letter from my friend, Mr. J. Gr. Sommers of Fayal, inclo» ing bill of lading and invoice of six pipes of Fayal wine (such as I consigned to you per London) which he has shipped to your address by the Portuguese schooner, Boa Lembran9a, Captain J. Dos Santos, and which I have insured here. Mr. S. has also ordered sundry articles to be purchased for his account, and shipped by the Boa Lembranqa, which he has directed me likewise to insure ; therefore you will be so good as to apprise me, in due time, of the probable amount, that I may be enabled to attend to his wishes. For any balance arising from the sale of the wines and purchase of the goods, you will please to account with me. You will also find inclosed a bill of lading for twenty-two chests of Bahia sugars, shipped at Lisbon, on board the Hoffnung, Captain Peter Peterson, and consigned to you by my agent, Mr. Da Silva, on my account, for which you will, I trust, be enabled to find a good market. Mr. Da Silva mentions his having obtained for you likewise from one of his friends, the consignment of twenty more chests of sugar, and thirty-three bags of tapioca. Believe me very truly, gent., your obedient humble servant,- James Box. CXXVIII. Hamburgh, 23rd March, 18 — . James Box, Esq., London. Sir, — Your highly valued favor of the 9th inst. has been received, and its contents noted.- The London is not yet arrived ; but as soon as she does we shall take charge of the ten pipes of Figueira, and thirty-four pipes two hogsheads of Fayal wine, and dispose of them to the best advantage ; observing your directions as to the account-sales and remit tances for the proceeds. It is impossible to say what the Fayal will fetch in our market. You say the quality is good, but not equal to Madeira ; however, you may rely on our best exertions. For the Figueiras now with us, we have not yet had an eligible iffer ; but when the others arrive, we shall endeavor to close 82 GENERAL CORRESPONDENCE— SERIES VL the sale of the whole. In the mean time we remain, eii your obedient humble servants, MuLLER, Son & Co, CXXIX. James Box, 'Esq., London. Hamburgh, 26th April, 18 — . Sir, — Our last respects were under date of the 23rd ult. We have now the pleasure of replying to yours of the 17th inst., which inclosed a letter from J. G. Sommers, Esq. of Fayal, informing us of his having shipped six pipes of wine in the schooner Boa Lembranga to our address ; and order- ing sundry articles to be got ready for shipment by the said schooner on her return voyage. We shall pay strict atten- tion to his orders, and have already bespoke the still, which it will take three weeks to complete. We feel extremely obliged to you, and also to Mr. Da Silva, for the consignments of sugar and tapioca, by the Hoffnung, from Lisbon, and you may be well assured we shall exert ourselves to the utmost to prove ourselves deserving of your recommendation. Sugars have been rather flat this spring ; but the demand appears to be getting brisker, and we hope will go on improving, when of course prices will rise. Referring you to the quotations below, we remain, most truly, sir, your obliged and obedient humble servants, Muller, Son & Co. P .S. The London has arrived and delivered her cargo, but we have not yet tasted the wines. oxxx. Hamburgh, 2\st May, 18— James Box, Esq., JLondon. Sir, — 'We have delayed writing until we could inform you of the probable value of the articles, ordered by Mr. J. G. Sommers to be shipped in the Boa Lembranqa, which vessel only made her appearance about a week since. You will please to insure 150/. (say one hundred and fifty pounds) SHIPMENTS TO HAMBURGH AND ST. PETEK.SB JKGH. 83 for Mr. Sommers's account, and we shall, in due time, liand you the necessary particulars. The six pipes of wine we find nearly of a quality with those you sent us from your city ; but are sorry to add, that neither for those nor for the Figueiras, can we find purchasers at any thing like the prices you quote as current with you. We do not like to submit to a great sacrifice, and no sales could be made at present without ; therefore we are appre- hensive we shall have them on hand for some time. The Boa Lembran AMOUNT RECOVERED WITH CHARGES. 139 protest for non-acceptance, and the latter that for non-pay- ment of E.. Spencer and Co.'s draft on Bowden and Fletcher, of your city, for 3921. 1 Os. remitted you the 2nd September last, by order and for account of Messrs. Thomson and Sons, of Liverpool. I have, however, the satisfaction to inform you, that I have recovered the amount of this bill from the indor» ser, with re-exchange and charges, say 407/. 18s. 9d. less in- terest for sixty-three days, which the draft would have had to run if re-drawn, being, net £404 8 6 Less my commission for remitting 401Z. 5s. 6id. per cent. . .206 Brokerage on do. J do. . . . 10 Postages on do. to and from Bra- zil and Liverpool . . . , 12 6 3 3 £401 5 6 This sum I now remit you in J. Nunes and Co.'s draft on J. P. De Amorrim at sixty days' sight, exchange 54f per milrea, making, 1,751 mil. 020 reis, with which you will please to do the needful, and when discharged, as I have no doubt it will be at maturity, close this transaction, as I have done in my books. Always at your service. I remain, &c., Wm. Mitchell. FirXEENTH SERIES. OCX. London, \Qth December, 18 — . Messrs. Wm. Cook & Son, Newcastle. Gentlemen, — I have not recently had occasion to trouble you ; but I now request your attention to an order which 1 have received from Lisbon, for a cargo of coals, to be shipped from your place ; and should it be executed to the satisfaction of my friend there, it is probable he may be induced to con- tinue his orders monthly. This cargo must consist from 10 to 15 (say from ten to 140 GENERAL CORRESPONDENCE. SERIES XV. fifteen) reels of coals of good quality, and proper for the use of smiths. Of course you will endeavor to ship them at as low a freight as possible ; and as vessels are now constantly going out for cargoes of fruit, I should think you would have no difficulty in getting one to take the above quantity at a very low freight, since the coals would answer the purpose of ballast, and save the expense of heaving the latter in and out. I rely not only on the coals being of the description, and the quality recommended, but also that you will put them in at the lowest shipping price. You will be so good as to give me timely advice of the shipment, stating the probable cost for my government in ef- fecting the insurance : and on my being furnished with in- voice and bill of lading, your draft for the amount of the fosmer will be duly honored. The bills of lading you will be pleased to fill up to order, and inclose one to Mr. P. P. da Rochos at Lisbon. You will stipulate in the charter-party, that the captain is to consign his vessel to my above named friend, who will, I am con- fident, do every thing in his power to procure him a return- cargo. Should there be any spare room in the vessel, you may ship a few empty bottles on my account, unless you prefer do- ing so on your own, by way of trying the market. I remain, very truly, gentlemen, your obedient humble servant, Wm. Matthews. CCXI. London, 'i'Srd January, 18 — . Messrs. W. Cook & Son, Newcastle. Gentlemen, — I had the pleasure yesterday of urging yon to charter a vessel to take coals for Lisbon without further delay. I have now however to countermand that order, in consequence of the receipt of letters this morning, per mail, bringing me instructions to that eJBFect. You will therefore, if not already executed, please to consider the order for char- tering such a vessel as null and void. I am extremely sorry to have given you so much trouble to no purpose, but hope, ORDER FOE A CARGO OP COALS. 14J on another occasion to have it in my power to make you Bmends. Believe me, most truly, gentlemen, your obedient humble servant, Wm Matthews. CGXII. London. 11th March 18— i Messrs. W. Cook & Son, Newcastk. Gentlemen, — This letter will be delivered to you by Capt Benjamin Britten, of the Brig Eliza, which vessel I have chartered to proceed to your port to take in a cargo of coals, for the island of Fayal. She is 103 tons burthen per register. I have to request that you will lose no time in putting on board of said vessel a full and sufficient loading of coals, to consist of Pelau small, or Townly Maine smaH, being intend- ed for the purpose of heating furnaces. You will be very par- ticular in letting them be of good quality, and riddled, so that they may be subject to the low duty on exportation. Relying on your best attention to this small order, I beg to assure you that your draft for the amount, on furnishing me invoice and bill of lading, shall be punctually discharged. The bill of lading is to be made out to order, and deliver- able at Fayal or Lisbon ; one to be inclosed in a blank cover, addressed " To the Consignee of the Cargo, per Eliza, at Fayal or Lisbon ;" and given in charge to Captain Britten. With great esteem, believe me, gentlemen, your obedient humble servant Wm. Matthews, CCXIII. London., 11 th March, 18 — . Captain Benjamin Britten, Srig Eliza. Sir, — You will avail yourself of the first opportunity, after the receipt of this, to proceed, agreeably to the charter-party^ ^o Newcastle-upon-Tyne, and on arrival there deliver the in- closed letter to Messrs. W. Cook and Son, at Bell Quay Bottle Works. These gentlemen will put on board the Eliza, with all possible despatch, a full and sufficient cargo of coals. 142 GENERAL CORRESPONDENCE. SERIES XV. for which you will, when loaded, sign proper bills of lading, as filled up by Messrs. Cook and Sons. As soon as you have cleared out from the Custom House, you will immediately proceed with your cargo to the island of Fayal, and on your arrival off that island, hoist as a signal, at your fore-top-gallant-mast head, the Spanish Ensign, with which you will be provided. Which signal, together with your cargo and the inclosed letter, you will deliver to Mr. J. T. Maciel, merchant of that island ; and follow his directions with respect to unloading your cargo of coals. But in case the said Mr. J. T. Maciel should have unfor- tunately died, quitted the said island, become bankrupt, or be otherwise incapacitated from receiving the cargo, you will please to get a certificate of such death, removal or incapaci- ty, drawn up by the British Consul or Vice Consul at Fayal, and signed by two or three respectable British merchants at that island ; and instead of delivering the coals there, proceed with them to Lisbon, with as little delay as possible, and de- liver the said cargo to Mr. P. A. Da Silveira, who will have my authority to receive the same. And in such case you will also deliver to Mr. Silveira the letter directed to " The Con- signee of the Cargo, per Eliza, at Fayal or Lisbon." You have received on board here, two puncheons of brandy, which are likewise to be delivered to Mr. Maciel at Fayal, if there ; but if not, or he be rendered incapable of receiving- them, you will deliver them to the British Consul, or Vice Consul, requesting him to sell them for my account and deliver over to you the net proceeds ; out of which you can defray the expenses of your vessel during your stay at the island, and account with Mr. Silveira at Lisbon for the balance. Whether you discharge your cargo at Fayal or Lisbon, you will take in another for Petersburgh, which Mr. Maciel or Mr. Silveira will put on board ; furnishing you with the necessary instructions for the further prosecution of your voyage, and the delivery of your said return-cargo on reach- ing your destination. You will also accommodate a cabin passenger. Such cash as you may require for the ship's use, will be advanced by Mr Maciel, at Fayal, or by Mr. Silveira, SALES OP FRUIT BY AUCTION. 143 &t Lisbon, or by their correspondents at St. Petersburgh, on your endorsing at each place on your charter-party, the suma received respectively. On your return to this port you will, without loss of time, wait on me at my counting-house with such letters and docu- ments as may be intrusted to your care by the party to whom you will be consigned at St. Petersburgh. Wishing you a successful voyage, and quick return, I re- main, very truly, sir, your friend and humble servant, Wm. Matthews. SIXTEENTH SERIES. CCXIV. London, 1 \th March, 18 — . Messrs. Martin & Son, London. Gentlemen, — The fruit, ex Jane, sold by you by auction, having become due yesterday, I fully expected you would send me the amount. When I gave you orders to sell, you assured me that I might rely on being in cash in a month. Confiding in that assurance, I have remitted a bill for the net proceeds to the party who made me the consignment, calculating that I should receive the same from you, in time to take up that bill. I must, therefore, request you will have the goodness to send me a check for the proceeds of the sale without delay. I am, &c., Thomas James. CCXV. T. James, Esq., London. London, \2th March, 18 — . Sir, — In reply to your letter of yesterday, we beg to in- form you that several of the purchasers have not yet cleared their oranges, ex Jane, and that notwithstanding we furnish- ed you with an anticipated account-sales at your earnest re- quest, we cannot close the transaction until the fruit is all taken off our hands. This we expect will be the case in the course of two or three days, as we have given the parties no- tice of re-sale, if the goods be not taken away this day, or to- aiorrow. We remain, &c., Martin & Son. 144 GEiSEKAL CORRKSPONDENCE SERIES XVn. CCXVI. London, \Wi Mastch, .8— Messrs, Martin and Son, London. Mr. James presents his compliments, and begs to inforni Messrs. Martin and Son, that the reason stated in their note of yesterday for not paying the proceeds of fruit per Jane, ia by no means satisfactory. If the purchasers have not taken away their lots, it is no concern of his, as Messrs. Martin should have enforced the conditions of the sale, which took place under their guarantee. Consequently, Mr. James looks to them for the proceeds, agreeably to the account rendered, and expects a check for the amount. 344/. Zs. Zd. without further correspondence on the subject, or loss of time and interest. CCXVII. T. James, Esq., London. London, 13iA March, 18 — . Sir, — In reply to your note of this date, we wait on you with a check on our bankers for the proceeds of fruit per Jane, being 344/. 3s. Zd. which the bearer will hand you, and to whom you will please to deliver a receipt for that amount. We cannot conclude without observing, that we shall not, on any future occasion, furnish sales until the whole of the fruit is delivered. In the present instance we did it prematurely, to oblige you, at your earnest solicitation. Although we gua- rantee the purchasers, after delivery, we do not take upon ourselves to make good the amount of the biddings ; for it is a circumstance of almost daily occurrence, that allowances are made to purchasers, even at auctions, where there is any very great falling-off in the quality of the article sold. We are, &c., Martin & Son. SEVENTEENTH SERIES. CCXVIII. Mjssrs. Gumming & Qo., London. London, 5th July, {% — • Gentlemen, — I am under the necessity of waiting on you with a protest for non-acceptance of A. L. Pastor's draft SECURITY FOR A DISHONORED DRAFT. 145 dated Lisbon, the 22d December last, on P. J. Fernandez, of Pernambuco, at forty days' sight, for 2,000 mil. 000 reis, which I took of you the 12th Jan. last, at the exchange of 'tod. per milrea, 458Z. 6s. Sd. I must request that you will be so good as to furnish me with security to that amount, till tlie ultimate fate of this bill of exchange be decided. My correspondent observes, that in the event of a certain vessel arriving at Pernambuco prior to its falling due, the above draft may still be paid ; but this is a contingency that I can- not await. I remain, truly, gentlemen, your obedient hum- ble servant, Thomas Atkins. CCXIX. Thomas Atkins, Esq., London. London, 5th July, 18 — . Sir, — In reply to your letter of this date, acquainting us with the dishonor shown to A. L. Pastor's draft on P. J. Fernandez on Pernambuco, for 2,000 mil. 000 reis, endorsed by us to you on the 12th January last, at the exchange of 55d. per milrea, 458J. 6s. 8d., and requiring security from us for the amount ; though such a proceeding is rather unusual, and we feel confident the draft will ultimately be duly dis- charged, yet we promptly comply with your request, and in- close an acceptance of Messrs. Morgan and Co., of this city, for 500^. (five hundred pounds), due the 1st November next, the receipt of which you will please to acknowledge ; stating at the same time that it is for collateral security, and to be returned (or its value) in case the bill of exchange in ques- tion should be paid at maturity. We are, sir, your obedient, humble servants, Gumming & Co. CCXX. London,6th July, 18 — , Messrs, Gumming and Go., Lorulon. Gentlemen, — I beg to acknowledge the receipt of youi draft, on Morgan and Co., of this city, for 500^. (five hundred pounds), due the 1st of November next, to be retained by me 145 GENEI14L CORRESPONDENCE. SERIES XVII. IS collateral security for the payment of A. L. Pastor's diaft, dated Lisbon, 22nd December last, on P. J. Fernandez, ol Pernambuco, for 2,000 mil. 000 reis at 55c?., equal to 458^. 6s. 8d. sterling, which now lies under protest for non-accept- ance, in the hands of my friend Mr. A. P. De Carvalho ; and I hereby engage to return the said draft, or its equivalent, in cash, on receiving advice that the above bill of exchange for 458^. 6s 8d. has been duly paid ; or, if not paid, such part of the said sum of 500^. as may exceed the amount of the said bill, with re-exchange and charges thereon. I remain g'in- tlemen, your obedient humble servant. Thomas Atkins. CCXXI. London, \Uh October, 18^. Messrs. Gumming and Qo., London. Gentlemen, — Having this morning received advice that A. J. Pastor's bill on P. J. Fernandez, of Pernambuco, for 2,000 mil. 000 reis, referred to in my letter of 5th July last, was punctually paid when due, I beg to return you, inclosed, your draft on Morgan and Co., for 500/., held by me as col- lateral security for the payment thereof. Thanking you for the promptitude with which you furnished me with this secu- rity, and assuring you that I should not have required it, had the transaction been on my own account, I beg to subscribe myself, gentlemen, your obliged and obedient humble ser- vant, Thomas Atkins. CCXXII. London, Uh October, 18 — Thomas Atkins, Esq., London. Sir, — We are favored with your letter of this morning, roturniDg our draft on Morgan and Co., for 5001, held by you Bs collateral security for A. J. Pastor's bill of exchange on Pernambuco, for 2,000 mil. 000 reis, which latter, we are glad to learn, had, as we expected, been duly paid at matu- rity. We observe your reason for demanding securitj ORDERS FOR MANTJFACTXIHED GOODS. 147 from us, and, under similar circumstances, perhaps we might have been induced to do the same. "We are, sir, your obedient humble servants, Cummdjg & Co. EIGHTEENTH SERIES. CCXXIII. Ldpzig, Qth June, 18 — , Messrs. 0. Clark & Sons, Huddersjield. Gentlemen, — From the patterns sent us in your favor of the 20th ult., we have made selections, and have the pleasure of handing you the following order, which we recommend to your immediate and best attention, viz., 50 pieces of fancy valentias. 300 do. tartan plaids. 500 do. plain lustres. In valentias, none but the patterns selected will suit us. In the tartan plaids, however, we can allow you some latitude, especially if there be any thing newer in this article than the patterns inclosed, which we forward rather to serve as your guide in selecting the style of thing we wish, than for the purpose of restricting your choice too narrowly. The lustres, on the other hand, we do not wish to have at all, unless you can procure them at S^c?. per yard, and can execute the order in the exact colors prescribed. Tou will oblige us by handing us in your next, a full report of the state of your market, as we may probably have it in our power to give you orders for other descriptions of goods. We are, &c., Homeyer & Schmidt. CCXXIV. Huddersfidd, IZth June, 18—, Messrs. Homeyer & Schmidt, Leipzig. G-entlemen, — We are in receipt of your favor of the 6th instant, with an order for valentias, lustres and tartan plaids, which we have duly noted, and will endeavor to execute to your satisfaction. 148 GENERAL CORRESPONDENCE. SERIES XVUI. Among all the lustres on hand, there were not twcntj pieces in the colors which you require ; we have conse- quently been obliged to bespeak the whole parcel, and have had great difficulty in getting it done at 8^d., particularly as the greater part consists of expensive coJors ; whereas we might have bought the goods on hand at Sd. A few days since a parcel of 150 pieces of cassinete, oi good quality and current colors, was offered to us at 8{d. per yard. Would not this price tempt you to take them ? Our market is now very brisk, and the prices of several articles are on the advance. Lastings are scarce ; the last quotations were 50s. 6d. for No. 1 ; merinos, 145. Bd. ; bombazetts, A 1, I3s. 9d. ; moreen. No. 2, 20s. 6d. ; damask, of the quality of the inclosed sample, 48«. 9d. ; three-fourths wide Thibets, No. 6, 32s. ; six-fourths wide, 60s. It is highly probable that prices may still rise, therefore we would advise you to give in your orders without delay. We are, &o.. 0. Clark & Sons. CCXXV. Frankfort on the Maine, \fbth May, 18, Messrs. J. Parsons & Co., Nottingham. Gentlemen, — When I had the pleasure of seeing your Mr. John Parsons, jun., here, in October last, I made him a promise that I would, in the spring, give your house an order for bobbin-net. Accordingly, T will thank you to send me 5,000 pieces of various widths and qualities, as noted at foot, and with all possible expedition. The invoice amount shall be duly re- mitted in good London bills. If I find your goods not dearer than those of other Not- tingham houses for similar qualities, and you evince a desire to oblige and accommodate, I will with pleasure give yon Ihe preference in future. I am, &c., F. F. STEiBri.T. PAYMENT OF A QUARTEELY PENSION. 149 NINETEENTH SERIES. CCXXVI. John Haruis, 'Esc^., London. London, \st May, 18 — . Sir, — Having been requested by Mrs. Charles Kempthorne tD call on you for payment of her quarter's pension, due the 31st March last, amounting to 25^., I shall be obliged by your appointing a day and hour when I may send you a receipt for that sum. I am, &c., T. Gates. CCXXVII. Timothy Gates, Esq., London. London, 2nd May, 18 — . Sir, — I shall be ready to pay Mrs. Charles Kempthorne's pension, on your furnishing me with your authority to receive it, accompanied by a certificate of her having been alive on the 31st March last, and your receipt for the amount, 251. I am, sir, your devoted humble servant, John Harris. CCXXVIII, John Harris, Esq., iow^oM. London, 2nd May, 18—. Sir, — In reply to your letter of this morning, I beg to state, that I am not provided with any certificate of Mrs. Charles Kempthorne's having been alive on the 31st March last ; but I have a letter in her own handwriting, dated the 26th of last month, which I trust will be considered, in this instance at least, ample proof of her existence, as also a suf ficient authority for my receiving her pension for the past quarter. Whatever regulations for the future you may be pleased to establish, shall be strictly conformed to. The bearer will produce the letter above alluded to for your in- spection, and also a receipt, should you be disposed to comply with Mrs. Kempthorne's request. I know the cash would be very acceptable to her at the present moment ; and I am sure she would be grateful for your kindness. Believ* me, sir, your obedient humble servant, Timothy Gates. 150 GENERAL COBRESPONDENCE.— SEEIES XX. CCXXIX. ImoTHY Gates, Esq., ZoMi^o?*. London, 2nd May, 18 — Sir, — I have acceded to your request in behalf of Mrs. Charles Kempthorne, in regard to her pension for the last quarter ; but, in future, I must trouble you to produce a certificate of her actual existence from the mayor or clergy- man of the town or parish in which she resides, and her power of attorney authorizing you to receive her pension. 1 am, &c., John Harris. TWENTIETH SERIES. ccxxx. Hamburgh, litli October, 1 8 — . K. H. Lynsh & Co., Havana. Gentlemen, — We have the pleasure to address you for the first time, under the auspices of your E,. H. Lynch, Esq., who was lately in this city, and with whom we had the gratification of becoming personally acquainted ; and are induced, in con- sequence of an arrangement entered into with him, to give you an order for 400 boxes of sugar on joint and equal account. Permit me to remind you of what will tend in a great de- gree to the fortunate issue of this our first undertaking; that is, the selecting sugars of good quality ; we are well convinced that you will pay the most careful attention to this point. The limits that we have resolved to fix, after mature de- liberation, are 9«. (nine shillings) sterling per arrobe* net weight, for the whites, and 5s. ^d. (five shillings and six- pence) sterling per arrobe net, for the browns, first cost with you, and all charges of shipping, commission, and freight included. The assortment we leave entirely to you ; but should the price of white sugars be a little higher than the limits given, and that of Muscovado proportionally lower, or vice vena, so that upon an average the respective limits may not be ex' ■leeded, you will please to execute the order. * A Spanish weight equal to 28 lbs. English ; 25i lbs. according to «omc authorities. ORDER FOR StJOARS ON JOINT ACCOUNT. 15l This shipment must be made in a strictly neutral vessel, giving the preference to the English flag. The invoice and bills of lading of this sugar should be made out to our address, and forwarded to Joseph Vancouver, Esq., of London, who will, you may rest assured, on receipt thereof, honor your drafts for our moiety of the invoice amount. Be pleased to hand him by two or three opportunities, the requisite advice, to enable him to effect insurance in due time. We remain, with esteem, gentlemen, your obedient humble servants, Muller, Son & Co CCXXXI. London, %th November, 18 — . Messrs. K. H. Lynch & Co., Havana. G-ontlemen, — Referring you to the inclosed letter from ray friends, Messrs. Muller, Son & Co. of Hamburgh, I beg to assure you, that on your complying with their orders for the purchase of sugars as therein specified (forwarding me bills of lading and invoice of the same, with advice, in anticipation, for effecting insurance thereon), your drafts on me for the amount of their half share in 400 chests, or of any smaller number you may ship on joint account with them, shall meet due honor. It is, I presume, almost unnecessary to add, that being merely an agent in this transaction, it will be requisite that you abide strictly and literally by Messrs. Muller, Son and Co.'s directions in the execution of their order, to authorize my acceptance of your drafts ; for regularity's sake, however, I deem it best to put you on your guard, not doubting, at the same time, that you will fulfil their wishes in that and- every other respect. Should you desire to have your moiety insured by me, also, you may rely on my paying every attention to your in- terest, and if you do favor me with the order, you had better, perhaps, desire our friends at Hamburgh to reimburse me, charging the cost of the insurance in the account-sales. Be- lieve me, devoted to your service, sir, your obedient humble servant, Jos. Vancouver. i5)i GENERAL COERESrONDKNCE SERIES XXL TWENTr-PIRST SERIES. CCXXXII. Charleston, S. C, I8th April, 18 — A.DOLPH Schmidt, Esq., London. Dear Sir, — With inexpressible pleasure do I inform you that I am at length liberated from the disagreeable situation in which I was placed by the customs here ; they having given up the whole property on an appraisement. In this, the appraisers, one appointed by them, one by me, and one by the court, are now engaged to ascertain the duties, which latter, I now calculate, will average about 27^ per cent, on the whole cargo. The expense and trouble attending this business seem to be interminable ; and had I been aware how much anxiety and vexation it would cost me, the whole duties should not have led me into it ; however, I am extremely fortunate in getting the property restored ; and though I be- lieve I shall not, in the end, be a gainer of one dollar, I am satisfied as things are. We commence selling by public auction on Monday next, and I shall use every endeavor to remit you amply. The commission agreed on sales was four per cent., but in consequence of this business I am obliged to pay seven per cent., i.e., three per cent, city-tax, and four per cent, auction-commission. You may reckon your pro- perty secure. Believe me, dear Schmidt, it is impossible for man to feel more than I have for these several weeks past, and do now, from knowing the agony of suspense you must endure until this relieves you. I have done no more than thousands before me, though many have been more fortunate. When I look back, it is dreadful to think what might have been my situation and what danger I have escaped. Pray make my kind respects to your family ; assuring them that I shall ever be happy to hear of their welfare, independent 3f any commercial arrangements. Yours, very sincerely, W. Laurent, CCXXXIII. Adolph Schmidt, Esq. Philadelphia,dith Aug., 18 — ■. Dear Sir, — Your favor of the 31st May was duly received, and we immediately waited on Mr. Schroder, GOODS EECOVERED AND SOLD BY AUCTION. 153 from whom we obtained the following goods, to be sold on on your account, viz. : — 6 pieces pelisse cloths, No. 1 ; 25 pieces, No. 2 ; 25 pieces, No. 3 ; 34 pieces toilenetts, No 1 ; 1 dozen, No. 2 ; 4 dozen, No. 3 ; 4f dozen. No. 4 ; 3^ dozen, No. 5 ; 2 dozen waistcoats ; 168 dozen Madras handkerchiefs, which he had been trying to sell by auction ; the remainder of your shipments to him, we presume, he has sold. We are sorry to say that, from the prices Mr. S. handed to us, the goods are not likely to sell for their invoice value, as British manufactures are extremely low ; however, you may rest assured that our best endeavors will be used to promote your interest. Please to give our best respects to your family, and believe us with great regard, your most obedient humble servants, John & Edward Blithe. CCXXXIV. Philadelphia, 2Qlh Oct. 18 — ; Adolph Schmidt, Esq., London. Sir, — On the 8th August, we informed you that we had received from Mr. Schroder a quantity of goods, as per list then inclosed, and that we intended to dispose of them as soon as an opportunity offered. Accordingly, when our fall trade* commenced, we put them up at auction, and we have now to inclose you the account-sales of the same. Although they net considerably less than their cost, it is twenty per cent, more than the same goods would now sell for, as you will perceive by a few waistcoats, which were omitted in the first sale and sold yesterday. We are extremely sorry to have to render so unsatisfactory an account of sales. As soon as the proceeds are due, we will remit you for them, and hope that any further transactions yoa may intrust to our care, will prove mere profitable. Business is very bad here, — money extremely scarce, and above half of our dry-goods merchante have suspended pay- Dients. Tn fact times were never so bad before ; and it * The autumn is called in America the fall. 154 GENERAL CORRESPONDENCE. SERIES XXI. appears to be the same throughout the commercial world By accounts from your side, we learn that prices are uncom- monly low, which, no doubt, is the case; and if we have mot too many goods sent out in the spring, our markets will pro- bably improve, so as to encourage speculation. We shall always be glad to hear from you, and what is the state of your markets. With kind regards to all your family, we are, &c., John & Edward Blithe. CCXXXV. Philadelphia, \&th Nov. 18 — . Adolph Schmidt, Esq., London. Dear Sir, — Our last respects of the 20th ult., of which we hand you duplicate annexed, covered account-sales of the goods received from Mr. Schroder. Since that date Mr. W. Laurent has presented your order to us to pay over to him the net proceeds, which order we accordingly complied with. We are sorry to say business continues in the same dull state as when we last addressed you. Flour has advanced to 13 dollars per barrel in consequence of the failure of the crops in England, and rather a deficiency here of most kinds of grain. This will, no donbt, have some effect on the ex- change, as there are several shipments of flour being made to Liverpool, so that the shippers of dry-goods may perhaps be a little benefited. Please to give our best respects to your family, and be- lieve us, &c., John & Edward Blithe. CCXXXVL Philadelphia, Wth Nov. 18-- A.DOLPH Schmidt, P]sq., London. Dear Sir, — Since we last wrote to you on the 16th inst we have received your favor of the 1st October, covering a power of attorney for W. H. Levy, and our John Blithe. Mr. Levy not being here, and not knowing where he was to be found, we called on Mr. Schroder immediately, who in- formed us he had sent you the account-sales, and intended GOODS DELIVERED OVER. tSS to interest you in a shipment of furs, wbich he had made on board the ship Electra, for your port, to the consignment of Burtwell Brothers. We saw the copy of his letter to you by that ship, but did not perceive how you were to know any thing about that interest. When we first applied to him re- specting your affairs, he appeared to be very unconcerned, and observed he would not now give you any interest in the shipment of furs. At length, finding us determined not to be trifled with, he gave us the inclosed letter to Burtwell Brothers, containing an order for you to receive your propor- tion of the proceeds of the furs ; and we trust it will enable you to get from those gentlemen the balance due to you from him. We should not have taken this, but he has no property here ; so that it would be only throwing money away to pur- sue the thing farther : besides he is on the point of return- ing to England. From further inquiry we find that he has made a shipment of furs to Messrs. Oppenheim, by the same ship, so that if Messrs. Burtwell Brothers do not pay you, you may perhaps recover from Messrs. Oppenheim. We re- gret that it is not in our power to hand you a bill for your claim, but trust that what we have done will be satisfactory. With great respect, we remain, &c., John & Edward Blithe. CCXXXVII. Adolph Schmidt, Esq., London. New-York, Ist Nov., 18 — Dear Sir, — Pursuant to your instructions, I called on Mr. John Blithe, when at Philadelphia, from which place I am but just returned. He told me he had effected sales of all your property that he had received from Mr. Schroder, which sales he forwarded to you per Electra on the 21st ult. I showed him your instructions, in compliance with which, ho paid me 1677 if „- dollars, amount of sales, deducting inter- est on note till due, for which sum I gave him my account ; the difference of exchange between this city and Philadel- phia is 5 per cent., you therefore stand credited by me for 1 595 JjV dollars ; I shall appropriate this amount, in paying Mr. 's demand against the goods of yours yet in 156 GENERAL CORRESPONDENCE. ^SERIES XXI. his possession. I mean to take them on Monday next, though I am sorry to say, I know not what to do with them. Had I not pledged myself to receive them, I would not do so ; as it is, I will do the best I can for your interest. The hosiery, which is the heaviest, must lie over till the spring; they would not now realize within 50 per cent, of their sterling cost ; the hardware would not fetch the cost-; the glass-ware con- siderably under. I have not yet made up my mind, but be- lieve it will be most to your interest to take them on with me. The prints I shall sell on account of what I have to pay ; if I can sell the remainder at Charleston at a small sacrifice, I will ; if not, I shall sell sufficient to pay my de- mands ; the balance I will leave with a safe house ; and if I can procure an advance on them, I will forward it to you. I would not remove the goods, but for reasons already as- signed ; added to which, I know your demands are pressing, and here I cannot obtain any advance whatever ; sales cannot be efiected, unless a credit be allowed, on which no guarantee can be obtained ; and without that I will not sell, as I will not take any responsibility on myself; at Charleston, I can procure a guarantee ; and I think, on the whole, though a sacrifice must be made, it will by no means be so large there as here, and the proceeds certain. I shall write you from thence. I called on Mr. Schroder, who informed me that he had sold the property of yours in his hands, and transmitted account-sales to you, nor did he feel himself bound to give me any farther information on the subject. I of course re- tired. I have no opinion of him whatever. I shall trans- mit any remittances I may make on your account, through the house of F. and J. Laurent. You may rely on my best endeavors being exerted for your interest, and should I not succeed to the extent of our wishes, you will accept the will for the deed. I remain, dear sir, your obedient humble scr rant, W. Laurent, SALES or MANUTACTURED GOODS. 157 TWENT r-S EC O N D S E II I E S . CCXXXVIII. Charles Simpson, 'Esq., London. Surinam, I5tk Jan., 18 — . Sir, — We hope shortly to hear that the Columbia, Cap- tain Jackson, has arrived safely at your port, and that the sugars shipped in her have met with a favorable market. We have now the satisfaction of informing you, that we have sold one case of the cambrics C, and two ditto of the H and C at 37^ stivers, 2 florins per ell ; also one piece of the blue cloth at 10 florins per ell, and a few pieces of the coffee-bagging ; but we have not been able, hitherto, to dis- pose of any of the pennistone. With regard to remittances, we beg to state thait we deem coffee at the present price of 12 stivers, preferable to sugars which are now at 7J stivers, and we request you to take notice, that we shall ship, for your account, in the Elizabeth Sophia, sixty bags of coffee which we have purchased at the above price. This vessel will sail at the beginning of next month, and you can effect insurance accordingly. We hope soon to announce to you that we have closed the sales of the cambrics. The Dutch being about to take possession of this colony, their troops having already arrived, we shall be glad to re- ceive your instructions as to future remittances. We are, &e., Hood & Thompson. CCXXXIX. Charles Simpson, Esq., ILondon. Surinam, I6th April, 18 — . Dear Sir, — I have to acknowledge receipt of your favor of ■ 5th February last, in reference to yours of 8th August, 18 — , the former covering a power of Attorney to receive' all the remaining stock of your goods in the hands of Mr. M. J. Hood, acting for the firm of Hood and Thompson, and to adjust and settle with him all balances due on your account. The packet arriving on the first day of the holidays, pre- vented me from doing any thing in the matter prior to its 158 GENERAL CORRESPONDENCE. SERIES XXIl. Bailing again for Europe. I have seen Mr. M. J Hood, concerning your affairs witH the above firm, and he has promised to deliver up to me without delay, whatever goods there may be on hand belonging to you, and to render to mo a statement of your account with the said firm, which, when in my possession, shall be duly attended to, and I shall fully comply with your instructions in disposing of the articles that I may receive from Mr. Hood, a tout priz, either by private or public sale, as I may find to be more to your interest. The net proceeds of such goods, and whatever balance I may receive on your account, shall be remitted by the first opportunity ; and, as you direct, I shall, at all times, give the preference to good bills for remittances, if to be had. The account-sales of each invoice shall be kept separate. As soon as the goods and accounts are in my possession, I will acquaint you with my proceedings in your behalf In the mean time, I am, &c., Isaac Abendann. Sugars 7 dollars per cwt. Cofiee 12 do. Cotton 30 do. Bills none to be had CCXL. Charles Simpson, Esq., London. 16th Mai/, 18— Sir, — Above, you have copy of my last respects, dated the 16th ult. I requested our common friend, Mr. S. J. Levy, to explain the cause of my not having addressed you per Queen Charlotte packet, and to give you notice of my having been furnished with a list of the articles unsold belonging to you, in the possession of Hood and Thompson. I have since received the articles there enumerated, and likewise accounts of your concerns with said firm, correct copies of which you will receive herewith. The account- current shows a balance of 4,738 fis. 4 st. 12 pfening, in your favor. I have disposed of the seventy pieces of cambrics and twenty-five pieces pennistone at auction, as per inclosed sales, net proceeds, 3,087 fis. 3 st. — which amount, with the above SALES OF MANUFACTURED JOODS 150 balance, shall be remitted in good bills on London or Amster- dam, if such are to be had. Should I not succeed in pro- curing bills, I shall then remit produce to you per Martha, N. Humble, master, or Sarah Ann, J. Watson, for London. The blue cloth is very coarse, and a quality which is not much used here. I shall dispose of it, as also of the billiard cloth, without delay, and add the net proceeds to the other amount, in order to make one remittance of the whole. It is much to be lamented, that at this moment no bills can bo procured ; as produce, at the present prices, cannot be so good a remittance as bills. The cambrics that I sold at auction ipere of a very inferior quality. Have the goodness to favor me with your opinion on the accounts inclosed, and say whether they meet your appro- bation or not, and whether I am to give a final acquittance to Mr. Hood. Prices of produce remain the same as quoted in my last. I am, &c., Isaac Abendann. TWENTY-THIRD SERIES. CCXLL ssr 1 1-13^^ ""-sust, 18-. Messrs. Merivale & Bohte, London. Gentlemen, — We are approaching the season in which the products of this country assume the most importance, and which is so much the greater this year, from the lamentable deficiency of our last crops being so abundantly compensated by the bounty of heaven on our present harvest. Consequently, we deem it our duty to inform you of the state of our market, in order that you may take advantage of the low prices of all our export articles ; not doubting that the considerable demand to be expected from our pra duce, will influence our import trade also, and impart to it more activity. Our agricultural products form the principal branch of out commerce ; and in a year of abundance like the present, we can export to the extent of 1000 cargoes of moderate tonnage. 160 GENERAL COREESPONDENCE. SERIES XXIII. Although the hard wheats of Moldavia are equal, in sevoial respects, to those of New Russia, and the soft descriptions, principally the growth of Wallachia, improve from year to year, still we cannot state them to be of prime qualities. Wallachia alone is capable of exporting, annually 500 car- goes, and even more, of this class of agricultural produce. Purchases have been made on delivery, which, on the quay of Ibrail, come to about 50 piastres of Bucharest per kilo of Ibrail, equal to about 400 ooche. We have already some parcels of barky at market, the price of which, on board, is estimated at 36 piastres of Bucharest per kilo above mentioned. Rye is to be had at about 10 to 12 piastres less than the soft wheat. Millet, and especially maize, promises a super- abundant crop, and, consequently, low prices ; but which, however, we cannot at present quote with any certainty. The same observations apply to beans and lentils. The culture of oats is totally neglected in this country. Subjoined, we hand you details respecting the weights, measures, &o. of Gallaiz, Ibrail, and Bucharest, and shall continue to quote our prices in the money of Bucharest, unless we especially name that of Gallaiz.* Linseed is exported in only small quantities, because the cultivation of the oily seeds has as yet made very little progress, having been but recently introduced by some of the farmers. The price varies from 60 to 80 piastres per 100 ooche. Moldavia produces a good quality of ordinary wool, two- thirds white, and one-third black and gray, with a little Cigaja ; in all about 500,000 to 600,000 ocche. Wallachia produces but.little, and that of ordinary quality, which is found mixed with the Cigaja wool, the aggregate oi which is estimated at about five or six millions of ocche. The price of white wools, of quite ordinary quality, has varied this year from 145 to 160 piastres per ocoa. Cigaja wool was bought at first at 3 piastres per occa, one moiety being paid in anticipation at the place of growth ; subse * See Appendix. REPORT OF MARKETS. IBRAIL. 161 ^uently the price went down to 2J piastres per oeea, and again advanced to 2f per occa, delivered at Ibrail. This wool is grown in the environs of Ibrail, where the quality is superior to that of the wool of the neighboi-ing provinces, and particularly to that of Wallachia Minor, which fetches only 1^ to 2 piastres per occa. The wools are bought un- iFashed, and the purchaser has the vi^ashing performed at his own expense. We refrain from entering more into detail on this article, the season for it having gone by. Sheepskins. It is the custom to kill, between Easter and Whitsuntide, those sheep the skins of which are intended for exportation ; the major part of these skins are sent to Galicia and Germany. Those most esteemed are the black, the very choice quali- ties of which fetched, this year, 375 to 400 piastres per 100 skins. The white 250 to 275 piastres per 100 skins. Hare skins were formerly an article exported in consider- able quantities ^r the Leipsic fair, and for France ; but since the price has been so much depressed, the chase of the hare has been neglected, and there is not now one-third of the former quantity for sale. The winter is the season for pur- chasing this article. Bullocki' hides. These provinces are infinitely rich in cattle, which are either driven to the neighboring countries, or are fattened and killed for the tallow and hides. The hides come to market principally salted, and are exported to Austria or' Turkey. The cattle are killed in autumn ; in the mean time the prices are not fixed, but that of 55 to 60 pias- tres is mentioned for a pair of bullocks' hides, or three calves' hides. Tallow is prepared here in a quality called Tscherioisch, which is in great request for Turkey, where it is used for culinary purposes in lieu of butter ; about one-third is ordi- nary tallow ; consequently it is not a perfect quality. It is asually sewn up in bulls' hides, and sold together with the head and horns. However, ordinary tallow can be bought on delivery, in the same hides, of good quality ; or it can be had in barrels at the price of two piastres per occa ; two-thirds 162 GENERAL COREESPONDENCE. SERIES XXItl. of Tsclierwisch and one-tUrd of ordinary quality arc wortb If to If piastres per oeoa. In Moldavia, this grease is subject to an export duty of half a piastre per occa. In Wallachia the exportation of tal- low is permitted only where the farmer of the monopoly of «andles is sufficiently supplied ; which will, no doubt, be tlic Base this year ; when the export duty will not exceed 3 per cent. Of Wax our home consumption is considerable, inso- much that last year we were under the necessity of importing this article. This year, in consequence of the quantity promising to be very abundant, we expect tolerably low prices. Sales on de- livery are effected at present at lOJ to 10|- piastres per occa. According to appearances, we shall have plenty of honey this year, and at low prices. The TbSaccos 'Of these provinces are, witb few exceptions, of very inferior quality, although the soil is favorable to their culture. "We export only to Turkey, where they mix our to- bacco with that of their own growth, and it is from that coun- try that we receive in exchange the fine qualities. The crop bids fair to be excellent, but the prices are not yet fixed. Cantharides are purchased in Moldavia up to 1 sequin per occa, and in Wallachia at 25 piastres per occa ; but they are of rather inferior quality, from being generally salted. Hogs' bristles are cropped in winter, and are principally exported to Germany. Parties have commenced some time ago to make purchases on delivery, with payment in advance, as is the custom with us, in the products of the country, The price is 17 to 18 piastres per occa, in their rough state, unassorted. Isinglass varies from 55 to 75 piastres per occa, accord- ing to quality. The quality is not superior. We have some mines of roch salt, which are farmed cut by our government every three years, without restrictions as to working them. The price is fixed at 9f florins fr. An ijuste per 1000 ocche, duty free. The importation and iransmit of this article are alike prohibited. REPORT OP MAUKETS. GALLAIZ AND IBRAIT^. 163 Barilla is an article of exportation to the Levant ; the (rice is 25 to 30 piastres, per cantaro of 44 ooche. The cheese called Cascavalho is exported chiefly to Turkey, and is worth about 90 piastres the cantaro ; another quality, called Pegorina, is used for home consumption. Timber for building. The situation of Gallaiz, washed as it is by tne Sireth, the Pruth, and the Danube, is extremely favorable to the timber trade, which has been carried on here since the peace, and becomes every year more extensive. In Wallachia this trade is yet in its infancy. When carriage is cheap, the timber is transported by land, and such is pre- ferred to that which is floated down the rivers. Pine trees are sold in bundles, called jo/wWs, of 4 or 5 to 72 pieces each. The larger the trees, the fewer pieces there are in a plutt. The highest trees and the small ones vary in price, while the others are sold at about half the price of the largest, differing only in the number of pieces contaijed in a plutt. The relative prices are subjoined. Timbers, deals, and deal ends of soft wood, are sold per plutt of 100 pieces, or by the piece, according to quality. Oak planks are sold by the thousand ; however, as the dimen- sions are not always exact and uniform, it would be desirable to order them expressly. Our import trade, already important, cannot fail to keep pace with the progress of agriculture and population. Mol- davia possesses no other port than Gallaiz ; and all goods arriving from abroad, by sea, for Wallachia, have no alterna- tive but to come to the port of Ibrail. In the month of May, and particularly in October, import articles find the readiest sale, from the afflux of numerous buyers, who assemble at those periods at our market, as at a fair, to supply themselves for the autumn and winter. According to appearance, trade will be this autumn the more brisk, in consequence of our rich harvest, which will ■ enable the people to satisfy all their wants, many of which they could not provide for last year, owing to the deficiency of the crops. The chief articles of home consumption are sugar, cofiee, pepper, oil, lead, dried fruits, rum, plates of tin &c. 164 GENERAL CORRESPONDENCE. SERIES XXtll. At foot you will find a list of our prices ; but we beg you to observe, that it is not at all desirable to send good? of prime quality to our market, as they would never fetch prices proportioned to their value. The middling and inferior qualities are more in request, being better suited to the wants sud means of our consumers. The export duty on wheat, both hard and soft, and on rye, is ft piastres per kilo of Ibrail, and 4 piastres per kilo of Qallaiz ; on maize, 6|- piastres per kilo of Ibrail, and 4 pias- tres per kilo of Gallaiz ; and on barley, 4 piastres per kilo of Ibrail, and 2 piastres per kilo of Gallaiz. Tallow pays at Gallaiz a half piastre per ocea, while at Ibrail the duty is only 3 per cent. All other articles of exportation, as well as those of im- portation, whether at Gallaiz or Ibrail, pay indiscriminately a duty of three per cent., with the exception of tobacco in- wards. The brokerage on purchases and sales is . . ^ per cent. Bank commission 1 per cent. Del credere for all sales on credit, and pur- chases by anticipation 2 per cent. Interest on our real disbursements, and antici- pations in account current per annum . .12 per cent. Warehouse rent and market dues according to their actual amount, with every possible attention to economy. Commission on sales or purchases .... 3 per cent. You will not be surprised at our charging a commission somewhat higher than is usual at other commercial towns in Europe, if you consider the difficulties and hazard connected with our trade, which are greater beyond all comparison than those of any other. In the first place, we can never meet with entire parcels of goods ; these having, even prior to their maturity, passed through the hands of a num- ber of petty dealers, who purchase them without fixing the price, by paying a small sum in advance, engaging to take the goods at the price which shall be determined on at the period of delivery. The majority of these dealers being persons without character or funds, those who treat with them »re always exposed to imposition, and, in addition to th« IMPORT TRADE OF GALLAIZ AND IBRAIL. 16S inoonvenience of never obtaining from them any thing but very trivial parcels, we have no security for the anticipated payments, owing to their intrigues and bad faith. Besides, these goods can never be purchased in one place, and it is necessary to go to a different quarter for almost every article. The difficulty of transport, the number of coins current with us, and their different value in the neighboring coun tries, as also the want of a well-organized post-office, are so many obstacles to our trade, which justify the charging a higher commission. It is the same with sales, which can only be effected in detail, or in small parcels on credit, to persons whose credit is very limited. However, we expect to procure for our friends a very considerable advantage in the exchange on our reimbursements, which will, in some degree, indemnify them for the high commission charged. Measures. — A Kilo of IbraU of about 400 ocche is equal to about — 18 Kilos of Constantinople. 9 Sacchi of Leghorn. 7j^ Staro of Venice. 5^5f Mines of Genoa, or 3^ Cetvers of Russia. 4 Charges of Marseilles. The Kilo of Gallaiz is only about f of that of Ibrail, and the money differs from that of Bucharest, as is shown below.* Weights. — 100 ocche of Gallaiz and Ibrail are equal to 8 poods of Russia. 800 ocche of Gallaiz and Ibrail are equal to 27 centners of Vienna. Others reckon 44 ocche to 1001b. of Vienna, which makes a difference of about two or three per cent. Assurance. — Having the principal agency of the "As- seourazione Generale Austro Italica," of Trieste, reputed one of the most respectable, we are enabled to effect insurance for any voyage whatever, at the same premiums as those de- uianded by the first companies in the different maritime ports * See Appendix. 166 GENERAL CORRESPONDENCE. SERIES XXTH. Freights depend on circumstances, so that we can onlj note the probable rates. At present they ask for — Venice or Trieste, per staro of Venice, -f to f florins Genoa, per mine 4 " 5 liTres. Leghorn, per sacca 2^ " Marseilles, per charge 4^ "' 5J francs, la conclusion, we refer to the specification of exchanges and prices at foot ; and should any article interest you more particularly, we shall be most happy to procure it for you, In the mean time, we are, &c., Bienwertii & Co. CCXLII. Hamburgh, 20i/i October, 18— > Messrs. Me^ivale & Bohte, London. Gentlemen, — Having none of yourvalued communications to acknowledge, we now beg to wait upon you with our price- current, and a few observations on the state of our Markets. Camphor is looking up. Of new Zante and Corinth cur- rants, our stock on hand is considerable ; the prices may be quoted a shade lower. Coffee very dull, and no business can be done except at reduced prices. The transactions of the last week amount to only 2,000 bags of Brazil and Domingo ; qualities, ordinary to fine ordinary. Ginger higher. Pepper and Pimento very firm. Sweet Sicilian almonds declining. Olive-oil is again on the advance. The stock is now very limited, and of some sorts we have none on hand. Para cocoa is held at 4 sh. Cassia Lignea, flat ; middling, 7\ : fine, 7|-. Cassia bvds, \G--\Q\. iJamws, none on hand. Indigo, — prices firm, sales limited. Cochineal, — little doing. Rice. — In consequence of several large orders for good Carolina, the prices have again risen ; and as we have only a moderate supply of 2,600 tons, of which 2,200 tons are in first hands, and not at market, a further advance may be anticipated. In Java there is more doing. From Maran- bam we have an importation of 500 bags of Brazil, which arc to be had at 10^; the quality is but middling. Tobacco. — The prices for Domingo are very firm, and those 'or Virginia and Kentucky cannot, at the present moment HAMBURGH MARKETS. 167 be noted lower. The last accounts from the United States lead us to expect large shipments, so that a further improve- ment of the prices is improbable ; 350 serons of Domingo were sold by auction. The imports of new Porto Rico con- tinue, and our prices may be quoted rather lower. Tea. — 119 quarter chests gunpowder have been sold by the importers ; in the other descriptions, nothing of any importance has been done. Raw sugars rather more in request, and the transactions at the former prices considerable. Fine whites have, indeed, been bought at an advance of ^d. The sales consisted of 2,500 chests yellow Havanas, at 8|— 8f-; 1,000 chests brown do., at 7i-7|^. 350 chests of white Bahia, at 94-10^^. 300 chests brown do., at 7i-7fc?. 100 chests white Eio, at Q-9id. 150,000 of lumps, at 9f-9|(i. In refined sugars, there was also some business done. Dutch and Belgian melis and lumps are in demand. Corn. — Wheat very steady. There is but little at market. Of ri/e we have had but small arrivals. In larley and oats nothing doing. Peas and heans flat. Yet.ches in request. Rape-seed has been bought at somewhat better prices. Clover-seed : from the probability that our supplies from the last crop will be very scanty, our prices are constantly look- ing up. For red-seed of last season, 41^ mks. have been paid for parcels on the spot, and 40 on delivery. For the finest white, likewise of last season, 50 mks. were paid. In Wools there is much briskness, and prices remain very firm. Grood qualities, well washed; are in lively demand, at 27-29 sh.* We remain, &c., Homeyer & Schmidt. TWBNTy-FOTJRTH SERIES. CCXLIII. T S.AUNDERS, Esq., London. Halifax, 29th June, 18—. gir^ — We are this morning in possession of your letters A the 17th and 20th April, and are not much surprised at ♦ Tlie quotations of [nices in this letter are la marks, shillings, and JK II :srs. Edv/ard Wallis & Co., London. tJentlemen, — We take the liberty of annexing our ship- ping-prices of wines for the current year, and solicit the favor ;f your patronage. Since the return of our senior to this island, he has de- voted himself to the selection of a stock of wines, that will, we venture to hope, merit the approbation of all who may honor us with their commands. Our constant study is to purchase fine, flavory, ripe, full-bodied wines ; and to reject all such as are thin, or have the least tendency to acid. Our last vintage has proved exceedingly good, and we live in hopes that eeal Madeira will yet obtain the estimation and preference it deserves amongst white wines. If this island produced an inferior wine to the Cape of Good Hope, Tene- riffe, Payal, Sicily, &c., its name would not be borrowed as it is, and applied to so much of the poor made-up stuff that is sold in England. We think our standing and experience justify the asser- tion, that no house in the island can execute your orders more to your satisfaction than ourselves ; and we assure you that the utmost attention shall be paid to any with which you may oblige us. We are, &c., Eoss & Turner. CCLXXXIV. Adolph Schmidt, Esq. Gibraltar, \st June, 18 — Dear Sir, — Tour valued favors of the 19th and 20th ult came safely to hand. The Hope has not yet arrived. Part of your goods, per Harriett and John, are landed, and we have this day disposed of five dozen chairs, Nos. 71 to 73, and 39 & 42, for five hundred hard dollars ; and one secretary, No, SI, for sixty. The chairs not being delivered, I cannot have the pleasure of handing you the proceeds by this conveyance. There is some mistake respecting the package No. 30, which is in your invoice, but not in the bill of lading, theri- fore T cannot demand it of the Captain. 196 MISCELLANEOUS LETTERS. As you have seen Mr. Barnard in England, I liave n« doubt he has given you every information regarding the trade of this place, so as to render it unnecessary to enter into de- tails on that subject by this opportunity. The plague is reported to have broken out in Malta ; and there have been long quarantines appointed for all vessels coming from the East, which will be a great impediment to our commerce. I am, &c., I. C. Martin. CCLXXXV. London, \')th June, 18--. Messrs. John Backhouse & Co., Liverpool Gentlemen, — I had last the pleasure of addressing you under date of the 29th ult., and have since been favored with your esteemed letters of the 3d, 7th, and 8th inst. Your acceptance for 200/., Castendyk and Co., to the order of Ide, Beugh and Co., due 26th August next, payable, with me, will be duly honored, and your account debited with' it when paid. I have filled up the exchange at 51^. per milrea, on your draft for 130Z. on C. I. de Almeide, of Oporto, and forwarded it per mail to your friends there, Messrs. Adams and Co., and that on G. I. Perreira, of Lisbon, for 31/. 2s. %d., I have endorsed at h^\d., being the current course on that city (aa 51 is in Oporto). This bill I have inclosed to Mr. George, agreeably to your orders. You observe that the rates of exchange endorsed by me, on some occasions, do not correspond with those contained in Lloyd's list. The reason is this : the brokers are furnished with printed lists, in which, at the commencement of 'Change- time, they insert such courses on different places as they consider fair between the drawers and the takers, according to the quantity of money and bills offering ; and in Lloyd's list, these imaginary prices are always inserted ; whereas, when business commences, they are seldom or ever abided hy, but every holder and every taker makes the best bargain he can Of course, it depends on the preponderance of money or paper, whether the actual course of exchange be above or below the nominal or printed price. COMMISSION ON ORDERS. 197 The two bills sent me for acceptance in yours of the 7th instant, for 410^. 17s. 2 in o 24 Draft l\ ^" ^ ■^^ Net 280 2 24 at 24s. 6d. Charges. Freight on 721 cwt. 11 lbs. at 5s. per cwt £180 5 6 Pierage, 3id. per ton 10 6 ^ ' ^ ^ 180 16 4 months' interest, at 4 per ct. 2 8 3 Dock rates, 721 cwt. 1 1 lbs. a.t5d. 15 5 3 months' interest 3 Carried over . . . £198 7 8 £ s. d. 288 10 4 239 11 6 343 17 6 871 19 A AIERCANTILE TECHNICALITIES. 227 Brought forward £198 7 8 Sorting and lotting 4 7 Fire Insurance 1 2 6 Brokerage, 1 per cent 8 14 5 Commission and guaranty, 2J per cent 21 16 Net proceeds, due 1 April , £ s. d. 871 19 4 234 7 9 637 11 7 London, 17 th Janitary, 18 — . Jas. Johnson & Co. VII. Account-Sales of 76 bales of^ Madder Root, received per James, Hill, and sold for account of Messrs. Jullian & Co., of Trieste. A. : to 76 Prompt 3 months and 1 month. 76 bales, gross . . 269 27 draft,41b.perbale 2 2 24 266 2 3 tare,101b.perbale 6 3 4 Net 259 2 27 at 54s. per ewt. £ 701 s. d 6 Charges. Insurance, 800Z. at 40s. £16 Stamp 2 18 Carried over £18 701 6 228 APPENDIX. Brought forward £18 Entry, bond, dock, and town dues 2 cwt qrs. lbs. Duty on 261 3 3 at Gf^-pr-cwt. 6 10 10 Fr'ght on 269 27 at 63s. per ton, £42 8 I Primage 10 per cent. 4 4 8 46 12 9 Cartage and porterage on land- ing 2 17 Warehouse rent, 10 weeks at Id. 3 3 4 Porterage, delivering, mending, canvas, &c 1 2 6 Fire insurance, £800 at 7s. 6^. per cent 3 Interest on charges 76^. 8s. 1 id. 164 days 1 14 2 Postages and petty charges .... 018 2 Brokerage, ^ per cent 3 10 Commission and guaranty, 4 per cent 28 1 Net proceeds, per 4 Jan. 18 — . Liverpool, 17th. September, 18 — £ s. d. 701 6 117 10 1 583 15 11 Sriffin & Go. MERCANTILE TECHNICALITIES. 229 Pro forma* Account-Sales of 10 bags of Orcliilla Weed. 10 bags of Orchilla "Weed, duty paid cwt. qrs. IbsL Weighing gross .... 21 3 17 draft, 1 lb. per bag 10 21 3 7 Tare, 6 per cent 1 19 J at ^6250 20 2 16 t per ton. Discount, 2J per cent Charges. Housing, landing, and wbarfage, at 9d. per bag 7 6 Weighing, 3d. per bag 2 6 Freight, per ton Primage, per cent Duty, 16s. 8d. per cwt 17 4 Warehouse rent. Id. per bag per week . . Brokerage 1 per cent, if sold by auction ; i^ per cent, if by private contract .... Postages 17s. 6d., and petty charges 10s. 17 6 Brokerage on remittance, at 2s. per cent. Premium of insurance from 15s. 9d. to 25s. per cent., according to the season of the year, ship, &c Policy stamp, if premium under 20s., 2s. 6d. per cent. ; above, 5s. per cent. . Commission on amount insured, i per ct. Del credere (if required) J per cent. . . . Commission on 2511. lis. 9d. at 2J per ct. 6 5 9 Del credere, when not sold for cash, 2 per cent Net proceeds Errors Excepted. — London, • Soe the term " pro forma." £ S. d. 258 9 6 9 C 251 11 9 230 APPENDIX. Act of Honor. — See Bills, page 239. Ad valorem duty. — One levied on the value af the article, not by weight, numbers, or package. Administrator. — A person empowered by the Ecclesiastical Court to manage the estate of an individual deceased, when the latter has died intestate, or the executor appointed by him declines to act. .Advances — are made by merchants on account of goods consigned to them either by the remittance of bills, or the acceptance of the shipper's drafts. Adventwe. — A commercial operation, or speculation, entered into by a merchant for his own account, or on joint account with another, consisting, usually, of the import or export of goods. Advice. — Notice of a bill drawn. Advices. — Reports of the state of trade, the course of exchange, and general commercial intelligence communi- cated by letter. Agio. — The difference between Banco, or bank money, in which accounts, are kept, and the current money of a country. Appoint. — Per appoint. See note, page 35. Arbitration. — An amicable adjustment of a dispute by the decision of one or more private individuals, nominated by authority, or by the parties concerned. Their judgment is termed an award. Arbitration of Exchanges. — A comparison made between the exchanges of different places, with the view of buying or selling bills to advantage. "When three places only are concerned, it is termed simple arbitration: when more, compound. Assets. — Cash or property of a bankrupt, an insolvent, or deceased person. Means to pay the debts of an estate or commercial house. AssigTiee. — One to whom the management of an insolvent's affairs is confided. If appointed "by the Insolvent Court, he is called an official assignee. MERCANTILE TECHNICALITIES. 231 Assurance. — See Insurance. Assured. — The party who holds a policy of any kind is thug designated. Mtorney. — A person legally substituted to sign and act for another. Attorney, letter of, Power of. — The legal instrument con- veying such authority. Averages — in marine insurance, are of two kinds ; particular and general. A particular average is a contribution pro rata by the underwriters, to make good damage done to the property insured by what are termed accidents of the seas, as when a vessel loses an anchor or part of her rigging, or goods are washed overboard, or injured by the salt-water. A general average is a contribution by all the parties concerned— that is, the owners of the ship, freight, and cargo — to make good any loss incurred for the preserva- tion of the whole, as when a mast or an anchor is cut away, or a part of the cargo thrown overboard. The underwriters are liable to pay this contribution, or a part of it, pro rata, when the property is only partially assured. The act of cutting away the rigging or cable, or throwing goods overboard, is called a jettison, which see, page 248. Average, free of. — From the difficulty of ascertaining the causes of such trifling damages and deteriorations as most frequently occur to the ship and cargo, it has been found necessary to stipulate on behalf of the underwriters, that they shall not be liable to pay any particular average at all on certain articles ; nor any, on certain others, that shall not amount to so much per cent. This exception is specified in what is termed the memorandum of the policy. (See Policy, page 265.) When goods so except- ed, as corn, flour, fruit, fish, &c., are damaged, the loss falls upon the owner, not upon the underwriter, which will explain the allusion, in one of the foregoing letters, to the average consuming the profit. 2S2 APPENDIX. Award. — The decision of arbitrators. Balance of trade. — When one country exports to another more goods than it imports from thence, the difference must be paid to it in cash ; this difference is called the balance of trade between the two countries, and is chiefly instrumental in fixing the rate of exchange. Banco. — Bank money. See Agio. Banker. — A person who takes in money; who acts as an agent for the receipt and payment of money ; who receives sums of money at interest or for safe custody. Bankrupt. — ^An insolvent merchant or tradesman, who, by a legal process, is made amenable to the Bankrupt laws. None but persons in trade can become bankrupts. Bankrwpth Certificate. — A document signed by the cre- ditors, which releases him from all further claims for liabilities then subsisting. When this certificate is refused, the party is termed an uncertificated bankrupt. Banks* — Banking-houses. — Establishments wherein the va- rious operations of banking are carried on. The former term is more properly applied to such as belong to Joint Stock Companies trading under an assumed title, whose capital is subscribed by a numerous body of shareholders, and whose affairs are managed by a committee, or board of direction ; the latter to such as belong to a few in- dividuals in co-partnership, trading on their own capital, and in their own names. Some writers designate the first public, the second private banks. Some banks issue their own notes, payable on demand ; others do not. In London, and for a distance of sixty- * "The term bank is derived from banco, the Italian word for bench, as the Lombard Jews in Italy kept benches in the market-place where they exchanged money and bills. When a banker failed, his bench was broken by the populace ; and from this circumstance we have the term bankrupt." — A Practical Treatise on banking, by James William Gilbart, 3d edition. London, 1834.— See also M'CMeck'i Commercial Dictionary. MERCANTILE TECHNICALITIES. 233 five miles around, the Bank of England enjoys the cut elusive privilege of issuing its own notes. The system of banking affords many advantages and facilities for business, the principal of which are the fol- lowing. It provides places of safety for the custody of money. It obviates the inconvenience of carrying cash from place to place at the risk of loss or robbery. It effects a great saving of time, and consequently of ex- pense, to merchants and tradesmen, who would otherwise have to count out every sum of money they had to pay, and to send their own clerks to all parts of the town to demand payment of their bills of exchange. It affords a most efficient safeguard against peculation on the part of clerks, shopmen, and servants. It presents the means of making payments in distant parts without the transmission of money. In country places it supplies a want very commonly felt, that of an appropriate circulating medium. On opening an account with a banker, every person is required to write his name in a book, in order that his signature may be known, and always referred to when necessary. He is then supplied with a cash-book and printed checks. In the former, all the sums received and paid on his account are entered to his debit and credit, as frequently as he chooses to leave the book for that purpose. When he has occasion to pay an account, or to draw cash for his own use, he has only to fill up and sign a check, and his banker immediately pays it. In like man- ner he transfers to his banker the trouble of paying all his acceptances, by writing on the bills, " Payable at Messrs. ." On the other hand, he sends to his banker all checks paid to him, and all bills of exchange, payable in London, that may come into his possession. He is thus relieved from the trouble of presenting them himself; and if any neglect or mistake occur in re- gard to a bill thus transferred, the banker is responsiblt for the consequences. 12 231 Another very important advantage to a person in business is this. He can both refer to his banker for tes- timony of his own respectability, and obtain, through him, information as to the credit and stability of other parties. Bankers will take charge of boxes of deeds, chests oi plate, jewels, or other valuables, for their customers, and place them in their strong room, which is generally fire- proof, and well secured with iron doors, &c. Through the medium of the country bankers, who all have correspondents in London, and many of them direct communication with each other, a person residing at one end of the kingdom may pay' a sum of money to a cor- respondent at the other, and avoid all risk of loss or robbery, at the expense of a small commission, charged by the banker in whose hands he places it. There are two modes in which bankers are remunerated for'their trouble and responsibility. The first, which was, until recently, the universal custom of the banking-houses, is, to charge no commission, but to require a certain balance to be left in their hands by each customer ; that balance being proportioned to the extent of his banking transactions throughout the year. The interest of the cash so deposited, constitutes the profit of the banker. The second mode is, to require no floating balance (or to allow interest if there be one), and to charge a stipu- lated sum annually for agency, or a commission on all the transactions, of an eighth or a quarter per cent. Upon this principle, all the country bankers and most of the Joint Stock London establishments now do busi- ness. Merchants act as bankers to their foreign corres- pondents, receiving their bills, paying their acceptances, and interfering, when requisite, for their honor.* In these cases the merchant is remunerated, like the country banker, by a commission of an eighth, three-eighths, or ft quarter per cent, (according to agreement), charging *See "Bills," p. 239. MERCANTILE TECHNICALITIES 235 interest on payments and allowing it on sums received. See Check and Clearing. Barratry — signifies any illegal act on the part of the master or crew of a ship, whereby the owners may be injured oi defrauded ; as smuggling, which renders the vessel liable to seizure ; running away with the ship ; cruizing in quest of prizes without consent of the owners, and thus exposing the ship to injury or capture ; engaging without a license in any exclusive trade, as the East India, before the re- strictions were removed, &c.* Bears and Bulls. — Terms used on the Stock Exchange. A bear is one who has agreed, to sell more stock than he pos- sesses, and is consequently obliged to buy in at a loss to settle his accounts. A bull is one who agrees to pur- chase more than he can pay for, and so is obliged to sell again before the time of payment (called settling day) arrives. Bill of Excliange. — An order to pay a certain sum of money at a time specified. When the party, to whom such order is addressed, has signified his intended com- pliance with it, by accepting the bill, it becomes an engagement to pay, which is as binding as any obligation in law. The principal use of bills, and that, no doubt, for which they were invented, is to effect the settlement of accounts, or payment of debts, between parties residing at a dis- tance from each other, without the transmission of money or bullion. When a commercial intercourse is carried on between two cities, as, for instance, Amsterdam and London, it must always happen that there are parties in each city who are indebted to persons in the other. Thus, A, at Amsterdam, has to pay T, of London, 300J.; and Z, of London, has to pay B, of Amsterdam, 200/.; and 0, of the same place, lOOZ. Now, if A buys of B an order on Z " No act in which the owner participates can he an act of bar- ratr}', since a man cannot commit a fraud against himself. 23G APPENDIX. for the payment of 200/., and of C an order on Z for the payment of lOOZ., and remits these two orders to Y, of London, the latter receives of Z the 300/. due to him, and all the claims are adjusted in a simple, safe, and expedi- tious manner. Bills, however, are now employed for many other pur- poses ; they form a principal feature in the modern system of credit, and are given by buyers of goods to the sellers ; by debtors to their creditors ; and under many other cir- cumstances, both as security for money due, and a means of obtaining the immediate use of cash not payable till a given time. Bills of Exchange are principally of two kinds, inland and foreign. The following is the form of An Inland, or Domestic Bill. £280 14s. Qd. London, 20th November, 18—. Two months after date, pay to me or my order, two hundred and eighty pounds, fourteen shillings, and six- pence, for value received. Edward Hart. Messrs. Kittson and Co., Bristol. A Promissory Note. £200 0. London, 28th November, 18—. Three months after date, I promise to pay to Mr. Frederick Langton, or his order, two hundred pounds, for value received. Charles Kussell, 141, Oxford-street A bill requires the acceptance of the person on whom it is drawn (legally termed drawee) to render it valid. A promissory note is valid the moment it is signed and delivered, its form precluding acceptance. In all other respects these documents are precisely similar. They must both be drawn " to order" to make them negotiable and in both, the words "/or value received" are indis pensable. MERCANTILE TECHNICALITIES. 237 The acceptance of a bill is usually written across it in the centre. Some merchants write " Accepted" for so much, payable at such a banker's ; but many use only the word " Accepted," which is all that the law requires in addition to the signature. Indeed, it has been decided that if the latter be omitted, the acceptance is not the less binding in law. Domestic bills are either endorsed in blank, by writing the name only on the back, which is the usual way ; or specially, for a particular purpose ; as thus — " Pay to the order of A. Newman, for value re- ceived." The law requires that a bill should be left for a day at the office, or house of the drawee, for acceptance, and if he refuses to accept, it must be immediately placed in the hands of a notary, to be noted for non-acceptance. The notary presents the bill again, and notes the answer of the drawee upon a small slip of paper which he affixes to the bill ; and upon the same slip he marks his charge for noting, which charge is added to the amount of the bill, and recovered from the person who ultimately pays the latter. When the bill becomes due, it is presented for payment by the holder ; if payment be refused, recourse is again had to the notary, who, having presented it himself as before,* draws up a le- gal~document called a protest, armed with which the hold- er can commence proceedings against the drawer, and all or any of the previous endorsers. When a bill is dishon- ored, merchants usually send a notice to the parties of whom they received it, a specimen of which is given at page 135. If a bill be not presented for payment on the day on which it falls due, the drawer and all the endorsers are exonerated by law, and the holder has no claim but on the acceptor, if the bill be accepted ; or, in the case of a promissory note, the party by whom the note was issued. * The law does not require that the notary should see the drawee personally ; it is sulEcient if he present the bill at the place indi- cated therein. 238 APPENDIX. Bills falling due on a Sunday, or Good Friday, or Christ mas-day. are payable the day before. A Foreign Bill. London, SOth NoTember, 18 — . Marks Boo. 5000. Three months after date, pay this our first of exchange (second and third not paid) to the order of Messrs. Hell- man and Son, five thousand marks banco* for value received, as advised by Edw. Collins & Co. Messrs. P. H. Furst and Son, Hamburgh. The chief difference between inland and foreign bills consists in the latter being usually drawn in sets of two or three, all exactly alike, excepting the words "first," "second," and "third," by which they are distinguished from each other. As merchants, in writing to distant parts, generally send duplicates of their letters, lest the original should miscarry, HO, in remitting a bill, they guard against loss by transmit- ting a second, and sometimes a third, by different opportuni- ties, or at different times. The first that comes to hand is presented for acceptance, all being equally valid. Foreign bills should always be endorsed at length, thus : — London, 28th November, 18 — . Pay to Messrs. C. TJ. and Co., or order, for value received. N. N. Firsts for Acceptance. When a merchant purchases a foreign bill (for the first second, and third constitute but one bill), he transmits the first immediately to a correspondent in or near the town on * Or it .is drawn in pounds sterling, and the course of exohatig* stated at which the bill has been negotiated and at which it ia to be paid abroad. MERCANTILE TECHNICALITIES 239 which it is drawn, to procure acceptance to it. By this means he secures the responsibility of the drawee, without delay, and without incurring any risk whatever, since the first, not being endorsed, is not negotiable ; and in the mean time he can dispose of the second, writing upon it at foot, " First, with Messrs. ." The second, travelling, as it must ultimately do, to the place on which it ia drawn, is presented to the house indicated in the above no- tice : and the first is immediately given up, being, in the language of merchants, held at the disposal of the se- vovd. Case of Need, or Acceptance and Payment for Honor. Every individual, whose name is found upon a bill, whether as drawer, drawee, or endorser, is alike responsi- ble to the last holder for its payment when due ; and, as the return of a bill is not only prejudicial to the credit of a merchant, but is also attended with considerable ex- pense, a plan has been devised for guarding against this unpleasant occurrence. This plan consists in adding what is called " A Case of Need" or reference to a correspondent in the same place, who is thus called upon " to interfere far honor" of the merchant by whom the bill is referred to him. This reference is made by writing at the bottom of the bill, thus : — " In case of need, with Messrs. ." When acceptance or payment is refused by the drawee, the hold- er applies to the house thus indicated, who accept or pay, as the ease may be, under protest and act of honor ; such being the name given to the notarial instrument drawn up to enable their correspondent, for whose account they interfere, to recover from the drawers of the bill. T^ill of Lading. — A receipt on a stamped and printed form, given by the master of a vessel for the goods shipped on board her. This document is considered sufficient evi- dence of their being so shipped, in case of loss, and insu ranee being effected thereon. 240 B 1 to 12 Bills of lading are transferable like bills of ezohange either by blank or special endorsement, and the holder can claim the goods of the captain . under any eiroum- stances, when the bill is endorsed by the consignee, and he can prove that he has given a fair consideration for it, A Bill of Lading. Shipped in good order and well con- ditioned by John Brooks, in and upon the good ship called the Lady Pellew, whereof is master for this present voyage, Captain Charks Cobbin, and now riding at anchor in the London Docks, and bound for St. Petersburg/i, five cases printed cottons, atid seven bales woollen cloths, being marked and numbered as in the margin, and are to be delivered in the like good order, and well conditioned at the aforesaid port of St. Petersburgh (the act of God, the king's enemies, fire, and all and every other dangers and accidents of the seas, rivers, and navigation of whatever nature or kind soever ex- cepted), unto ilfes?-s. John Barton ana Co., or to tlieir assigns, on paying freight for the said goods, three pound) eighteen shillings, and five per cent., primage and average accustomed. Id witness whereof, the master or pursei of the said ship hath affirmed to foui bills of lading, all of this' tenor and date ; the one of which /bwr bills being accomplished, the other three to strvud void. Dsitcd in London, Wth Sept. 18 — . Weight and contents unknown. Charles Cobbin. MEECANTILE TECHNICALITIES. 241 Bill of Parcels. — A bill of goods sold. See note page 35 Blank Credit. — Permission to draw on a house to a certain amount, without restriction as to time, and without making remittances against the drafts. Bonded Goods, Goods in Bond. — Such as are permitted to be wifehoused in certain Bonded Stores, without payment of the duty, on the owner giving bond for the payment of such duty and other charges, on their removal for home consumption, or re-shipment to some other country. Bottomry Bond. — A bond given by the captain for money advanced on the keel or bottom of his ship. Bottomry Loan. — The money so advanced. The condition of a loan on bottomry or respondentia, is, that if the ship be lost, the lender shall lose the entire sum lent ; if she arrive safe, he shall recover his money with the interest agreed upon. The law, in consideration of the great risk incurred by lending cash on such precarious security as the hull or cargo of a ship, permits an interest to be charged in this case, which, in every other, would be illegal, and sometimes as much as 25 or 30 per cent, is paid for the accommodation. It sometimes happens that a master of a ship is obliged to borrow money twice or thrice on bottomry, being under the necessity to repair again, after he has left the port where he first took up money on bottomry, &c.: in that case, the sum advanced last must be paid out of the value of the ship's cargo before the preceding loan is, because, without the last loan being furnished, the ship could not have proceeded to her destination. The sum lent may be insured ; but the lender cannot insure more than the difference between the amount of the lo*n and the value of the ship or goods. Sea Respotidentia. Bounty. — A premium paid by Government for the exporta- tion of certain articles of British growth or manufacture, or for the importation of foreign goods, &c. Also for the employment of ships in the herring and whale fisheries. ii'i APPENDIX. Brokers. — Persons licensed to act as intermediate partien between one merchant and another in the purchase oJ goods, bills of exchange, &o., their office being very similar to that of a notary public. They are restricted from trading themselves, and are witnesses to the transac tions in which they are employed. BroJcerage. — The charge made by the broker for his trouble. Broker's note. — A voucher signed by the broker, and given in every case in which he is called upon to act. It states briefly the names of the buyers and sellers, the description and quality of the goods sold, and the prices and terms of sale. Bullion. — Uncoined gold or silver. Case of Need. — See Bill of Exchange, page 339. Charter Party. — A contract entered into by the owner or master of a vessel who lets., and the merchant who hves the ship, either wholly or in part, for a specified time, or a stated voyage. A perusal of the following specimen will clearly explain the nature of this engagement. Charter Party. London., 2Qth May, 18—. It is this day mutually agreed between Edward Griffiths, master of the good ship or vessel called the Freedom, of the measurement of one hundred and forty tons or thereabouts, now lying in tlie Rivet Thames, and Messrs. Curtis, Ross and Co., of London, merchants, That the said ship, being tight, stanch, and strong, and every way fitted for the voyage,, shall in due time proceed to Cadiz (with liberty 'jo talce a cargo to any port on the way out), or so near thereunto as she may safely get, and tlwe had a full and complete cargo of wool or other lawful mer- ihandise, hut not exceeding six hundred whole bags, or what may be equal tlvereto, and not exceeding what she can reasonably stow and carry, over and above her tackle, apparel, provisions, and furniture ; and, being so loaded, MERCANTILE TECHNICALITIES. 243 shall forthwith proceed to London to discharge at such place as the charterers may appoint, or so near thereunto as she may safely get, and deliver the same on being paid freight, at and after the rate of fourteen shillings per bag of wool, of two hundred and twentyfour pounds net weight at the Queen's ieam, and so in proportion for other lawful merchan- Use, with 10s. per cent, on the whole (the act of God, the king's enemies, fire, and all and every other dangers and ac- cidents of the seas, rivers, and navigation, of whatever na- ture and kind soever during the said voyage, always mu- tually excepted). The freight to be paid on unloading, and right delivery of the cargo, one-half in cash, and the other half by an ap proved bill at three months' date from the said delivery. Forty working days are to be allowed to the said mer- chants (if the ship be not sooner despatched), for loading the ship at Cadiz and discharging at London, to commence when she shall have arrived out, shall have received pratique, and sliall be in every respect ready to had, and ten days on demurrage, over and above the said^ laying days at three pounds three shillings per day. Penalty for non-performance of this agreement three hundred pounds. And the said master engages that the said vessel shall be ballasted with iron, stone, w shingle, and not with sand or mud, or any thing prejudicial to a cargo of wool ; likewise, that she shall be stowed in the usual and customary mMnner. And the said merchants engage to advance the said master as mux:h money as he may require at Cadiz for ship's use, but not exceeding one hundred pounds ; the said master reimbursing them by his draft on his brokers, Messrs. Rothwell and Smith, of London. In testimony cf this our mutual agreement and undertaking, we hereunto affix our hands and seals. Witness. Check or Cheque, sometimes called a draft. An order ad- dressed to a banker, or other person, for the payment of money- to the individual named, or bearer, on demand. Checks are negotiable like bills, but require no endors© 244 APPENDIX. meut, and are payable instantly on presentation. All checks should be presented for payment with as little de lay as possible ; for, if retained beyond the day of theii dates, and the bankers on whom they are drawn should fail, the holder cannot recover from the drawer. Clearing. — The name given to a daily exchange of bills and checks, which takes place between most of the bankers re- sident in the city of London, at the clearing-house in Lombard-street. The banking houses who "clear," are, as appears by Mr. Gilbart's " Treatise on Banking," thirty in number, and a clerk from each attends first at twelve and then at three o'clock, with all the bills and drafts on the others that have been paid in up to those hours. There is a drawer appropriated to each house, and in these all the drafts and bills are distributed by the respective clerks. Each being provided with a printed list of the clearing bankers, called a balance-sheet, he enters to the debit side all the sums the other houses owe him, and on the credit all that he owes them. If he has money to re- ceive, he takes it from anybody who has money to pay ; for it is obvious that the amount to be paid, must be equal to the amount to be received ; and the only point to be attended to is, that each shall obtain the balance due to him on the clearing. Checks crossed, i. e. having the name of a banker written across them, are payable to that banker only, and are therefore useless if stolen or lost, since no other per- son can receive the money. Composition. — An agreement between an insolvent and his creditors, by which the latter accept of a portion, in lieu of the whole of their respective demands. The per cent- age so paid is also thus called, as "a composition of 10«. in the pound," &c. Compromise. — To adjust a difference by mutual concession, Ovnsignee. — A merchant to whom goods are sent to be soH on commission. Consignment. — The goods so sent. MERGANTILK TECHNICALITIES. 245 CvMols. (for Consolidated funds.) — Certain public stccka formed by the consolidation of different annuities. Consul. — An accredited agent of government at a foreign port, appointed to protect the maritime interests of the country more especially. Documents of any kind attested by the consul, under his hand and seal of office, are ad- mitted as evidence in courts of justice. Contingent. — The share of any one concerned with others in an adventure. Convoy. — One or more ships of war appointed to protect a fleet of merchantmen. Coupons. — Small slips, cut from a foreign bond, bearing date, amount, signature, &c., and forming so many orders (or dividend warrants) for payment of the divi- dend or interest. Customs. — Duties levied on goods imported or exported. Debenture. — A Custom's certificate to enable a shipper to re- ceive the bounty, or drawback, on goods exported. Debts., active and passive. — The former are such as are owing to us ; the latter such as we owe to others. Decrease. — An allowance made by the Customs, to importers of liquors, for the quantity decreased during the time they remain in bond. Dd Credere. — See note, page 41. Demurrage. — In maritime affairs, an allowance of so much per day made to the owners of a vessel for her detention in port beyond the time agreed upon. See Charter Party i Despatch. — A despatch in insurances, is the statement made out in case of a general average, in form of a certificate, setting forth, 1st, the value of the ^lip) freight and cargo, which together have to contribute to a loss or an expense incurred for the general benefit or safety; 2nd, the amount of this expense ; 3rd, the extent to which a party is interested in the goods ; and 4th, the per centage he bai to contribute towards the whole expense. 846 APPENDIX, Deviation. — In marine assurances, is a wilful departure from the regular course of voyage, by which the policy is vitiated. Discount. — A deduction of so much per cent, for preisent payment. Discounting a bill, is giving the money for i t at once, charging interest for the time it has to run. See Interest. To Dishonor. — To refuse acceptance or payment of a bill of exchange. Dividend. — A share of any thing divided. The dividends on stock, are simply the interest due thereon to the holders. Domiciliated — m9,de payable ; applied to bills of exchange that are either drawn on one town, with the condition that they shall be paid in another, or are made so payable by the acceptor for his own convenience, or to facilitate the negotiation of his acceptances. Draft. — A bill of exchange drawn by A upon B, is called in commercial language, A's draft on B. A check is also sometimes called a draft. See Check. Draught. — An allowance on goods sold by weight. Drawback. — A return of duties allowed on the re-exportation of certain foreign goods, or on the exportation of certain British goods that are subject to an excise duty when con- sumed 3t home. Drawee. — The person on whom a bill is drawn. Drawer. — The person who draws a bill. Dunnage. — Loose wood, faggots, mats, &c., used in stowing a cargo. Embargo. — An arrest on ships or goods by public authority. Entrepot.— "^his word signifies, 1st, Bonded Warehouses ; 2nd, Private Warehouses, for the reception of merchandise in transitu, or on transit. Exchange. — See Bill cf Exchange. Exchequer Bills. — Notes issued by Government bearing interest. Excise — An inland tax on goods manufactured or cou sumed in the country. MERCANTILE TECHNICALITIES. 247 Execution. — The process of seizing a person's goods by a sheriiF's officer. Firm. — A house of trade, as the firm or house of Bradford and Go. Free Tort. — One where goods may be warehoused and eX' ported free of duty. I&eight.—The cargo of a vessel ; the sum paid for the hire of it ; the rate paid per ton, per last, &c. Funds. — See Stocks. Gallaiz. — Table of moneys and exchanges referred to a< page 160. Money of B ucharest. Of Gallaiz. i B'lorin ct. d'Auguste of Vienna . . . 6f piastres 8 f- piastres. 1 Silver rouble . . lOJ " 13i 1 Zechin (full weight) . 31J « 39i 1 Ditto, called rather light SOJ " 39 1 Austrian lire of 20 kreuzers . . . 2^ " 2| to 2ft I Yermelliky 100 Piastres of Constan tinople 115 to 116, ditto, ditto UU " 18i " 18i; tTf 67 " 86f^ 775V « 100 In addition to the money of Vienna and Constantino- ple, it has been attempted to introduce that of Marseilles and Genoa, and it may be estimated that 100 piastres of Bucharest are equal to about 38-J- franks. Garble. — The dust, dross, and refuse of spices and drugs. Garbling. — The picking out the worst of any commodity. Grace, Days of — Those days which are allowed by law or custom for the payment of a bill of exchange, beyond the day on which it strictly falls due. In some countries, no days of grace are allowed ; in others, they vary in number from three to thirty. In Great Britain and Ireland, the days of grace are three ; so that a bill at two months from the 1st of Jme is not payable until the 4th 248 APPENDIX. of August, and the date is generally thus marked bj merchants, viz., " due 1st — 4th of August.' Bills drawn "at sight" are an exception, being payable on presentation. (houndage. — A small duty levied, in some ports, on ship a coming to an anchor. llusbandage. — An allowance made to the . husband or ma- naging-owner of a ship. Jettison. — The act of throwing overboard any part of the cargo, or of cutting away masts, anchors, sails, rigging, boats, &c. This act is justified by stress of weather ; by being chased by an enemy ; or by running aground. The owner of property so sacrificed for the preservation of the whole, has a claim upon the owners of the property preserved, who are bound to share his loss with him pio rata. Indorsee. — The person to whom a bill is indorsed. Indorsement. — The act of writing the name of the holder of a bill on the back of the same, for the purpose of transferring it to another person. See BUI of Ex. change. Iiidorser. — The person who writes his name on the back of a bill. Insolvent. — One who is unable to pay his debts. Insurance. — A contract by which the one party undertakes, for a consideration called a premium, to indemnify the other against certain losses, or to guarantee the payment of a stipulated sum. Insurances are of three kinds, namely : 1st. On ships and their cargoes, and on their freight , whereby the owners are secured against the perils of the sea, capture, barratry, &c. 2nd. On hauses and movable property of all descrip- tions, farming-stock, crops, growing timber, &c. against the risk of fire and lightning. 3rd. On lives ; the operations of which are complicated and the advantages numerous and diversified. MERCANTILE TECHNICALITIES. 249 All insurances are founded upon these principles ; first, tlie distribution of the hazard to he incurred among many, HO that each individual, instead of bearing his own risk, wholly and exclusively, shall bear but a small portion of his own, and the same of every other person's risk; secondly, the sacrifice of a small portion of his property to secure the rest ; thirdly, the condition that the sacrifice so made by each individual shall be commensurate with the nature and degree of his particular hazard.* troods to a large amount are frequently bought for shipping on credit, which could not be done to that extent if the sellers were not aware that their creditors could secure their property by a policy of insurance. Insurances, Fire — are effected in England with incorporated bodies (of which there are a great number), and are subject to a duty of 3s. per cent. In some countries, where the necessities of government do not compel them to tax institutions of so beneficent a character, there exists a system of irlutual insurance under the sanction of the legislature ;. and in others, an office under its imme- diate control, in which all the proprietors of houses and other buildings are required to assure them for a value fixed by the official surveyor. The risks of fire insurance are usually divided into four classes, termed, Common, Hazardous, Doubly Hazardous and Special. The first of these is chargeable with the premium 0/ Is. 6d. per cent. ; the second 2s. 6d.; the third 4s. 6d, For the last, which comprises all' risks of extraordinary hazard, no premiums are fixed, because they vary accord- ing to the peculiar circumstances of each case. Pull particulars of the rates of premium, and conditions of the policy, may be obtained on application at any of the insurance offices. * Policies of insurance were first issued in Florence about the middle Df the 16th century, although some conjecture that the system of lisuring ships and merchandise was invented by the Romans. Be tlsis as it may, it is only within the last 70 or 80 years that the prao- tico of insurance has become at all general, or properly understood, even in this commercial country. 250 APPENDIX. Merchants usually keep open a floating assurance oi '•goods their own, in trust, or on consignment," by which means all the merchandise in their hands, wherever it may be deposited (within the limits of the town or district to which the insurance is made to extend), is covered either wholly or in part, according as the value of such merchandise, in the aggregate, shall happen to be under or above the sum insured. See Floating Policy. Life Insurance — is better known and appreciated in Q-reat Britain than any other part of the world ; but still, the system is very far from being generally understood, or commonly resorted to, in the namerous exigencies in which it alone can afford relief We have many companies that undertake this species of contract, and which may be divided into three classes. The first is founded on the mutual system, that is, a number of persons agree to assure each other ; to divide among themselves all the profit (or surplus of their annual payments above the sums paid on policies and for the expenses of management) ; and to make good all defi- ciencies. Under this system every policy-holder is a pro- prietor to the extent of his insurance. The second class consists of Joint Stock Companies (i. e. companies formed by a number of individuals, who subscribe a capital to be embarked in the business), who assure lives at fixed pre- miums, and bind themselves to the payment of the sums insured, whether there be a profit or a loss on their transactions. The third class consists also of Joint Stock Companies, but which are formed on principles that unite, in some degree, the two systems above mentioned. They likewise bind themselves to the payment of fixed sums, and exempt the assured from loss under any circum- stances ; while, at the same time, they admit them to a participation in the profits of their business. The last are called by modern writers. Mixed Companies, and are by many considered to rest on the safest and most iatisfaotory basis. The system of life insurance is founded upon actual MERCANTILE TECHNICALITIES. 25 J experience of the duration of human life, and the exptcta- tion of life (or chance of living a certain number of years) at a given age. The tables which are framed on these data are calcu- lated for healthy lives only ; i. e. for such persons as are supposed to have the ordinary chances of attaining an advanced age. When, therefore, a person afflicted with any serious malady, which may shorten the term of hig existence, is desirous of insuring his life, he is required to pay an extra premium commensurate with the increase of risk which will fall upon the company in consequence. This regulation is far more humane, than one which would exclude such individuals altogether from the advantages of a system to which the very circumstances of their ill health would induce them to have recourse. The modes in which life insurances may be effected are too numerous, and the objects to be attained by it too diversified, to be more than cursorily noticed in this place. First, as regards the duration of the contract. It may be made for any specific number of months or years ; or during a stated voyage ; or for the whole term of life. Secondly, as regards the payment of the premium. It may be done by one payment ; by annual and equal payments during the whole of life ; by equal payments, annually, during a certain number of years ; by pay- ments increasing annually ; by payments decreasing an- nually. Thirdly, as regards the nature of the guarantee itself A man may assure a sum on his own life, payable at his death ; or for a given number of years, to be paid to himself, if living at the expiration of the term. lie may assure the life of a debtor, for an amount equi- valent to his claim upon him. A person who is entitled to a sum of money, or an estate, on the death of another individual, provided he survives that individual, may assure his own life against the life of the latter, and thus seoura B52 APPENDIX. his inheritance. The holder of a valuable lease, who bai to pay a fine on the death of a certain person, may assure the life of that person, and thus obtain the means of paying the fine. In short, any party having a pecuniary interest in the life of another, may legally insure such interest by any mode that best suits his purpose. Life policies acquire, after a number of years, a value, proportioned to the age of the assured and the amount of annual premiums to be paid upon them ; and may, of course, be sold like any other property. Thus, a person of advanced age, having nobody to provide for at his decease, may convert his policy into cash or an annuity, and augment his means of comfort in the decline of life. All life policies are subject to a stamp-duty, which, before the recent alteration, fell very heavily on the as- surers of small sums. The following is the present scale. All sums not exceeding 50^. 2s. Gd. Exceeding 501. and not exceeding 100/. . . 5*. Exceeding £100 and under 500 . . .£1. If 500 « « 1000 ... 2. 1000 « « 3000 ... 3. 3000 " « 5000 ... 4. 5000 and upwards .... 5. [nstirances, Marine, — are effected either with the chartered companies, or individual underwriters. The latter arc accustomed to congregate iu London at Lloyd's subscrip- tion rooms in the Royal Exchange ; an establishment that stands unrivalled in the whole commercial world, for the admirable management of its affairs, and the amazing mass of information which is collected daily from all quarters, through the medium of its numerout agents. There is scarcely a sea-port of any importance through- out the globe, in which the Committee op Li.oyd'8 have not an agent, whose duty it is to give intelligence from time to time of all departures and arrivals of vessels | gbips spoken with at sea, or passing the port; wreolm MERCANTILE TECHNICALITIES. 253 Mcidents, the state of the weather, prevailing winds, &o. &c. ; likewise to survey all ships launched ; and, in case of damage to goods insured, to examine them as soon as discharged, and make affidavit as to their condition, the extent of damage, &c., and generally to watch over the interests of the underwriters. From sources such as these, the subscribers to Lloyd's are supplied with every information that it concerns them to possess ; and there is scarcely a trading vessel afloat which is not registered in their books, with every minute particular of her name, captain's name, build, port of building, tonnage, age, character, &c., so that they have no more hesitation in accepting insurance on a foreign vessel than one of British build, having the same means of ascertaining her character. It is a maxim in all insurance business, that the more the risks are distributed, the better it is for the assurers ; and hence few underwriters at Lloyd's will hazard more than 5001. or 600^. on a single ship. The average of the subscriptions, indeed, may be reck- oned nearer to 250/. or 300/.; and yet assurances to an al- most unlimited extent may, in some cases, be effected at Lloyd's, for it has been stated in evidence before a com- mittee of the House of Commons, that one firm alone got 631,100Z. subscribed on the Diana Frigate. The business at Lloyd's is usually done through the medium of brokers. When a broker receives an ordel to effect an insurance, he notes the particulars on a slip of paper, and applies to such of the underwriters as form his more immediate connection, to know if they will subscribe the risk, at what premium, and to what amount. Upon this slip he then writes the names of those who agree to take the risk, and the sum that each is willing to undertake upon it ; and having completed his order, or finding that he cannot complete it, draws up a policy upon the proper Btamp, and procures the signatures of the parties with whom he has conducted the bargain, as soon as possible. Supposing his amount incomplete, he then continues his exertions to procure further subscriptions, if necessary, •ven at a higher premium. 254 APPENDIX, In effecting an insurance with one of the chartered companies, there is less trouble and delay ; for the particu- lars of the risk being given in on a slip of paper it is ac- cepted or rejected at once. The insurance of human life during a voyage, belongs to the province of life insurance. Animals maybe insured with the stipulation that they shall be delivered alive at the place of destination, or paid for as a loss. The present duties on marine insurance are as fol- lows : — s. d For every lOOJ. insured on a voyage in the coasting trade of the kingdom, where the pre- mium does not exceed 20s. per cent. . . .16 For ditto, the premium exceeding 20s. per cent. 2 G For every 1 00/. insured on a voyage to a for- eign or colonial port, where the premium does not exceed 15s. per cent. 13 Ditto, where the premium exceeds 15s., and does not exceed 30s. per cent. . . .26 Ditto, where the premium exceeds 30s. per cent 5 For every 100/. insured, for a period not ex- ceeding three months 2 (i Ditto, exceeding three months . . . 5 *,* No ship can be assured for a longer period than 12 months by one policy. Fnterest, — In marine assurances, the property insured or in- tended to be insured. In life assurance, where one indi- vidual assures the life of another, it signifies the debt due to him, or the amount of the contingency against whiot the insurance is to be effected. Money paid for the use of money lent, calculated ai a certain rate per cent, per annum. If this rate exceeded 5 per cent., except for a short period, it formerly became usury, which see. MERCANTILE TECHNICALITIES. 2;js Tnterest. — Protecting the interest of a oommevcial house, is doing all that may be practicable, under certain circum- stances, to save them from loss by frauds, the failure of houses, &c. . , Short. — In marine insurance, signifies the amount over-insured ; i. e. the difference between the sum assured, and the value of the goods shipped, when the former ex- ceeds the latter. See -An account of goods purchased and shipped, note, page 35, and the following specimens. INVOICES. London, 20th July, 18 — . Messrs. Robinson and Co., per Eoyalist, Arthur, London and St. Vincent. To Smith & Co. £ a. d 100 Casks, each 3 dozen, Porter, 300 dozen, 97 10 at 68. 6c2 3 Cases, 60 packets Windsor soap, Icwt. 2qr. 181b., at 63s Cases, &c 36 Gents. Black Beaver Hats, at 55. , . Case 3 Cases as above 5 gross. Black galloons, at 4b. 6d. . . 10 ditto, ditto, " 4s. lOd. . . 10 ditto, ditto, " Ss. Bd. . . 20 ditto, ditto, " 5s. lOd. . . 20 ditto, ditto, " 6s. Od. . . 6ditta, 4 duubles, " 7s. Od. . . 6 ditto, ditto, " 7s. Sd. . . 6 ditto, ditto, " 8s. lOd. . . 10 ditto, 6 doubles, " 9s. IM. . , 10 ditto, ditto, " IDs. 2J(2. . gp ditto, ditto, " 10s. lOid. . 3 dozen 34 inch Black Bandanas (handker- clliefs), at 26s Tin and wood case . . . R 1-100 Wl-303 304 J0&-307 308 1 2 3 4 5 6 7 8 9 10 U Carried forward £ s. d. S 4 a IS 6 9 12 1 2 6 2 N 4 2 15 (1 5 Tfi 8 6 n U 2 3 2 4 6 2 1H II 4 IS 4 5 2 1 10 17 6 3 18 6 6 6 3 S 9 12 n 28 16 50 4 S 255 APPENDIX. don aio ■Hi 10 11 12 13 £ «. d. Brought forward 3 dozen Chali handkerchiefs O'ob), at S0>. . 7 10 6 dozen Habits, Black Net Mitts, at 26s. . . 7 10 6 ditto, ditto at 309 9 20 yards. Black Satin, ulSs. 6d. 2 10 C 12 ditto, ditto, " 2s. M 1 12 30 ditto, While " 3s. Od 4 10 12 ditto. Sky, " 2s. lOd 1 14 6 dozen Curling Fluid 6 6 Case, &c 6 20 pieces, black and Lavender De-Laines, 30 yards each, at 10<< 25 10 ditto, colored, ditto, at 0s.6d 7 10 24 De Laiue Dresses, " Bs.6d. 6 12 6 ditto, " 6s. Od 1 16 10 colored, ditto, " 8s. Od 4 6 ditto, ditto, " 9s. 6d 2 17 10 ditto Oob), " 10s. 6d 5 5 Case 090 20 dozen, Japan Blacking, at 4s 4 Cask 16 15 dozen, Habits, Black Silk Gloves, at 12s. . 9 10 ditto. Elastic Tops, at 14s. Od 7 10 ditto, Cordanet Lace, " 6s. 4i2 3 3 4 10 ditto, Black Satin Stocks, at 21s. 6d 10 IS 2 End Black Cloth, 60 yds. " 6s. 2d. . . 18 10 1 ditto, kSi yds. " 7s. 2d. ... 9 2 9 1 ditto, Drab, 26 yds. " 6s. 5d. . . 8 6 10 1 ditto bottle green 25 yds. " 7s. lid. . . . 9 17 11 Case 096 Charges. To Entry and Duty, 40s., Dock charges, &c., 45s 4 5 To Freight, Primage, and Bills of Lading , 17 4 3 Insurance on £385 at 20s. per cent 3 19 Pclicy 10 « tl —handm, 28(A July, 18—. 41! «.ii 192 6 i 40 18 q 63 9 4 1 C 76 6 4 366 19 5 21 9 a 188 8 8 4 9 i392 17 S Smith & Co. MERCANTILE TECDNICALITIES. 267 II. InToice of 16 chests of East India Indigo, bought by order and for account of Messrs. Sohuback and Go. of Hamburgh, and shipped to their address by the John Bull, Corbyn. s.&o. 16 Chests of Indigo. No. 1 to 16 No. Gross. Tare. 1 334 lb 55 lb 2 332 65 3 336 56 4 338 57 5 340 56 6 337 55 7 332 56 8 339 57 9 335 60 10 336 56 11 331 54 12 325 54 13 330 54 14 332 55 15 342 59 16 341 58 5,360 ) 897 929 \ 32 draft Net lb 4,431 at 6s. per lb. £1,329 6 Charges. Entry, bond, fees, &o. . £1 10 Packing, 5s. each ... 40 Lighterage, shipping, &o. 4 2 Carried forward 9 12 £1,329 6 13 258 APPENDIX. Brought forward £9 12 Brokerage ^ per cent. . 6 13 £16 5 Insurance 10s. . . Stamp . . 1,600/. at £8 1 9 Commission 2 per cent. E. E. — London, I ilk August, 18 — , J. Smith. III. £1,329 S i 25 5 £1,354 11 27 1 10 £1,381 12 10 Invoice of 200 bales of Cotton, shipped on board the Julia, Black, for Leghorn, by order and for account of Messrs. Girolamo and Co. of Leghorn. G&Co. I to 200 200 bales of Cotton, Weighing gr. 560 cwt. Draft 2H) 3 2 8 556 Eopes 2 1 20 6 554 Tare 19 1 14 3 4 Net 334 2 10 or3r,4741bat8^.perlb £1,249 2 8 Carried forward £1,249 2 8 MERCANTILE TECHNICALITIES, Brought forward. . — Charges. Bond, dock, and town dues and entry ... £4 1 Cartage and porterage 5 Bills of lading and petty charges 10 6 Brokerage ^ per cent . . 6 5 2.59 £1,249 2 8 15 16 6 £1,264 25 19 6 2 £1,290 5 2 Commission 2 per cent. E. E. — Liverpool, 5ih November, 18 — . Raines & Co. IV. Invoice of 500 bales of Cotton, shipped by A. Johnson and Co. on board the South America, Captain Gray, for account of Messrs. John Gray and Co. of Liverpool. J.G. 1 to 500 500 bales of Cotton, bales weighing 260 93,6001b .at *15ets. 240 86,400 « 14cts. 500 180,000 Charges. Brokerage at 12^ cts. per bale 62 50 Cartage at 8 cts 40 Petty expenses 3 50 Carried forward. * 100 cents are one dollar. Dollars. 14.040 12,096 26,136 106 26,242 260 APPENDIX. Brought forward. Commission for purchase and drafts, 4 per cent. Dollars. Cts 26,242 1,049 68 27,291 68 E E. — New York, 31s« October, 18 — . A. Johnson & Co. V. Invoice of 1000 boxes of Sugar, shipped by James Jones and Co. of Havana, to Hamburgh, by the Mary, Smith, Mas. ter, by order and for account of Messrs. P. Smith and Co. of Hamburgh. c.w. 1 to 1000 1000 boxes of yellow sugar, weighing, as per specification annexed, Net 424,000 lbs. at rls. per aroba of 25 81b. * 16,960 Boxes 26r. each 3,250 Dollars. ( 20,210 913 3ts. Charges. To export duty, 4 r. per box 500 Weighing, cartage, &c 312 Brokerage ^ per cent 101 Commission for purchase 2^ per ct. . . Commission on drafts 2^ per ct Dollars 21,123 528 I 21,651 555 1 1 22,206 % E. E. — Havana, 3d August, 18 — . James Jones & Co. * One arota is equal to 25 lbs. ; rls. stand for reals de plata, of which eight are one Spanish dollar. MERCANTILE TECHNICALITIES. 261 VI. Invoice of 103 casks of Crushed Sugar, bought by order and for account of Messrs. E. Miiller and Co. of Trieste, and shipped to their address by the Metternich, Meyer. EM. 1 to 103 Ii.E. 103 casks of crushed sugar. (specification of weights an- nexed.) cwt. qr. lbs. cwt. qr. Iba. Gr. 1416 2 Tare 125 3 4 126 3 23 dft. 1 19 Net 1289 2 5 at 40s. on board Charges. Brokerage^ per ct. . . .£12 18 Bills of lading, &c. . . 9 6 Insurance 2,700/. at 25s £33 15 Stamp 3 7 6 Commission 2 per ct. £2,579 1 9 13 7 6 37 2 6 £2,629 11 9 52 11 10 £2,682 3 7 , — London, \st November, 18 — . John Chaven. 262 APPENDIX. Larne Duck, — in the language of the Stock Exchange, is a person who is unable to fulfil his engagements, and is con- sequently expelled. Letter of License. — A permission granted by the creditors of an embarrassed trader to conduct his own aflFairs for a certain time without molestation. Litters of Marque — are issued by a government, in time of war, to private individuals, to authorize the capture of the enemy's ships. Lighterage. — The hire of a lighter or barge. Liquidation. — The settlement or winding up of the concerns of a house of trade, by the recovery of claims, payment of debts, &c. Uoyd's Register. — (See the remarks under the head of " Marine Insurances.") A book in which the name, build, tonnage, and character of every vessel afloat is re- gistered for the use of the underwriters. Manifest. — One of the ship's paper's. It is a list of goods on board of a ship, a copy of which the captain is obliged to hand over to the custom-house on his arrival at the port of destination. Mulcts. — Fines levied on ships or their cargoes, for the maintenance of consuls, garrisons, &c. Navy Bills. — Notes issued by the Navy Board, bearing in- terest like Exchequer bills. Notary.— A. person duly appointed to attest deeds and writ- ings ; also, to note and protest bills of exchange and pro- missory notes. Documents and copies, or translation of documents, attested by a notary, under his official seal are usually admitted as evidence in the courts of law, espe- cially when countersigned by a consul or envoy. Par of Exchange. — The intrinsic value of the money of out' country in that of another, comparing gold with gold and silver with silver. Pared, — among merchants, signifies a lot of goods purchased at one time and one price. MERCANTILE TECHNICALITIES. 2^ Parr-it- — A license from the Excise for the removal of goods on which the duty has been paid. Pierage. — A duty levied for the support of a pier. Policies. — Stamped forms on which contracts of insuranci* are written. valued, in marine assurance, are those in whicl the value of the goods is specified, A Marine Policy. Kn tivr Name of ©fOtr. Amen. John Bell, Agent, as well in his own name, as for and in the name and names of all and every other person or persons to whom the same doth, may, or shall appertain, in part or in all, doth make Assurance and cause himself and them and every of them to be insured, lost or not lost, at and from Liverpool to Montreal, including the risk of craft and lighters from shore to shore. Upon any kind of goods and merchandises, and also upon the body, tackle, apparel, ordnance, munition, artillery, boat, and other furniture, of and in the good ship or vessel, called the Arethusa, whereof is master, under God, for this present voyage, John Price, or whosoever else shall go for master in the said ship, or by whatsoever other name or names the same ship, or the master thereof, is or shall be named or called ; be- ginning the adventure upon the said goods and merchan- dises, from the loading thereof aboard the said ship at Liverpool, upon the said ship, &c. and so shall continue and endure, during her abode there, upon the said ship, &c and further, until the said ship, with all her ordnance, tackle, apparel, &c. and goods and merchandises whatsoever shall be arrived at Montreal tifon the said ship, &c. until she hath moored at anchor twenty-four hours in good safety ; and upon the goods and merchandises, until the same be there discharged and safeJj 864 APPENDIX landed. And it shall be lawful for the said ship, &o. in this voyage to proceed and sail to, and touch and stay at any port or places whatsoever, and wheresoever, and to land, exchange, or take on board goods or passengers at any place or places she may touch at vdthout being deemed a deviation, and without prejudice to this assurance. The said ship, &c. goods and merchandises, &c. for so much as con- cerns the assured, by agreement between the assured and assurers in this policy, are and shall be valued at ^. . Touching the adventures and perils which we the assurers are contented to bear, and do take upon us in this voyage ; they are of the seas, men of war, fire, enemies, pirates, rovers, thieves, jettisons, let- ters of mart and countermart, surprisals, takings at sea, arrests, restraints, and detainments of all kings, princes, and people of what nation, condition, or quality soever : barratry of the master and mariners, and of all other perils, losses, and misfortunes, that have, or shall come to the hurt, detriment, or damage of the said goods and merchandises, and ship, &c. or any part thereof. And in case of any loss or misfortune, it shall be lawful to tjie assured, their factors, servants, and assigns, to sue, labor, and travel for, in and about the defence, safeguard, and recovery of the said goods and merchandises, and ship, &c. or any part thereof, without prejudice to this assurance ; to the charges whereof we the assurers will contribute each one according to the rate and quantity of his sum herein assured. And it is agreed by us the insurers, that this writing or policy of assurance shall be of as much force and effect as the surest writing or policy of assurance heretofore made in Lombard Street, or in the Royal Exchange, or elsewhere in London. And so we the assurers are contented, and do hereby promise and bind ourselves, each one for his own part, o\s- heirs, executors, and goods, to the assured, their executor.'?, administrators, and assigns, for the true performance of tho premises, confessing ourselves paid the consideration duo anto us for this assurance by the assured. — At and after tbs •ate of MERCANTILE TECHNICALITIES. 265 Forty Shillings per Cent. filt E©ttllfSS whereof, we the assurers have subscribed out names -and sums assured in London. N.B. Corn, fish, salt, fruit, flour, and seed are warrant- ed free from average, unless general, or the ship be stranded. Sugar, tobacco, hemp, flax, hides, and skins are warranted free from average under five pounds per cent, and all other goods,, also the ship and freight are warranted free of ave- rage under three pounds per cent, unless general, or the ship be stranded. On 9 Bales Woollen Goods marked XL No. 33 to 41, valued at Six Hundred and Fourteen Pounds. To pay average separately on each bale. No. 23 34 . 35 . 36 . 37 . 38 . 39 . 40 . 41 . £214 G. Robson valued at do. do. do. ,do. , do. do. do. do. £64 . 69 . 65 . 68 . 66 . 66 . 66 . 69 . 77 3 8 15 2 3 7 15 16 9 per W. Travers, Tivo 2 4 3 6 9 9 3 Hundred aiid fcnurteen pounds, ^'emiwrn received \1 June, 1819. £200 J. Robson per W. Travers, Two Hundred pounds, premium received 17 June, 1819. £200 W. Pritchard — ■■ Two Hundred pounds, premium received 17 June, 1819. Policies, open, — those which do not express the value of the goods insured. — -floating, — in fire insurance, are such as extend to goods deposited in various buildings not designated, or to two or more buildings which are designated, but without limitation as to the amount to be covered on each. A loss under a floating policy is settled on the average principle. Thus, if a merchant had effected an insurance ef 50,000/. without specification, and a loss of 9,000Z. oo- 866 APPENDIX. ourred, he would be called upon to show the total value of the property covered by his policy. Suppose it proved to be 150,000Z. exactly thrice the amount insured, then ho would be entitled only to recover 3,000/. since he must bear his own risk on the 100,000/. uninsured. Premium. — See Insurance, p. 248. of Exchange. — The per centage paid in British North America, the United States, &c. for the purchase of a bill on England. The mode of calculating this is shown at page 273. ■ on Shares. — The amount paid on a share being 50J. for instance, and the market price 53/., it is said to be "at a premium of 6 per cent." If the same share would fetch but 48Z. it would then be " at a discount of 4 per cent. Primage. — An allowance made by the shipper or consignee to the captain for loading the goods. It is usually a per centage on the freight ; but sometimes it is reckoned at so much per package. Prisage. — The king's share of such merchandise as is cap- tured at sea by way of lawful prize. Procuration. — The power given to an agent or clerk to sign an act for a commercial house. Pro forma. — Imaginary, fictitious. The utility of a pro forma account is this : — A Hamburgh merchant is desirous of shipping a parcel of wools to London on speculation, and in order to ascertain whether he can realize a profit by such a consignment, applies to his correspondent for a pro forma account-sales of wool. The London merchant, in this case, either transmits him a copy of real account, suppressing names, marks, &c. or makes up one altogether fictitious, but which suffices to show the duties, charges, commission, and expenses of all kinds on wools in the port of London. Promissory Note. — See Bills of Exchange, under which head a formula is given at page 236. MERCANTILE TECHNICALITIES. 267 Prompt. — The credit or time allowed for the payment of o parcel of goods. Protest, Captain's. — The solemn declaration or report of the captain and crew of a vessel, detailing the circum- stances of any misfortune, stress of weather, or accident, that has occasioned injury to the ship or cargo. An important document in the settlement of a loss on a sea policy. Notarial. — The evidence required by law of the due presentation of a bill for acceptance or payment. See Bills of Exchange. Quarantine. — The time that a ship suspected of having the plague or other malignant disease among her crew, must ride at a certain place, called the quarantine ground, be- fore she can be admitted to pratique, or allowed to have intercourse with the shore. Quotations. — The prices of goods, course of exchange, rates of freight, &c. as advised by one merchant to another or published by brokers in a price-current. Quoted on board— free on board. — It is common in quoting the price of an article, to state what it will cost including all charges incurred in shipping it ; this is the price free on board ; it is quoted on board. Register. — A ship's document, attesting the place where th«> ship is built, its tonnage, &e. Respondentia. — A loan in respondentia is money lent on the security of a cargo. See Bottomry. Returns. — The value in goods or money returned by the consignee to the consignor. A remittance in return for one received. The amount of a trader's sales in a given ■ time. Reversion, reversionary interest. — A right to the possessioa of property after a certain number of years, at the death of some person, or after the expiration of a lease. Salrage. — The property saved from a wreck or a fire. In maritime affairs, it signifies also the expenses attending 868 APPENDIX. the recovery of the ship or cargo, when captured, wrecked, or abandoned by the crew for their own preservation. A salvage loss is a total loss, with the deduction of the pro- perty saved. Seaworthy. — A term implying that a ship is tight and stanch, and stored, manned, and in every way fitted for her intended voyage. Sleeping Partner. — One who has money embarked in a trad- ing copartnery, but has no concern with the management of its affairs. Solvent. — Able to pay one's debts. Specie. — Coin as a distinguish from paper money. Sioclcs, c/r Public Funds. — The debts of government, for which interest is paid from revenues set apart for the purpose. These, with the unfunded debt mentioned below, constitute the national Debt, amounting to above 840 millions, and the annual interest and expenses of managing which are about twenty-nine or thirty millions. The public creditor or stock-holder cannot claim repay- ment of the capital, but he may sell his stock and thus transfer his claim to any other person from whom he re- covers his money more or less, according to the price of stock, which fluctuates from various causes. The stocks are denominated Three per Cents.., Four per Cents.., Three and a half per Cents , reduced, &c. The notes issued by the Exchequer, Navy, Victualling, and Ordnance depart- ments form the unfunded debt ; for paying the interest of this debt no specific provision is made by the appropriation of taxes Stock — is a term applied also to the capitals of the Bank of England, the East India, and South Sea companies, which are transferable like government funds. "itnckbrokcr. — One who makes transfers of stock. S.'ock Exchange. — The building where the business of thn stocks is transacted. MERCANTILE TECHNICALITIES. 269 Stock-jobber. — One who speculates in the public stocks for his own account. Super-cargo. — A person employed to go a voyage, to supeiv intend the sale of the cargo, to freight the vessel for her return, &o. Time-bargain. — An agreement to purchase and sell goods or stock at a certain time and fixed price. A species of gambling which is declared illegal by act of parliament. Tonnage. — The number of tons burden that a ship will carry. Transfer Days. — Certain days appointed for the transfer of stock from the name of the seller to that of the buyer. Transit. — A custom-house warrant or pass. Trinity House. — An ancient corporation (the members of which are styled Brethren) for the promotion of com merce and navigation, whose province it is to erect light houses and land-marks, appoint pilots, settle the rates of pilotage, &c. They issue Trinity Bonds bearing interest. Underioriters. — Insurers — undertakers of the risk. This name, derived from the fact of their subscribing or under- writing the policies, is limited chiefly to private indivi- duals, and to marine assurance ; although incorporated insurance companies, whether for marine, fire, or life risks, are equally underwriters in the full acceptation of the term. Usance. — There is, in every commercial city, an established custom, in regard to the number of days or months at which foreign bills of exchange are drawn ; this is termed the usance of that place. Usances vary from fourteen days after date, to six months after sight. Usury — signifies the taking illegal interest for money. The legal interest in England is 5 per cent., but an exception was made in 1838 in favor of bills of exchange, on which any rate of discount may be charged, provided they do not exceed twelve months' date. Vtmcher. — A document or paper proving that some payment has been made or other transaction efiected. 270 APPENDIX. Example referred to at 'page 217. 249Z. 124. M. for 149 days at 5 per cent, (the first item on the credit side of the account current, in pp. 216 and 217) 149 days 250 pounds (12s. %d. reoksnod , [as 1^.) 7450 298 Sum to be entered 372 (50 out off. The balance of 141 reduced into moD^y, via. — 73) 141 (H. 18s. l\d. 73 63 20 73) 1360 73 630 584 46 12 (4s. 73) 552 511 14 4 {Jd. 73) 164 146 {\d. 18 The real divisor is 7300, the number of days in 20 years , but by striking out the ciphers of the divisor and two figures of (he dividend, the same result is obtained within a fraction THE GERMAN CHAIN RULE. 'fins rule, called by the Germans Ketten-Regel, regula multiplex, and sometimes De Rees' rule, from its inventor, K. F. de Rees, is of vast use in commercial calculations, and greatly preferable to the common methods taught in England, on account of its simplicity, its brevity, and itf> eorrectness. By it any operation of arithmetic required in commerce may be performed ; but its superiority to the Rule of Three is most conspicuous in the arbitration of exchanges, and other complicated questions requiring several distinct state- ments by the latter. In order to render the principles of this rule clear to my reader, I must commence by giving the simplest examples of it that I can select ; and I request his earnest attention to these, assuring him, that when he has overcome the diifi- culty of stating his question, he will be amply repaid for his trouble, as he will then be possessed of a rule by which he may solve any arithmetical problem that can arise in business. In the first place, let us consider what we seek to know when we put a common question, as for example : if 1 cwt. of sugar cost 56s. what does 1 lb. cost? We want to know, in this case, what proportion of the money will be equivalent to the given portion of the sugar. Knowing one pound to be the 112th part of a hundred weight, we have only to find the 112th part of the whole price, and that must be the value of the pound. In like manner, if we reverse the question, and say. If 1 lb cost 6d., what will 1 cwt. cost ? we need only multi- ply the price of the pound by the number of pounds in a hundred weight, and we have the answer. Thus, in all calculations, our object is to find the relative proportions of things. 272 APPENDIX. This is accomplished in the simplest manner by the chain rule, in which the divisors and dividends, be they ever so numerous, are classed together and intermulti plied, so as to produce one common divisor and one common dividend. The only difficulty in this rule is, as I before hinted, in stating the question, and the mode of doing this will, per- haps, be best seen by contrasting it with that of the Rule of Three. The simple example above given may serve us again. If 1 owt. cost 56s. what will 1 lb. cost? This is the statement by the rule of three. In the chain rule we must reverse this, and commence with the last term, thus : "What will lib. cost ? there being 112 lb. in . . 1 cwt. and ... 1 cwt. costing 56 shillings 1 shilling 12 pence. Here we have the first and second terms alike, the third and fourth alike, the fifth and sixth alike, and the last ex- presses that denomination in which the answer is to he. The question being correctly stated, multiply the divisors and dividends into each o'ther, and it will stand thus : Divisor. Dividend. 112 56 X 12 = 672 112)672(6 Reverse the question. Required to know what 1 cwt, will cost, at Qd. per lb.? ? 1 cwt. 1 cwt 112 1b. 1 lb 6 pence. Divisor. Dividend, (none) 112 X 6 = 672 peno». Add another term, and we have the answer in shillings. ? 1 cwt. 1 cwt 1121b. 1 lb 6 pence 12 pence ... 1 shilling. Divisor. Dividend. 12 672 Answer 56s. GERMAN CHAIN RULE. 273 The aljove and the following examples are given merely U) explain the principles of the rule, not to prove its utility vliich will be seen hereafter. What is the value of 1650 lbs. of rice, at 2J^. per lb.' ? -1650 lb. lib 2id. 12 pence 1 shilling. 20 shillings .... 1 pound. Divisor. Dividend. 12 X 20 = 240 1650 X 2^ = 4125. Answer, 171. 3& 9d. The fraction in this case might be differently treated, by reducing the 2^ to 5 halves, and adding a 2 on the side of the divisors as an equivalent. What is the value of 7680 francs, at 25 francs 45 centimes per pound sterling? Here the 45 centimes are so many hundredths, and two ciphers must be added to the dividend ; to render this clear I will give the chain. ? 7680 francs. 1 franc .... 100 centimes. 2545 centimes ... 1 pound. Divisor. Dividend. 2545 7680 X 100 = 768,000 Having 250^, currency to remit from Quebec to London, at a premium of 8/. per cent., what is the amount in sterling to be purchased ? ? 250 currency 100 currency . . 90 sterling 108 sterling . . 100 sterling. Divisor. Dividend. 100 X 108=10,800 250 X 90 X 100=2,250,000 Answer, 208Z. 6s. 8d. Having, I trust, rendered the rule intelligible, I will pro- seed to show how to effect a great saving of time and figures lu working it, by previously reducing the divisors and divi dcnds as much as possible. 274 APPENDIX. If we multiply by a given number, and then divide by the same, we do nothing, since the division neutralizes the multiplication. Multiply 12 by 12, and we have 144: divide 144 by 12, and we have 12 again. Now, in the exam- ple last given, there is the same sum, 100 on each side, there- fore both may be struck out: the 108 may then be divided by 2, leaving 54, and the 90 by 2, leaving 45. The chain, reduced in this way, will stand thus : Divisor. Dividend. 54 250x45=11,250* Now revert to the first example. ? 1 lb. 1 12 lb 56 shillings 1 shillings .... 12 pence. Divide the 112 by 56; strike out both, and set down 2 for a divisor: there will then remain but 12 to be divided by 2. Again, in the example at page 273, the 2J may be divided into the 20, when both will become annihilated, and an 8 be set down as a divisor, thus : Divisor. Dividend. 12 X 8 = 96 1650 I will now give a few examples of the use of the chain in Exchange operations, showing the reduction in each case. Hambro' remits to London 160^. 135. 6d. at the Exchange of 13 14. How much is paid for the bill ? ? £169|J £1 131- ♦ By a more complicated process, this example may "be reduced Btill more, thus : Strike out one cipher of the 100 and of the 250, leaving 10 and 25 ; divide the 90 on the right by the 10 on the left, leaving 9 ; divide the 108 by the 9, leaving 12 as the sole divisor, the dividend being 25 X 100=2500. GERMAN CHAIN RULE. 27S Reduce the sterling into sixpences, and the banco intc jighths, placing as a divisor, 40 X 8 = 320 6787 sixpences 111 ei^ths of a mark 6787 ;3787 6787 320) 753357 (235-t marks 640 1133 960 1735 1600 1357 1280 20) 77 (3 schillings 60 17 3 5)51(10 pfennings. The only reduction practicable in this example, is in working the remainders. The first, 77, would by the rule of three, be multiplied by 16, and the product divided by 320 ; but here the 320 is divided by that 16, aud the divisor reduced to 23. The second remainder would, in like manner, be multiplied by 12, and divided by 320 ; but here both are first reduced by dividing by 4. A merchant of London, having to receive 3000 marks banco at Hamburgh, requests his correspondent to remil 276 APPENDIX. that sum to Frankfort-oii-the-Maine, at 138 rix-dollars, with directions to invest the value in a bill on London. Thi* being effected at 151;^ batzen, how much sterling money does he receive? ? 3000 marks 300 marks ... 138 rix-dollars 1 rix-dollar . . 22J batzen 151|- batzen . . 1 pound. Multiply the 15 1;^ by t, making 605; the 22^ by 2, making 45 ; place, as equivalents, a 4 on the right, and a 2 on the left. Then strikeout the 300 and 3000, adding 10 on the right ; divide that 10 by the 2, leaving 5; divide the 605 and 10 by that 5 leaving as a Divisor. Dividend 121 138 X 4 X 45 = 24840 Answer, 205/. 4s. Id. Hambro' remits to Amsterdam 4000 marks banco, at the exchange of 34 stivers, with directions to invest the proceeds in a bill on London ; which is done at the exchange at 12 12|. What will be the amount in sterling? ? 4000 marks banco 2 marks . . . . 34 stivers Fl. 12 12| ... 1 pound. The 12 12^ must be reduced to stivers, and then multi- plied by 2 ; the same figure being placed as an equivalent on the right side. The sum will then stand thus : 2 4000 505 34 2 Strike out the 2 on each side ; divide both the 505 and the 4000 by 5, leaving the Divisor. Dividend. 101 800 X 34 = 27200 Answer, 269/. 6s. \d. A bill is drawn at Lisbon on London for 600 milreis, and GERMAN CHAIN RULE. 277 negotiated first to Vienna at 366 reis per florin ; thence to Frankfort at 100 florins currency of Vienna for 58 florins oi Frankfort; thence to Paris at 80 florins for 300 francs, and from Paris to London at 24 50. What is the amount paid in London 1 ? 600 milreis 1 milrea .... iOOO reis 366 reis .... 1 florin of Vienna 100 florins of Vienna 58 florins of Frankfort 80 florins, Frankfort 300 francs 24^ francs ... 1 pound. Multiply the 24^ by 2, making 49, and add a 2 on the opposite side ; then proceed to reduce the chain, as follows. Divide the 600 by the 100 ; strike out both, and place a 6 on the right side; divide the 366 by that 6, leaving 61 as a divisor. Divide the 80 by the 2 ; strike out the latter, and leave 40 on the left side. Annihilate the cipher of the 40 and one of the 300, leaving 4 and 30 ; get rid of the 4 by dividing it into the 1000, and the sum will stand thus : Divisor. Dividend. 49x61=2989 58x30x250=435000. Answer, 145^ IQs. 8d. In exchange operations, charges are incurred for bank commission, interest, brokerage, stamps, postage, &o. which may be estimated at |- to 1 per cent. In buying bills, for instance, every 100./. will cost 101/.; in selling them, every 100/. sold will produce only 99/ To include these charges in the chain, consider whether the quotient will be increased or diminished thereby. If to be increased, state it thus : 100 101 If to be diminished thus : 100 _ 99 A single example of this may suffice. A merchant of Hamburg remits to his correspondent at Rotterdam 6,500 marks banco, at the exchange of 34 stivers, requesting him to invest the produce in a bill on London. 278 APPENDIX. The exeliange on London is 12 12, and the charges are ane per cent. What is the value of the bill purchased ? ? 6500 marks 2 marks 34 stivers 252 stivers .... 1/. 100 99 for charges. Commence by annihilating the two ciphers on each side; then divide the 34 by the 2, leaving 17 in lieu of the former, and striking out the latter. The two sums of 252 and 99 being divisible by 3, reduce them to 84 and 38, when you will have the following figures to work with. Divisor. Dividends. 84 65 X 17 X 33 = 36465 Result, 434^. 2s. Id. In the computations connected with marine insurance the chain rule may be employed advantageously, and I will give one example of this kind to explain the manner of ascer- taining the amount to be insured, to cover the expenses in case of loss. What is the amount to be insured to cover 2560^. invoice value of a parcel of goods, with the cost of insurance and the expenses attending the recovery of a loss ? The expenses are reckoned at 3l. 5s. per cent ; viz. Policy 050 Commission on effecting insurance 10 Do. on recovering loss .200 Brokerage on do 10 £3 5 To which add premium, say 60s. ..300 Total £6 5 Which deducted from 100^. leaves 93^. 15s. Then :— ? 2560 93f 100 Reduce the divisor into 3'^5 quarters, and place a 4 on GERMAN CHAIN RULE. 279 the side of the dividends. You may then either proceed at once to work the sum, or reduce it by dividing by 5 three times successively, which will leave the statement as follows : Divisor. Dividend. 3 4 X 512 X 4 ==8192 Answer, 2731/. In conclusion, I will express a hope that I have here presented my readers with some valuable information, and have said enough to show the utility of the German Chain Rule. By selecting more complicated problems^ I might have rendered that utility more apparent ; but my object was to employ easy examples, in order that the principles of the rule might be the better comprehended.' If it be asserted, that in many cases this rule is not pre- ferable to the rule of three, it must, on the other hand, be admitted that in very many it is, while it is inferior in none ; it has, therefore, higher claims to consideration, and I will venture to say, that few who have once made themselves masters of it, will hesitate to give the preference to the German Chain Ilule. THE VSSD, ' l! I)" . 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