Wfie 0ontgmetp Hibrarp of iaaountamp THE ELEMENTS OF. BOOK-KEEPING^ COMPRISING ' ' A System of Merchants Accounts, REAL BUS.INESS,' adapted to modern PRACTICE: ' AN APPENDIX ON EXCHANGES, Including the Recent Alterations in FRANCE, HOLLAND and ITALY. BY p. KELLY, XlAtTE* or EIHSBnKYTSCiUARE ACADIMV, tONDON. Frmn the Second London Edition, Augmented and Improved. PRINTED AND SOLD BY JAMES HUMPHREYS, At the N, W. Corner of Walnut and Dock-streets. ISOIJ. PREFACE. THOUGH the utility and importance of Book-keeping be uoiversally understood and acknowledged, the use of any new work on the subject may be questioned, when' so many Systems have been written already by men of talents and learning. It is a fact, however, well known, though not easily accounted for, that there is not, in this great commercial nation, any Elemen¬ tary Treatise that accords with the improved practice of the Counting-house.—The objefl, therefore, of the present under¬ taking is, to explain the Principles and Modern Improvements of Merchants Accounts—to illustrate Rules by real Transactions —and thus to unite a knowledge of Business with that of Book¬ keeping. This Work consists of Three Sets of Books:—The First ex¬ plains the Elements of Single and Double Entry, in a concise and simple mannerThe Second is a further and more complex Exercise in Double Entry: It is arranged according to the the¬ ories generally taught in schools,' and, like these, founded on imaginary transactions: But the Third Set is founded on Real Business; that is, the materials which compose this system have been selected from the Books of different Merchants, and arran¬ ged according to the most approved practice of the first Counting- houses.* This practice does not consist in any change of the principles of Double Entry, but in the adoption of Subsidiary Books, and in the Classification of similar accounts^arrange- ments which greatly promote perspicuity, precision, and dispatch. For a more particular view of the Plan, see page gg. HISTORY OF In order io 'account for the present state of Book-keeping, both in Theory and Practice, it will be necessary to give a con¬ cise view of its History. The following sketch is therefore at¬ tempted, which, however imperfect, cannot be wholly uninte¬ resting to persons engaged in the study of this ingenious and useful branch of science. A SHORT HISTORf OF BOOK-KEEPING. THE Origin of Book-Keeping, like that of most other useful arts, is involved in great obscurity. It is generally supposed to have been first practised at Venice in the fifteenth century, when that city was the. grand Emporium of Europe. Some writers,* however, think that Double Entry was known to the ancients, and revived only in Italy with the revival of commerce; and se¬ veral passages are quoted, which shew that the ancients entered the receipts and payments of money on opposite pages, in the way of Debtor and Creditor but nothing beyond Single Entry can be inferred from this practice : Nor is it probable that any thing more was wanted in the rude and simple state of ancient com¬ merce. Insurances, Bills of Exchange, and other modern im¬ provements, demanded, and in all probability produced, corre¬ spondent improvements in the mode of keeping Accounts; but that which places'the subject in the clearest light is, that none of the technical termsf; of Double Entry are to be found in the an¬ cient languages, but appear to be immediately derived from the Italian, as adopted in the other languages of Europe.^ ♦ See Stevin’s Book-keeping, applied to Finance,—or Beckman’s Inventi- ;f Of these quotations, the following may serve as a specimen: ' '' “ Huic f sci/. fortunse) omnia expensa; huic omnia fcrun'.ur accenta, et in « tola ratione mortalium sola utramquc paginam facit.”—P/in. Lib. II. Cap. 7. J Snellius, who translated Stevin’s Book-keeping into Latin, was obliged to invent new term's: Thus he calls Bork-keeping Ap'okghtica •, 'the Ledger, Ccdex'acceptiexfenstqiie-, the Waste-book, Liber Dektitius-, tlte Stock Account, Sorts and the Balance Account, Epihgismue, See. § A curious exception occurs in the English word Ledger, (formerly spelt Liagtr, Leidger, Leiger, and Lcgcr.) The name- of this Book,. in the Italian BOOK-KEEPING. ■ The nature of Book-keeping admits of various conjectures with respect to its origin. The double purpose of a Bill of Ex¬ change,* and the manner of recording the same, might have ve¬ ry naturally suggested the idea of Double Entry; the principle might have been even deduced from the Axioms of Euclid, or the properties of an Algebraic Equation ; and the first European who translated Algebra from the writings of the Arabians, is also sup¬ posed to have written the first Treatise of Book-keeping. It was published in the Italian language at Venice about the year i495,t by Lucas de Burgo, a Friar, who likewise wrote several useful works on Mathematical subjects.H The first Treatise of Book-keeping in the English language, of which there is any account, was published at London in the year 1543, by Hugh Oldcastle, a Schoolmncter. and it was after¬ wards re-printed in 1588, by John Mellis. J and other southern languages of Europe, signifies the Master-Bock-, in French and Dutch, the Great Bock j and in German and other northern' languages the Head Bock. The derivations given of Ledger in our principal dictionaries, are fanciful and contradictory. According to Bailey, it comes from the Latin verb legere, to gather; and Dr. Johnson says it is derived from the Dutch verb legger (a typographical error for leggen) ,ro lie or remain in a place—The word is. HISTORY OF In 1569, another System of Book-keeping was published in London by James Peele, who says in his preface, that he had in- itructed many mercantile people in this art, which had been long practised in other countries, though then new in England. There is no trace of any other work of the kind until the year 1652, when John Collins, an eminent Accountant and Mathematician, published a large System, intitled, ‘‘^>1 Introduction to Merchants Accounts" which long served as a Standard Book on the subject. In 1736, John Mair, a celebrated Schoolmaster at Perth, wrote his popular and well-known work, intitled, Book-keeping Methodized ; which, after passing through several editions, was published with some alterations, in 1768, under the new title of Book-keeping Modernized. These alteratLpns, he says, became ne¬ cessary, in consequence of « the constant change and perpetual “ flux in the forms and fashions of Accountship.” But it may be observed, that if this improved edition was modelled after the real practice of the time, the forms and fashions of Merchants Accounts must have since undergone great changes also; for per¬ sons, at present instructed in Mair’s Book-keeping only, are, when placed in a Counting-house, generally found ignorant of what is going forward in every department. In Mair’s Book-keeping, however, the Principles of Double Entry are explained with great perspicuity and correctness; but the system is too elaborate and verbose for school practice: Seve¬ ral other publications have since appeared, better adapted to this purpose, though differing but little in arrangement. The most generally approved are those of Dodson, Weston, Donn, Hutton, Hamilton, Gordon, Dowling, and Jackson.* It is remarkable that, with a few unimportant exceptions, all the foregoing Authors were either Schoolmasters or Teachers. And though their profession might have rendered, them well qua¬ lified for explaining the Principles of Book-keeping, it was not likely to afford opportunities of deducing their Theories from Practice. The works themselves evidently shew that those wri- * In giving an account of the English writers on Book-keeping, mention may be also made of the folloning, and' nearly in the following orderBetween jyooand 1736, Snell, Hatton, Malcolm, Miers, and Stevens j anisince the latter period—Crosby, London, Shortland, 'Webster, Wood, CooK Sedger, and Dilworth. BOOK-KEEPING. ters, in general, followed each other’s plans, and took their do¬ cuments from Books more than from Business. A work of a very different description was published in 17891 by Benjamin Booth (formerly of New York) Merchant, who observes in his Preface :—” It is surprising, that in a commercial “ country like this, there should not be a Treatise on this subject, “ which, when applied to a large scale of business, can be re- “ duced to Practice. Those I have seen, appear to have been “ written by persons who had not abilities sufficient for the un- “ dertaking, or by such as never had an opportunity of bringing “ their Theories to the test of Experience.” This elaborate work, which is evidently the result of experience, contains various examples of judicious arransement; but it is not Elementary; having only a Journal and Ledger. It is, however, the only System of which the Author of the present work has availed him¬ self with any degree of advantage. Some'smaller Tradls have been since written, which likewise deserve commendation, particularly those of Mr. Wicks and Mr. Shires. The latter is stated to be “ the result of thirty years practical experience.” There is much neatness and ingenuity in the arrangement of this work; but, like Booth’s Book keeping, it contains only a Journal and Ledger. 1 In tracing the progress of Italian Book-keeping, something should be said of a rival method, intitled the English Book-keiping, published by Mr. Jones, in 1796; a work chiefly remarkable for the enormous subscription raised on the occasion. A Prospectus of this performance was previously circulated, announcing the dis¬ covery of an infallible Method of Book-keeping by Single Entry, and at the same time representing the'Italian Method as delusive and erroneous. By high promises and accredited recommendati¬ ons, subscriptions (at a guinea each) are said to have been ob¬ tained, to the amount of six or seven thousand pounds. The work, however, did not answer the expectations of the public. Several- ingenious Tracts soon appeared, defending Double Entry, and exposing the insufficiency of this new System; and one of parti¬ cular, merit, written by Mr. Mill, closed the controversy. This Gentleman, in order to form a comparative estimate between the English and Italian Methods, arranged Mr. Jones’s materials into a Jouraal and Ledger, by Double Entry; and in the course vifi PREFACE CONCLUDED. of the operation detected an essential errora detection which completed the triumph of Double Entry. • This English System of Book-keeping, however, contains some useful checks, by different columns in the Day-Book and Journal for entering the Drs. and Crs. separately; and also in the Led¬ ger for inserting the Daily and Monthly Transactions; and though the work has not been well received, it has proved useful to the Public as well as to the Author. Some of the columns have been adopted in Counting-houses, and even by subsequent Writers, and the publication has, besides, given rise to much useful en¬ quiry and investigation on the subject of Merchants Accounts. PREFACE CONCLUDED. FROM the foregoing view of the principal Authors who have written on Book-keeping, it appears that they have been compo¬ sed of two different descriptions, possessing very distinct qualifi¬ cations. The first, and by far the most numerous class, were Teachers, who have explained the Principles without adverting to the progressive improvements of Practice; and the second. Merchants who have exhibited those improvements without ex¬ plaining the Principles. The productions of both classes of Wri- ters are highly useful; and to combine their utility is the object of the present undertaking. Thus the Author’s endeavour has been to unite the Elementa¬ ry Instructions of the School-master with the Practical Improve¬ ments of the Merchant. In the department of teaching he has had much experience, and he has also had access for many years to the Books of several eminent Merchants—a privilege which he gratefully acknowledges. With such an advantage, a more elaborate work than the present might have been expected, but it is chiefly intended for the use of Schools, where large Systems are impracticable; and persons who understand this Tract, will soon be able to comprehend the business of a Counting-house. The Writer’s purpose is to initiate Youth in Commercial Know¬ ledge—not to teach Merchants, who are generally the best judges of their own concerns, and from whom be himself has received his instructions:—Neither does he pretend to any inventions or discoveries, having endeavoured, in all cases, to follow the most approved Precedents of Mercantile Experience. Advertisement to tlie Second Edition. THE TypografMcd errors of the first edition of this Work, have been here earefulty corrected, and ne-r> examfies of Shrppr.g Accounts, Tartne, shi[■ s, and Averages, are added from real transactions: And, to render ife Work stili more 'worthy of the patronage with --which it has been honoured, an Appendix is given on Exchanges, including the AHeratioas lately made in those of France, Holland, and Italy. The object, however, of this Appendix is not merely to modernize Exchanges: The Author has endeavoured to metho¬ dize and simplify the subject, so as to form an easy, practical, and correct System, adapted both to the use of Schools and Counting-houses-, and though he has consulted the most appro¬ ved written authorities for the Tables and other Documents of Foreign Exchanges, he has not ventured to commit any of them to the press, without the previous inspection and approbation of experienced Merchants, or skilful Cambists, of the differ¬ ent countries respectively. Arbitration of Exchange is here explained, and the Prin¬ ciple investigated, whence Rules are deduced for negociating Bills to the best advantage. This important subject is illus¬ trated by Examples of Remittances and Returns, taken from actual and recent Operations. Finsbury-square, Oct. l, lg02. [2] CONTENTS. tntroduRion, containing Definitions, Principles, Rules, and Examples A short Specimen ofi Single Entry . On Double Entry . . . . First Set of Books, being a short Specimen of Double Entry . . . The Second Set of Books, containing further Examples of the Italian Method of Book-keeping by Double Entry . .. Waste Book . Journal ..... . Ledger .. The Third Set of Books, being a System of Book-keeping founded on real Business, and arranged after the improved Forms of modem Prailice . Fienv of the Plan . Waste or Day Book ...,.•.. Bill Book .. . Invoice Book . Sales Book, or FaSory Book . Cash Book .. Journal . , iVwt—Beside.' the above general Heads, the different Books have their f articular Pages, 3 5 IS H S8 75 91 9S ”9 Interest Account . Account-Current Book . . . . Shipping Accounts and Averages Averages Exemplified . . . . FaSorage Accounts . . . . Appendix on Exchanges . . . 164 165 PART I. On Sills of Exchange m PART II. On the Monies of Exchange, nuith Rules for calculating their com¬ parative Value . Explanation of Lloyd's List . Exchanges of Amsterdam .. ' ■ " - — Hamburgh. Madrid . Lisbon Leghorn Naples . Genoa Sundry Places Dublin . 1/7 178 179 183 I8| 187 187 187 187 187 PART III. Jrhitration of Exchanges, with Rules , for Drawing and Remitting ■ to the greatest Jdvantage .. , 189 Simple Arbitration .. . .191 Compound Arbitration . • . . ..193 Algebraical Investigation of the .Principle of Arbitration . . .194 Conclusion-, containing sundry PraCiical Illustrations from Real Operations 197 Explanation of Foreign Lists of Exchange .199 Exchange Accounts, how recorded in Book-keeping . . . .201 DIRECTIONS THE STUDY OF THIS WORK. WHEN the Learner has studied the introductory Part of this Work, so as to understand the Principles and Rules contained in the first fourteen pages, he should copy the Waste Book, page 8, and thence form the Journal and Ledger himself. He should proceed in the same manner with the Second Set of Books, copying the Waste Book only, and thence making the Jour¬ nal, Ledger, Trial Balance, and General Balance, without any other assistance, than occasionally comparing his performance with the Book, or submitting it to his Teacher. Before the Learner begins the Third Set of Books, he should understand the Plan and Arrangement (as stated pages 39 and 40) and also the Calculations of the Invoice and Sales Books: He should then copy the Waste Book, Bill Book, Invoice and Sales Books, and from these form the Cash Book, according to the Directions, page 91.-He should next Journalise the AYaste Book and the ■; Subsidiary Books in Monthly Divisions, as directed page 98;—and lastly post the Journal to tlie Ledger, according to the Rules, page 119.—The Cash Book, Journal, and Ledger, should be first made out on waste Paper, iv DIRECTION^ FOR THE STUDY OF THE WORK. The Form, Size, and Ruling of the Books, should correspond" with the models here given; but it is indifferent whether one or more of these Books be contained in the same binding.—^The Au¬ thor’s practice has been to comprise the whole in five Books.—1, the Waste Book and Cash Bock; 2, the Invoice and Sales Books; 3, the Bill Book; 4, the Journal; and 5, the Ledger.-It greatly fecilitates the Work to make the Pages of the different Books agree with those of the printed Copy. It seems scarcely necessary to observe, that in studying the Ex¬ changes, all the Rules, and Tables should be fairly written, and the Questions accurately performed. INTRODUCTION: CONTAINWG THE PRINCIPLES OF BOOK-KEEPING, SINGLE AND DOUBLE ENTRY. Definitions, Principles, Rules, and Examples. BOOK-KEEPING is a Branch of Science, which teaches to record MercantiJq Transactions in a regular and systematic manner. A Merchant’s Books should exhibit the true state of his affairs; they should shew the particular success of each transaction, as well as the general result of the whole; and should afford a correct and ready information upon every subject for which they may be con¬ sulted. Books may be kept cither by Single or Double Entry. Single Entry is chiefly used in Retail Business. It is the most simple and, concise method of Book-keeping; but not the most per¬ fect, being defective in some essential particulars. ' Double Entry is used in Wholesale and Mercantile Affairs, whence it is called Merchants’ Accounts. This method is univereally preferred in extensive commerce, being the most comprehensive in its principles, and the most certain in its conclusions. In order to understand the Elementary Principles of Double En¬ try, some previous knowledge of Single Entry will be useful, as af¬ fording the most obvious and simple, illustration of the nature of Debtor and Creditor, and of the application of those terms in the Ledger. [3] SINGLE ENTRY. Single Entry chiefly records transactions on Credit, and for this purpose two books are required, called the Day Book and the Ledger. The Day Book begins with an account of the owner’s property, debts, &c. then follows a detail of the occurrences of trade, set down in the order of time in which they happened. The name of the Person or Customer is first written with the Term Dr. or Cr. annexed, according as he becomes Debtor or Cre¬ ditor by the transaction; and this may be distinguished by the fol¬ lowing General Rule: The Person who receives is Dr. and the Person who gives or parts with any thing is Cr. Thus, if I sell Goods on Credit, I enter J. B. (the Buyer) Dr. to the Goods, specifying their quantity and value. - If I buy Goods on Credit, 1 enter C. D. (the Seller) Cr. by the Goods, specifying their quantity and value. By the same rule, if I pay money, the Person to whom I pay it is ' jnade Dr. to Cash, for the amount; and if I receive money, the Per¬ son from whom I receive it, is made Cr. by Cash, for the amount. And if Debts be contracted or discharged by any other means, the same rule is observed; the Person who becomes indebted to me is entered Dr. and the Person to whom I become indebted Cr. Also, the Person whose Debt I discharge is made Dr. and he that dischar¬ ges a debt due by me or to me Cr. The Ledger collects together the dispersed Accounts of eacli Person in the Day Book, and places the Drs. and Crs. upon oppo¬ site pages of the same folio; The Person’s name is written in large characters as a Title: On the left hand, or first page, he is styled Dr. and on the opposite, or right-hand page, Cr. On these pages the transactions are entered as they stand Drs. or Crs. in the Day Book. For instance, J. B. is debited for whatever he has bought of me on credit; and on the opposite page, he is credited for the payments he has made: In short, whatever I have given him is on the Dr. side, and what he has given me on the Cr. and the difference between these two sides is called the Balance, 3 A SHORT SPECIMEN OF SINGLE ENTRY. January 1, 1802. Suppose John Smith owes me lOOl. which is my sole property, or the net of my estate; and on the 2d of January, I buy of him SO yards of cloth at 15s. per yard; on the 3d, I sell James Taylor, on sredit, 60 yards of the said cloth at 18s. 4d. per yard; and on the 4th, James Taylor pays me in part 40l. Required the Day Book and Ledger of the foregoing transactions, according to Single Entry, and also the Profit or Loss. DAY BOOK. Jan. 1, 18o2. John Smith, Dr. £. d. To Balance from Ledger A . 100 0 0 John Smith, Cr. By Cloth for 80 yards, at 15s. per yard . . . 60 0 0 James Taylor, Dr. To Cloth for 60 yards, at 18s. 4d. per yard . 55 0 0 James Taylor, Cr. By Cash received in part. 40 0 0 To post the foregoing Accounts into the Ledger. The Ledger being ruled in folio form, according to the following specimen, with the left side for Dr. and the right side for Cr. also a margin for the date, and near tlie Money Columns, one for re¬ ference to the Day Book, proceed as follows: Open an account for John Smith, and debit him, on the left-hand page, for lOOl. and for the 2d day’s transaction, credit him for 60l,' on the opposite page. For the Sd day, open an account for James Taylor, debiting him for 55l. and for the 4th day credit him for 40l. When every transaction is thus posted, each account is balanced, by subtracting the less sum or side from the greater, and then put¬ ting the difl’erence under the smaller side, by which both sums are made equal. LEDGER BY Jan. 1. John Smith Dr. To Account from Ledger, A .. . .3 100 0 Jan. 3.! James Taylor To Cloth for 60 yards, at 18s. 4d. Dr. per yard 3 55 1_ 0 By the foregoing Ledger it appears that the Balances are in my fa¬ vour, and these added to the cash I have in hand, and the goods un¬ sold, valued at prime cost, shew the Net of my Estate; which, comr pared with my original Stock, will shew my Profit or Loss. Thi|s it appears that £. John Smith owes me.40 James Taylor owes me. 15 I have in Cash. 40 I have unsold 20 yards of Cloth, at J 15s. per yard, (the prime cost) j 110 The net of my estate. 100 Stoclrbeglnning. £ 10 Gain. Hence, I have cleared lol. by the sale of 60 yards of cloth at a profit of 3s. 4d. per yard. REMARKS ON SINGLE ENTRY. By Single Entry I cannot tell what goods are unsold, or my profits or losses by my books only, except when the transactions are but few, as in the above examples. For, as the Ledger contains on¬ ly the Accounts of persons dealing on credit, it atfords no other knowledge to the owner, than what debts are due to him, and what he owes. (4j 5 SINGLE ENTRY. Contra Cr. , 'XI 71 d. Jan, 2. By Cloth for 80 yards, at 15s. per yard . . . 3 60 0 B'!/ Balance . 40 o' i ® 100 0 ' 0 1 Contra Cr. 1 Jan. 4. By Cash received in part. 3 40 0 0 By Balance . 15 o' O' 55 0 But if he wishes to know what goods are undisposed of, and what he has gained or lost by the whole, or any part of his dealings, he cannot obtain this knowledge by Single Entry without taking Stock; that is, he must weigh or measure what goods he has unsold; and their value, added to the Cash in hand, and the Balance of Debts, will shew the Net of his Esiate, which, compared with his original Stock, will shew his Profit or Loss. Thus Book-keeping, by Single Entry, affords no method of ascer¬ taining the State of a Merchant’s affairs, without taking Stock; a task which is very liable to error, and which, at best, afihrds no a- dequate means of preventing embezzlement or detecting fraud; but these objects are attained by Double Entry, perhaps as effectually as human ingenuity can devise. DOUBLE ENTRY. Lv Double. Entry, three principal books are required; the Waste- book, Journal, and Ledger. The WASTE-BOOK gives a regular detail of the transactions of business, set down in the same order of time in which they hap¬ pened, and stated in a clear, simple and circumstantial manner. The JOURNAL records the same transactions as the Waste-book, but differently expressed; for here the Drs. and Crs. of the various accounts are ascertained, in order to transfer them with more ease to the Ledger. 6 . The manner of ascertaining the Dr. and Cr. of each transaction here is the same, in effect, as in Single Entry, (Page 2); but in Double Entry, Things, as well as Persons, are made Drs. and Crs. and one Thing or Person is made Dr. to another Thing or Per- Thus, if I sell Cloth to A. B. on credit, I enter it in the Journal, A. B. Dr. to Cloth. If I buy Cloth of C. D. on credit, 1 journa¬ lise it, Cloth Dr. to C. D. and if I buy or sell for ready money, or barter one kind of goods for another, the following General Rule must be observed: ■ What I recei ve is Dr. to what I give or-part with. For instance, if I buy cloth for ready money, the Journal entry is, Cloth Dr. to Cash, and if I sell it for ready money, Cash Dr. to Cloth; always specifying the quantity, price, and amount. When two or more persons or things are included in the same ac¬ count, they are expressed by the term Sundries or Sundry Accounts; thus if I sell Cloth for part money, and the rest on credit, I jour¬ nalise it. Sundries Drs. to Cloth; and then specify the particulars.* The LEDGER collects the scattered Items dr Transactions of the same kind from the Journal, and places them under their respective * The Holes for distingoishlng Dr. and Cr. arc given in a more comprehensive form in the Introduction to the Journal of the Third Set of Books; and the reason of these Rules may be clearly understood from the nature of the Ledger. Journalising is, however, found the most difficult part of Book-keeping, and the difficulty is probably increased by the multiplicity of Rules generally given on tire subject. The Principles of Dr. and Cr. are simple and obvious, and tberefore the Rules cannot be numerous, if digested into pro¬ per order and system. In Perural Accounts nothing is plainer, than who is Dr. or Cr, In actual business, this is not only understood but felt; and no case can occur in either Scat or FictUkk! Accounts to which the Directions here given will not apply. These I have comprised in a kind of verse, to assist the memory of the Learner. By Journal Laws-what I receive. Is Debtor made to what I give; Stock for my Debts must Debtor be, And Creditor by Property; Profit and Loss Accounts arc plain, 1 M:t Loss, and credit Gain. 7 heads, opposing the Drs. and Crs. of each, on the same principle as in Single Entry; but here every account is entered twice, whence this method is called Double Entry. The Accounts of the Ledger are distinguished^ into three kinds, Personal, Real, and Fictitious. Personal Accounts are the same in Double as in Single Entry. Every Person is debited or credited according as he stands Dr. or Cr. in tlie Journal. But here it may be observed, that though the word Cr. seldorn occurs in the Journal, it is always understood, and may be known by reversing the account; thus, if Cloth be Dr. to A.B. A.Ii. Cr. by Cloth. Hence every Personal Account, suppose that of B. contains on the Dr. side all Items or Articles, by which he becomes indebted to me, and on the Cr. side, all Items or Articles by which I ibecome indebted to him; the difference between thcao eides is' the Balance. When the Dr. side is greatest, A. B. is in my debt, and when the Cr. side is greatest, I am of course in his debt. Real Accounts are those opened for Merchandize,'dr any other species of property, such as Cash, Ships, Houses, See. Here, as in all other Accounts, every transaction's entered on the D?\ and-Cr. side, according as it stands in the Journal. Thus, goods bought are entered on the Dr. side; and when these or any part of them are sold, they are entered on the Cr. side; by which the quantity un¬ sold, and the profit or loss on each article may be, at any time, as¬ certained. In the Cash Account, what is received is entered on the Dr. side, and what is paid, on the Cr. Fictitious Accounts are those of Stock, and Profit and Loss. Stock is a term used to represent the name of the merchant or owner of the books. On the Dr. side is entered the amount of the debts which he owed when the books were opened; and on the Cr. the amount of the cash, goods, debts, and any other property then belonging to him. The difference between the Dr. and Cr. sides shews his Net Stock, at that time. Profit and Loss is a general term used for either Gain or Loss, such as may arise from trade, interest, commission, See. On the Dr. side are entered all transactions of Losses; and on the Cr. side those of Gain—the difierence shews the Net Gain or Loss. . A SHORT EXAMPLE OF DOUBLE ENTRY. WASTE BOOK. (Set I.) London, Jan. 1 , 180l!. £. s. d. John Smith owes me, as per old Account in Ledger A . 100 (I 0 Y Bought of John Smith, 80 yards of Clotlj, at 15s. per yard, on account.. . 60 0 0 v/ Sold James Taylor on credit, 60 yards of cloth. at ISs. 4d. per yard. 55 0 0 V Received of James Taylor, in part. 40 0 JOURNAL. (Set I.) London, Jan. 1, 1802. £. 4'. d. Led^*^ John Smith Dr. to Stock, '£. lOO.t ...... 10 For Balance of old Account. 100 0 10 Cloth Dr. to John Smith, 60l. For 60 yards, bought of him on account . , . 60 0| 0 10 James Taylor Dr. to Cloth, 55l. For 60 yards, at 18s. 4d. per yard ...... 55 0 0 10 Cash Dr. to .Tames Taylor, 40l. Received of him on account. 40 0 0 * The above-Marks in the Mafgln of the Waste-book, are intended'to shew that each Account has been journalised j and they are fomctimcs made upon an examination, which is called Pointing the Pooh. 'I’ These short Entries of the Sum are made in the old Systems of Book-keeping, but they arc rejected in practice, and are therefore omitted in the subsequent part of this work* RULES FOR POSTING THE JOURNAL INTO THE LEDGER. The Ledger being ruled with the Dr. side to the left, and the Cr. side to the right (as before described) let there be a space allotted to the left of each page, for the day of the month, and to the right, for the page of the Journal from whence each account is taken.* The Accounts are mostly opened in the Ledger according to the order in which they stand in the Journal; this is not, however, es¬ sential to the truth of the work, but it is the most regular method, and the most clear to learners. The Stock Account stands first, and, like all other accounts, is debited or credited as Journalised. Here Stock is Cr, by John Smith; then, for the Second Jlntry, John Smith is Dr. to Stock. By the same rule the other Accounts arc entered twice in the Led¬ ger; first, in the direct way, as they stand in the Journal, and then reversed. Thus, the second day’s account is posted. Cloth Dr. to- John Smith, and then John Smith Cr. by Cloth. In the same manner the third and fourth day’s Accounts are posted; James Taylor is debited to Cloth, and Cloth credited by James Taylor; Cashes ne.xt made Dr. to James Taylor, and James Taylor Cr. by Cash. Here it may be observed, that, when an Account is once opened in the Ledger, every following transaction which concerns it, must be brought back and entered there on the proper side, -as an account is never opened twice, though it may be transferred for want of room. * Sometimes imotlier column iS ruled !o mark that Folio pf the Ledger in which the second Entry of the same Account is made; in the following short specimens this Column is unnecessary, but in the Third Set of Books it is adopted. By inserting the page of each Journal pccount in its corresponding part of the Ledger, and the page of each Ledger ac¬ count in' that part of the Journal from whence it was taken, these two Books serire each as an Index to the other; besides which, there is, in general, an Alphabetical Index prefix¬ ed, which gives a reference to every Account in the Ledger. [4] 10 LEDGER. (Set I.) Sioci Dr, To Balance for the Net of my Estate - - - {your.foth 1 £■ ■ 110 0 d. 0 Jan. 1. John Smith Dr. 8 100 0 0 Jan. 2. Cloth Dr. To John Smith, 80 yafds, at 15s. per yard 8 60 10 70 0 0 Oj 0 0 0 Jan. 3. James Taylor Dr. To Cloth for 60 yards, at 18s. 4d. per yard 8 55 0 0 Jan. 4. Cash Dr. \ \ To Tamp*; Tayln^ - ^ - ... 1 8 40 0 0 Profit and Loss Dr. To Stock joined - 10 0 0 1 Balance Dr. To Jolui Smith. - 40 15 15 40 no! 0 0 0 0 0 0 0 0 0 0 To doth - ___ . To Jam6S Taylor - -- -- -- -- -- -- To ria^h - - _ _ _ _ II LEDGER. (Set I.) Jan. 1. Per Contra, Cr. By John Smith--- ?! 8 £■ 100 10 J 0 0 L. : 0 0 110 0 0 Jan. 2. Per Contra, Cf. 8 J 40 100 0 0 0 0 0 0 By Balance -i---- Jan. 3. Per Contra, Cr. By James Taylor, 60 yards, at 18s. 4d. - - By Balance unsold, 20 yards, at ISs.- 80 8 55 1S| 70 0 0 0 0 0 0 Jan. 4. Per Contra, Cr. By Cash-- 8 40 J 55 0 0 0 0 0 0 Per Contra, Cr. 40 0 0 Per Contra, Cr. By Cloth --- 10 0 0 Per Contra, Cr. By Stock for the Net of my Estate ----- 110 , 0 “! J 0 ta - TO MAKE A TRIAL BALANCE. WHoEn fcvel'y. Account is posted twice from the Journal into the tedgeri-and 6n opposite or contrary sides, it is evident that the Sums bn the i)r. side will equal those on the Cr. side. This Trial, or Check, is generally made on a separate paper, and it may be performed every Day, Week, Month, or Year, according to the extent of the business. Tlie Titles of the Ledger Accounts are. written under each other with Dr. to the left, and Cr. to the tight. Annexed to each, on its proper side, is set down the sum of «very .jDr. and Cr. and both sides will agree if the work be right.; as in the following example, from the prccodhjg-Lodger. TRIAL BALANCE. Dr. Cr. T" ■rpr s, \d, ; 0 c Stock- 100 0 0i .100 0 0 John Smith - 60 6i 0, 60 0 0 Cloth T - - - - 55 0 0 55 0 0 James Taylor 40 0 0 40 0 0 Cash- 0 Q 0 255 1 i PI 0 'S55 o| o' TO 'MAKE THE GENERAL BALANCE, AND CLOSE THE LEDGER. The Journal being posted, an Account must be Opened for Pro¬ fit and Loss, and another for Balance.^ These two Accounts, witli that of Stock, are not to be closed until all the others are balanced. Proceed, therefore, to the second Account, where the difference 'betw’fien the Dr. and Cr. sides appears to be 40l. set this sum under the sTSSll'er side, making both equal. • trhese, like the Trial Balance, are generally first made on loose sheets of paper, cal- the Balancef And ProJit apd Lets shee^. .13 This Balance or difference being on the Cr>. side, John Smith’s Account is therefore credited By Balance, and on the Balaiice sheet it is entered on the Dr. side: for if John Smith be Cr. by Balance, then is Balance Dr. to John Smith. By this simple method all Personal Accounts are balanced; but in Real Accounts a double operation is necessary,, when any of the goods remain unsold. Thus, in the Cloth Account, the quantities c a the Dr, and Cr. sides must be first compared, and their difference set down under the smaller quantity, which will make both sides equal. Here the difference is 20 yards, which, at first Cost, is wordi 15l. this sum must be entered on the Cr. side of the Cloth Account; and then on the Dr. side of the Balance Account. When the Goods on the Dr. and Cr. sides are thus balanced, the Money columns must be next compared, and their difference shews ^e. . Profit or Loss upon the article, in the Cloth Account the Cr. side is lOl. more than the Dr. —hence Cloth is made Dr. to Profit and Loss for that sum; and Profit and Loss Cr. by Cloth for the James Taylor’s Accouiit and the Account nf Cash being next balanced, proceed to prove the work. THE PROOF OF BOOK-KEEPING. The Accounts being all balanced, except those of Stock, Pro¬ fit and Loss, and Balance, let the Profit and Loss Account be first closed. Here Profit and Loss is Dr. to Stock for lOl. gained, and therefore Stock is made Cr. by the same; The Stock Account must be next closed, where the Balance ap¬ pears to be 1 lOl. Hence Stock is made Dr. to Balance for this sum, and the Balance Account must therefore be made Cr. by Stock for the same. Now if the work be right, both sides of the Balance Account will be equal; which is the Proof of Book-keeping, and which Proof necessarily arises from Double Entry. The reason of this proof will also appear obvious from the fol- lowing considerations: This Account contains on the Z?j’. side what Goods I have unsold, what Cash I have in hand, and what Debts are due to me:— And on the Cr. side it contains what Debts I owe. Therefore the difference between the Dr. and Cr. sides of the Balance Ac¬ count is ike Net of my Estate. Now there is another method of finding the Net of my Estate, which is, by adding my Profits or subtracting my Losses from my original Stock; and when this sum is put on the Cr. side of the Ba¬ lance Account, it will make both sides equal, if the Books be cor¬ rect. Hence the Proof of Book-keeping consists in two methods of as¬ certaining my Property, andrthese must always agree if the work be right. The converse of this rule, however, does not hold, for the Ba¬ lance Account may close when the Work is wrong; a false state- : ment, for instance, continued on both sides of the Ledger, will not prevent the proof; but there is scarcely a probability that such an Error could be continued unobserved; and even intentional mis-state¬ ments may be prevented by a Check Ledger; that is, by having two Ledgers kept by different persons. The tgeneral practice is to exa¬ mine the Books every Day, or Week, by which means mistakes are most readily corrected. This is done by one person reading the Jour¬ nal, while another inspects the Ledger, in order to see that every Account has been regularly posted by Double Entry. When new Books are to be opened from a former Set, the Articles of the Balance Sheet supply materials for the new Inventory of Stock. This plan, however, cannot be adopted in the present work, con¬ sistently with that variety which is necessarily introduced in the fol¬ lowing Sets of Books. THE SECOND SET OF BOOKS, CONTAINING FURTHER. EXAMPLES OF THE ITALIAN METHOD OF BOOK-KEEPING. BY nnUBT.F. ENTRY. WASTE-BOOK. (Set II.) (i) LONDON, January Ij 1802. Inventory of the Money, Goods, and Debts belonging to vie A. B. and also of what I owe. I have in Ready Money - - - . Bills Receivable, viz. Edward"^ Winter, No. 107, due the 1st V of March ----- J Sugar, 10 Hhds. each 12 Cwt .") at 21. ISs. per Cwt. - - ^ Henry Holmes owes me - - - - V I owe as follows: To John Hindon . Charles Chambers ------ Bills Payable for my Acceptance 7 of T. Trilby’s Bill, due Feb. 28. y £. s. d. £. s. d. 800 0 0 350 0 0 330 0 0 250 0 0 1730 0 0 204 10 0 125 10 0 400 0 0 730 0 0 - Jan. 2.-^-, Bought for Ready Money, 60 Fiec.ss of Linen, each 25 yards, at 3s. 4d, per yard - 250| oj 0 WASTE-BOOK. (Set II.) (2) I--- Jan. --— £, s. d. V' Sold for Ready Money, 4 Hhds. of Sugary each 12 Cwt. at 31. 3s. per Cwt.ISl 4 0 ' -:- i. -^-- y" Bought of Henry Holmes* 12 Pieces of Clothy each 25 yards, at 13s. 4d. per yard ... 200 0 0 -^- 6 .- y Sold John Hindon, 25 ps, of Linen, at 51. per piece 125 0 0 -7.-- y Sold George Ramsay, 9 Pieces of Cloth, each 25 yards, at 16s. per yard - - - - 180 0 0 Received Ready Money in part - 90 0 0 The rest to be paid in Two Months 90 0 0 y Bought of farms Johnson, Pieces of Calico, each 23 yards, at 2s. 9d. per yard, - - - 253 0 0 iFor which I pay in Ready Money 100 0 0 The rest at Two Months - - - 153 0 0 y Sold John Jennings the foUotving Goods: 10 Pieces of i/Vwj at 51. 5. per piece 52 10 0 One Hhd. of Sugar, at - - 37 16 0 Three Pieces of Cloth, 75 yards, at 7 q 15s. 6d. per yard. - . - 3 y Received in Payment: Cash - - 63 0 0 A Bill on Walton and Co. No. 375,7 -non dueMmr/. 3 - - - ^ ^0 « « The remainder to be paid in 1 Month 35 8 6 y Paid John Hindon on Account y prawn upon George Ramsay for the Balance of his | | Account at Two Months - - - - 90| 0| 0 y Received for the use of Henry Holmes, 2,5001. which I have remitted to him, deducting |per Cent, for Commission - - - - - 12100 the Tra Bought of Willmn Bell the fdllowng Goods, [fd pay at Two 'Months, viz. s. d. 2 Puncheons of Rum at SOI. each iOO 0 0 jl2 ^ds. British Spirits, at 451. perhhd. -540 0 0 1 Pipe of Port Wine ----- 75 0 0 Shipped the above Goods on hoard the Sally, I Henry Hunter, Master, for Hamburgh, for the Ac¬ count and BMt oi Thomas Martin, Merchant therej per Invoice rendered Amount of Goods ----- 715 Charges of Shipping, &c. - - - 23 10 O) WASTE-'BOOK. (S.£t II.) —Jan. 14.- it 2i per cent. 18 9 3 Received a Legacy of Paid William Bell his Debt For which he has allowed me ]rount at 5 per Cent. - - - Sold for Ready Money, 30 Pieces of Calico, atj jsi. 12s. per Piece - -- -- -- - Sold James Johnson, 3 Hhds. of Sugar. : 31. 8s. 4d. per Cwt. . - . - - Lost a Bani Note of Received per the Mermaid, from Hamburgh, 41 Pipes of Olive Oil, to sell for the Account of Thir\ os Martin. Sold John Hindon 2 Pipes of the 7 gg said Olive Oil, to pay at 2 months 3 Sold the other 2 Pipes for Ready Money 64 10 Oj Commission on ditto, at 2| per Cent. 3 Charges paid at Landing - - - - 22 10 0| I owe Thomas Martin for Net Proceeds of the) \OHve Oil, as per Account Sales, rendered this day [Si- 161 3 isj 9 i8 WASTE-BOOK. (Set II.) (4,) - Jan. 24.-— Sold Charles Chambers 30 Pieces of Calico, at' 4l. per Piece - -- -- -- -- - 120 j. 0 Sold Charles Chambers, 1 Hhd. Sugar, 12 Cwt. at 31. 3s. 4d. per Cwt. - - - - - - - - 38 0 Sold for Ready Money 20 Pieces of Calico, at 41. per Piece - - -- -- -- -- 80 0 Sold James Johnson 20 Pieces of Linen, 500 yards, at 4s. per yard - - ----- 100 0 Discounted E. Winter’s Bill - - - - - Discount allowed by me ------ 350 1 0 9 Received by this Day’s Post from Hamburgh, a Bill of Exchange on Raymond and Co. for the Ac- count of Thomas Martin ------- 965 10 I have taken up my Bill drawn in favour of T. Truby,.oi - - - . - - . Discount allowed by him ------ 400 1 0 16 Paid sundry Charges this. Month for Rent, Taxes, House Expenses, Wages, &c. as per Cash Book - -. j 72 10 1 i 1 *9 'Remarks on the foregoing kFJSl’E-BOOK^ with Di¬ rections for journalising some particular Accounts. The Inventory of Goods, &c. belonging to me, is Journalised; Sundries Drs. to Stock, and the particulars then specified: Stock is next made Dr. to Sundries for what 1 owe. The transactions which follow, require no explanation until the 9th, where sundry Goods are sold to John Jennings, and Sundries received in lieu of them. Accounts cf this kind are best Journali¬ sed by two separate statements; first, Debiting the Buyer to Sun¬ dries, and secondly. Crediting him by Sundries. On the 11th 1 receive a Bill of George Ramsay, for which I give him credit. Thus Bills Receivable are (like any other kind of Pro¬ perty) made Dr. to the Person from whom they have been received. In like manner. Bills Payable are made Cr. by the Person to whom I pay them, and consequently he is made Dr. tt) Bills Paya¬ ble. When I buy Goods upon Commission, I debit my Employer for the same, with Charges, Commission. &c. all of which are inclu¬ ded in the Term Sundries Such is the Account of Thomas Martin, supposed to be taken from an Invoice Book. When Goods are sold upon Commission, the Account may be stated in various Terms, such as Sales per the Skip (mentioning her name) Dr. to Sundries, viz. Charges, Commission, and to the Con¬ signer of the Goods for the neat amount, called Net Proceeds; and the Person who buys the said Goods, if on credit, is debited to Ac¬ count Sales, as in the transactions of the 23d. The Accounts of Commission, Interest, Legacy, Loss of Money, Charges for Rent, &c. might be all comprehended in the Profit and Loss Account: The two first are here made separate Accounts, which are finally carried to Profit and Loss in the Ledger. A more particular Account of Bills, Invoices, Account Sales, &c, will be given in the Third Set of Books. (1.) JOURNAL. (Set II.) d. 0 0 0 !> 0 Q Q LONDON, January 1, IS02. 1 1 2 2 Sundries Drs. to Stock For the. Amount Q£my.Effe& Cash . . . Bills receivable on B. Winter Sugar, 10 Hhds. each 12,Cvsrt. at, 21. 15s. per Cwt. '. Henry Holmes .. £. s. d. 800 0 0 350 0 0 330 0 0 250 0 0 £. 0 1 2 2 Stock Dr. to Sundries For the Amount o£ what I owe , To John Hindon ...... To Charles Chambers .... To A/Z/j- payable. For Thomas Truby’s Bill, accepted by me,, due Feb. 28. . . . . . . . . . 204 10 0 125 10 0 400 0 0 730 . 3 1 Linen Dr. to Cash For 60 Pieces, each 25 yards, at : yard. 3s. 4d. per 25,0 0 1 2 Cash Dr. to Sugar For i Hhds. 12 Cwt. at 31. 3s. per Cwt. . ' 151 4 3 2 Cloth Dr. to Henry Holmes For 12 Pieces, each 25 yards, at 13s. 4d. per yard. 200 P 1 John Hindon Dr. to Linen For 25 Pieces, at 51. per Piece .... 125 0 1 3 Sundries Drs. to Cloth For 9 Pieces, each 25 yards, at 16s. per yard.. . , . . Cash for one half. George Ramsay for the rest . . . , 90 0 0 90 0 0 180 0 180; 0| q (2) JOURNAL, (Set II.} 21 !—r- Jan. 8,- 3 C^/ico Dr. to Sundries ~ For 80 Pieces, each 23 yards, at 2s. ad. per yard. 1 To Cash in pai't. 100 0 0 4 To James Johnson, for the rest, at 2 Months 153 0 0 U. d. ' 0 0 loo ---9.-^-- ^ John Jennings Dr. to Sundries 3 To Linen for 10 Pieces, at SI. Ss. per piece.52 10 0 2 To Sugar for 1 Hhd. 12 Cwt. at 3i; 3s. per Cwt.37 16 0 3 To Cloth for 3 Pieces, each 25 yds. at ISs. 6d. per yard.. 58 2 6 -do---^ 4 Sundries Drs. to John Jennings 1 Cash .. 63 0 0 1 Bills receivable, Walton £s" Co. due M^ch 3. 50 0 0 113 8 6 0 0 —- 10 .-. 2 John Hindon Dr. to Cash T Paid him on Account 1 Bills receivable Dr. to G. Ramsay ■g For his Acceptance of my Bill, at Two Months -^^--13.--;-^- 1 Cash Dr. to Commission For receiving 2,5001. £ot: Henry Holmes, at half per Cent. 10410 0 90 0 0 1210 0 -14.- ^Merchandize Dr. to William Bell '2 For the followine Goods bought of him at two Months Rum, 2 Puncheons, at 501. each 100 0 0 12 Hhds. of British Spirits, at 451. per Hhd. 540 0 0 Poii Wine, 1 pipe ; . . . . 75 0 0: JOURNAL. (Set II.) 5 Thomas Martin Dr. to Sundries For Amount of Goods shipped for his Accojint on board the Sally, J. Hunter Master, for Ham¬ burgh, as per Invoice 4 To Merchandize .715 0 0 1 To Cash for Charges on Merchan¬ dize . 23 10 0 4 To Commission, at 2^ per Cent. . 18 9 3 l '£ash Dr. to Profit and Loss ■5 , For a Legacy received ^William Bell Dr. to Sundries I For the Amount of his Debt paid him i To Cash . 709 0 10 5 |To Interest for Discount ... 5 19 2 1 Cash Dr. to Calico ■3 For 30 Pieces, at 31. 12s pK: Piece . . . - 20 .-- te James Johnson Dr. to Sugar ■51 For 3 Hhds. 36 Cvrt. at 31. 8s. 4d. per |Cwt.. bPrfit and Loss Dr. to Cash "li For a Bank'Note lost 5 Sales per the Mermaid Dr. to Sundries 1 To Cash for Charges on Merchan¬ dize, as per Account Sales rendered 22 10 0 4 To Commission on 1321. 10s. at 2i per Cent.'. 36^ 5 To Thomas Martin for Net Pro¬ ceeds . 106 13 9 5 Sundries Drs. to Sales per the Mermaid For 4 Pipes of Olive Oil, on Account of Tho¬ mas Martin 2 John Hindon for 2 Pipes, at 2 Months 68 0 0 1 Cash for 2 Pipes ....... 64 10 0 (4) JOURNAL. (Set II.) \CharIes Chamhers Dr, to Calico For 30 Pieces, at 41. per Piece . ^.Charles Chambers Dr. to Sugar ■3 For 1 Hhd. 12Cwt. at-31. 3s. 4d. -21. 1 Cash Dr. to Calico ■3 For 20 Pieces, at 41. per Piece . ... - 23 . -- 4 James Johnson Dr. to Linen ■g For 20 Pieces, 500 yards, at 4s. per yard . 1 Sundries Drs. to Bills Receivable "2 For E. Witrtet^s Bill discounted at my Bankers 2 Cash received. 348 fO 10 — Interest for Discount . . . . 19 2 £. s. d. 120 0 0 38 0 0 80 d 0 100 0 0 350 0 0 -^-30--- I Bills Receivable Dr. to Thomas Martin 5 For his Bill on Raynond and Co. -30- •2, Bills Payable Dr. to Sundries "J For Thomas Trubyh Bill, counted for him, 1 To Cash ...... ■5 To Interest for Discount . which I have dis- . . 398 3 4 1 16 8 yProJit and Loss Dr. to Capo "jj For Rent, House Expenses, Wages, &c. paid this Month.. • ! 9651 1101 400 0 7210i 0 0 6 24 REMARKS ^HE FOLLOWING LEDGER. The Ledger opens (as described Page 9) with making Stock Dr. for all Debts which the Merchant owes; and Cr, by his Effects, and the Debts due to him.. Accounts are’then open^ for Cash, and Bills Receivable, also for each Article of Goods, and each Person indebted to the Mer¬ chant, all of which are made Drs. to Stock. Accounts are next opened for his Creditors, who are each credited by Stock. Bills Receivable are (as journalised) debited to Stock, or to the Person from whom they have been received, and credited by Cash^ when paid. Bills Payable are debited to Cash when paid, and credited by Stock, or by the Persons to whom they have been paid. Commission is credited by Cash, or the Person who owes for Commission, and debited by Profit and Loss. Interest is debited to what is paid or owing, and credited by what is received, or what is due, and the difference is charged to its pro¬ per Side of Profit "and Loss Account. Merchandize here balances itself; being an Account of Goods purchased on Commission, and charged at the Prime Cost, whence neither Loss ot Gain ensues; but a Balance of the Goods themselves may retnain on hand. The Account Sales also balances itself, being only a transcript of . the general result of the Account Sales Book, where the particulars are supposed to be specified. INDEX; ALPHABETICAL LIST OF THE ACCOTJNTS IN Tip LEDGER. A. Fol. G. Fol. N. Fol. B. Tol. Bell, William.„.,.4 Bills Receivable.1 Bills Payable.....2 Balance__ 6 H. Fol. Hindon, John.2 Holmes, Henry..2 0. Fol. C. Calico.3 I. &J. Fol. Jennings, John.4 P. Fol. Profit and Loss..,.5 Chambers, Charles....2 Cloth..^.3 Commission.4 Johnson, James.4 D. rcl. K. Fol. E. Fol. , L. Fol. Linen....3 M. ! R. Fol.. Ramsay, George....»3 F, Fd. Fol. Martin, Thomas.S Merrhand-zP....4, S. Fol. Sales per the Mer¬ maid. a jStock.1 pugar.--2 [6] 26 LEDGER. (Set 11.) (1) 1803f Jan. |To Sundries - -- -- - - -- Balance for the Net pf my Estate r IjTo Stock ------ 3jTp Sugar - - - - - 7|To Cloth - - - - - 9iTo John Jennings - - - 13;To Commission - - . IS To Profit and Loss - - - 17,To Calico _ - - - _ 23To Sales per the Mermaid 27To Calico 27|To Bills Receivable l|To Stock 9,To John Jennings ll|To George Ramsay 30 ^ This Column, which is intended to shew the Folk of the Second Entry of each Account, can hav.e no referring Figure for Sundries, an inconvenience which can be only supplied bytuming to the Journal where the Sundrits are specified, and where the folio of each Ledger account is marked in the margin. (1) ledger. (Set^ II.) 1802 Jan. I By Sundries - - 31 By Profit and Losi f John Hindon - . .2 10410 0 y Thomas Martin - -- -- -- 5 2310 0 Y William Bell . 4 709 0 10 Y Profit and Loss - -- -- - - - S 20 00 Y Sales per the Mermaid - -- -- 5 22100 Y Bills Payable . 2 398 3 4 Y Profit and Loss - -- -- -- - 5 72 10 6 y Balance - -- -- -- -- - 6117 10 2 29 By Sundries - -- -- -- -- - 350 0 0 SlBj Balance . ----- 6 110510 0 LEDGER. (Set IL) Dr. Jan. 1 To Stoch 10 Hhds. 120 Cwt. 21.. 15s. per Cwt. 1 330' oj 0 To Profit and Loss -------- 5 53j Oj 0 6iTo Linen - . - - - lOlTo Cash . 23|To Sales per the Mermaid (2) LEDGER. (Set II.) 29 Co/ilra, 3 By Cash .4 Hhds. 48 Cwt. - - By John Jennings 1 Hhd. 12- - - By J. Johnson . . 3 Hhds. 36 --- . By C. Chambers . 1 Hhd. 12- - - By Balance .... 1 Hhd. 12- - - 10 120 By Cloth - By Balance ■ Contra, I ijBy Stock - ^ [31 By Balance 1 iBy Stock - |31By Balance Contra, iBy Stock - 125|10 32jl0 10 0 i-i- 10| 0 3° LEDGER. (SEfll.) Jan. 2 31 To Cash, 60 Pieces, each 25 yards, at 3s. 4d. per yard - -- -- -- -- - Tq Pr^£t and Loss - -- -- -- - Cloth, Dr. 1 4 To Henry Holmes, 12 Pieces, each 25 yards, at 3s. id. per yard ------- 31 To Projit and Loss - George Ramsay, 7 To Cloth 8|To Sundries, 81 1. per yard - iTo Projit and Loss Dr. Pieces, each 23 yai-ds, at 2s. (3) X ,. L. 250! 0 0 481 6 8 298 6 8 200 0 0 38 2 6 2381 2 6 3 90 0 0 253 0 0 5 55 0 Q 308 0 0 (3) LEDGER. {Set II.) 6|By John Hindon, 25 Pieces, at 51. per Piece 9 By John Jennings, 10 Pieces, at 51. 5s. per I Piece - -- -- -- -- -- E spy James Johnson, 20 Pieces, 500 yards, at I ^s. per yard - -- -- -- -- I By Balance 5 ps. 125 yds. at 3s. 4d. Contra, ■■ U^- 7;By Sundries, 9 Pieces, at 16s. per yard 9 By John Jennings, 3 Pieces, 15s. 6d. peryardl Contra, [ll 'By Bills Receivable - l7jBy Cash, 30 Pieces, at 31. 12s. 24By Charles Chambers, 30 Pieces, at 41. each 27jBy Cash, 20 Pieces, at 41. each 4; lOOl 0 6, 20|l6 Ol 0 0 0 0 0 St ■ LEDGER. '(Sei r II.) (4) Jams Johnson, Dr. ^ £. s. d. ■ S’ 1802 Jan. 20To Sugar r 28 To Linen - - r : :: 2 123 0 0 3 100 0 0 223 0 0 John Jennings, 9 To Sundries ------ Dr. 148 8 6 Commission, Dr. SlTo Projit and Loss - - - - 5 34 5 .6 Merchandize, Dr. 14 To William Bell, - - - • . '4 715 0 0 William Bell, Dr. 16 To Sundries - - - - t 715 0 0 11 ^ LEDGp. (Set (5) Thomas Martin, Dr. ^ £. s. d. 1802 ^ai},. l^To Sundries - - - , 34 To Bqlaiice - - - - - 756 ;9 3 - - 6 S15 4 6 1072 3 9 Pri^t and Loss, Dr. ^ ' ■ 31 To Cash. for. Expenses . - - - - 31 To Stock gained ------ - - 1 20 0 0 - - 1 7210 6 - - 1 2421010 335 1 4 Interest, Dr. 29iTo Bills Receivable, For discounting Edward Wintet’sBill .1 19 2 8 IT 0 Profit and Loss - -- -- -- - S 668 71510 Sales per the Mermaid, Dr. ( Sundries -------- ■ - - 13210 0 (5) LEDGER, (Set ii.) 1^02] ^afti Contra, [i'S By Cash for a Legacy - ' By - - - - By Linen - - - . By Cloth - - - - - By Calico - ~ ^ . By Commission - - - ” Interest - - . . Centra I By ^let par the Mermaid I Sy Bills Receivable - - - Contra, lejBy William Bell SOjBy Bills Payable Contra, . iBy Stmdrics - 36 LEDGER. (Set II.) ( 6 ) (6) LEDGER. (Set II.) 37 Contra, 1802 Jan. By Thomas Martin By Stock for the Net of my Estate - - - 5 315 4 1124210 6 10 155715 4 The practice in Counting Houses with , respect to placing the Balance, and Profit and Loss Accounts, is various. Some Book-keepers insert the particulars of these Accounts in the Ledger, as in this Specimen; others insert them at the end of the Journal, and transfer the sum only of each Account to its proper place in the Led¬ ger: And this method is found most con¬ venient in extensive business, where Ac¬ counts in the Ledger may be balanced as the Goods are sold off, which will greatly diminish the labour of the General Balance. 38 TRIAL BALANCE. Stock.. Cash.. Bills Receivable ... Sugar. Henry Holmes .... John Hindon. Charles Chambers . . ! Bills Payable. Linen. Cloth. George Ramsay ... Calico. James Johnson .... I John Jennings .... I Commission. Merchandize. William Bell.. Thomas Martin . . . , Profit and Loss ... : Interest. j Sales per the Mermaid £. s. 1730! 0 1700! 4 350: 0 3so 0 2 oo; 6 20410 12510 27710 238i 2 J_C 69641 2| sl THE rniRD SET OF BOOKS, BEING A SYSTEM OF BOOK-KEEPING, FOUNDED ON REAL BUSINESS, AND AKRANGED AFTER THE IMPROVED FORMS OF MODERN PRACTICE. 4 VIEW OF THE PLAN. This System of Book-keeping is performed with a. Waste- Book, Journal, and Ledger, on the principles of Double En¬ try, like the foregoing, but it differs in arrangement; for here the Waste-Book is divided into a certain number of subsidiary Books, each adapted to a particular kind of business, these are, the CASHBOOK, I INVOICE BOOK, £s? BILL BOOK, I SALES BOOK. The Cash Book is the Waste-book for all Money paid or re¬ ceived. The Bill Book is the Waste-book for all Bills of Exchange re¬ ceived or accepted. The Invoice Book is the Waste-book for all Goods exported or sent off, whether on Commission, or on the Merchant’s own Ac¬ count. The Sales Book, or Account of Sales Book, is the Waste-book for all Goods imported and sold on Commission. The Waste-Book contains the Particulars, of such occurrences as cannot be brought under any of the foregoing heads, and it also gives a general Account of every transaction, with a reference to the Subsidiary Book, where the particulars are to be found. 40 in thd Subsidiary Book each Month’s occurrences are classed to¬ gether, and so disposed as greatly to simplify the Journal. But the' principal advantage of this arrangement consists in carrying-a whole Month’s Cash or Bills in one line or sum to the Ledger; and the same may be done with a Month’s Commission, Interest, Insurance, &c. though the practice is not yet become so general. Specimens of both methods are here given. Besides these advantages of simplicity and conciseness, the Subsi¬ diary Books have other important Uses as Originals. Every Exporter and Importer of Goods upon Commission, must have an Invoice and Sales Book, and the Cash and Bill Books are necessary in all depart¬ ments of Commerce. Where Subsidiary Books arc kept for every kind of business,* a Waste-book like the present may be dispensed with; though such will be found highly useful, both as an Index and Day Book. But, in teaching, a Book of this kind is essentially necessary, not only as connecting the other Books, and giving a ready reference to each,^ but as affording a regular history of the busines, which the learner should always understand.—It is perhaps, the want of this knowledge that renders the Theory of Book-keeping so much more obscure and perplexing than the Praetice. The transactions which, compose this System have been selected from the books of different Merchants, trading to various parts; it therefore contains a greater variety of business than is generally car¬ ried on by any individual; hence, also, that variety, which may be observed in the forms of the Invoices and Sales, and which it is thought proper to retain, that the learner may so far see the diversity of practice which prevails in different Counting-houses. It of the * In most Counting-hoiises separate Books are kept for every kind of business; besides the foregoing, there are Bocks of Insurance and of Shipping Accounts^Jnvoice Book Inward, wbich'is generally a copy of Invoices and Bills of Parcels received— Current Book, which is the substance of Personal Accounts taken from the Ledger, but in ' ’ ' detailed and circumstantial-form*"- - Warehouse Book Quantity and Price of each Article of Goods bought a stitute for Reel Accounts in the Ledger. Various other Books are kept, such as the Order Book-Memorandum Book—Letter Book—Debenture BoOk—Petty Cash Book, &c.. the Titles of which are sufficiently ex¬ planatory «>f their uses. Other Books again are adopted, which vary according to the nature of the Business; but whoever comprehends the present System, will easily undentand the use of any Subsi¬ diary Bocks, or even devise such as may be better accommodated to any particular purpose* 41 To render tlie Variety as extensively useful as possible, the tran¬ sactions have been chosen from different periods of time; those of the two first months having chiefly occurred iii time of Peace, and those of the third month, in time of War; which will account for the difference in Shipping Charges, Duties, and Premiums ofinsurance. mE WAS^E, OR BAY BOOK. This Book opens with an inventory of the Merchant's Property, (supposed to be transcribed from the Balance Account of a former Ledger), after which, a general Register or Diary is given of all transactions, in the order of time in which they happened, with a reference to the Subsidiary Books, where such are regularly entered. —The following are the references; C. B.Cash Book, j I. B...Invoice Book, B. R.......Bills Receivable, S. B........Sales Book. E. P.Bills Payable, j The Figures annexed to these letters refer to the pages of the In¬ voice and Sales Books, and to the Number of each Bill: But no figure is given for the Cash Book, the date being deemed a sufficient reference. rn WASTE-BOOK. {Set lil.) LONDON, January \ 1862. The following is an Inventory of my Effecb, both Real and Personal,^being a List of the Balances in my fa'vour and agaihs't me, trans¬ ferred from Ledger A. dated the 31st. ult. I have in Cash. Funded, Property, 4j0001. in the '4 per Cents. at 78i. Farm in Kent. House at Richmond . Household Furniture. Ship Charlotte —my Half . '. . Merchandize, for Balance in hand . . . ■ Debeiitufes,forBalanCedueatdie Ciistoin-house .T. 11700 3130 1520 500 750 3120 2165 ‘462 °1 10 lOi 0 0 6 0 .0 0 0 Bills'Receivable, for the follotving Bills in ■ hand'(particulars from fonrier BillBook.) 210 On Ramsay & Co. due Jan. IS, 520 0 0 424 On Edward Malone . . 25, 400 0 0 23.5 On ditto. .... . . . 383 10 0 141 (Oh'Hamilton &'Co. dueFeb l, ,312 0 0 2S3'‘Oh'Weldon’and Co. . '. IS, 162 10 0 261 On ditto ..... ‘24, 231 5 0 104 On ditto. 28, 216 5 0 l^iilman and Son, of Lisbon, owe me Charles Ee Coin, Paris, do. 'William Lamos, Bilboa, do. Panton and Abram, Petersburgh, do. William Chulmley, Hamburgh, do. Edward Taverton, Amsterdam, do. WiUiam Pemberton, Naples, do. Wilson and 'Vanelli, Leghorn, do. 0 b b 6 9 0 6 8 WASTE-BOOK. (-Set, III.) 43, ■ I owe s follows: 1 - - £. 9. d. Smithson and Co. of London ." 820' 5 0 Wentbam^and Hull, ditto . 7l6l 9 6 NichdlscBi ^iid Hope, ditto . 24.; 10 0 Eeter Bo;^^m, ditfo . 37; 19 2 Horn and Jones, ditto . M 18 9 George HjoUand, ditto ...... 421 ii 6 Wanstead and Gill, Leeds . 205 2 0 Henry Stanton, Sheffield ..... 174 1 3 Gibson ai^d Carr, Birmingham . . . 268 11 4 Ashford and Son, Manchester . '. . 4:16 13 5 Winter- and West, ' Jamaica .... 506 0 0 Haippton and Co. ditto ...... 173 10 0 Edt^rard White, ditto . 316 4 0 James Prime, ditto . 516 19 0 Edmund Conner, ditto . 721 18 0 Richard Broadly, ditto . . 216 9 0 Peter Holmes, Dublin . 521 10 0 Wilson and Bell, Dundee . 137 5 0 Bills Payable, for the following Bills, Accepted by me. (Particulars from former Bill Book.) No. SIS'! 'Charles Mills, due Jan. 12, 713 11 0 219 ^ James Harrison . . . 26, 210 10 6 214. \_r\ John Gibson. 26, 431 15 9, 216 1 § Walter and Hume . . 30, 610 15 3 218 Thomas Pembroke . 30, 105 11 6 215 r Henry Barlow . Feb. 4, 410 0 0 217 J Patrick Hamilton . . 11, 126 0 0 2608 4 0 ^7'lC 111 Amount of Balances in inyfavom*, 29,356 7 Balance against me . . . 9,927 10 i: 19428 le ; 9 * It I y that the whole of a Merchant’s Property or Estate should a his Bool ts; itiscnou h that they con ain the Cipit.! which he employs a trade, 44 WASTE-BOOK. (Set III.) Shipped on board the Nancy, Henry Marsom, for [Naples, Sugar for the Account of William Pember-j as per Invoice Book, Page 1, amounting to —London, January 1, 1802.— Accepted a Bill drawn on me by George Holland, as per Bills Payable, No. 1. Received by this Day’s Post a Bill from Charles Le Coin, of 2385 Hvres 11 sols, at 25|^f. per £«, as per Bills Receivable, No. 1,.. . Paid Henry BarloVs Bill, No. 215, as per Cash Book, dated this Day. Received for the same, 29 Days, at 5 per Cent, C. B. ... . Shipped on board the Swan, Charles Mills, for Bilboa, sundry Goods for the Account of William Lamos, as per I. B. Page 2, amounting to . ... Paid Charles Mills’s Bill, No. 213, as per C. B. Received the Amount of Ramsay and Co’s Bill, No. 210, as per C. B.. Shipped on board the Betsey, Brovm, for Leghorn. Lead for the Account of Wilson and Vanelli, as per I. B. Page 3. . •.. . . Accepted a Bill of Gibson and Carr, No. 2. B. P. Bought of Samuel Lightfoot, sundry Goods, amount-1 ing, as per Bills of Parcels,' to. Received from William Chulmley, Two Bills, No. j2and3. B. R.. . • • Samuel Lightfoot has drawn upon r No. 3 and 4. B. P. Arrived the Nancy, from Lisbon, on board of [which are Tr.v. Pipes of Port consigned to me by Mill- [man and Son, to sell on their Account S. B. p. 1. 400 85141 410 WASTE-BOOK. (Set III.) 45 1 Received from William Lamos, Three Bills of &-] \change, No. 4j 5, and 6, B. R. Received Cash for Edward Malone’s Bills, No. 424 land 235 C.B. . . ... ... . . . — Loudon, January 25, 1802.— Paid John Gibson’s Ri//, No. 214. C.B. . . . Paid James HaiTison’s RzV/, No. 219. C.B. . . Received from G. Seaford, for Freight on board the jShip Charlotte, my Half Share. C. B. Received from William Shepherd for the Produce of Farm in Kent. C. B. Accepted Three Bills drawn by Smitlison and Co. No. 5, 6, and 7. B. P. Paid for Repairs on board the Ship Charlotte, C. B. Paid Walter Hume’s R///, No. 210. C.B. . , Paid Thomas Pembroke’s Bill, No. 218. C. B. . 43,15! 0 61015, 3 Shipped on board the Hops, Stanley, for Jamaica, ndrp Goods for sundry Persons, as per I. B. p. 4 « 10. Received this Month, Dekntures for sundry Goods, lamounting tO'.. I Pvecoived Cash for Debentures this Month. C. B. Paid sK/idry Charges this Month for House EKpcnses\ |C. B.■. ' 681 o' 46 V/ASTE-BOOK. (Set III.) Received advice from Edward White to insure t fads Account Goods per the Faithful, Sullivan, from Ja-j mfrca to London, value 3,500i. which Insurance I have] tlius effefred at Lloyd’s: Nicholson (and Hope) have written . . . ^.1000 Smithson (and Co.). 1000 Peter Bonham. 1000 George Holland. 500 i at 6 Guineas* per Cent, to return IJ per Cent. for| Convoy and Arrives. Received from William Pemberton, Two Bills, No. |‘7 and 8. B. R. Received Cash for William Chulmley’s Bill, No. 2. fC. B... Received Cash for Hamilton and Co’s Bill, No. 141. 1C.B.. —London, February 1 Received advice from John Biddle, of Grenada, that ihe has, according to my Order, shipped on board the Cumberland, Pluiiket, 50 Hhds. of Sugar, amounting, per Invoice, to ..... .. This Sugar I have ordered in company with Peter! Bonham and George Holland, each ) Share, and who [allow me 2t per Cent, as Managing Partner. Insured the above with the London Assurance Com- jpany, 13001. at 21-Guineas per Cent ..... Received from on board the Swan, from Leghorn, [g Pipes of Olive Oil, to sell for the Account of Wilson and Vanelli, S. B. p. 2. . Sold Smithson and Co. Port Wine, S. B. p. 1 . Sold Henry Clinton Port Wine, S. B. p. 1 Bought 2 Lottery Tickets in Shares, C. B. . Paid George Holland’s Bill, No. 1, C. B. * Insurance Brokers debit their emyloyers for Gukcas, and credit the Underwriters scr PcitrJs. Thus they set ^'fer Cint. on the I’remium, I besides a vetorn ol.iipir Cm. from the Unoer.vriters, on the Annual WASTE-BOOK. (Set III.) Received per the Dolphw, from Jamaica, Sugar, sell on Account of Winter and West, -S. B. page 3 Received per ditto. Cotton arid Pimento, to sell for the! Account of Edward WJiite, S. B. page 4. Accepted 4 Bills drawn by Winter and West, No. ISflll. B. iP. - -. Received Cash for William Chulmle/s Bill, No. 2. |C.B. - ... -. —London, February 6, 1802;- Sold Thomas Aveling 2 Pipes of Olive Oil, S.B. p. 2 Paid Patrick Hamilton’s Bill, No. 217, C. B. Received from Panton and Abram, per the Hannah, -Cole, from Petersburgh, 42 Tons of Hemp f6r| my Account, the whole amounting, as per Invoice, \59i85 roubles, .^5 copecs, at 491^/. per rouble, which a-l [mounts to-------- - 1204 12 9 Paid stfndry Charges at Landing, C. B. 16 11 s| -13.- Sold Edward Ellmpton ~4 Pipes of Olive Oil, on Ac- Icount of Wilson and Vanelli, S. B. paige 2 - Sold Sniithson and Co. 20 Hhds. of Sugar, on Ac- jcount of Winter and AVest, S. B. page 3 - - - ! 478| I Accepted 2 .5z7/r drawn by Peter Hohnes, No. 12,! }and -13, B.P. -.. I Received Cash for Weldon aiid Co’s Bill, No. 153,1 lC.B.■. I Paid Gibson and Carr’s Bill, No. 2, C. B. - - Accepted'a 5i7/ drawn by Gibson and CaiT, No. 14 -.-.h Received Bills from Hampton and Co. Edwardj [white, James Prime, Edmond Connor, and Richard' Broadley, No. 9 a 13, B. R. ..... Received a Dividend at the Bank, Half Year’s Th- 'terest on 40001. at 4 per Cent. C. B. . . . . ^ 11457 I ■80 0| 0 48 WASTE-BOOK. (Set HI.) Ai-rived the Cumberland, Plunket, from Grenada, jwith 50 Hhds. of Sugar, from John Biddle, which I ordered in Company with Peter Bonham and George Holland, amounting, as per Invoice, to - 1260 11 6 Paid Duty, Freight, &c. C. B.- 823 5 6 Mj'Lottery Tickets a [Share, C. B. - - - Sold Peter Bonham 25 Bales of Cotton, per Dolphin! jS. B. page 4-r. , February 19, 1802.- Sold Horne and Jones 33 Tons of Hemp, at 341. 10s. [per Ton, to pay at Two Months ------ ; drawn Blanks, except 1 Halfl Sold Goods to Ashford and Son, amounting, as per lill of Parcels, to - - -- -- -- - Received Cash for Weldon and Co’s Bill, No. 2C1. |C.B.- - Paid Samuel Lightfoot’s 5;//, No. 3. C. B. - - Sold George Broker Sugar, (in Company) 50 Hhds. j'weighing, as per Account rendered, 607 Civt. 3 qrs. 14/A a 80s. per Cw/. r - -- -- -- - Sold Edward Taylor 20 Bags of Pimento, per the \l)olphin. S. B. page 4.. - - - -- -- - Paid Smithson and Co’s Bill, No. 5. C. B. Paid Henry Stanton,. C. B. Paid him 3 Months Interest, C. B. Paid for Household Furniture, C. B. 174 11 3 2 3 7 Paid for Repairs of House at Richmond, C. B- - Received Cash for Weldon and Co’s Bill, No. 104. [C.B. - - - - 1 Paid sundry Charges this Month for House. Expenses^ |C.B. _ - .- - Paid Rent and Taxes. C. B. - - - - - - - WASTE-BOOK. (Set III.) 49 Sold 20001. Stock, at 79| per Cent. Commission per Cent. C. B. - 1595 William Pemberton’s Bill, No. 7, 3501. on John Day, is this Day returned; I have therefore noted it for Non-payment, and sent it back to William Pember¬ ton, debiting him for the same, with Costs - - - Paid Smithson and Co’s Bill, No. 6 and 7, C. B. 3501 5821 Received per the Martha, from Grenada, Sugar and Cotton, to sell for the Account of John Biddle, S. B. p. 5 and 6. Received the Amount of Charles Le Coin’s Bill, 851 Received a Letter from Charles Le Coin, inclosing Two Bills, No. 14 and IS, B. R. amounting to 21501. with Directions to honour Mr. John Morris’s Bills on his Account for 16001. for which Payment I Charge j per Cent. Commission - 8 Accepted John Morris’s Bills for the Account of Charles Le Coin, B. P. No. 15 and 16 - - - - 1600 Paid Winter and West’s Bill, No. 8, C. B. - - Received Cash for W. Pemberton’s Bill, No. 8, C.B. 400 570 Received per sundry Ships from Dundee, Osnaburgs, which I have sold to George Holland, for the Account of Wilson and Bell, S. B. p. 17 - - - - - - Accepted Panton and Abram’s Bilk No. 17, B. P. ^ H- 830 Bought of Wentham and Hull, Goods to pay at Two Months, amounting, as per Bills of Parcels, to 1750 Received Cash for E. White’s BUI, No. 10, C. B. 280 Shipped on board the William ami Mary, for Ham¬ burg, Tobacco for the Account of William Chulmley, having first insured the same with the London Assu- ranee Company, I. B. p. 10. 2611 [9] WASTE-BOOK. (Set III.) —London, March 17, 1802.— ‘aid Peter Holmes’s Bill, No. 12, C. B . v' Paid Gibson and Carr’s Bill, No. 14, C. B. y" Received Cash for James Prime’s Bill, No. 11, C. B. 864 lOj 0 / Shipped on board the Nereid, for Leghorn, Pepper, v/hich I have insm-ed with the London Assurance Com¬ pany, and consigned to Wilson and Vanelli for their Account, I. B. p. 11. 214 8 8 ^ Received Cash for Hampton and Co’s Bill, No. 9, C. B..31010 0 y" Received from William Shepherd, for the Produce of my Farm in Kent, C. B. -- r - - - r - 6210 0 Received a Letter from William Chulmley, inclosing a Bill, No. 16, B. R..- , 560 0 0 Accepted Two Bills, No. 18 and 19, drawn by John Biddle, of Grenada, B.P. - - - - - - - - 126011 6 Drawn upon George Broker, Three Bills, No. 17, ISandig, B. R..- - 2431 10 0 Sold Wentham and Hull, Sugar, per the PAartha, on Account of John Biddle, S. B. p. 5. - - - Sold by Public Auction, Cotton per the Martha, on Account of. John Biddle, S. B. p. 6, and C. B. y Shipped on board the Success, for Dundee, Porter\ for the Account of Wilson and Bell, which I have in- •lured with the London Assurance Company, I.B. p. 12j 111 8 9 Sold Wansted and Gill, Goods to pay in Two Months' IS per Bill of Parcels 510 0 0 Shipped on board the Ann, for Madeira, Flax, for' the Account of Millman and Son, I. B. p: 13 - - 72116 9 V' I Paid Samuel Lightfoot’s Bill, No. 4. C. B. - - 550 0 0 Bought of Horne and Jones) sundry Goods, at Four Month-', amounting, as per E-ill of-Parcels, to - - 1 254 2 5 WASTE-BOOK. {Set III.) -- London, March 2S, 1S02.- £■ rf- V Received Cash for William Lamos’s Bills, No. 4, 5, and 6, C. B. 800 0, 0 Accepted Samuel Lightfoot’s Bill, No. 20. B. P. 2000 0 0 Arrived the Faithful, Sullivan, from Jamaica; I there¬ fore debit the Under\vriters for per Cent, according to the Terms of the Policy, and also credit Edward White for the same. -. 29 .- V Bought 35001. Stock in the 3 per Cents. Reduced, at 62^ per Cent. Commission j per Cent, C. B. - - 2183 2 6 Received from Richard Broadley, an Account Sales of our joint Adventure to Jamaica, the Net Proceeds amounting to 12251. 10s. for half of which sum I de¬ bit his Account - -- -- -- -- -- 61215' 0 \/ Shipped on board the Sally, for Dublin, Teas, for the Account of Peter Holmes, for which I have paid ready Money at the India House, and which I have insured with the London Assurance Company, I. B. p. 14, & C. B..i Received per the Hibernia, from Dublin, Linen, for Account of Peter Holmes, which I have sold to George Holland, S. B. p. 8. -^--31. -- V Received this Month Debentures amounting to - Received this Month Cash for Debentures, C. B. Paid House Expenses this Month, C. B. - - - Paid sundry Charges on Merchandize, not posted to any other Account, C. B. - -- -- -- - END E WASTE OR D.ty-EOOK. 52 THE SUBSIDIARY BOOKS; BILL BOOK, INVOICE BOOK, SALES BOOK, CASHBOOK. THE BILL BOOK. The Bill Book is an Index or Register of Bills of Exchange, whether Beceivable or Payable. Bills Receivable are those which the Merchant receives in Payment of some Debt or Contract—and Bills Payable are such as are drawn upon him, and which he must pay when due. When Bills Receivable come to hand, their particulars are entered in their respective Columns of the Bill Book; and the particulars of Bills Payable are likewise inserted in their proper Columns when ad¬ vice is received of their having been drawn, or when they are left for acceptance. The use of the Bill Book will be understood by observing how the two following Bills are entered. 53 Copy of the Bill, received by me of Charles-Le Coin, and en¬ tered in Bills Receivable, p. 54 and 55. Paris, Dec. 9tb, 1801, Liv, sol. d. 2385 11, a 2S|- Two Months after Sight pay to the Order of Mr. William Bing, Two Thousand Three Hundred and Eighty-five Livres Eleven Sols Toumois, Exchanges 25|-d. pei Ecu. for Va¬ lue received. Mr. John Carr, Jan.^3. 1802. London. ’ H. Jones, Copy of the Bill drawn oti me by George Holland, and entered in Bills Payable, p. 56 and 51. of.400 0 0 London, Jan. 2, 1802. Thirty-one Days after Date, pay to Mr. George Binns, or Order, Four Hundred Pounds for Value received. To Mr. A. B. London. Accepted, a:b. George Holland. EILLBOOK. 55 ., Receivable, Jan. 1802 . . ■ 56 BILL BOOK. BILL BOOK. 57 58 INVOICE BOOK. An Invoice is a Paper sent off with Goods exported on Commis¬ sion. The Preamble generally contains the Name of the Ship, Mas¬ ter, Place of Destination, and of the Person to whom the Consign- An Account is next given of the Quantity and Amount of the Goods, which are generally charged at the bona jitk Prime Cost. The Tradesmen’s Bills of Parcels are either copied or sent with the Invoices, and referred to. The Shipping Charges are added to the value of the Goods,, and upon this sum the Agent or Factor generally charges his Commission. When he insures the Goods, he has also a small Commission on the Capital insured, which Capital is allowed to be something more than the value of the Risk, in order to cover the amount of the Risk, Premium, and other Expenses, in case of loss. The Cost of Insurance generally concludes the Invoice, and the Agent signs his name at the bottom with the words, Errors except¬ ed; this signature, however, does not appear in the Book. The Invoice Book which contains the Copies of all Invoices sent off, is sometimes called the Invoice Boo^'Outward, to distinguish it from the Invoice Book Inward, which contains copies of Invoices received from abroad. But this Book is often dispensed with, by preserving the Originals, either filed, of in pigeon-holes, or pasted in a Blank Book made for the purpose. . . Invoices of Goods received to be sold on Commission are gene¬ rally copied into the Sales Book, to which the subsequent Charges are added. - ■ (1) INVOICE BOOK. Invoke of Sugar shipped on board the Nancy, Henrj[ Marsom, Master, for Naples, by order f Williat^ Pemberton, Merchant there, for his Account and Risk, and to him consigned, London, Jan. i, 1802. W. P. No. Cwt. qrs. lb. Gwt. qrs. lb; No. 1 Gross 9 1 20 Tare' 1 1 11 1 a 4 2 — 9 0 25 — 'I 0 27 3 — 9 2 17 — 1 1 0 4 9 1 26 —-.112 Gross 37 3 4 - 5 0 12 Tare . 5 0 12 -- Neat. - 32 2 20 at 51.3s. per Cwt. 510 Charges. Debenture Entry - -- -- - 419 0 Cost of Hogsheads.1 12 6 Cartage, "Wharfage, Lighterage, and 7 , j Bills of Lading 5 ^ Commission on 1761. Is. lOd. at 2 a per Cent. 7|16 0 3j.l9 2 Premium of Insurance on 1901. at 14: "2 17 o| Policy Duty - - - - 0 5 01 Commission 4 per Cent - 0 19 01 184: 2, 0 Drawback * allowed at the Custom-House 40 4| 0 £ntd. Jour. P. 5. . 143 isl 0 * When an Agent, or the Shipper of Goods on Commis¬ sion, charges what is called the Long Price, he dcdufts the Drawback from the Amount of the Invoice, or gives his Cor¬ respondent credit for the same when he receives it. But when the Shipper only charges the Hbort FrlcCy he keeps the Debentures or Drawbacks to himself. INVOICE BOOK. (2) Invoice of sundry Goods shipped on Board the Swan, Charles Mills, Master, for Bjlboa, by Order of Wil¬ liam Lamos, Merchant there, for his Account and Risk, and to him consigned. London, Jan. iz, 1802.' j. 1 a 8. 8 Bags of Pepper, con- T taining neat 18961b. > 107 12 9] at ISfd. per lb. - - 3 9 1 Bale, containing 28 Pieces T of Printed Calicoes, qt. 763 > 127 3 yards, at 3s. 4d. per yard - 3 [10. 1 Bale containing 19 Pieces of ~j Bengal Muslins, amounting, >• 167 8 9j as per E. P.* - - - - ^ 11 n 14. 3 Bales of Irish Linen,! amounting, as per > 233 15 B.P. - - - - - 3 Charges. jPaid for Packing, Cartage, Wharf- ! age, and Lighterage - ■ - 5 (Entry Bond, Bills of Lading, and ! ' other Charges ----- 3 Commission on 6461, 13s. 6d. 21 per Cent. (Premium of Insurance on 6801. at! jq ^ Ij per Cent. ----- 3 Stamp Duty - - - - - - 0 17 Commission 1 per Cent. - - - 3 8 Entd. Jour. P. 5. * B. P. signifies Bill of Parcels. (3) INVOICE BOOK; 6i Invoice of Lead on Board* the Betsey, yames Brown, Master, for Leghorn, by Order and for Account of Wilson and Vanelli, and to 'them consigned. London, Jan. 15, 1802. W.&V.[200 Pigs, weigliing 224 o per Pother - - - . 3 stead of ibipped on beard. If the articles thus sold be Debenture Goods, the Seller keeps the Debentures to himself, and receives the Bounty or Drawback when it becomes due. j 62 INVOICE BOOK. (4) Invoice of sundry Goods shipped on Board the Hope, Henry Stanley, Master, for Jamaica, by Order of Winter and West, Merchants there, for their Ac¬ count and Risk, arid to them consigned. London, Jan. 31, 1802. w. w.| 1 a 4,4 Hhds. of Ironmongery, as per' B. P.. Sail}? Chests ditto, per ditto - - - 12 & 132 Bundles, per ditto . - - - 141 Case of Hats, per ditto - - - 15 & 162 Casks of Saddles, per ditto 17 a 19 3 Puncheons Hams 7 20 a 22,3 Ditto Tongues ^ ditto 100 15 7 71 10 0 SO 10 0 21 8 6 18 9 1 112 16 7 375 9 9 Charges. j* Cartage and Wharfage - - - 13 5 Sundry Shipping Charges - - - 2 16 0 Commission, 2iper Cent. - - Insurance on 4101. at 3 per 12 6 0 Stamp Duty 0 12 6 Commission, 1 per Cent. - - 2 10 319 5 9 9 8 1419 6 403;i8| 4 £ntd. Jour. P. 6. ^ The most general custom is to pay »Jie Freight in London j this and other Shipping Charges arc occusionalfy settled by a Committee of West India Merchants. (s) INVOICE BOOK. 65 Invoice of Sundries shipped on Board the Hope, Henry Stanley, Master, for Jamaica, by Order qndfor Ac¬ count of Hampton and Co, and to them consigned. ' London, Jan. 31, 1802. 1 a 45 I 2020 Boxes, containing 88 Dozen 4 I lb. Mould Candles, at 9s. 8d. 42 13 10 ] I per Dozen - - - - - 21 a 3010 ditto, 49 Dozen, 51b. dipt ditto, at 8s. 8d. per Dozen - - 30 Boxes at 2s - f 21 8 10 Boxes, 5 cwt. White Soap, at7oi 86s. percwt.^ 21 10 10 Boxes, at Is. 6d. each 0 15 Bond to recover Drawback 0 18 0| 23 3 0 41&422 Puncheons Refined Sugar 43 a 45j3 Chests of Tea - - - - Wharfage lEntry Bond, Shipping Charges, and 1 . I Bills of Lading.| 4 13 0| 7 per inclosed j B. P. Cominission 2'■ per Cent. - |Premium of Insurance on 1901. at 3 per Cent. ------ Stamp Duty - - - - 0 Commission j per Cent. - 0 ■ 5 14 0: Entd. Jour. P. 6. 64 INVOICE BOOK. (6) Invoice of sundry Goods shipped on Board the Hope, Henry Stanley, Master, for Jamaica, by Order of Edward White, Merchant there, for his Account and Risk ', and to him consigned. London, Jan. 31, 1802. E. W. 100 Bundles containing 5 M. Long Wood Hoops, at 110s. per M. ----- 6 Sheets of Lead as per inclosed B. P.I 2o Puncheons, containing 35 7 quarters of Oats, at 29s. i 20 Puncheons, at 2Ss. 6d. 6 Cables 7 as per inclosed 7 26 Coils of Rope 1 B. P. . i 3 Puncheons of Hops, as per 7 ditto.J 27 10 0 78 19 8 50 15 0 25 10 0 287 9 0 137 IS 10 2 6 Charges. I Paid for Cartage, Wharfage, and 7 Lighterage ----- } Shipping Charges and Bills of 7 Lading - -- -- -- i Commission 2i per Cent. - ■ [To Premium of Insurance on 6501. ? , n ,« 3 per to.I Stamp Duty - - . - 0 17 Commission, per Cent. 3 5 Entd. Jour. P. 6. (t) INVOICE BOOK. 65 Invoice of sundry Goods shipped on board the Hopei Henry Stanley, Master, for Jamaica, by Order and for Account of James Primei and to him consigned. London, Jan. 31, 1802. J. P. I Puncheons of Bedding B P. - - - - 10a21 22 a 31 32 a 35 36&37 12 Bales, containing each 10 T Pieces frized Negro Elan- > keting, at 24s. per Piece 3 Canvas, Cord, &c. 10 Casks, containing each 4 T Dozen Check Shirts, at C 48s. per Dozen - - - \ Casks - - 4 Bales, containing 240 Pieces! of Compands Nankeens, J- at 11s. ed. per Piece. - 3 2 Bales of Irish Sheeting,! amounting, per inclosed I- - B. P..3 157 1 6 144 0 0 2 5 0 96 0 0 2 10 0 138 0 0 63 17 0 Charges. IPaid for Cartage, Wharfage and! Lighterage ------ J Bond of Entry, Bills of I and Shippmg Charges - Commission 21 per Cent. [Premium of Insurance on 6501.1 i o i n at 3 per to. - ----- J Stamp Duty - - - 0 17 Commission, j per Cent. 3 5 Entd. Jom [n] 66 INVOICE BOOK. (8) Invoice of Sundries shipped on board the Hope, Henry Stanley, Master, Jor Jamaica, for the Account and Risk oj Edisard Connor, and to him consigned. London, Jan. 31, 1802. E. C. 1 1 Hhd. containing 310 Men’s In-1 digo Blue Jackets, at 84d r i Hhd.' 20s. Waterage, Is. 6d 108 10 0 1 1 6 1 ‘ 11 1 72 Pieces Dundee Cotton Bag-1 ging, 4392 yards, at 12|d. J Wrapper and Cordage 228 15 0' 1 10 0 1 ^! 230 211 84 ■ 68 3 48 Pieces f wide bleached Russia 1 Sheetmg at 88s. J Case, Packing, &c. - 211 4 0 0 15 6 . 4 i Hhd. of Ironmongery, amount- 7. ing to, as per inclosed B. P. y Hogshead - - - 83 10 6 1 1 0 S 1 Chest of Cutlery, amounting to, with Chest - - - - - . as per B. P. 5 Charges. 704 12 Packing, Cartage, Wharfage, and! Lighterage- - - - - - j Entry Bond, Shipping Charges, "I Searcher’ Fees, and Bi^s of> Lading - - - - - y . ' 3 IS 6 5 10 8 Commission, 2^ per Cent. Premium of Insurance on 7581.1 10s. at Si per Cent. - - - j Policy, 2s. 6d. per Cent. ■ Commission i per Cent. 26 10 11 10 0 3 15 11 17 31 |17 1 6 1 1 Enid your. P. 6. 763 l_ 5 ( 9 ) INVOICE BOOK. 67 Invoice of sundry Goods shipped on board the Hope, Henry Stanley, Master, for Jamaica, consigned for Sale to Richard Broadley, Merchant ther^, on Account and Risk of the said Richard Broadley and the Shipper, each a Half Share. London, 31, 1802. R. B. 1 a 16 lYa24. 25 a 34. 35&36 16 Puncheons, containing 136') Pieces Blue Milled Ker-V seys, at SSs - - ~ . y , 8 Ditto, containing 52 Pieces! Broad-stripe Blanketing, C each at 82s. 6d. - - - j 24 Puncheons, at 30s. - 10 Puncheons, f of Hardware, as 1 2HhdsV I perB. P. 5 10 Puncheons, at 30s. 2 Hhds. 1 .at 20s. ----- f 3Y4 0 214 10 36 0 282 5 lY 0 0 0 0 3 0 923 15 3 Charges. Packing, Cartage, Wharfage, and! Waterage.3 Entry Bond, Shipping Charges, ^ Searchers’ Fees, and Bills c" Lading - - - •ges,) '.i Commission at 2| per Cent. - ITo premium of Insurance on! 10001. at 3i per Cent. - - 3 Stamp Duty, 2$. 6d. per Cent. 1 5 Commission on ditto i per Cent. 5 0 68 . INVOICE BOOK. (10) Invoice of Six Hogsheads of fobacco, shipped on board the William and Mary, William Grater, Master, for Hamburgh, on Account and Risk of Willicim Chulmley of the said Place. London-, March i 6 , 1802. W. C. 1«6 No. Cwt. qrs. lb. 18 1 10 19 2 12 18 1 10 18 1 14 12 3 26 12 3 5 Cwt. qrs. lb. Tare 1 2 19 2 21 1 6 1 IS lOD 1 21 Gross 9 1 16 Tare 91 0 5 Net, at 5d. peril ■ Charges. Bond and Custom House Entry - 0 10 Cost of Empty Hogsheads - - - 4 16 Lighterage, and small Charges - - 1 4 Bills of Lading - -- -- -- 06 Brokerage at 4 per Caif. - - - - 1 1 Commission, 2 per Cent. - - - - 4 41l| Insurance on 2601. at 13 Guineas7 per Cent. - -- .- -.J Policy, 23. 6d. per Cc«/. - - - 0 7 Commission on ditto, i per Cent. 1 6 Entd. Jour. P. IS. (11) INVOICE BOOK. 69 Invoice of 10 Bales of Pepper shipped on board the Ne¬ reid, Captain William NPCleay, for Leghorn, for the Account and Risk of Wilson and Vatielli; marked and numbered as per Margin. London, March 2\, 1802. W.&V. Ifll9 10 Bales of Pepper, weighing each lb 3200 Gross 40 Tare Cwt.qrs.ib. 2 3 12 3160 Sutde 121| Tret 4 lb. per 104 30384 Net, at 144d. per 16. 18614 9 Charges. Entry Bond and Shipping Charges 1 2 Lot Money and Casing, 21s. 8d. 1 ^ g Cartage, Ss. ------ J Searchers’ Fees, 3s. Watching, Is. 6d. 0 4 Waterage, Wharfage, and Shipping 0 8 Brokerage, 4 per Cent. - - - - 0 18 Commission, 2 per Cent. Insurance on 2201. at 81. 8s. perl Cent, warranted with Convoy >18 9 for the Voyage _ - . . j Policy at 2s. 6d. per Cent. 0 7 Commission on ditto 4 per Cent. - - 1 2 0 8 6 4 4 0 2 7 0 191 214 119 1 8 8 £nti/. Jour. P. 16. 70 INVOICE BOOK, (12) Invoice of Porter shipped in the Success, Clarke, by Order, and for Account of Wilson and Bell, of Dundee. London, March 25, 1802. W. B. 24 Hhds. 10 Barrels 4 Half Hhds. i '^antity. 49 Barrels Beer at 32s. 78 24Hhd. Casks at 15s. 18 10 Barrels at 12s. 6 4 Half Hhds. at 12s. 2 8 0 0 0 0 0 8 0 104 16 0 Shipping Charges 0 12 8 Commission on 1051. 8s. 8d. 2^ per Cent, 8 8 12 8 108 1 4 I Charges. iPremium of Insurance on 1201.1 I London to Dundee, at 2 Guineas V 2 10 5 per Cent, ■Commission on ditto, atiperCr;;/. 0 12 0 Stamp for Policy - -- -- - 050 3 ? 5 111 8 9 EnUl. Jom-. 16. (13) INVOICE BOOK; 71 Invoice of Flax shipped on board the Ann, McCarthy, for Madeira, on Account and Risk of Millman and Son, of Lisbon, and consigned, by their Order, to John King, of Madeira. London, March 26, 1802. 153 Mats, containing 10 Tons of) Theissenhausen Flax, 631. 3 153 Mats and Packing, at 8d. - Carting, Loading, Shipping, and') WTiar.fing, at 4s. 6d. - - 3 Lighterage and 'Watching - - . Order of Coiuicil - - - . . Entry, Searcher’s Certificate, &c. Special Bond ...... Keeping out Bill of Entry 630 0 0 5 2 0 2 5 0 2 6 0 5 5 0 1 14 6 1 1 0 0 2 6 Charges. Bills of Lading. 060 Freight and Primage paid ... 21 0 0 Commission, 2J per Cent. 2 0 I6U4 6 To Premium of Insurance on') 7451. at 4 Guineas per Cent. ^ 315 9 Stamp Duty, at 2s. 6d. per Cent. 10 0 Commission, iperCc/rf. . . 3 14 6 Entd. Jour. P. 16. 36j Oj 3 72n6j 9 72 INVOICE BOOK. (14) Invoice o/* 13 Chests of /lea shipped on board the Sally, ■ John Daly, for Dublin, by Order and for Account and Risk of Peter Holmes, London, March 30, 1802. P. H.! 1 fl 13 Six Chests of Congou per the Abergavenny. ''w.p.N'j. cwt. qr. lb, 2903 1 0 5 Tare 25 each 4. 0 3 16 Dft. 1. 6 0 21 Tare 1 1 16 4 3 5 at 3s. 6d. per ft. 93 19 6 Duty at 40 per Cent. 37 11 9 Six Chests of Souchong per the Bombay Castle, 7 2855 3 10 Tare 23 each. 8 6 3 17 Dft. 1 9 7 3 8 — 10, 8 3 15 24 1-19 3 14 12 60 3 8 5 0 16 Tare 114 3 3 12 at 3s. 9d, per ft. 81 0 0 Duty at 40 per Cetit. 32 8 0 One Chest of Bohea per the Amazon. 13 1412 323 Tare 0 2 9 2 3 22 at 2s. 3d per lb. 37 2 6 Duty at 20 per Cent. 7 8 6 44,111 0 iFees of Entry, Bond, and Certifi-.V Casing 1 Chest of Bohea, at 6s. 4d. 1 12 of Souchong and Congou, at f King’s OfBcers; Loading, Cartage, 7 „ „ „ Searching and Sealing - - - 3 ° ° Wliarfage, Shipping, Waterage on 1 board, at Is. per Chest, and Bills t 0 17 6 , of leading, 4s. 6d. - - - 3 Brokageon 2121. 2s. atiperCwi/. 1 1 ‘ Insurance of 2501. at-24 per Ce)it.\ Policy duty, 7s. 6d. - - - j ” ^ ■ Commission 2 per Centl Drawback* to be dedufted ' On.lb. 537 Congou, at 3s. 6d. 93 19 6 432 Souchong, at 3s. 9d. 81 0 0 969 174. 19 6 at40perCr«;. - - - 69 19 9 330 Bohea, at 2s. 3d. 37 2 6 7 „ at20per ^ ^ Dedufl; Fees 1 9 0^ 7519 3 ■ Enid. Jour. P. 16. .[ ] 74 INDEX TO THE INVOICE BOOK. PAGE. Invoice of Sugar, shipped on board the Nanc^, for Naples, on Account of William Pemberton - -- -- -- i Invoice of Sundries shipped oii board the Sxmn, for Bilboa, for Account of William Lamos - -- -- -- - 3 Invoice of Lead, on board the Betsep for Leghorn, for Ac¬ count of Wilson and VanelK - -- -- -- -- S Invoice of Sundries per the Hope, for Jamaica, for the Ac¬ count of Winter ^nd West - -- -- -- -- 4 of Hampton and Co. - -. 5 Edtsard White - -- -- -- -- - 6 James Prime - -- -- -- -- -- T Edmund Conner - -- --. 8 ' Richard Broadley and Shipper ------ 9 Invoice of Tobacco, per William .and Mary for Ham¬ burgh, for Account of William Chulmley ----- 10 Invoice of Pepper per the Nereid, for Leghorn, for Account of Wilson and Vanelli - -- - - -- -- - 11 Invoice of Porter, per the Success, for Dundee, for Account of Wilson eLud Bell - -- -- -- -- -- - 13 Invoice of Flax, per the Aim, for Madeira, for account of Millman and Son - -- -- -- -- -- 13 Invoice of Teas per the Sally, for Dublin, for account of Peter Holmes .14 IS THE SALES BOOK, OR FACTORY BOOK. This Book is used to trace the Net Proceeds of any Cargo or Consignment sold upon Commission. An Account Sales generally occupies Two Pages, with a Pre¬ amble over both, setting forth the Names of the Goods, Ship, and Person, from whom the Consignment is received. The first or left- hand Page contains an Account of the various Charges incurred by the Transaction, such as Freight, Custom, Expenses of Landing and Selling, together with the Brokerage, and Factors' Commission, both of which are charged on the Gross Amount of the Sales.* The second, or right-hand Page, contains an Account of the Quantity, Price, and Amount of the Goods sold, widi the Buyer’s Name, and the Time of Payment. The difference between this Gross Amount, and the Charges, is the Net Proceeds; for which the Factor gives his Correspondent credit, and sends him a copy of the Account Sales, to which he generally signs his name, with the words Errors Excepted. In small Consignments, an Account Sales may be comprised in one Page, beginning either with the Charges, or with the Amount of the Goods. The forms of these Accounts are various hut all tend to the same object, that of ascertaining the Net Proceeds. * Commission is sometimes charged on Money advanced for Duty, together with the Qrosf Amount of the Consignment; and some Faflors charge Interest on all Advances, 76 SALES BOOK. (1) Br. Account Sales of- lo Pipes of Port JVine, received per 1 10 0 Cooperage, 3s. per Pipe - - Cartage, Wharfage, &c. as perl . g Cooper’s Account . - . . j Vault Rent, Insurance from Eire, 7 -q and taking Stock - _ J Brokerage, 5s. per Pipe r - 2 10, Land waiter’s Fees---- - 010 Postage of Letters - - - - r 010 Charges. H m 17 4 ' I Is. 6|d. per Gail. - - - 3 } 64 17 8 2o2 Galls. ----- 5 Freight, Primage, &c. - - - 10 Interest on Duty advanced to this Day, ' 96 Days, at 5 per Cent. Commission at 2J per Cf»/.| To Millman and Son, their Account 7 Currrent, for Net Proceeds - 5 207|15 149,17 * The ab.-’.vd Sales took place in the yJar 1790, since which period the Duty and Excise have been advanced each 20!. f!r Tun', and the price nearly deubled. Ti.c three following Sales took, place about the same time, and all the pthecs in 1799. . 0 ) sales book. 77 the Nancy from Lishon, on Acct, 'of Millman 'and- Son. Cr. By Smithson and Co. sold them payable at 2 Months. 6 Pipes, No. Gall. 1 137 2 140 . • . 3 140 ' 4 139 •5 141 . 6 141 838 less two Galls, allowed., -. for Ullage, viz. 836 Galls. ( at 361. per Pipe of 138 f " Gallons; - - - - - J By Henry Clinton, sold him payable in 3 Months. 4 Pipes, S 140 9 118 10 140 536 less 1 Gail, for Ullage, -- 535 Gall. «R1 .,pr Pi^p Gah. for Ullage,! 11. at 361. per Pipe > Gallons - - j Enid. Jour. P. 10.' 78, SALES BQGK-. (2) J)r. Sales, of 6 - Pifes of Olive Oil, received-pr the, Swan^ 1802. Feb. 3 Tctduty for. 694 galls, at- 71. Os;, 9d. 7 . J per Tun of 252 gallons, - - y j Freight 35s. per Tun - -- -- 55 0 Primage,. Dover, and Quarantine - 1 13' 7 Lighterage, Landing, Wharfage- .- 1, 10 6 Porterage, Cartage, and Housing; - 2i 2 0 Warehouse Rent, at 2s. 6d. per Pipe 0 -15 0 Insurance from Fire* - - - -.-0 19 6 Brokage ^ per Cent, on 197. 0. ed. 0 19 8 Commission 24 per Cent, on 2291. 13s. 6d. 5 14 Feb. 12 To Wilson and:Vanelli theic .Account Currentf for Net Proceeds - . - - _ 158 12 ■ i; 197 0 * Insarance from Fire is here cariied-to the Cash Account. Faftors,.however, mostlymake it a Profit-and Loss Account. f' Th'c;words tbpr Jtcomt'current seem h?re unnecessary, and arc sometimes omitted,.as in the-four,last Sales. 1 ' ' ' ' ' SAIiES BOOK. from ^Leghorn,- on Account tof Wilson and VarielH, 1802. Feb. 8 By Thomas Aveling, sold:him;2iPipes, payable at 2 months, ' No. Galls. 1 112 ■ -2 117 229 at 671.'per-Tiin *>f ^^36-flails. 65 Febr 12|By Edward ^ It 3 monthsj soid him 4 pipes, papble 3 118 4 113 5 116 6 118 46S at 671. per Tun of 236 Galls, 19Y Entd. Jour, P. 10. SALES BOOK. (?) Dr. Sales. of: 10 Hh 4 s. of Sugar, received per the Dolphin ' .Charges; y • jCustom, at 12s. 4d. per Cwt. for') 3 Cwt. - - . . . 5 t iBiU Money and Landwaiters’Fees j 1 2, Freight, at 4s. per Cwt. for 233 Cwt. 46 12 Primage, Pierage, and Trade i - 2 10 Lighterage arid Wharfage - - - 3 1 Cooperage, - - 118 Warehouse Rent - _ - - - .0 IS Brokerage J per Cent. Commission, at 25 per Cent, To Winter and West, their. Account'] Current for Net Proceeds - - - * 144 IS ;49 2 '•'8 2 7 ■ 11 19 216 15 262 3 478 18 (3) SALES BOOK; from Jamaicaj bn Account of Winter], West^ & Co. Cn Feb. 14. By Smithson and Co. sold them payable at Two Months. Cwt. qrs. Ib. Cwt. qrs. lb. Cwt. qrs.' lb. 1 12 1-11 8 13 1 8 15 10 2 18 2 13 2 10 9 14 1 10 16 12 1 10 S 12 0 9 10 IS 1 11 17 12 . 2 19 4 14 3 8 11 12 2 13 18 12 3 17 5 13 2 li 12 11 3 19 19 13 2 10 6 14 1 9 13 12 1 21 20 12 1 19 7 12 2 7 14 13 0 5 ,-— 233 2 14 Net, at 41s. per Cwt. 47818 7 82 SALES BOOK. Dr. Sales of 2 5 Bales of Cotton & 20 Bags of Pimento To Castom on 2382 lb. of Pimen-") oq ,« to, at 3d. per lb. - . ' - - 3 Bill Money and Landwaiters’ Fees 0 13 2 -- 30 J To Freight on 23821b. of Pimen-7 9 js 6 to, at Id. per lb. - ... K -- on 87861b. of Cotton, / ka iq « .11 11. ; ,>■ 18 3 at 11 per lb. ----- 3 Primage, Pierage, and Trade - - 2 3 6 ■- 67 ( To Lighterage and "^arfage - - L 11 0 Landing, Weighing, and Housing 15 0 Loading and Cartage ----- 1 0 6 Mending Bags - -- -- -- 010 6 Warehouse Rent - -- -- -'0 12 6 Brokerage, i per Cent. - -- - 5 811 - 10 I . Commission, 2| per Cent. 27 - Feb. 26. To Edward White, his Account Current for 7 Net Proceeds ------- 3 B/itd. Jour. P. 11. (4) SALES BOOK. §4 SALES BOOK. (5) Dr. Sales of 5 Hhds. Sugar, received per the Martha, M?rcli 4. Charges. Duty of 57cwt. Iqr. 151b. at] 17s.- 6d. per Cwt. - - - 5 Bill Money and Landwaiters’ Fees - Interest on the Duty 15 Weeks - Freight of 57 cwt. 2 qr.- at 6s. 1 6d. per Cwt. ----- j Primage, Pierage, and Trade, at 7 Is. 7-td. per Cask - - - J Lighterage and Wharfage, at Id. 7 per Cwt. 6d. per Cask - - J Landing, Weighing, and Housing, 7 at Is. Id. per Cask - - j Cooperage, '6d. per Cask - - Warehouse Rent, 7 Weeks, 3d. 7 per ditto ------ j iBrokerage, i per Cent, on 231. 18s. 7 10 5 5 8 9 3 2 To Commission, 2i per Cent, on ditto tip J. Biddle for Net Proceeds due ^s day - Entd. Jour. P. 17. ( 5 ) SALES BOOK. 85 Lawson, from Grenada, on Account of John Biddle, Cr. By Wentham and Hull, 5 Hhds. at 3 Months. Cwt. qrs. lb. 4 1 12 1 18 2 ' 12 3 9 3 12 1 21 4 11 3 21 5 13 2 9 63 0 22 ^ Tare 6 2 IS Net 56 2 7 at 82s. per Cwt. 231 18 ^ The Twe of Sugar !s taken froin the weight of the Casks. 86 SALES BOOK; (6) Dr. Sales of i6 Bales of Cotton Wool, received per the 'o Duty on 4207 lb. of Cotton] at 8s. 9d. per 100 lb. - - J Entry apd Bill Money - - - - 0 Freight on 4207 lb. net, at 2^ lb. - 39 Primage, Pierage, and Trade - - 1 Lighterage and Wharfage - - - 0 Landing and Loading ----- 0 Carting, Housing, and Weighing - 1 Landwaiters’ and Weighers’ Fees. - 0 Mending for Delivery, picking! damage, and making mer-> 0 chantable ------ 3 Advertising for Sale, Catalogues, ) j and Sale-Room Charges - - I Insurance from Fire - - - - 1 Warehouse Rent ----- 0 Brokerage on 8011. 3s. Id. ^t ] g 1 per Cent. ----- J 10 0 16 0 8 0 2 2 7 0 4 6 To Commission, 2| per Cent, ijTo J. Biddle, for Net Proceeds due this day| 93|l6 9 6 0 789 2 9 Entd. Jour, P. 17. (6) SALES BOOK. 87 Martha, Lawson, from Grenada, on Jccomt off, Biddle. Cr. 1803. Mar. 34 By Cash for 16 Bags sold at Public Sale, It. Bags. 5 .v;.’ 7 ' 5. 6 a I H a 2 I *3 1 6 II a I 20 7 2 11 3 2 I 10 13 3 23 1563 1338 ' 52 Tret 51 Net lb. 130123/1 1287 ... Draft. Tret. Discount, i| per Ceni\ 801 3 7S9 i 4 lb. per Cwt. 4 Ibi per 1041b. SALES BOOK; m Saks of Osmbtirgs received by sundry Ships for Account • of Wilson and Bell, of Dundee. London, March ii, 1802. m. t*ieccs. Mo 1 Flax Osn. 15 2135 7^ 14 67 16 0 ' Wr. 1 28 6 - 0 14 Sold 2 Do. Do. IS 21767i 68 0 0 Wr. . 1 2816 - 0 14 GeorgeHolland, 3 Tow, do. 14 2018|7 - 58 17 6- Wr. 1 246 4 Do, Do 15 21667? “ ■ 64 6 0 Wr. 236 - . 0 li 63 8598 261 11 Charges. To Freight per Eliza, Clarh 15 2041 15 0 To do. per Neptune, Drummond 32 '4367 •1 13 0 To do. per Active, Mills - 16 2190 16 6 63 8598 To Landing, Wharfage, 7 16 0 Cartage, and Housing j To Cartage to Buyers, 12s. ^ 13 3 odd-Pence, Is. 3d. - j To Warehouse Rent, - per Ct. To Insurance against Fire, 7 1 6 2 3s. 6d. per Cent. - - s 9 To Commission and insuring 7 Debts, at 4 per Cent. - i 10 9 3 16 18 To Wilson and Bell, for Net 7 _ _ _ Proceeds - - - s 244' 12 Entd. Join . . 17. ! 7 6 0 0 2 0 0 6 3 11 . * Scotch Factors generally give the same Ciedic which they receive, and keep an Inte¬ rest Account open with their Qorrespondents, reckoning for any deviation on either side («) 89 Sales of Linen, i Pack Brown ^wide, per the Hiber¬ nia, on Account of Peter Holmes, of Dublin, ■ London, March op, i8.02i 'P. H. No. 3. Sold George Holland, payable at 8 Months Pieces Yards. d, 1 No. 1 4 202 7 5 17 10 2 4 ■ 203 7i 6 6 lOj 34 203 8 6 15 4 4 4 202 8| 7 3 1 54 202 9 7 11 6 6 4 204 8 1 6 7 4 202 10 8 8 4- 84 202 101 8.16 9 9 . 4 200 11 9 3 4 10 4 199 lli 9 10 8i 1 Wrapper 52 6 1 6 0 41 Freight, &c. ------- ■ 14 2 Cartage, Porterage, &c. - - . 0 3 5 Warehouse Rent and Insurance ■) .' . - from Fire, 1 per C«;/. - - C " Insurance of Debts, ditto - - - 0 15 9 * Advance of Money, 21- per Cent. 1 19 6 Commission, ditto - . • 1 19 6 OiTo Peter Holmes’s Credit in Acet. Curt. - * Entd. Joun P. 18. Irish Paftors in Londoii, give the wholesale Linen-drape Eight Months Credit, and' charge their employers in Irela: If a Year’s Interest at 5 per Cent» for advance of Mone; other-Two Months are allowed forconespondence, and t le their acceptances have to run. An Interest Account is kept open between the parties, a t any deviation on either side from these Two Months is accour ed for. . [ 14'] 90 INDEX TO THE SALES BOOK, PAGE. Sales of Pari Wine, per the Nancy, from Lisbon, on Ac¬ count of Millman and S 31010 272 5 By Merchandize, paid for Teas at the India House By Charges on Merchandize, per the Sally, for 1 Dublin - - - j] By ditto, per the ifr'ifrwfl, itota Dublin - - 1 jBy House Expenses - -- -- -- - By Charges on Merchandize, not posted to any 7 j other Account - -- -- -- - J Entd. Jour. P. 14. [ 15 ] !2183 2 6 289 18 3 6]15j 2 4 7 . Ygliol 6 JOURNAL. (Set III.) --4—- The Journal opens with the Inventory of Stock, after which the Subsidiary Books are journalised separately according to the follow¬ ing Rules ; and' then such transactions of the Waste Book as are not Contained in any of the Subsidiary Books, close the Journal for each Month. ' RULES FOR JOURNALISING the SUBSIDIARY BOOKS. 1 . TO JOURNALISE THE CASH BOOK. Forall Money received’ - - - - Cash Dr. to Sundries. . For all Money Paid ----- Sundries Drs. to Cash. Specifying'Partjculars and classing Items of the same kind together. ... See Page 3, Journal. 2. TO journalise THE BILL BOOK. For all Bills Received - - - Bills.Receivable Hr. do Sundries. For all. Bills Accepted - - - Sundries Drs. to Bills Payable. Setting forth Names, Numbers, and other necessary Particulars. " : See Page A, Journal. 3. TO JOURNALISE THE INVOICE BOOK. ' The Person (for whose Account the- Invoice is sent) Dr. t» Sundries, viz. To Merchandise - _ - - For Amount of Goods. To Charges on Merchandise - For Shipping and other Charges. To Commission - - - - For the Factor’s Commission. To Insurance - - - - . - For . Premium of Insurance. See Page 5, Journal. When several Invoices are sent by the same Ship, they may be arranged in Columns, as in Page G, a Method which promotes both accuracy and dispatch, and which might be also used with the In¬ voice Book in general and with the Sales Book. 99 4. TO JOURNALISE THE SALES BOOK. The Person to whom the Goods are sold, is debited for the Sales, and if they are sold for Ready Money, ..the .Account-is entered ac¬ cordingly in the Cash Book.—^Then Sales {per the Ship’s Name, &c.) Dr. to Sundries.* To Charges on Merchandize For Charges at Landing, &c. To Interest - - - - - For Interest (if charged on Mo¬ ney advanced.) To Commission - - - - For.the Factor^s C9™eiission. To A. B. (the Consigner) - For Net Proceeds. See Page 10 . . Journal. The following general Rules for distiriguishing and Cr. will apply in all cases whatever. 1. PERSONAL ACCOUNTS. The Person to whom, or for whos6 Account I pay, or furnish the Means of Payment—^is Debtor. TAe Person fronnwhom, or for whose Account I receive, or who furnishes me with the Means of Payment—is Creditor. ■ 2. REAL ACCOUNTS. Every thing which cotnes into my Possession, or under my Di¬ rection—is Debtor. Every thing which pawes oMf of my Possession, or from under MY Direction—is Creditor. 3. FICTITIOUS ACCOUNTS. { All Goods in ray Possession, and Persons in my Debt—ARE Debtor. All Persons to whom I am indebted— are Credi¬ tors. For Profit r Every Gain—is Debtor to the Means. and Loss. ^ Every Lbss—is Creditor by the Means. * These Titles varj'in difierent Houses; as, Sales of Cciton, Sugar, &c. fer the Ship, Xir.—Merebaudize ImperteJ, Dr_and the charges on SaJes and Invoices, via. Freight, Con- ■uoy. Duty, and Customs, are mostly arranged under feparate heads; but however these Modes sod Terms may vary, the Principles and Result ate the same, journal; (Set III.) LONDON^ yannar^i 1802 . Sdndries Drj-.f to Stock. 1 Cash ... for Balance in hand . . . ... 1 Funded Property 4,0001. at 78^ in the 4 per Cents. 2 Farm in Kent. 2 House at Richmond. 2 Household Furniture ......... 2jShip Charlotte ..my half. SIMerchandize ... for Balance in hand . . . S'Debentures . . . .for Balance due at the Cus-7 -House ... 5 jBills Receivable, for the Amount of Bills due ' to me eMillmanandSon, 6 Charles Le Coin, 6 William Lamos, 7 Panton and Abram,. 7 William Chulmley, 7 Edward Taverton, 8 William Pemberton 8 Wilson and Vanelli, |ll700 0 0 3130 Oj 0 3120 21651 Lishon . . Paris . . . Bilboa . . Petersburg!} . Hamburgh . Amsterdam . Naples . .. Leghorn The first Column here contains the day of the Month, and Ithe second the Folio of the Ledger, where each account is posted. t A difference prevails among Book keepers, with respeft to jsing Dr. or Drs. after plural Accounts.—The proper way seems :o be, to use it in the Plural, after Sundries only; and in the Sin. ;ular, after Plural Titles, which stand but for one Article or one Firm:_as. Bills receivable Dr.—Profit and Loss Dr.-r-Wilson ind BcUPr. Sc. JOURNAL. (Set ill.) LONDON, January I, 1802, Stock Dr. to Sundries.* 8jTo Smithson and Co. London . . . 9:To Wentham and HuU, Ditto . . . . 9jTo Nicholson and Hope, Ditto .... 9 To Peter Bonham, Ditto .... 10:To Horne, and Jones, . Ditto .... lOlTo George Holland, . Ditto .... IoITo Wansteadand Gill, Leeds . . 11 To Henry Stanton, Shield . . . 11 [To Gibson and Carr, Birmingham . , lllTo Ashford and Son, Manchester . . 12 To Winter and West, Jamaica . , , 12 To Hampton and Co, Ditto . . . , 12 To Edward White, Ditto .... 13 To James Prime, Ditto .... 13 To Edmund Connor, Ditto . . . . 13 To Richard Broadley, Ditto . . . . 14 To Peter Holmes, Dublin .... 14 To Wilson and Bell, Dundee . , . 5 To Bills Payable, for my Acceptances unpaid • The word Sundria is objefted to by some Book-keepers as ingram- maticalj but it may be considered here as an abbreviation of Sun¬ dry Account:, and its use is sufficiently sandtloned by the general pradtice qf Merchants. Its propriety too is supported by analogy, for several dther adjeftives are thus converted into substantives, as Goods, Evils, Blacks, Whitos, &c. ro2 . JOURNAL. (Set III.) LONDON, January, 1802. (3) Cash Dr. to Sundries. HiTo Interest . 5jTo Bills Receivable, No. 210 2|To Ship Charlotte 2iTo Bar-m in Kent SjTo Debentures Sundries Drs. to Cash. Monthj.asfn-C. B. p. 93. S^^Chgs. on Merck ^er Nancy, for Naples 7 16 o| . _ . .. -perSTOfl«, for Bilboa 10 13 sj • - - - per Betsey, for Leghorn 0 ■ - - -'^&c Nancy, icom Lisbon 196 11 ol ■ - - - per Hope, for Jamaica 44 9 8| 6 Bills Payable, No. 215.410 - - - 213'.713 11 0 - - - - 214.431 15 9 - - - - 219 ..... 210 10 6 - - - - 216.'610 15. 3 - - - - 218.105 11 6 . 2 Ship Charlotte \l6^fIouJc Expenses JOURNAL. (Set III.) LONDON, January, 1802. Bills Receivable Dr. to Sundries. 3 6'To C. Le Coin, No. 1, due Mar. 6 . . . . 19 YiToWm. Chulmley, 2, — Feb. 22 210 0 0 ...... 3,- 12 372 10 0 25 6jTo William Lamos, 4, — Mar. 28 250 0 0 . 5,- 28 310 0 0 Sundries Drs. to Bills Payable. 2|1o!G. Holland, No. 1, due Feb. 5 . . lO lllGibson and Carr 2,-: .15 . . 2115'S. Lightfoot - - 3,-24 'i U . . . .4, —Mar.27 ; 29 O Smithson and Co. 5, — Feb. 21 ; - - - - . 6, — Mar. 3 : 104 JOURNAL. (Set III.) LONDON, January 1802. (5) "William Pemberton, Dr. to Sundries. For Amount of Invoice of Sugar, per A fcK Naples, as perl»B. p. r. To Merchandize* . . . . . , . ,128 1 10| 3 To Charges on Merchandize .... 7160 Commission . 4182| 4 To Insurance .. 3 William Lamos, Dr. to Sundries. To Merchandize . 685 19 10 STo Charges on Merchandize . . . . 10 13 Sj (To Commission .' .19 11 iTo Insurance .. . 11 1 . Wilson & "Vanelli, Dr. to S. ^To Merchandize . ■. 213 4 5| 3 To Charges on Merchandize .... 0 4 To Commission . 4 t^To Insurance . 3 15 0| LONDON, JOURNAL. (Set III.) 106 LONDON, January, 1802. (*7) .18 3 IS MERCHANDizfe.„vDr. io Samuel LighJmU* For Amount of Goods bbiight of him, as per B. P. 3050 0 0 11 31 4 15 [ Insurance Dr. to the London Assurance Com- . puny.\ For Amount of Insurances made this ' - . . Month, as/icrI.B. p. i n 10. Per Nancy, for Naples . 3 2 0 ?or Sivan, for Bilboa. . . . . , 11 1 6 Per Betsey,- for Leghorn . 3 .-15 0 ?or Hope, for Jamaica . 123 8 ' 5 141 6 31 5 3 Debentures Dr. to Merchandise. For Drawbacls received this Month .... 138 15 0 * The Accounts contained in this page, not being regularly en¬ tered in any of the subsidiary books, close the Journal for the , T All the Insurances made this Month have been effected with the London Assurance Company, and ate unpaid. JOURNAL. (Set Hi.) ro7 (8); LONDON, February,- 1802. ; Cash Dr, to Sundries.'■ 'o Bil/s Receivable,-No. 3 - - 372 1 --- 141 - - ,312 -,- 2 - - - 210 ) Interest - - • ) Lottery Ticlets • Sundries Drs, to Cash. Dharges i ! Merchandize per Swan, from 7 Leghorn i Dolphin isom Jamaica - 312 13 6] I-; iovHemp ...... 16 11 sl for Sugar in Company - - 823 S 6 l^Lottery Tickets .......... &frS.B. f. Charges on Merchandize ... ,204* 16 2| .4jTo Commission . . . - . - . - 11 1 12|To Winter and West for Net Pro-1 ceeds of 20 Hhds. of Sugar, as > 262 S. B. f. 3= ^ Smithson and Co. Dr. to Sales' per the Dolphin; jPor Amount of 20 Hhds. of Sugar, at 2 Months,' for Account of Winter and West, as per S. f. 3.. ths,l Sundries Drs. to Saks pti'the Dolphin. i'or Amount of Cotton and Pimento, as/'er S. B. f |To Peter Bonham, for 25 Bales of 1 . Cotton, payable at 2 Months - j |1S Edward Taylor, for 20 Bags of Pi-1 ^ mento, payable at 2 Months . J "! Sales per the Dolphin, Dr. to Sundries, For Amount of Cotton and Pimento, as/itr S. B» f. 4 $Tq Charges on Merchandize - - . 107 17 4. To Commission .-27 4 11 ’6 I2iTo Edward White, for Net Proceeds-. 1 I of 25 Bales of Cotton, and 20 . I [ Bags of Pimento, as per S. B. ' f. 4. . 954 15 JOURNAL. (Set m.) nr (12) LONDON, February, 1802. 1- 1 2 4 Edward White Dr. to Insurance. For Cost of Ifisuring Goods, fer the Faithful, Sullivan, from Jamaica to London, at 6 Guineas ftr Cent, to Capital insured 35001. at 61. 6s. per Cent. . . 22010 0 4 9 8 9 10 4 Insurance Dr. to Sundries. ■ For Hremium oh the above, at 5 fir Cent. To Nicholson and Hope, 1000 : . 60 0 0 To Smithson and Co. 1000 . . 60 0 0 To Peter Bonham 1000 . . 60 0 0 To George Holland ^ 500 . . 80 0 0 To Commission, at 5 per Cent. onPrem. 10 10 0 220;i( ) 0 18 r 18 4 Adventure from Grenada (in Company with Peter Bonham and George Holland, each J Share), Dr. to Sundries. To John Biddle, for Amount of 7 , „„„ ,, „ Invoice.5 ® To Insurance . . . . . . . . 34 2 6j 12941 4 0 2 11 1« 4 15 Insurance Dr. to the London Assurance Company. For Premium on ISOOl. at 2J Guineas per Cent. A 2 6 19 Hemp Dr, to Sundries. For Cost of Tons received/rr the Hannah, Cole, from Pctersburgh, via. To Panton and Abram, for Amount 7 , of Invoice.. $ ^^04 12 £ Tq^ Charges on Merchandize paid at7 ir n c landing.^ -1221 4 0 ,1( IJ Horne imd Jones Dr. to Hemp. For Amount of 33 Tohb, at 341. 10s. per Ton, 1 at 2 Months.j 10 0 jl] l| Ashford and Son Dr to Merchandize. j j jfFor Amount of Goods sold them, as per B.P. : 564 JO 0 JOURNAL. (Set lil.) Ill LONDON, February, 1802. (13) 2' 1£ 16 George Broker Dr. to Sales of Sugar, in Company. Cwt. qrs. lb. For Amount of 50 Hhds. Wt. Nt. 607 3 141 at 80s. per Cwt. ..J 2431 10 0 25 18 3 4 19 9 10 Sales of Sugar, in Company, Dr. to Sundries, \ viz.* To Adventure from Grenada . . , 1294 14 0 To Charges on Merchandize paid! ‘ „ for Freight, &c.f " ‘’l To Commission on 2431. 10s. theT 1 Amount of Sugar, at 2| per > 60 IS 9 Cent.3 ^ To Prft and Loss for my j Share 84 4 11 :To Peter Bonham, for his j Share 84 4 11 To George Holland, for his | Share 84 4 11 2431 10 0 * This Account (which is here supposed to be taken from a Sales Book) affords a sufficient example of a Partnership concern. The perspicuity and precision of this method will appear striking, when contrasted with the tedious and complicated forms given in the old systems of Book-keeping j the universal pradlicc at pre¬ sent is, to hep a Fartncrship Account cs if if belonged to cm Per¬ son only'^ to open a separate Account for each Partne, like that of any other Individual j and to divide the Profits or Losses according to the Terms of Copartnerships JOURNAL. (Set III.) ”3 LONDON, March, 1803. ’ 1 Cash Dr. to Sundries. —I For the followir.g Sams received this Month, as per C. B. 1 l|To Funded Property sold, 20001. 4 per Cts. at 79| 1595 0 0 6 5 |To Bills Receivable, No. 1, - - - - 85 14 7 10 . 8 , - - - 570 0 0 - 280 0 0 - 364 10 0 - 310 10 0 - 250 0 0 - SIO 0 0 -.240 0 0. 23 2|To Farm in Kent 62jl0 0 ^4 16|To Sales of Cotton, per the Martha, . . . . 7891 2 9 31 5|To Debentures - 135jl0 0 4992117 ^. - 310 10 0 - 372 5 0 - 400 0 0 - 320 0 0 - 210 00 - 550 0 0 4 ^Chaiveson Merchandize-p&rdiie Mar-") tha, from Grenada - - - - J 146 IS . 0 . i . per Sales of Osnaburgs - - 6 9 1 16 ... pec W. is Mary, iot Hand). 718 2 20 ... per Nereid, for Leghorn - - 402 25 ... per Success, for Dundee - - 0 12 8 26 ... pec Anne, £or Madeira - - 39 2 0 30 ... per Sally, for Dublin - - 6 15 2 . . . pec Hibernia, from Dublin -- 2' 3 4 31 ... for Sundries not .charged 7 . to any other Account J ^ ® 29 l\Funded Property, SSOOL in the 3"pef Cente.' it 92 30 ^'Merchandize for Teas paid at the India jfbufo - ills House Expenses - _ - - —-293.6 1 92| 2183’2 6 - '28910 3 - 50119 7 - 48^131 5 '■ JOURNAL. (Set III.) 5 , Bills Receivable Dr, to Sundries. For the following Bills received this Mont ' : P- 54- '■ " " ‘ ' Nd. "Dud. , • • ■ 7 6 To Charles Le Coin "Apr. 10 1000 ' 0 15,-MBylO -IWO' 0 24 !. 6|T6 WAi. Ghulmley 1'6, 'Apt. 27 1 7|To d'eorge Broker 17,"—^ 27 ,1', . . 0 ... IS,-May 27 0 0 0 0 ——^2150 0 0 -- -• 560 0.0 10 0 • 0 0 ■ •v 19, June 27 1190 0 0 Sundries Dw. fe Biffs Payable. . ,, ; „ No.. .. Due. . *8 6 CharksLe Coin1.5,'Apr, 11 ' 1.000 .0 .0 . , . - 16, May 11 - ,600 . 0 . 0 . . ' . > c.V; . - . . -—■ - —- ■1600' 0 0 . 13 ,7 Pantop and. J^am 1.7, Apr, 27 ----- 830 0 0 2418 Joto Biiile - - I 81 May 27 - 1200 0 0 . -; ig,'-,—, e, - . eo ii e . --—1260'll 6 28 IS Samuel Lightfoot 20,'-31, - - - - -. 2000: 0 0 16 7 ‘Willia.m Chulmley,. jDn. ft .Sw/dr/fj. 3 ^q.Merchandize - - - : - • - ~ -r r 212. ■ 8 9 , 3Tp Charges on Mer^chandize ^ , , .'7 18 , 2 Commission - - - . S 10 11 4 To Insurance - - » i - -, - 35 17 3 JOURNAL. • fSE^ ilL|l (16) ■^ •LONDON, Wilson ■&' yANELLr, Dr. to" Sundries. For Amount of Invoice of Pe^erperths Nereid] for Leghorn, per J, B. p. ii. '^Oi Merchandize'' 186 14 |To Charges in Mefchaiidiix .' .' : : ■4 0' P o Commission .. . 4 16 Q Insurance .... V '. ' 18 17“ Merchandize To Charges on Merchandize To Commission .... To Insu^ance^ .... Wilson and.^mJL, ’Dr. to' Sundries.-' 'For Amount of inypiee of Jotiy''. the! ' Success, test Dundee, as /itri.B. p. 13. . 104 16 0 0 12 8 3 4 8 ...2 IS 5 MilmAn and Son, Dr. to. Sundries. - For Amount of Invoice of Ac For Afiii/cira-as perl. B. p. 13. To Merchandize . . . . 630. 0 0 To Charges on Merchandize .... 39 2 0 To Commission . . . • • > • ; • .20 9 0 To Insurance , . . . . . . . 32 5 9 Peter Holmes, Dr. to Sundries. For Amount of Invoice ofeTeas.^per the Sa/^' for Duilm, as per I. B. p. 14. ■ To (less Drawback) .. . ' 213 11 0 To Charges on Merchandize . . .... 6 15 2[ To Commusion . . .. ® To Insurance . . . , . , - 6 12 JOURNAL. (Se,t IH.); ZONDQN, Mqt-fhj,. l%02. {l!7J 24 9 16 Wentham W HdlL Dr. to Sales pf ' Stf^ar, Martha. For ^oimt of S Hhds. at 3 Months, per} 2ai 231 18 18 6 0 4 24 16 3 4 18 Sales of Sugar per the Martha Dr. to Sundries. To Charges on Merchandize . . . . Y2 18 9 To Commission . . . . . .. . . 5 15* 11 To John Biddley for Net Proceeds ■) irq <, a on 5 Hhds. as^fw S. B. f. 5. 5 ^ 1 24 11 16 3 '4 18 10 46 Sales f Cotton' per the Marthd, Dr, to Sundries. To Charges on Merchandize . . . . ,73 16 3 To Commissioti . 20 0 6 To John Biddle, for Net Proceeds of 1 - 16 Bales,as>rS; B. f.6. . . ^ ; ■ j 789 9 George Holland Dr to Sales of Osnaburgs. For Amount of 63 Pieces, at 14 Months, ssper} 261 11 3 11 16 ' 3 i4 14 Sales f Osnaburgs Dr. to Sundries. To Charges on Merchandize . . . . . 6 9 1 To Commission . ■ . ■ . .10 9 3 To Wilson and Bell, for Net Proceeds 7 of 63 Pieces, zsperS.^. f. 7. S ” ■ 261 11 JOURNAL. (S^TlII.) 1:1? (i8) LONDON, March, 1802. • 30 10 "e' Seorge Holland Dr. io Sales if Linen per th Hibernia. For Amount of 41 Pieces, at 8 Months, as per \ 79 1 79 1 1 3 3 0 0 16 U Sales f Linen per the Hibernia Dr. to Sundries. To Charges on Merchandize .2 3 4 Po Profit and Loss for Commission, In-T surance from Fire, and Advance of > 4 14 9 Money, &c.3 To Peter Holmes, for Net Proceeds, as 7 „ o perS.B. £.8 .| /2 3 2 '1 7 5 3 William Pemberton Dr. to Sundries. To Bills Receivable, for No. 7, on John 7 ^ 0 Day, returned with Protest . - j To Charges on Merchandize for protest-7 jq ^ ing the same.3 350 10 6 4 Charles Le.Coin Dr. to Commission.^ For paying John Mofris 16001. at | per Cent. , .... • 8 14 27 3 S 1C i Merchandize Dr. & ■ For Goods booght this Month, as/f/- Bills oi Parcels. |To WenthamandHuli, at 2Months 1730 OC 1 To Horne and Jones, at 4 Months 234 2 1 -2004 ! 5 21 1C > Wanstead and Gill Dr. to Merchandize. ' ! For Amount of Goods sold them at 2 Months,.as i ^rB.'P. ..j • 51( 3 Q JOURNAL. (Set IIL) ii8 LONDON, March, 1802. (19) Sundries Drs. to Insurance. For Return of Premium on 3506I. Insured FeJ. on Goods/>erthe Faithful, Sullivan, forConvoy at I \perCsnt, viz. . ' 9jNicholson and Hope SjSmithson and Co. . SjPeter Bonham . . ieorge Holland . 1000 , . . 1000 . . SOO' . 15 0 0 15 0 0 7 10 0 ■ - Insurance Dr. to Edward White. [For the above Return of Premium . . . •(Richard Broadley Dr. to Adventure to Jamaica, ' ■ my Half.. . |Fo^ Net Proceeds, ytiper Account Sales received. Debentures Merchandize. [Foir Drawbacks received this Month .' . Insurance Dr. to the London Assurance Company. For Amount of Insu-'ances made with them this Month, viz. \per .ihQ-Wm.-and Mary, for Hamburgh 35 17 3| --Nereid, for Leghorn—.. . 18 17 1 - Success, for Dundee..r . . 2.15 - Ann, for Madeira .... 32 5 - Sally for Dublin . • . • . . . 6 12 119 LEDGER. (Set HI.) The Rules already laid dowa in Pages 9 and 24 will apply in all cases that can occur for posting the Journal into the Ledger; some further explanations, however, may be here useful with respect to new forms and arrangements. ■ In the following Ledger the Accounts are arranged in the same 6 rder as in the Journal, except in Folios 3, 4, and 5, where Arti¬ cles, which are often referred to at the same time, are contiguously placed,: to save the trouble of frequently turning to the Index, This method of classing Accounts of the same description is found very convenient in extensive business; but in the Theory of Book¬ keeping it is more obvious and regular to follow the order of the Journal.' • When all the Accounts are opened in the Ledger from the Inven¬ tory of Stock, let the Subsidiary Books in the .Journal, for each Month, be posted in the following manner: 1 . m FOST THE JOURNAL OF THE CASH BOOK. Debit the Cash Ncconni.—T o Sundries, for the AmounTfeceived. Credit the Cash Account.^i^^ Sundries, for the Amount paid. . Then, for the Second or Double Entry. • Credit each Account separately— By Cash, for the respective Sums received. : • ^ ■ Debit each Account separately— To Cash, for the respective Sums . . paid. - - • 2 . TO POST THE JOURNAL OF THE BILL BOOK. Debit Bills RECEtvABEE— To Sundries for their,whole Amount.' Credit each Person from whom they have been receive for their respective Amounts—Again,: Credit Bills. P’AYABLE—ify Atfndj'/es, for their, whole-Amount. Debit each Person for whom they have been accepted— To Bills Payable, for their respective Amounts. '' 120. 3 . TO POST THE JOURNAL OF THE INVOICE BOOK. Debit the PEP.sol^ to whom the Invoice is sent —To Sundries for the whole Amount. Credit Merchandize, ,Charges, Commission, and Insurance respectively —By the said Person, for the respective Sums an¬ nexed to these Terms.* 4. TO POST THE JOURNAL OF THE SALES BOOK. Open a General Account of Sales to which transfer the Dr. and Cr. Sides of each Sale respectively—then. Debit the Person or Persons to whom the Consignment is sold— To Sales (per the Ship’s Name) for the Amount,—and Credit CnARGESj Commission, and the Consigner— By Sales for the Sums annexed to these Titles respectively. When the other Articles of the Journal are posted, a Trial Bar lanee should take place. This useful check may be applied either monthly, weekly, or daily, according to the extent of the business. In making the General Balance, the Residue of Funded Proper¬ ty, Houses, Lands, Furniture, Ships, or Goods unspld,+ is set down at the first cost;, but in Real Business', it is more correct and satis¬ factory to enter such Balances at their actual valu^ and to debit or credit Profit and Loss for the difference between their present worth and prime cost. Such a valuatioa becomes necessary, when any change takes place in the Firm of a House, or in the Terms of .Co¬ partnership ; and in order, at any tithe, to make a true estimate of Profit and Loss, Interest should be charged on all Property as well as on Debts. • MThea'several Invoices are journalised' togetfier' lii' Columns, (as in Page 6 of the Journal) the whole Amounts of Merchandize, Charges, Commission, and Insurance, are each posted in one Entry. This Arrangement, not only saves labour and, repetition in the Journal, and-affords checks against error, but it also greatly shortens and simplifies the Ledger. Had those six Invoices been journalised separately, there mast have been twenty- four Entries in the Journal, and the same number in the Ledger, which, hy this method, are comprised in four.- , ' ‘ . f The Balances of Qoods unsold in the following Ledger are only those of Merchandixe and nemfi the former comprehends: all Goods bought and'sold, on’Commission, andthe latter is deemed a sufficient specimen of Real Acconnts.-^Merchants, who deal in many .articles, generally trace the Profits; Losses; and Balances; in a Warehouse Book, and transfer & amount of each, in one sum, to its proper place in the Ledger. ;ai ^HABETICAL UTOEX TO THE LEDGER. A ■ ■ ! ASHFORD and Son . . . Adventure to Jamaica . . . Aveling,-Thomas . . . . Adventure from Grenada . . B Bills Receivable. Bills Payable . . , . , Bonham, Peter. Broadley, Richard .... Biddle,- John. Broker, George . . . . . Balance.; . C Cash.. Charges on Merchandize . . Commission. Chulmley, William .... Connor, Edmund .... Clinton, Henry. D Debentures. F Funded Property .... Farm in Kent . . . . G Gibson and Carr .... H Household Furniture . . . House at Richmond . . . Horne and Jones .. . . . Holland. George . . . . Hampton and Co. , Holmes,_Peter. House Expenses , . ... Hemp. Insurance . Interest . i8 Le Coin, Charles . . . Lamos, William . . . Lightfoot, Samuel . . ^. j London Assurance.Company 5 Lottery Tickets . , . 18 I Merchandize . . 19 Millman-'and Son ^ Panton and Abram . . 7 Pemberton, William . *3 Prime, James . . . *7 I Profit and Loss . . . Stock.. Ship Charlotte . . . Smithson and Co. . . Stanton, Henry . . . Sales, General Account .10 Taverton, Edward , 10 Taylor, Edward 15 Wilson and Vaneili IQ Wenlham and Hull Waostead and ,Giii Winter and West' • 4. White, Edward . ' , 14 Wilson and Bell [ *8 ] .122 LEt)GEBf. (Sex III.) (0 Stock, Br. Jan. 1 iIto Stock. 1 1170o| 1 0 Jan. 1 31T0 Sundries. 1693j il3 Feb. 1| SjTo Sundries. 1594 10 Mai^. 1 14 To Sundries ........ 4992, 1 " 19981 r 0 0 0 4! 4 - Funi>ed Property, Dr. Jan. 1 Mar. 29 1 1/ To Stock. To Gash' .. 1 1 313o{ 2183| 0 2 0 6 14^ 5313 2 6 * This column contains the Page of the Journal whence-each account.is taken; and the column f contains the Folio of the Ledger where the second Entry is madci-tSee Note, p. z6.) I (1) LEDGER. (Set III.) 123 Contra ' - Cr. Jan. 1 Feb. — Mar. — Mar. 31 SjBy Sundries 8|By Sundries H By Sundries ' iBy Balance 28si 2 3298 9 4879,13 8948jl4| 7 S 3 11 1998li Oj 4 Contra Cr. Mar. Mar. 31! l|l4By Cash . py Balance . 1595 0 0 3718 26 5313 2' 6 f The Ledger, though uniform in principle, is va¬ rious in arrangemenr.—Som.: Book-keepers omit the columnf, as the Index contains the same references. Others comprise the Df. and Cr. sides on one page,- with the title 'between, as in the following example (Fol. 2.); but the above method, of placing the Dr. and Cr. on opposite pages, is the most generai. LEDGER. (Set III.). f24 6 z 0 0 0 0 Furniture. Cr. | ° 1 I '"2 2® 1 ° 1 ^ g o j ^ j -- — 880 § 1 By Cash . By Cash - - - - - • - By Balance - ----- By Balance ------ I c i . 1 . O O . 1 1 Q o o I o : . S- o O j o I X oo _ 111 & t- r, j CO X !! ■ § • li wU Ht? _ Q q .=0 - v'' J J C -Q . ■ LEDGER. (Set III.) 125 0 ~~PO '- | ' , o 1 - ~2'®~|~2~| ^- 2 2| II 1 . § ^ S' f . 1 1 1 1 1 1 1 ' S’! M M . . CT , 0 B 1 h H 0 « Jan. 27 Mar. 31 00 1 0 j 0 0 0 j 0 1 00 1 0 1 u ° 2 ;2 1 ® 1 w 8^M ^ s 0 1 B OT s ^ * 1 i 1 a: -I" - ■./ :? . -- ■ ■ - 1 < ' '3 ' 1 ti- III KlU « 00 «<« , I W CO Jan. Feb. III LEDGER. (Set III.) ( 3 ) Merchandize, Jan. li l|To Stock .. . . . Jan. 181ST6 Samuel Lightfoot Mar. 30 U|To Cash .... 3 li'lSiTo Sundries . . . 216510] ( 3050 0 0 289;i0 i 2004] 2 1 Charges on Merchandize, Feb. — SjTo Cash UTpCash (3) LEDGER. (Set ill,) 127 Jan. 1 slfiy William Pemberton . - - « ‘8 128 1 10 12 slBy iWiEiam Lamos - - - - -- 6 635.19 10 15 5:By Wilson and Vaiielli - - . - 8 213| 4 1 ^ 31 6jBy Sundries - -- -- -- - 3385;is! 11 7iBy Debentures. 5 L 138:i5j 0 Feb. 231 12 By Ashford and Son ----- 11 564'.10 0 Mar. 16 {iSiBy William Chulmley ----- 7 2121 8 9 21 lelBy 'Wilson and "Vanelli - - - . 8 186|14 9 25il6:By Wilson and Bell ----- | 14. 104:16 0 26'1 billy Milbnan and Bon - - - - - ' 6 630] 0 0 30'161 By Peter .dolmes ------ 14 213,11 0 25 18 By Wanstead and Gill ----- 10 . 510 0 0 31 19 By Debentures ------- 5 1401 5 0 -- -1 By Balance - -- -- -- - 20 445 0 8 7509j 3 2 - — ■CONTR Cr. Jan. 1 5IBy William Pemberton - - - - .8 12 5lBy W illiam Lamos ------ 6 10 13 - 15 SjBy Wilson and Vanelli - - - - 8 2 31 6*B.y, Sundries per Hope - - - -, - 44 23 lO^By Bales per Plancy - - - - - ■ - 16 . 196 iij Feb. 3 lO.By Sales 'o&: Swan - - - - - - 16 32 12, 6 11 By Sales per Dolphin ----- 16 204 16 By Bales per ditto ------ 16 107 17 11 12 By Hemp - - -- -- -- ' 19 16 11 25 13 By Sales of ^iigar in Company - - 16 823 S Mar. 16 15 By William Chulmley ----- 7 IS 21 16 By Wilson and 'Vanelli - - - - .8 1 0 25 16 By Wilson and BeU ----- 14 12 26 16 By Millman and Son ----- 6 so' 2 30 16 By Peter Holmes ------ 14 6 15 30 18 By Sales per Hibernia - - - - - 16 2 3 4 17 By Sales per Martha ----- 8 72 18 24 17 By ditto - - -- -- -- 19 73 16 11 17 By Sales of Osnabnrgs ----- 16 6 9 3 1-8 By William Pemberton - - - . 8 lo' 31 By Projit and Loss ------ IS 1 79 o' 1. 17381 2 128 LEDGER. (Set III.) (4) InSURANCEj Dr. Jan. 31 7|To London Assiirance Company - - Feb. l|l2jTo Sundries - -- -- -- - Feb. 2 12,To London Assurance Company - - Mk’. 28.19|To Edward White - - •- - - - Mar. 3119,To London Assurance Company - - LEDGER. ('Set III.] (4) 129 Cr. Jan. 1 » By William Pembenon . . . ■ 8 18 12 5 By William Lamos. 6 19 15 5 By Wilson and Vanelli . . . 8 4 17 3^ 6 By Sundries .. 104 Feb. 1 12 By Insurance. 4 10 10 4 10 By Sales per Nancy . 16 8 181 3 10 By ditto per Swan .' 16 5 14; 6 11 By ditto per Dolphin .... 16 11 19 14 11 By ditto per ditto ...... 16 27 4 ! 25 13 By Sales of Sugar in Company , . 16 60 15! Jlar. 16 15 By William Chulmley ..... 7 10 ;] 21 16 By Wilson and Vanelli .... 8 4 16j 25 16 By Wilson and Bell. 14 3 4 26 16 By Millman and Son . . . . , 6 20 9 30 16 By Peter Holmes.. 14 6 1 71 18 By Charles Le Coin. 6 8 24 17 By Bales per Martha .... 16 25 16j 11 17 By Sales of Osnaburgs .... 16 10 342 19! Contra, Feb. Mar. lel William Pemberton...... William Lamos. Wilson and Vanelli .... Sundries. Edward White . - . . . . . Adventure from Grenada in Co. William Chulmle'y ..... Wilson and Vanelli . . ., . Wilson and Bell . . . . . . Millman and Son ..... Peter Holmes. Sundries. [ 19 ] 8 3 2 6 11 : i 8 3:15 123j 8 12 220 I 1 O 18 34' 2 7 3517 8 ’ 1817 14 '•■V-..--. 215 r 32j 5 14 : 1 ' 6jl2 S2jl0 . 544|l7 1 LEDGER. (Set III.) 130 (5) Bills Receivable, Dr, Jan. -1 /siTo Cash ^ - 1 2482 4 0 Feb. - 81T0 ditto - -- -- -- -- 1 1 l'S63 10 0 Mar. - :'i4 To ditto - 1 2062151 0 31 _ To Balance - -- -- -- - 20 7275 ll[ 6 13384 0 6 - ! 1 J- LEDGER. (Set. HI.) 1 ( 5 ) 131 Contra, r jCr^ Jan. Eeb. •. -I Mar. .. - By Cash. jl4 By Ditto . . . . . By "Wiilliam Pemberton . By Balance . dsosU 1.504 IP - 2410 14 350 0 5643 10 11212 Contra., Cr. Jan. 1 ^[By Stock .. 1 2608 1 4 0 Jan; . -j 4:By Sundties..:. . ... ’ 25701 1 Sl-.o Feb. . H 9;By ditto.. . 25151 10 Q Mar... J 1.5 By ditto. 5690 I"!® 13384 oj 6 Contra, Cr . Jan. 3l| Mar. 31! ' 31 3 14 By Cash. By ditto ... By Balance .. . 1 1 20 195 135! 410| 10 6 lO 0 9 6 ' 741 10! 0 i i ' T 132 (6) LEDGER. (Set 111.) MIllman and Son, Lisbon, Dr. Jan. 1 1 To Stock .. 1 572! •10 0 Mar. .26 16 To Sundries ... - ■ 721 ■16 ■9;. 1294 6 9 Charles Le Com, Paris, Dr. Jan. 1 1 To Stock . . . . •. . . . 1 389 15 Mar. 8 15 To Bills Papble. 5 1600 0 7 18 To Commission. ...... 4 6 0 31 - To Balance . . . » . . ' . . 20 237 19 2235 1 14 0 0 0 7 7 W. Lamos, Bilboa, Dr. (6) LEDGER. (Set HI.) *33 CoNTRAj . Ch 134 LEDGER. (SetHL) (V Panton and Abram, Petersburgh, .. Dr. Jan/ 1 i!to Stock - - _ 1 310 13 9 Mar. .16 15iTo Sundries - - - - - , — - 264 15 1 SI l-l \To Balance - 20' ; 570 1 2 - 1142 ; i 1 10 0 ■LEDGER.. (Set III.) 135 Contra, Cr. Contra, Cr. LEDGER. (Set III.) *36 (S) W. Pemberton, Naples, Br. llfo Stock.. . . 1 1, 72i!i3 1 5, ^0 Sundries -- ------ ' 14.318 Mar. 3 jl8 To ditto - -- -- -- -- - 35010 1 i 1 1216j 1 5 0 0 5 Wilson and Vanelli, Leghorn, Br. Jan. 1 .1 To Stock - -- -- -- -1 1 S7o! 6 IS 5|To Sundries- - - - - - - - 221jl9 1 Mar. 21 16 To ditto. “■*] - si^i 8| 8 looeiio 1 w LEDGER. (Set HI.) 137 Contra, Cr. Feh. 3 10 By Sales ifr . - . I 16 15812 M?r. 31 ■ By Balance . 20 84717 100610 j i 1 i Contra, Cr. Jan. 1! I i 1 2 By Stock. , ' i 820 '.1 Feb. 1; 1 2 By Insurance.. . 4 1 60 0 Mar. 3lj ' By Balance . ; . . . 20 652j 1 ° 1532 -5 C 20] 1.38 LEDGER. (Set III.) (9) Wentham and Hull, London, Dr. •Mar. 1 417|To Sales per Martha 31 - To Balance - - . - . ■ - 16 23J18O - 20 2234,11; 6 2466, 9, 6 Nicholson and Hope, London, . Dr. Mar. 2819 To Insurance - - - - 31 - To Balance - - . - - . - - - 20 . 15! 0 0 2861'C 0 - 301 10 0 Peter Bokham, London, Dr. Eeb. - - 11 To Sales per Dolphin - - - Mar. 2819 To Insurance - - - - . . - - 16 ■ - - 4 86614 0 15 oj 0 I 881 14| 0 (0) LEDGER.; (Set III.) 139 CoNTRAj Cr. Jan. . ll Feb. . 1 2 By Stock . 12 By Insurance' I ! 24.1:101 0 60 o' 0 SOlio' 0 ConYra, Cr. Jan. . 1 2 By Stock . . Feb. . 1.12 By Insurance 25'13 By Sales of Sugar — Bj) Balance . 4 16 20 I I 371119! 2 60' 0i 0 84 411 365, 911 881 14! 0 140 LEDGER. (Set HI.) ' ( 10 ) Horne and Jones, London, Dr. Jan. 2! .1 To Bills Payable I 5 400 0 0 Mar. lillV'To Sales of Osnaburgs - - - - 16 ^61 11 3 28 19 To Insurance. 4 7 10 ! 0 30 18 To Sales of Linen per the HiUrma 16 79 3 748^ 2 6 (10) LEDGER. ^(Skf m.) 141 Contra, Cf. Jan. 1 2 By Stock - -- -- -- - 1 572 Mar. 27 18 By Merchandize ------ 3 254. Mar. 31 5_)i Balance - -- -- -- - 20 311 ! 1138 Contra, Cr. Jan. '■ 1 Bt Stock -------- 1 1 421 11 6 Feb. 1 12|By Insurance ------- 4 30 0 0 25 '13iBy Sales of Sugar in Co. - - - 16 1 84 4 11 Mar. 31 - Balance - -- -- -- - 20 212 6 1 748 2 |‘6 142 LEDGER. (Set III.) (H) Henry Stanton, SheiEeld, Dr. 12 To Merchandize 3 564 10 i Feb. 23 (11) LEDGER. (Set III.) Contra, Cr. Jan. 1 By Stock - -- -- -- - 1 17 -Jll 3 Contra, Cr. Jan. 1 2 ' By Stock - -- - 1 268^ 4 Mar. 31 By Balance - -- -- -- - 20 241 8 S 510 0 0 Contra, Cr. LEDGER. (Set III.) (12) Winter and West, Jamaica, Dr. Jan. 31 eiTo Sundries- - -- -- -- - 403 18 4 Feb. .^7 9jTo Bills Payable.5 lYOO 0 0 2103 18j 4 Hampton and Co. Jamaica, Dr. Jan. 31 6 To Sundries - -- -- -- - 189 1 4 Mar. 31 - Balance - - - - - - - - 20 294 18 8 484 0 0 Edward White, Jamaica, Dr. Jan. 31 . 6 {To Sundries Feb. 1 12|To Insurance Mar. 31 -^. To Balance - - 652 6 8 4 220 10 0 20 730 13 1 1603 91 9 (12) LEDGER. (Set III.) 145 Contra, Cr . Jan. 1 2 By Stock - -- -- -- - 1 sop! 0 g Feb. 5 11 By Sales per Dolphin 16 26?1 3 d Mar. 31 \By Balance - -- -- -- - 20 1 -1335j 15 4 2103 IS, 4 Contra, ^ Cr . Jan. 1 2 Feb. 17 9| 6 Hi Mar. 28 19 3y Stock - - - [By Bills Receivable iBy Sales per Dolphin By Insurance - - 1 . 316 4 p 5 280] p p Pi 10 9 0 16 '14<5 ledger. (Set III.) (13) James Psime, Jamaica, Dr, Jan. 31 6 To Suntkies - -- -- -- - - 652 1 8 Mar. 31 - To Balance . 20 229j 7 4 ' ■ . - 88lj 9 0 EoMOifo Connor, Jamaica, ' Dr. res! Sjii 20 286jl2j 1 lOiojlsj 0 Richard Broadley, Jamaica, Dr. 6^|To Sundries, for Goods per the 19;To Adventure to Jamaica, my | ! Share of Net Proceeds. - - Jan. 31 Mar. 29 LEDGER. (Set III.) (13) . H7 Contra, Cr. Jan. 1 Feb. 37 .'1 s iBy Stock - ' By Bills Receivable - - . _ . 1 5 51G 364 881 19 10 9 r» 0 Contra,' ' ' cy. Jan. l! Feb. 17 i 9 By Stock - By Bills Receivable . . . . _ 1 721 328 1049 0, 18 !-~ 0 Contra, Cr. Jan. 1 1 2 By Stock - 1 216 9 e Feb. 17 9,By Hills Receivable - - _ - . 5 174 0 0 Mar. 31 By Balance - 20 720^ s nil! 5 5 XEDGER. .(SiT lir.) ' ■ ’ V (14} 148 LEDGER. (Set III.) (14) 149 LEDGER. (Set m.) (15) ISO House Expenses, Dr . (15) LINGER. (Set III.) I 5 .I Contra, > Cr . LEDGER.. HSRTrjjp.)' JSa (16) Lottery Tickets, ■ Dft Feb. 28 8 To Cash ------ - 1 IQS 1? 0 ■ ! Sales, General Account, Dr. Feb. 4 10 To Sundries^rr the - - - 357 12 11 12 10 'I'o ditto the Swan ■ - - - 4 197 0 [6 14 11 To ditto/irr the - - - - 478 18 1 7 - - 1089 18 0 25 13 To ditto for Sugar in Company - - - 2431 10 0 Mar. 24 17 To ditto jifr the ilLartZifl - - - - - 231 18 9 .- ■_ To;ditto - -- -- -- - - ' 789 2 9 . 11 17 To. ditto for Osnaburgs - - - - 261 11 3 SO 18 To; ditto for Linens per the Hiherma - 79 1 3 . S916 13 4 LEDGER. (Set III.) (>6) IS 3 Contra, Feb. 4 10 By Sundries ........ 357 12 11 12 10 iBy ditto.. . • . - 197 Q 6 14 11 iBy ditto. - 478 18 7 . [By ditto. _ 1089 18 0 25 13 By George Broker. - 2431 10 0 Mar.- 24 17i By Sundries. _ 231 18 0 _ [By ditto. 789 2 9 11 17: iBy ditto . . . . 261 11 3 SO 118 By Cash.. . - 79, 1 3 1 1 [ 22 ] 5916 13' 3 754 LEDGER. (Set ill) (11) Henry Clinton, London, Dr. To Sales the Swan Edward Kimpton, London, Dr. Feb* 12 lOTo Sales/erthe . 16 132 0| 3 (17) LEIDGER. (Set III.) Contra, Cr. Mar. 31 By Balance . .. .0 139 ill 3 Contra, Cr. Mar. 31 By Balance . 20 esi 0 r Contra, Cr. Mar. 31 . By Balance - 20 132 0 _ 156 Ledger. (Set hi.) (is) Edward Taylor, London, Dr. Feb. 26 ■ 11 To Sales jlsr the D(dphin - - - - ^ 16 228 4 6 Adventure from Grenada, in Co. Dr. Feb. 2 12' To Sundries, 1294 14 0 Joi SN Biddle, Grenada, Dr. Mar. 24 15 To Bills Payable 5 ■ 1260 11 6 31 To Balance - 20 848 9 4 2109 0 “! 10 (18) LEDGER, (Set ill.) 157 Contra, Wy Balance - Contra, LEDGER. (Set III.) (19) 158 Hemp, Dr. To Charges on Merchandize . . 3 0 6 To House Expenses. 15 176 19 1 'lo Lottery 'I'ickets. 16 27 10 0 To Rent and Taxes. 16 105 12 0 To Stock . 1 629 10 _l 1 1018 12 _! (19) LEDGER. (Set III.) *59 Contra, Cr. Feb. 25 I 1 13 By Sales of Sugar in Company . . 16 84 4 11 Mar. 30 ;i8' By Sales ol Linen per the Hibernia 16 4 14 9 31 t By Farm in Kent. 2 117 0 0 By Ship Charlotte . 2 94 IS 0 By Commission. 4 342 19 2 By Adventure to Jamaica . . . 14 114 4 7 By Interest. 14 81 14 1 By Hemp. i 19 178 19 8 1018 12 2 LEDGER.. (Set III.) (20) 160 Balance, . Dr. Mar. 31 To Cast To Funded Property . To Farm in Kent . . To Household Furniture To House at Richmond To Ship Charlotte , . To Merchandize . . To Bills Receivable To Debentures . . . To Miilman and Son . To "William Lamos To Panton and Abram To Edward Taverton . To William Pemberton To Wilson and Vanelli To Smithson and Co. . To Peter Bonham . . To Home and Jones . To George Holland . To Wanstead and Gill To Gibson and Carr . To Ashford and Son . To Winter and West . To Richard Broadley . To Peter Holmes . . To Henry Clinton . . To Thomas Aveling . To Edward Kimptcn . . To Edward Taylor . . To Hemp. .2 2 2 2 3 5 5 6 6 7 7 10 10 10 11 11 12 13 14 17 17 17 18 19 894811.411 3718! 2: 6 1520i 0| 0 880; Oj 0 542110, 0 3120 0: 0 445] oJ 8 5643jl0i 0 410 gi 6 1144 9' 6 SOSjlsl 4 1981 6; 9 21611j 0 296j- 1 5 847,17 5 6521 0; 3 365 911 3111 8,10 212! 6 1 30418 0 8 7 4 5 8 3 3 3 0 8 ( 20 ) LEDGER. (Set HI.) i6i Contra, Mar. 31 By Bills Payable - - - - _ By Charles Le Coin . - - _ By William Chulmley - - - - By Wentham and Hull - . - By Nicholson and Hope - - - By Hampton and Co. - By Edward White _ . - _ By James Prime - _ - - - By Edmund Connor - - - . By Wilson and Bell - - By London Assurance Company By John Biddle . - - - - By Stock 5 6 7 9 9 12 12 13 13 14 15 18 727511 6 237;19 7 5701 1: 223411 6 28610 0 294'! 8 8 73012 1 229! 7 4 28612 1 270! 9 2 271'17 5 848| 9 : 4 20058i 7 14 33595 8 2 [ } i 62 TRIAL BALANCE. 9927 10 lljStock . 29356 8 I99ai 0 4|Casli . .. 11032 5 5 53,13 2 ejEunded Property . . . . . . 1595 0 0 152( ,( ( Fanh in Kent . . .... 117 ( 0 880 0 0 Household Furniture .... — — 542 10 0 House at Richmond . . . . — — 3163 15 0 Ship Charlotte . . ... 13b 10 0 .7509 3 2 Merchandize . 7064 2 6 1738 2 9 Charges on Merchandize . 1659 2 3 — — Commission. . '. . . . 342 19 2 11212 4 7 Bills Receivable . . ... 5568 14 7 6108 9 0 Bills Payable ' . . . ' . 13384 0 6 741 10 0 Debentures . ... . . 331 0 6 1294 6 9 Millman and Son. 149 17 3 1997 15 0 Charles Le Coin. 2235 14 7 1105 18 4 William Lamos. 800 0 0 1402 19 6 Panton and Abram .... 1204 12 9 572 8 10 William Chulmley .... 1142 10 0 21c 11 C Fdward 'I'averton . . . . ] — — 1216 1 5 William Pemberton . . 920 0 0 1006 10 S Wilson and Vanelii .... 158 12 10 ' 1532 5 3 Smithson and Co. . . . . ■ 880 5 0 ; 231 18 0 Wentham and Hull .... 2466 9 6 * 15 0 0 Nicholson and Hope .... 301 10 0 881 14' 0 Peter Bonham ..... 516 4,1 1 1138 10 0 Horne, and Jones .... 827 2 748 6 George Holland. 535 lel 5 510 0 0 Wanstead and Gill. 205 2 0 — — Henry Stanton. — — : 510 0 0 [Gibson and Carr. 268 4 5g4 To 0 Ashford and Son. 416 >»! T5 C ■ d 83618 83581 arr.c cVci , 16.3 t:rial balance. 83581 19 j 2103 18 4 Winter and West - 768 3 0 189 1 4 Hampton and Co. - - - , - 484 0 872 16 8 Edward White ----- 1603 9 9 652 1 8 James Prime ----- 881 9 0 763 5 11 Edmund Connor - - 1049 18 0 nil 5 5 Richard Brotidley . - _ - 390 9 0 837 19 10 Peter Holmes ----- 593 13 2 111 8 9 Wilson and Bell ----- 381 17 U 498 10 5 Adventure to Jamaica - - - 612 15 0 2 3 7 Interest ------ 83 17 8 176 19 1 House Expenses _ - - _ Samuel Lightfoot - - - - — — — — London Assurance Company 271 17 5 37 10 0 Lottery Tickets - - - - 10 0 0 105 12 0 Rent and Taxes - - - - — — — 11 1 OdlCb, W L U 65 0 3 Thomas Aveling - - -^- — *- 132 3 Edward ICmpton , - - - '—-- — — 223 4 0 Edward Taylor ----- ‘ - — — _ 1 Adventure from Grenada --- — — 1260 11 6 John Biddle - - - - ^. 2109 0 10 1221 4 0 Hemp - - - 1138 10 0 H- Profit and Loss - . - - 88 19 8 94086 3 h 94086 3 4 The Trial Balance never appears in the Boohs of a Merchant: It is here inserted for the assist¬ ance of the Learner. j 164 imERESr ACCOUm. Ag Interest sliould be cha'rged, in the Ledger, upon every Article, or Debt from the time it becomes due to the period of settlement, the operation ouglit to take place before the General Balance, and the dif¬ ference between the Interest of the Dr. and Cr. sides of each Ac¬ count of the Ledger should be carried back to the Journal, making Sundries l)rs. io Inte^iest for the Balance in favor of Stock, and Interest Dr. to Sundries for the Balances on the other side. These Entries should then be posted to their respective Accounts in the Ledger, and it is common at the same time, to insert Postage of let¬ ters, and other small Charges on Merchandize. As the calculation of Interest* on numerous Accounts is a task which affords but little variety of instruction, it is omitted in the foregoing Ledger. The following Example (from p. 166) is here deemed sufficient to illustrate the practice and to shew how Interest is carried to an Account Current. * The best mode of computing Interest is by Calculation proved or checked by Tables; and.the most ready method of Calculation is by a Divhor obtained from the Interest of one Pound for one Day, at the given rate: Thusat5-per Gent, per Annum, as loo : 5 : i i : and as 365 i : : x ::- Hence if the Numh,tr of Pounds ho muhipliti by tbcNumbtr of Days, and the Product dilided by 7300, the %«;«/; ’will he the Interest in Pounds. If,there sre several Products, add them together, and divide the sum by 7300, and the Product will give the whole Interest. Thus to find "the Interist of the Cr. Side of the foi- lowing Account-Current, p. 167, £316 40 !«! 374 = 53018 16 o 7300) 344150. 35. 5. {19. 35. 2. 280 O 0 X 303 = 28280 00 73 954 15 7 « 59 = •56331 19 5 , - 52 10 o ^ 88= 4620 o o 712 344250 35 5 3095 7300)38385(2 Syth: aboverulc. Divisors may be found for allothcr Rates of Interest; or one Divisor being known, any other may be obtained by Inverse Proportion: Thus, as 5 : 73CO :: 4 ; 0125. the Divisor at 4. per Cent. The reason of Inverse Proportion here is obvious, as the greater the Rai: the less must be the DiVkor, and v.'c.’I'rr.-i?, account: current book. The Account-Current Book contains the Personal Accounts of the Ledger, drawn out in a plain, circumstantial form. Here all the particulars are set forth as expressed in the Journal,- or Subsidiary Books, and instead of the collective terra Sundries, every article is specified; and for the sake of still greater perspicuity, the pronouns possessive are used in an appropriate manner, as—“ To my Accept¬ ance of your Bill.”—“ To Balance myour: Favor,” &c. A copy of each Account of this Book is transmitted to the Person whose name it bears. This Duplicate, which is called his Account- Current, shews how afiairs stand between the parties, at the current or present time when made out. The word Current may here fur¬ ther imply, the present state of an Account in its course, or to be continued. As every Man of Business is supposed to send in his Bills at certain times, so the Merchant furnishes his correspondent with an Account- Current, which chiefly differs from a Tradesman’s Bill in its double purpose of shewing the Charges for and against the Correspondent, and in adding Interest upon each Debt, from the Day it becomes due to the time of settlement. In the following Example of an Account-Current, (formed from F. 12 of tile foregoing Ledger), the Interest is placed at the bottom of the Folio;—It is, however, sometimes entered in a Column ad¬ joining to its principal, and sometimes in a line immediately after it. The Balance of Interest, if not immediately paid, is (with the other Balance of the Account-Current) carried to a new Account, on which Interest is afterwards charged, as on any other Debt. Thus charging Interest upon Interest, though contrary to law, seerns, in this in¬ stance, sanctioned by the universal practice of Merchants. The Account-Current Bock is made out with the greatest facility at the time of posting the Journal to tlic Ledger—for while any transaction is under consideration, its particulars are best recollected and understood. This practice has, besides, other important advan¬ tages in dividing and mitigating labour, and in supplying a Check or Abstract Ledger, by which latter denomination the Account-Current Book is sometimes known. i66 ACCOUNT CURRENT. Dr. Mr. Edward White, of Jamaica, Jan. 31jTo Amount of sundry Goods per the Hope,'I per Invoice - -- -- -- - J Eeb. ijTo Premium on 35001. insured per the Fakh-'^ \ ful, Sullivan, Jamaica to London, at 6 Gui- ! ' neas per Cent, to return per Cent, for [ Convoy and Arrives ------ J jTo Postage of Letters - - - - - - - JTo Balahce in your Favour carried to a new 7 Account - -- -- -- -- - J London, >ne24, 1802. Erm's Excepted. . A. B. Ian. 3lj Feb. June 24! Days, per Ann. 2,68 from this Day to June 24—144 aSp. Ct. ) 10 0.Ditto —143 - - Balance carried to Account Current - ACCOUNT CURRENT. 167 his Account Current with A. B. * Cr. 5alance due, as per Account rendered 7 it uli. . 5 7 By a Bill of Exchange, Howe on Tooke, due 7 I March 15 ^ Feb. 26|By Net Proceeds of 2.5 Bales of Cotton zni'l 29 Bags of Pimento, per the Dolphin as per > Account Sales, due April 26 - - - j Mar. 28lBy return of Premium per the Faithful, 35001.' 5 a liper Cent. - -- -- -- - ^ June 24 By Balance of your Interest Account - - Jan. Mar. L Apr. 2( Mar. 28| Days. perAnn.j 4 0 fromthisday to June 24-174 fl5/ifrCt. 5j280 0 0 - - - Ditto -101 — !6|954 15 9 - - - Ditto - 59 — 52 10 0 - - - Ditto: - 88 — i68 SHIPPING ACCOUNTS AND AVERAGES. Trading Ships are mostly held in Shares, and one of the Own¬ ers is generally the Manager or Ship’s Husband, for which he is al¬ lowed a certain per-centage on the whole Amount of the Freight. The manner of settling such an Account is nearly the same as that of any other Partnership concern, See Page 112. The following Shipping Account (p. 170) has been copied from the Account Current Book of a Ship’s Husband and Part Owner. Here all Expenses incurred by the Voyage, are entered on the Dr. side, and the different Receipts for Freight are opposed on the Cr. side. The Balance or Gain is diminished so as to make it an even Sum, and each owner is then credited for his share of the same : here the Balance is 13551. 9s. 5d. but the sum 13001. only is divided, and the Surplus (55l. 9s. 5d.) is reserved in the hands of the Manager to cover contingencies or to be carried to the credit of the next Voyage, in the same manner as the Reserve of the 7th Voyage is here carried to the credit of the 8 th or present Voyage. A principal difficulty sometimes attends the settling of Shipping Accounts in the adjustment of Averages. Averages are distinguished into General and Particular, some¬ times called Gross and Simple Averages. General Average is a proportional Contribution paid by all the Proprietors of a Ship and Cargo for Losses which are made with a view to Safety, such as throwing goods overboard, or cutting away masts to prevent Shipwreck; but voluntary sacrifices of this kind must be made by the previous consultation of the Officers and Sailors. 169 - Particular Average is a Contribution for such Damages or Los¬ ses as may happen from the common Accidents of Sea. Here the Average must be borne or paid by the Proprietors of the article which suiFeis the-damage, - - ' Averages are computed ,by the rule of Fellowship, thus; as the whole Value of any Article to the whole Loss, so is each Man’s Share of that Article to his proportional Average of the Loss.—For instance, if a Ship and Cargo worth Ten Thousand Pounds, sustain a Loss of One Thousand; an Average of 10 per Cent, must be laid oju lire whole Property. . ' As this subject will be better understood after inspecting the fol¬ lowing Account Current,* it will be resumed-in page 172, and an Example given both of General and Particular Averages. * Though the form and purpose of the following Shipping Account may be understood Duty, per Ton. Custm-Houie Fees and Expenses in clearing out. Light .5/7/:—-for the support of Light-Houses, Buoys, from River to the Downs. Cco^tfri—allowed so much per Hhd. exclusive of every charge. Premium etgamt Fire-^for Three Months,'while the ship remains in the River, from her DiiWitf/ncwr:—from River out and hime; Advances for the Sailors J Stores j fresh Meat 1 Port; Captain’s Expenses in the West Indies; Negro Hire; Drogherage, &c. Portage Bh7—Amount of Sailors Wages for the Voyage. Captain's Primage~~i On Cotton carried in Freight out, zL per Ce ime, Hhds. and Bales, he Cabin the Captain is Ihthanciage’~-xhc Managing Owners Allowance or Commission. [ 24 ] 170 SHIPPING ACCOUNT. 172 AVERAGES EXEMPLIFIED. —— , It lias been already observed (P. 168 ) that General Averages piust be borne or paid, in due Propprtion, by the Proprietors of the whole Ship and Cargo; and Particular Averages by the Owners of the Article which suffered Damage. In computing a General Average for Masts, Rigging, &c. cut away, a Deduction is made of .J. from the Cost of replacing them, as the new Articles are, supposed to be so much better than the old ; but Goods thrown overboard are valued at the Sum they would have netted had they arrived safe. When a Ship, Cargo, and Freight are fully insured, the Underwri¬ ters or Insurers are responsible to the Proprietors for General and Particular Averages.—A Statement of such an Account may be briefly exemplified in the following manner. Suppose a Skip from Jamaica to London had, in the course of her Voyage, suffered the folio-wing Damages i required the General and particular Average Loss. GENERAL AVERAGE. Cost of replacing Masts, Cables, &c. cut away i^SOO Deduct for newness - ---,100 - ^200 Anchor lost, which cost 50 10 Puncheons of Rum thrown overboard, . - - - 200 Sundry Charges of Pilotage, &c. ------ 50 Amount of General Average Loss <£500 PARTICULAR AVERAGE. Of 80 Hhds. of Sugar shipped, a part was so much damaged, that the Deficiency of 20 Casks, on a comparison with 60 ■ that arrived free from Damage, was 10 Hhds. which at £25 each amount to ^250 VALUE OF SHIP, CARGO, AND FREIGHT'. Ship valued at--------- - <£5000 Cargo, Net Proceeds, per Account Sales - - 8000 Gross Freight 2000 Portage Bill deducted - . . - - lOO' - 1900 -- ,£14900 *73 STATEMENT FOR GENERAL AVERAGE. If 0^14900 : i’500. : ; £iOO ; £'i 7s. 2d. STATEMENT FOR PARTICULAR AVERAGE. If i’2000 (Value of 80 Hhds. of Sugar) ; c£250 :: £iOO : .iT'2. 10s> The Insurers, therefore, will have to pay ofs. 7s. 2d. per Cent, for General Average on ^£14900. the Value of Ship, Cargo, and Freight; and for particular Average, <£12. 10s. per Cent, on ^2000. the Value of the Sugars*. In time of war, it is customary with the Insurers to stipulate for a certain premium ; but they agree, in case the ship sail with convoy, and arrive, to return so much per Cent, and this return is usually made when the Averages (if any) are settled. Now, suppose the Premium on the above 80 Hhds of Sugar were 8 Guineas per Cent, to return 3 per Cent, for Convoy, which took place, the adjustment for Average and return of Premium would stand thus: £.■ s. d. General Average on £2000. at £3. 7s. 2d. per Cent. 67 3 4 Particular Average, £ 250. - 250 0 0 Return of. Prem. on Bill a—“G. Holland Is the Drawer, G. Binns the Payee, and A. B. the Drawee and .decepier. 176 name at the bottom, with the word accepted ; but any other writing by him or I'.is clerk, which does not imply a refusal, is deemed a legal Accep- If a Bin be refused acceptance, it is, put into the hands of a Notary Public, and noted for non-acceptance; and if an accepted bill be refused payment, it is noted or protested accordingly, and returned to the Drawer, by which he or any of the Indorsers are liable to pay the.Bill, with all Costs ; but if the Holder make any unnecessary delay in returning it, he can sue the Ac¬ ceptor only. The Term of a Bill varies according to the agreement of the parties, or the custom of countries: Some Bills are drawn at sight, others at a cer¬ tain number of days after sight or. after date, and some are drawn at •Usance is the usual term of Bills between certain places, such as One, Two or three Months after date f,. and Double or Half Usance means Dou¬ ble Or half, the usual time. Days of Grace arc a certain number of Days granted after the Term of a Bill is expired ; in Great Britain and Ireland, Three days are allowed, except for Bills at sight, which must be paid when presented. .The Par op Exchange J is the intrinsic Value of the Money of one country, compared with that of another country, with respedl both to the "Weight and Fineness §. The Course of Exchange is the current Price of Monies of Ex¬ change, as established between different places. This Rate or Price is seldom at Par, but flufluates, according to the circumstances of Trade. By the operation of Bills'of Exchange, reciprocal Debts, due in distant places, are discharged, without the risk or expense of remitting Specie. Suppose, for example, j/. of London'is Creditor to 5. of Paris tool, and C. of London Debtor to D. of Paris tool, both debts may be dischar¬ ged by a transfer of Debtors and Creditors, thus, draws a Bill on iJ, * For the Laws of Bills of Exchange, See Kvn, Edition 3d. ' ■ t When' the Term of a Bill is expressed' in Months, Calendar Months are understood. —Thus, if a Bill at One Month be dated Jan. 1', the Terhi cr Month expires Feb. i; and if tlie Bill were dated Jan'. aS, 29, 30, or 31, the Month would expire on the last day of February ; but on L'cap-'Fear,.allowance must be made for the intercalary day. J The Par of Exchange is not. In general accurately fixed, on account of the frequent alterations made in the Coins of difterent Countries, and likewise the fluftnation in the comparative Value of Gold and Silver; the Par is, perhaps, best determined by the Esti¬ mate of Merchants at any pariicular time ; but Books on the subjeft arc generally confused and contradiflory, owing in some measure, to the want of distinguishing between the Intrin¬ sic and PoUtical Par. The Pars given in the following Pages, though taken from the best authorities, are not considered perfeaij corredt, but they are sufficiently accurate to shew whether the Course of Exchange is for or against, a Place. . ■ § Bv.Fineness is understood the Proportion of pure Gold or Silver, and of Alloy in any ■Coin.'’ 3 a England the Standard of Gold is Carats fine, that is, 22 Parts of ptfre Gold and 2 of Copper; the Carat being the 2Ath Part, of the Weight.-The Standard of Silver is ii 02. 2 dwts. of pure Silver to iS dwts. of Copper, making together One Pound . Troy, This Standard is said to have been fixed in the Reign of Richard I. by Persons from the Eastern Parts of Germany, called Basterlinp, and hence the Word Sterling, which is now applied to all lawful Money of Great BrlUin. i77 which C. purchases and remits to D.—Here C. of London pays ji. of Lon¬ don, and B. of Paris pays D. of Paris; and in this manner equal Debts may be settled without sending Money from one place tg another. . But when the Debts between two places are unequal, the Balance must be remitted either in Money or Bills; and as the latter mode is the most convenient, the increased demand for bills enhances their price ; or, in other words, raises the Course of Exchange in favor of the place where the Balance is to be sent, and ’vice ’versa. Hence the Fludluation in the course of Exchange Is chiefly caused by the Balance of Trade, which is the difference between the commercial Exports and Imports of any one place with respeft to anotherfor instance, if the Exports of London to Paris be tool, and her Imports from the same place zool. the Balance of Trade is against London, and in favor of Paris. Now if London send the Balance to Paris in Bills, the demand niay be supposed to raise their Price; and if the Par between those places be .24 livers for ^i. Sterling; but on account of the scarcity of French Bills, the Course ot Exchange is only 23 Livres ; in.such case. London loses by the Remittance, and instead of tool, must pay 104I. 6s. ii^d. for as 23 : 24 : ; 100 : ,^104 6 ni. When the Course of Exchange runs high against any place, it becomes the interest of individuals there to remit there Balances in Specie, instead of Bills. Such Remittances tend to reduce the Price of Exchange'nearer to Par, but they are sometimes considered injurious to the Country from whence they are made, and are therefore occasionally prohibited. PART II. MONIES' OF EXCHANGE. WITH Rules for calculating their comparative Value. — Monies of Exchange and. of Account are mostly the same; in some places they are imaginary, as the pound Sterling in England, and in others real, as the Shilling or Penny. _ _ . Monies of Exchange may be also distinguished into certain and uncertain, according to the custom of countries:—thus E.ngland gives a fixed sum (the Pound Sterling) for a variable sum of the Money of. France, Holland, Hamburgh, or 'Venice, and she gives an uncertain or flnftuating Pric? for [ 25 ] a certain .Sam or Coin of the Money of other trading Places ; such as for the Piastre of Spain, or the Milree* of Portugal. The foUo'wwg TABLE shews the Course ^ Exchange, tt Lionel’s Lis,\, July I, l8oZ ; aud also the Par, Usance, aud Days of Grace, with resfc3 to London. LONDON Course of Par. Usance. Amsterdam . . . . . . ,0 15 1, I m d 6 Hamburgh. 33 3 35 , m d IZ Paris . .. 23 IS 24 n .30 djd' 10 Madrid.' . 34 39x 2 m 14 Leghorn . Sii 54 3 m d — Naples . ■. 44 45 ‘ 3 m d 3 Genoa.. . 47? 50 3 ni d 30 Venice.. . . 59 48 . 3 m d 6 Lisbon.. 67 67 30 d d 6 Dublin.. Seep 187 3 From the above Table it appears, that Amsterdam London to Florins 15 Stivers forI. Sterling, which is under Par ; consequently, the Course of Exchange is against London. Hamburgh gives 33 Shill, and 3 Pence Flemish Banco for,fi. Sterling, which is under Par; hence, the Exchange is against London. Paris gives 23 Livres 15 Sous for,ft. Sterling, which is under Par, and therefore the Exchange is against London. AfcdnVgives the Piastre for 34d. English, which is under Par; conse¬ quently, the Exchange is against Madrid. Leghorn gives the Dollar for 5i^d. which is Under Par; therefore the Ex¬ change is against Leghorn. Naples gives the Ducat for 44d. which is.under Par; hence, the Exchange is against Naples. Getioa gives the Pezza for475d. which is under Par; hence, the Exchange is against Genoa. Ff.vrcc gives 59 Livres, or Lire Picnle, lot fi. Sterling, which is above Par; and therefore the Exchange is against Venice. Lisbon gives the Milree for byd. which is the Par nearly. Dublin gives ,^112^ Irish for too English, which is above Par; conse¬ quently, the Exchange is against Dublin. * It may be here observed, that English Writers on Exchanges do not always spel' the Foreign Monies after the Foreign manner, and they even frequently differ among themselves. In the present Traft, the most.general mode of English Spelling is adopted. t For Foreign Lists of Exchange see Conclusion. LThe Par according to the present Agio.—See Note, p. j8l. 179 AMSTERDAM. Accounts in Holland are kept in Guilders, Stivers, and Pennings*, and also in Pounds, Shillings, and Pence Flemish. i6 Pennings = i Stiver (= 2 Pence Flemish) 20 . Stivers r= 1 Guilder, or Florin, 2| Guilders = i Rix Dollar. - 6 Guilders' = i Pound Flemish. 8 Pennings = i Groot, or Penny Flemish. 11 Pence =; l Shilling. 20 Shillings = i Pound. Holland gives England a AuQuating number of Florins and Stivers for the Pound Sterling. Dutch Money is reduced to English by saying. As the given Rate of Ex¬ change to £1. Sterling, so theginsen Dutch to the Sterling sought :—and Ster¬ ling is changed to Dutch by reversing the above analogy. ’ EXAMPLES. Reduce 8132 Guilders 16 stivers into Sterling; Exchange at lo Florins or Guilders 8 Stivers fer Pound Sterling. 208)162656(^2 Answ. 16 = -55 If 10,4 : I :: 8132,8 1456 170 c 10,4)8132.8(782 1664 ^ _ 416 416 852 832 208 000 logy. . S. h. ■ Guild. Stlv. 208 — > 8 ; : 782 ; 8132 16 000 * Before the Ute alteration, the Dutch gave a flufluating number of Shillings and Pence Flemish for the Pound Sterling. . Days of Grace are seldom taken either at Amsterdam or Hamburgh, but, until those Days arc expired, Bills cannot be protested for Non Payment, I So Reduce 8521. 12s. 6d. Sterling into Dutch Money; Exchange at 10 F. 6 St. 4 Pea.j)r/-Pound Sterling. 'L.St. FI. St. Pen. L. S. D. If I ; 10 6 4 : : 852 126 [f 20 20 20 20 206 17052" .. 12 i6 12 240 3300 204630 3300 -16 24,0)67527900,0(28^6^ 480 20 )17585.3 14I 195 Guild. 8792,13 i4i 192 DECIMJ 10,3125 10,3125 8792t6953i25 13,9062500 14,5000000 BYPRACTICE. S52 12 6 10 6- '4 ■ OR THUS. 852 12 6 10 6 8520 k 8526 5 0 213 ■ 5 213 3 42 12 42 12 74 10 13 4 P. = i! 1013 14+4 I 5 12^ 8792 13 I°i + R i 8792 13 i4i 12 174 141 . There are two sorts of Money in Holland, Bank and Current .—Bank Money is better than Currency, and bears a Premium called Jgio, but it has lately been at a Discount. Bai.k Money is changed into Currency by the Rule of Three ; thus:—When Bank Money bears a Preaiium, As 100 : too-f-Agio : Currency. ■ And when the Bank Money is at a Discount, As ICO : 100 — Disc. : : 11 ° : Currency. Currency may be changed ;c Ba. k by reverting the abore Proportions, i8i ^ESriONS FOR EXERCISE. Reduce 22ioGuilders Banco int,o.Currency; Agipy3|/«-,Qcnt.. . - , Guild., St„ pen. Answer. 2279 I 4. Reduce 2279 Guilders, 1 Stiver, 4 Pennings Currencylinto Banco; Agio, Cenr.-^4-. 4 nsw. aaio^Guilders. Reduce 9177 Guilders, 6 Stivers, 14 Pennings Currency of Holland, into English Money ; Exchange at 10 Florins, 15 Stivers E®. per£. Sterling, and Agio, 4-| per Cent. - - Answer. ^i^Siy 18. 5^, Sterling. - HAMBURGH Keeps Accounts in Marks and Shillings Lubish*, and also; in Pounds, Shillings, and Pence Flemish. ; ’ 12 Phennings . = i Shilling Lub. (=2d. Flemish.) 16 Shillings Lub. = I Mark. 2 Marks . . = i Dollar. 3 Ditto . . = I Rix Dollar. 6 Ditto , . = 1 Ducat. 7^- Ditto . . = I Pound Flemish. - ■ 6 Phennings, or Pence 7 _ J i Greet, or Penny Lubish i ~ 1 Flemish. 12 Pence.= r Shilling Gross. 20 Shillings . . . . = 1 Pound Flemish. Hamburgh exchanges with London by giving an uncertain number ot Shillings and Groots Flemish Banco for the Pound. Sterling. Here Bank Money bears a considerable Premium, the Agio being at present about 20 /er Cent, that is, 120 Currency fer 100 Banco.* * The Monies of Hamburgh may be distinguished under Five Heads: I. Banl Mmty, which is inscribed in the Bank Books, and transferred in Payment from one Person to another. ' .. . II. Sftcit, or the hard Rix-Dollar, worth (full weight) about i per Cent, more than Banco. III. ‘The Gdd Ducat, which is about i per Cent, better or worse rhan Banco, according to the Price of Bullion. IV. Light Coir., composed chiefly of Foreign Moiiies, which lose about 38 per Cent. V. , Currency, which consists of various denominaticas of Silver Money coined at.Hame bargh since the year 1726. •. - ... examples: Reduce 3965 Marks. 10 Shil. Luti. into Sterling; Exchange at 35s. 3d. fiemish£ Sterling. F 1 .S, D. LSt. Marks. S. tub. If 3 S 3 : I ■ 3965 10 12 32 2. ■ 423 , 7930 20 ”895. .. , 423) 126900 (;f300. Sterling. 1269 Reduce j(^3oo. Sterling into Marks and Shillings Lub. Exchange, at 35t. 3d. Flemish/cr^. Sterling. OR THUS. F 1 .S. Marks. S. ■20 —7.3 :: 35.25 --Marks. S.Lul 32) 126900(3965 10,. 96 Marks in i/. St. 13,21875 Marks in 30Oj(^. St.' 3965,6250c 16 ^ESriONS FOR EXERCISE. ' Reduce 8234 Marks, 10 Shillings Lub. into- Sterling; Exchange at 33s. lod. Flemisfi'/cr^. Sterl.——^.Answer. ,^649 os. 8^d.' Reduce 87.32 Marks Current into Sterling; Exchange at 34s. 5d. Flemish, Banco/crX' Sterling, and the Agio 20/er Cent. Answer. £563 16s. z^d. The Par betoeen Harabro’ Banco and Currency is reckoned at aj per Cent Agio, or 13 Marks Banco for i6 Marks Currency—The Par between English'Money and Currency at 43s. Flem. for Sterl. but there can be no permanent Par with Banco, because the •Agio is constantly'flufluatifag—^If the Agio be 13, One Pound Sterl. equals 34s. irid. Flem. Hambro’ Banco,; and according to the present Agio of 20, it equals 35s. lod. Banco. The above Statements are taken from Kruse and Nzlkenerecbek, two German "Writers on-Exchange ; th'e former, who is of the first authority, published his celebrated Work at Hamburgh in 1782, and the latter at Berlin in 1796.—These Authors peffeaiy agree; but what has been advanced by French and English Writers on the subjeft, is, for the most part, both '/ague and contradidlory. *83 PARIS. Accounts in France are kept in Livres, Sous, andDeniers, and alsa in Francs and Cents. 12 Deniers.= i Sou, or Sol. 20 Sous.=1 Livre Tournoit. 3 Livres ..= i Ecu. 10 Centimes. ~ i Decime. 10 Decimes, or 100 Cents . = i Franc. 8o Francs ...... ==8i Livres. Thus the Franc, or new Livre* = 243 Deniers, being 1^ per Cent, better than the old Livre Tournois, which = 240 Deniers. Francs and Cents, are reduced to Livres, Sous, and Deniers, by multi' plying by 81 and dividing by 80; and Livres are reduced to Francs by the reverse operation. Reduce 197 Francs, 7 Decimes, 5 Centimes, into Livres, Sous, and Deniers. 80) 16017,75 Livres. 200,221875 20 ■ Sons. 4,437500 Den. 5,250000 REVERSE OPERATION. ^ Den. = ,0208333 I •5 Den. = ,0010416 I 200.2218760 8i ) 168177500000 (197.75 184 Paris ex^anges with London by giving a variable number of Livres Sous, and Demers, or of Francs and Cents for the Pound SterHng> EXMn.ES. Reduce ygqp Livrcs, Is^Squs, into English Money ; Exchange at 23 Li- vres, 15 Sous per,(^. Sterling. . , Uwres. Sous. L, Livres. Sous. If 23 15 ; I 7909 13. 475 475 )i58i93( 333 ° 9 -—I 14.25 23-75- )7909>6 s (333.0379 7846 07580 ■ 7125 12 REVERSE analogy. I If I : 23 15 :: 333 b 9 : 7909 13.I ' Reduce 17 6d. into Livres, &c. Exchange at 23 Liv. 15 Sous, per jT. Sterling.' L. Liv.Sous. L. S. D. , [ DECIMALLY. If I : 23 15 875 17 6 1 : 23,75 : : 875.873 23.75 o )998497S.0(41604.0.625 * Before the late ilteraiicins, Lonilen cecheagej with Paris by giving an uncertain n.mbef tf Shillings anJ Pence for the Ecu of 3 Uvres. The Livre Tournois is still retained in Lloyd’s List, hut the French Government mostly reckon in Francs, Decime's and Centime?. 185 Liv. 10 = 1 St. 10 = i y PRACTICE. 875 17 6 ^3 . IS 1750 437 10 II 17 6 5 18 9 2 19 4y 875 17 ^ ' , r -S' 3 2I02I O O 58. = ^—2‘i8 19 4| Liv. 20802 o 7^ Liv. 2 c3o2 oyi' If the Course bf Exchange had been 23 Francs, 75 Cents per jT. Ster¬ ling, the operation and result would have been the same as the foregoing by Decimals. ^ESriONS FOR EXERCISE .' . . Reduce 6524 Francs, 10 Cents, into Livres. Answ. 6605 Lir. 13 Sous. Reduce ,^.728 15s. into Francs and Cents; Exchange at 23 Liv. 10 Sous per Sterling.—Answ. 16914 Francs, 19 Cents. Reduce 4359 Livres, 15 Sous, 6 Deniers, into Sterling; Exchange at 24 Francs, 25 Cents per Sterling. MADRID. Accoukts in Spain are principally kept in Piaftres, Rials, andMar- vedies, . _ . 34,Marvedies .... . .. . . .. . . .— :i Rial. ■ ’ 8 Riais .= I Piastre;*... ■1 375 Marvedies.= ..I.Ducat. 4 Piastres . ..•’ ' I .Pi'stole of Exchange. Exchanges betiyeen Spain.and England.are,negptiated..b,y..the.piastre, also called the Pezza, Dollar of Exchange,!.ahi;P:iece'6f Eigli 4 \ cat, orDucado di Cambio, is sometimes used'in Exchanges/ as als’b the Piftole. . _ .. . . .'T c.'.- .7 cccbc.-i ' * The Money of Spain is distinguished into Plate and Vellon,. and thefornier.j3.to,th.; latter'as-52 tD i7-:ithht'i.<;; 31'.Rials Vellon ='17 Ri'als'' of Piltet InRxchViigds with England Plate only is used. 'ABifference is Sometimes made-between the Efifectlve Money of Spain, and the Government Paper, which has been of hate at a Discount. [-26] i86 EXAMPLES. . Redace 2375 Piastres, 6 Rials,: 17 Marvedies, into Sterling, at 348, per : Piastre. Has. d. Has.’Rikls. Mary. If 1 : 34 :: 2375 6 17 ^ 8 19006 34 34 646221 X 34 -j- 272 = jC 33^ “5. 5id. + |. The. above Question may be proved by reversing the Proportion, Or thus ty Praaice.. 8d' 2d. 4R. 2375 6 17 at 2s. lod. 237 10 79 3 4 19 15 17 M.- + i ;C-336 II 5i + i Reduce 4326 Piastres, 6 Rials, 25 Marvedies into Sterling; Exchange at 38|d. per Piastre.——Answ. ;^-69i i6s. io.id. . LISBON, IN Pprtngal, Accounts are generally kept in Milrees and Rees, and they are distinguished by a mark sec between them;—thus, 782 © 355, that is 782 Milrees, 355 Rees. 400 Rees . . = I Criisado; ' ■ 1000 Rees . . = I Milree. . . Exchanges are best calculated by Decimals, and proved by reversing the Proportion. Reduce 827 © 160 into Sterling; Exchange at 63I per Milree. Answer. ,^.218 8s. 5id. Reduce 7434 Crusados, 347 Rees, into Sterling, per Milree. ■ , Answer. ,^.803 8s. lo^d. 187 . LEGHORN Keeps Accounts in Piastres, Soldi, and Denari; and Exchanges with London are likewise'computed by these Denominations. 12 Denari i Soldo. 20 Soldi.= 1 Piastre, or Dollar. Reduce 1876 Piastres, 12 Soldi, 6 Denari, into Sterling, at 5o^d. - per Piastre.-Answ. ,^.392 i8s. 4id. -—- NAPLES AND GENOA Negotiate their Exchanges like Leghorn; dividing their Pezze* Ducats, or Dollars of Exchange into Soldi and Densri. The same may be observed of all the other parts of Italy and the Italian Isles. At Naples, however, and ia Sicily, the Ducat Regno is also divided into too Grains'. VENICE. Venice negotiates Exchanges with London by giving an uncertain number of Livres or Lire Piccle for the Pound Sterling.* 12 Denari . . . . = i Soldo. 20 Soldi ..... =3 I Lira, 6| Livres, or Lire . = i Ducat Current. Reduce 7359 Livres, or Lire Picole.t into Sterling; Exchange, 59^ Liv. per jf. Sterling—:—Answer ^^.123 3s. 3d. The foregoing are the chief places in Europe with which London has a direct Exchange; the Exchanges on other .places are generally negotiated by Bills on Amsterdam, Hamburgh, and Venice. The following is the Par, nearly, between London and most of the other Cities of Europe with which she has a commercial intercourse. Rome Par in Sterlic I Crown ,g = 0 6 If Breslaw i Par in Sterlii Rix dollar rg £.s.d- = 033 Florence I Crown = 0 S Berlin i Rix dollar Milan I Ducat = 047 Stetin I Mark = 016 Bologna I Dollar = 043 Embden i llix do!l.ir = 036 Sicily I Crown = 050 Bolsenna i Rix dollar = 038 Vienna I Rix dollar = 04 8^ Dantzic i?? i Florins = 100 Augsburg I Florin Stocholm 34f Dollars = 100 Franefort I Florin — 0 3 0^ Russia 1 . Ruble ;= 0 2 6 Bremen 1 Rix-dollar = 0 36 1 Turkey , i Asper = 04 6 * Formerly Venice negotiated Exchanges with London by giving the Ducat Banco for an uncertain number of Pence Sterling; but the Bank Money of that place has been cf late at a considerable Discount. J There are at Venice three sorts of Money, or Valuta, namely, Valuta d\ Banco^ in which the Bank keeps accounts; Valuta Correme, which is the Standard of their Coin; and ValutaPkolay used for the Sale and Purchase of Merchandize:—The first sort was former¬ ly 20 per Cent, bpiter tfian tfic second, and the second 20 per Cent, better than the third. The following places, viz. Switzerland, Nuremburg, Leipsic, Dresden, Osnaburg, Brunswic, Cologn, Leige, Strasburg, Cracow, Denmark, Norway, Riga, Revel, and-Narva, exchange with Lqndon,|When direct ex¬ change is made, on the Rix-doljsr,; the P.ar being 4s. 6dnSterling nearly." Accounts in Ireland are-kept in Pounds, Shillings, and Pence, as in England; the Par of One Shilling English is One Shilling and One Penny Irish; and therefore f.ioa English = ,^.108 6s..8_d, Irish; but the Course of Exchange varies from 6 to 16 per Cent. EXAMPLES.- Reduce English into Irish, at Pat. 12 )525 + 43 ' >5 13 )568 15. Irish —43 » 5 . 525 o English. Reduce ,^.748 ros. English into Irish; Exchange at izi per Cent. BY PRACTIC-l. .748 10 = i+93 II 3 9 )84z .1 3 Irish —93 II 3 I , 748 ID English. ^ESTIONS FOR EXERCISE. And to reduce Irish to English, • If 112 10 : 100 :: 842 1 3 : 742 10 Reduce ,^.787 15s. English into Irish; Exchange at ii|. •Answer., .,^.879 6s. 6d. Reduce ^6.876. izs. 6d, Irish into. English, .according to the present’ Course of Exchange. With Proof. . ' Bills drawn from London on' Dublin are generally either at 21 Days Sight or 30 Days Date ; also at 31 Days Sight, 45 Daj-s Date, and 60 Days Date, and the Phce of Exchange is stipulated accordingly. Thus, if the Course be izjatzrdls, it will be izfiat 31 djs ; I2f at 45 djd; and I2| at 60 djd.—Each Advance being nearly equal to the Interest for the cor¬ responding time, ■ i8,9 . INLAND. BILLS.- Several places in GreatBritainexcbange with London af a small Pre- ^ miumin favor of London, such as i of Cent.—T^liusaBill of^^SSo. r drawn at Edinburgh on- London, -at a Premium of i| per Cent, will costv. ,^871. i6s. 6d. but the premium is generally commuted for Time—that is,- by drawing the Bills on London at a certain number of Days after-Date, and according to thisPraflice, 73'Days=i /fr Cent.rr(See p. 164.) ,PART IlL : ARBITRATION OF EXCHANGES. . ■WITH ' ■ . ' . ' Rules for Drawing and Remit ting to Advantage. Arbitration of Exch.ance is a Comparison made faetvveen the Exchanges of different Places for the purpose of negotiating Bills toad- vantage—a subjeft which may require some previous explanation. In the Negotiation of Bills of E.vchange, there are generally two parties principally concerned; these are,: Sellers of Bills:called Dranuers, and Buyers of Bills called Remitters ; and their Interests are always opposite with respect to the Price or Course of Exchange. — In direct Exchange, that is, when Bills are negotiated‘between two pla¬ ces only, the Interest of Advantage of the' Drawer is the same as the Inte¬ rest of the Place on which he draws, and the reverse takes place with >e- gard to the Remitter.—-Suppose for example, .(f. of London wants to reinit a Bill to Dublin of106, Irish*, which Bill he purchases of 3. of London, Exchange at 10 per Ceat. the Bill will costj^po. i8s. ad. but had the Course of E.\cliange been higher, that is, more in favor of Londonf, * Bills of Exchange are mostly drawn In tbs Curranoyof the Places where they arc to be •{• When London “Ives the Crrmin, the higher the Exchange is, the more it is In her fa¬ vor; but the reverse'takes ylnce wheii she gives the Krerr/om or variable price.— 5 ee y. 177. igo the Bill wojid have cost less. Suppose the Rate to be 11 ptr Cent, the Bill will then cost only ^90. is. rod.—Thus, when the Exchange is in favor of London, it is in favor of the London Remitter, and against the London'Drawer, and ws wja. When a Bill of Exchange is purchased, and remitted to the place on which it is drawn, in order to gain by the Re-Exchange from the same place, the Froht should be, at least, eijnal to the Interest of the Bi'lt. Suppose, for example, A. of London purchases a Bill on Dublin 01^^500. Irish, at 21 Days Sight, Exchange to per Cent, at what price'should the Amount be remitted back in a Bill on London of 21 Days Sight, to afford A. 5 ptr Cent, ptr Ann. Interest ? Here it may be computed, that in 56 Days A. will receive his return, that is allowing 21 Days for each Bill, with 3 Days-Grace and 4 Days Pas¬ sage,—Then, if ,fuo ; ,£100 :: ^500 : ,^454. los. nd. = the first. Price of the Bill, the interest of which, for 56 Days at 5 ptr Cent, is 9s. 8d.—^Then, If X4S8.'05. yd. (the Amount): ,^500 :: 100 : £iog. 33. 5d. Thus if the Bill be purchased in Dublin at 9j- per Cent, it will yield something more than 5 ptr Cent, and if at ^ something less. When Commission f, and other Expenses are included, the computation may be made in the following manner :— Suppose ,^100. be remitted to Amsterdam at 2 Usance, Exchange 11 FI. 15 Stiv. per £. Sterling, at what Exchange must the Amount be remitted back to London in a Bill of 2 Us. so as to prevent Loss. Interest on j^ioo. at 5/rr Cent, for 4 Months . . 134 Commission at-i Cent.- . . o 10 o Double Brokerage at 4s. per Cent. ,.040 . Postage , , . ..o Q 8 ,280 If 102 8 ; 100 :: n 15 : II 9 7. Hence a Bill remitted back at 11 FI. 9 Stiv. 7 Pen. will yield a profit of 2 85./«• Cent for.4Months. In negotiating Bills of Exchange through several Places, a Comparison must be made between the present Course or diredl Price, and the Propor¬ tional or Arbitrated Priceinordertodeterminewhere the Exchange is favor¬ able or unfavorable ; and hence the Rule of arbitration, which is either Simple or. Compound. t See Conclusion. f Bills of Exchange are generally bought and sold through the medium of Brokers, and the Agent who employs the broker also charges bis Commission. SIMPLE ARBITRATION. Simple Arbitratioh is the Proportion between the Exchanges of any two places with respeft' to a third; and it is performed bj; the Rule of Three, either Direft or Inverse, according to the conditions of the Question. : EXAMPLES. If the Exchange from London to Lisbon be 68d. fer Milree, and from London to Madrid 34 Pence per Piastre, what is the Arbitrated Price be¬ tween Lisbon and Madrid ?—that is. How many Rees should be given; for 1 Piastre? ^ The Solution of this Question is obvious; for, as 34 is the half of 68, the Piastre must be worth half a Milree, or 500 Rees.—Thus, d.^ Rees. d. Rees. If 68 : 1000 :: 34 : 500 Suppose the Exchange between London and Paris be 23 Livres 15 Sous fer£. Sterling, and between London and Amsterdam 10 Florins 15 Stiv. fer £. Sterling; how many Flemish Pence are equal to 3 Francs ? Livres. S. Flor, Suv. Francs. If 23 15 : 10 15 :: 3 20 40 243 . 475 430 729 12 430 5700 . 5700)313470(558. Flemish nearly. OF NEGOCIATING BILLS. AS it seldom happens that the advised Course of Exchange and the arbi¬ trated Price are alike, or at Par, an advantage may be occasionally made by drawing and remitting with judgment; in such cases the following Rule may be observed : Draw upon the Plate where the Course of Exchange is Below the Arbitrated Price, and Remit to the Place where the Course is above the Arbitrated Price. , ... EXAMPLES.^ Suppose the Course of Exchange from London to, Madrid be 348. per Pi¬ astre, and fro-m London to Oporto 6Sd.p.'r Milree, the Arbitrated Price be- iji tween Madrid and Oporto is therefore 500 Rees per Piastre: but suppose M.oi Madrid advises, i.-of/London'chat the. Exchange, for Oporto is 525 Rces;^—Which is the best mode of drawine, and what is the Profit on a BillbfXioo? , • ' Here the Course of Exchange between Madrid and Oporto is with re- spect to Oporto below the Arbitrated Price, and therefor^ Jet,i. of London drawupon .0. of.Qportp fpr £100. ’a^d order. him tq reimburse;hjmself on ■: °f^_Madridj according, to. the. given Course of Exchangeand.lel,L. :of London also remit the Value to M. of Madrid, by which he will gain £^.iSs.3d. ^ ■Thus,^100. at68d. perMilrpe=352 Mil. 941 Rees, which at 525 Rees per Piastre = 672 Piastres, 2 Rials, 3 Marvedies, and at 34d. per Piastre, .= X9S-.4s.'9d.;, ; , '^. .V ■ .t .■■ ,, v ;. . ' Hencb LrofLbndo'nbbtain's'for hts Bill on 0; of Ojlorto jfioo. for which he remits; to •itf. 'of Madrid . 'ipsi '9d;' for his Reimbursement, and there*- fore gains 4I. 15s. 3d, ^ Or the Gainimiglit.beitbus found.:, , ^ 1, , - ■ - If 52.5' : .560 :: ibo : .951, 4^ 9, But were the advised- Price 480 -Rees for i.piastre,- then L. of Lqndon should draw,on ,M. of Madrid, and remit to Q, of Oporto, by which he woiild-gain ,^!4-.-^Fcr, , ’.. ' -.i’^^, ,'^ ',,'',7 ’■ If 500 480 : : top : 96. Or thus:—If 34 Pence : i Piastre : :.^.ioo 705 Pias." y’Rials. 2 Marv. which at 480 Rees per Piastre = 338 Mil. 826 Rdds, and this, at 68d. per Mil. = ,,^.96. Sterling^ ~ , ^ Suppose London has to remit toiHamburgh ;■ the Exchange is 32. 6. but Bills on Lisbon can be purchased in London at 67-^ Pence per Milree, and by the latest a'dilide the Exchange from Hamburgh to ■Lisbon is 46d. Flemish pdr 'C'rusado'ji.^Which'is.tlie’mcsPadvantagcous, to'fcmit direSly to Hamburgh, or indireflly through Lisbon ? The most simple method of.spljing. Questions of this nature is to find what the Pound Sterling will bring by diredl and by indirefl Exchange, and then compare the resiilts.Tr—Thus, .If 490Rees.: 46 Pence Flem. :: 1000 Rees : 115 PenceFi’em.'' '' -..- r; . felie'Stg.-'PeheeFlcm.Lvsy.'-'SlF^^^ .V ;■ - If ,67.4 :.''ri5. : : I 34 1 Indiredl Exchange. ■ ‘'‘32'--B I)ifeiflExch,ange.'.',',',''7, .--i-' -,s, ,. IS,.. 7d.^, Gain .per.Pound,,., ... '■ - Hence .the, Indireft is. -.abdiit. 4-5 pen-Cen t .'b'etter- th'an.'the-'vDirc£i'..iiFor, If 32s. 6J. Flem.': is. 71!. : : ^.100 : ^.4 17 5. vC. Suppose L.o(, London has Orders from^ P-pf 23 Liv'res 12 Sou'si“ln^ to' draw for the Amount 'oh''.(4.' cfVLeghorn,' at the m Exchange of 53a. per Dollar; but L. finds the'Exchange of London on Paris is 24 Livfes,—At what Exchange should he draw on Leghorn to ful¬ fil the Order? Liv. D. Liv. If 23,6 : 53 : : 24 S3 r 24 5i25o, 8( 52-|- nearly. 120 The above Question is evidently Inverse Proportion ; for as London gives Paris the Certain and Leghorn the Uncertain, it is the Interest of London that the Price of her Pound should be high, and the Price of the Dollar low. -^Here more requires less, and less more; that is, the more Livres are given for the Pound Sterling, the less should be the Price of the Dollar, to preserve the due proportion. Thus, Inverse and Diredl Proportion inay he always distinguished in Simple Arbitration. -—w— COMPOUND ARPHRAnON. Compound Arbitration discovers the most advantageous mode of negotiating Bills in all cases where more than three places are concerned, and is only a continuation of several Statings in Simple Arbitration. This Rule may be also performed by Conjoint Proportion, that is, by a Series of Proportions, arranged into Antecedents and Consequents, commonly called the Chain Rule. i EXAMPLES. Suppose the Exchange between London and Amsterdam beii Flor. 10 Stiv. (= 38s. Flemish) for il. Sterling; between Amsterdam and Franc- ford 6s. Flemish for 65 Crutzers; and between Francfort and Paris, 56 Crutzers for 3 Francs;—What is the Arbitrated Exchange between Lon¬ don and Paris ? S.FIem. L. Sterl. S.Flem. S. Sterl. If 38 : I :: 6 : 3-rV Cnitzers. S. Crutz. S. D. If 65 : 3 tL : : 56 : 28 4|f .=:3 Francs. S. D. Francs. L. Sterl. Fr. Cents. = 3 : I = 22 5Sterling, [^7] 194 . _ Operations like the foregoing may be thus contraSed by the CHAIN RULE. T. Distinguish the several Courses of ^change into Antecedents and Consequents, and place them in two Columns; the Antecedents to the left and the Consequents to the right. II. The first Antecedent and the last Consequent to which an Antecedent is required, must be of the same Denomination. III. The firk Consequent must be of the same Denomination as the se¬ cond Antecedent, and the second Consequent as the third Antecedent, and 10 on throughout, IV. Multiply the Antecedents continually for a Divisor, and the Conse¬ quents continually for a Dividend ; the Quotient will be the Answer or An¬ tecedent required. Such Antecedents and Consequents as are alike may be dropped or re- jefled, and such as admit of a common measure may be reduced to the lowest terms, like Vulgar Fractions*. 195 The foregoing Question performed by the Chain Rule, ANTECEDENTS. . CONSEQUENT5. • I Pound Sterling = , 38 Shillings Flem., 6 Shilling Flem. = 65 Crutzers, 56 Crutzers = 3 Francs. 38x65+3 7410 -1— = — = 22 Francs 5 Cents. 1+6+56 336 Suppose Amsterdam has to remit to London tool. Flemish, the Direct Exchange being 11 Florins i Stiver per pound Sterling ; but a Circular Exchange may be made on the following terms.—.Amsterdam to Paris at 56d. Flemish for 3 Francs; Paris to Venice 300 Francs for 60 Ducats; Ve¬ nice to Hamburgh 1 Ducat for lood. Flemish; Hamburgh to Lisbon, 5od. Flemish per Crusado; and Lisbon to London 64d. Sterling per Mil- ree:—Which is most advantageous, the Direft or Circular Exchange, and what is the differenceCent. ? 56d. Flemish . . 300 Francs , . 1 Ducat .... 5od. Flemish . . 1000 Rees . . . How many Pence Sterl 3 Francs. 60 Ducats, lood. Flem. Hamb. .400 Rees. 04d. Sterl. tool, or 24oood. FI. 3 X 60 X too X 400 X 64 X 24000 _ 60 X 8 X 8 X 24 ^ 56 X 30° X 5° X 1000 ■“ 7 13 t654d. Sterl. = ^54 17 i| Circular Exchange. And if 11 F. 1 St.: St. :: FI. : ’54 5 . n| Direct Exchange. Gain per Cent. i is. by Circular Exch. When Brokerage, Commission, &c. are charged in Circular Exchanges, these Expenses should bededufted from each,Consequeht, and the question worked as before. Suppofe in the foregoing Problem I per Cent, were charged, say. If too ; ,5 :: i : ,005, which is the common Faftor to be multiplied by each Consequent, and the Produft subtrafled.—Thus, 3 X J005 =>0*5. and 3—,015 = 2,985 = the first Consequent, and in the same manner the rest may be found.—Or, deduft from each Conse¬ quent its 200th part. ^ESriONS FOR EXERCISE IN DIRECT AND CIRCULAR EXCHANGES. If the Exchange from London to Hamburgh be 33s. 3d. Flemish per pound Sterling, and from London to Paris 23 Livres 15 Sous /rr pound Sterling, 196 how many Francs and Cents are equal to too Marks ? ■ -'Answer, 188 Francs 12 Cents. If the Exchange in Hamburgh on London, at 2 Usance, be -33,—What should it be at Sight, reckoning i per Cent for the Time ?—Answer, 33s. 4d. If the Exchange from.Paris to Madrid be 14 Francs 50 Cents, for i Pistole, and from Paris to London 23 Francs 95 Cents per Sterling. What is the Arbitrated Price between Madrid and London, that is, how many . Pence Sterling should be given for 1 Piastre?-Answer, 36id, or 36.325. Suppose the Course of Exchange between Amsterdam and Paris be 5.5 Groots for 3 Francs, and between London and Amsterdam 10 Floiins 15 Stivers for 1 Pound Sterling,—What is the Arbitrated Price between. London and Paris.—Answer, 23 Francs 45, Cents. If, the Exchange from France to Hamburgh be 191! Francs for 100 Marcs Banco,—What is the Exchange from Hamburgh to France—that is, how many Shillings Lubish Banco should be given for 3 Francs ?. i . — Answer, , 25 Shill. Lubish, i Phen. Hamburgh has to remit to London; the Exchange direais.32 Shillings and id. Flemish Banco, but Hamburgh can purchase Bills on Amsterdam at Vl'?z Stivers for 2 Marks Hamburgh Banco. Now if the Exchange from London to Amsterdam be 35s. 8d. Flemish per Sterling,—Which is the most advantageous, for Hamburgh to remit to Londoii direct, or by the way of Amsterdam?—Answer, Hamburgh by remitting through Amsterdam gives only 30s. 41!. Flemish for the Pound Sterling, which is I S, 8iJ. Flemish better than by the Direct Exchange. The advantage of the Indirect, therefore, is about 5fper Cent. Suppose Hamburgh has to remit to London ^1757. 155. Flem. Exchange at 35s. 6J. Flem. per Sterling, but Bills on other'Places can be had on the following terms.—Hamburgh on Paris, 54d. for 3 Francs: Paris on.Venice, 300 Francs for 56 Ducats.; V'enice on’Amsterdam, i.Ducat- for food. Flemish; Amsterd.im' on Lisbon, 45d. Flemish for i Cru¬ sade ; Lisbon on London, i Mdrce for 63d. Ster —Which is the more advantsgeous, the direft Exchange or Circular, allowing \ per Cent Commission on each Negotiation ?-.Answer, ,^10. 5s. ojd. Sterling, gained by the Circular E.xchange. CONCLUSION; SUNDRY PRACTICAL ILLUSTRATIONS. I. Remittances and Returns exemplified by real Transactions. The reciprocal Courses of Exchange between two places should always differ, and the Difference should be equivalent to the Interest of Money and the Expenses of Remittance. Thus the Course of Exchange of London bn Dublin should be i per Cent, more than that of Dublin on London, to af-, ford the Remitter from either place a regular profit on his Remittances and Returns, on Bills at the usual Date. Suppose, for example, i. of London purchases a Bill on Dublin, at 21 dls, of ^112 Irish for^ioo English, which he remits to his Faflor at Dub¬ lin, desiring him to make returns in Bills on London at 21 d|s; and sup¬ pose a Bill of ,^100 English is remitted back to L. which costs only i i Irish, there is ,^1 Irish per Cent, gained by the Transaftion, and the same would take place, had the Remittance been first made from Dublin on the above Terms. Now to compute how mqgh the difference here ought to be, the Interest of 56 days must be reckoned, (the usual time such Bills take in making re¬ turns) and this, with Brokerage, Postage, &c. will amount to i per Cent, nearly, which is reckoned a Fair Difference in the Exchange between Lon¬ don and Dublin, on Bills of the above Date, Itmayhowever.be observed, that the difference in Re-exchange is not always equivalent to the Interest, &c. but fluctuates according to the De¬ mand for Bills, affording, sometimes, room for speculation, and co-opera¬ ting with the causes already laid down to render the Exchange favorable to a place, or unfavorable. 198 The following is an example of a Bill sent from London to Hamburgh, September 1801, to have returns on London. ,^842 2S. id. Sterling on Hamburgh, at 3 Us. a 31s. 8d. Flem. Banco/rr £. Sterling. ... Marks Bo. 10000 Bo. Marks. Commission | per Cent; ......... .500 Doable Brokerage 2/rr Thousand.20 o Postage -. 34 73 4- Discount 82 days a 5 p«r Cent* ....... 112 4 ■ ■ ■ 185 8 Net proceeds in Banco Marks 9814 8 Returns in 3 Bills, vix. Bo, Marks. jfyoo o o Ster. a 3 Us. on A. B. a 30s. loid. - - 5789 1 ! 200 00 a 2 Us. on C. D. a 30s. iid. - - 2318 12 I 146 16 4 a 2 Us. on E. F, a 31s. ' - - - 1706 11 ! -846 16 4Returns 9814 8 I 842 2 I Remittance I £ 4 14 3 Gaik, which is not quite equivalent to the Discount and Post- I age of the Returns; but bad the Course of Hamburgh on London been : 30s. 98. it would have produced the regular profit. Thus lod. Flemish per ' ^. Sterling may be reckoned a Fair difference between Hamburgh and Lon¬ don on Bills at Usance. !, In Exchanges between two places the Denominations of Money are not ; always reciprocal; thus Paris gives Madrid a variable number of Francs i far the Pistole, and Madrid gives Paris the Piastre for a variable number of Sous; but this will be better understood by perusing the following Lists I of. Foreign Exchanges, * ■'When the Returns are to be made diredtly, the Remittances are discounted, and here it may be observed,' that the interest of Money on the Continent is not limited, but fluctu- , ates according to the Plenty or Scarcity of Cash, or the Credit of .Paper, '99 EXPLANATION THE COURSES OF EXCHANGE. On Explanation. On Explanation. Amsterd. lo i8 Flor. for Ster. London lo 15 Fior. forSter. Hambro 33 3 S. FI. lot£,i. Ster. Hambro’ 33^ Stivers for i Dol. Paris 2312 Liv. for Ster. Paris 53 Groots for 3 Frs. Madrid 365 d. Ster. for i Piast. Madrid 87 Groots for i Due. Leghorn 5 li d. Ster. for i Dol. Leghorn 90^ Groots for i Dol. London 32 8 S. FI. for/i. St. London 22! Amsterd. 36 0 Stivers for 2 Mks. Amsterd. 56I Paris 24-1 o S. Lub. for 3 Frs. Hambro’ 188 Madrid 85 0 Groots for i Due. Madrid 14 Leghorn 84^0 Groots for i Dol. Leghorn 101 Explanation. Francs for^i. St. Groots for 3 Frs. Frs. for 100 Mks. Frs. for 1 Pistole. Sous for I Dollar. On Explanation. On London 37I d. Ster. for i Piastre. London 54 . Amsterd. 91 Groots for i Ducat. Amsterd, 1024 Hambro’ 844 Groots for i Ducat. Hambro’ 83I: Explanation: d. Ster. for i Dol. Groots for i Dol. Groots for i Dol. Sous for I Dol. Dols.foriooPiast. aoo By inspecting Foreign Lists of EKchange, and comparing the aftual and arbitrated prices, considerable profits are sometimes made, as in the follow¬ ing example. III. Arbitration exemflified by a real Operation. In March 1802, Exchanges were as follows; London on Amsterdam 10 16, London on Cadiz 37, and Cadiz on Amsterdam 107 ; whereupon London purchased 10000 Piastres, and remitted them to Cadiz, to have re¬ turns in Bills on Amsterdam, but when the Remittance reached Cadiz, the Exchange had come down to 104. London also drew on Amsterdam for the Amount of this the Remittance at Usance, and the Operation stood thus. FLCurr. St. 10000 Piastres at 37d. per Piastre 1541 J3S.'4. and this sum converted to Florins Current at 10 Florins 16 Stivers per Sterling ... 16650 o Ducats. 10000 Piastres converted to Ducats .. . Commission, Brokerage, and Discount = .... 217-1 . • 7036 7036 Ducats Current at io4d. Flemish Banco per Due, and 3 per Cent Discount = . . ... .17734 Gain 1084 15 Hence the Gain was about 6 per Cent, for z Months; and had the Piastres been negotiated at 107, the Gain would have been about 10 per Cent, for the above time. The Rules for drawing and remitting upon such occasions have been al¬ ready explained in Arbitration. Thus, If 272 Marv. (1 Piastre) : 37d.:: 375 Marv. (i Ducat) : 5id. Then to find the arbitrated price between Cadiz, and Amsterdam. If Sterl. : 10 F. 16 St. ; : 5id. Sterl. : 9i^d. Flem. but Amsterdam gave io4d. instead of 91-^^. (the arbitrated price;) hence the Ex¬ change' was against Amsterdam, and therefore (according to the Rule Page 191) London drew upon the place where the Exchange was worse than the arbitrated price, and remitted tO . the place where the Exchange was better than the arbitrated price. ■"aoi EXCHANGE ACCOUNTS, HOW RECORDED IN BOOK-KEEPING. Whek a Merchant and his Agent or Fa£tor reside in countries v/here different Currencies are used, ths Factor keeps his Employer’s Accounts in the Currency of his own country, and the Employer, that their Books may agree, keeps the same Accounts in the same Currency; but he also aiiots #an adjoining Column in his Ledger for the corresponding Value in his own Money, by which he ascertains what Profits or Losses may arise from the fluftuation of Exchange. In order to explain such an Exchange Account, the following Example has been seledted from the Ledger of a London Merchant, who, (as ap¬ pears by the statement), remiiteJ Bills to his Fafior at Hamburgh, and drew upon him'for his Reimbursement, or Returns ; he therei'bre debits his Faftor far the Remittances, and credits him (or the Drafts; the different ameunts are first entered in the inner columns in Banco Marks—and then in the out- cr columns in Sterling, according to the rate of Exchange at which they w'ere negotiated—and hence arises the Profit or Loss; thus, if the Merchant bays the Bills which he remits at a cheaper rate of Exchange than he sails the Drafts which he draws on his Faflor, there is a'Gain ; but if otherwise, a Loss. On the same principle, if he had paid Debts which he owed,, or re¬ ceived Debts due to him at a more advantageous rate of Exchange than those Debts were contrafled for, there would have been a'Gsin, but a Loss if the contrary. • An Exchange Account is balanced by first comparing the inner columns; when they are equal, there is nothing due from-one party to the other: and the difference between the outer columns is Profit and Loss; but if the in¬ ner columns be unequal, the Balance is what one party owes to the other,' which must be carried to the outer column at the current rate of Exchange, and then the difference between the outer columns is the Profit or Lass. The letters m|a. (My Account) as in the following Example, have been already explained (p 174). The Faftor, in stating the same transaflions, annexes to his Employer’s name hJa (His Account) and their Ledgers are reversed with respefl to the Dr. and Cr. sides.—Thus the Faflor, in his account of the following transaction, debits his Employer for the Drafts or Bills drawn on him, and credits him for the Remittances which he receives; and, .as all the Bills were drawn in Marks (the Money of the place wh^rc they were to be paid) the FaSor has no concern with any other Money^ therefore he debits his Employer for Commission, Brokerage, .Discount^ and Postage, in Marks, for which his Employer also credits him, and values those Marks at the rate of Exchange which exists when the Account is balanced. There are other kinds of Exchange Accounts kept between Cambists or Dealers in Exchange, who reside in di,Terent countries, and who agree to transact each others Business Commission free, and divide the Gains or Los¬ ses. Such Accounts, like all other Partnership concerns, require Interest Calculations, according as one party may be in advance for the other: this is the case when Bills remitted are at a long Date, and Drafts at a short one, or the contrary ; but it frequently happens that one party may be in ad¬ vance for sums which have not been received by the other party, who is therefore only anstverable for the advances in his possession, and the Inte¬ rest on the remainder should be paid out of the general Profits. These Exchange Accounts are kept by both parties according to the fol¬ lowing Plan ; and when they agree, the Dr. side of one account is equal to FINIS. s:!’ The follmiing ne-w and celebrated Work is now in the Pre/s, printing oit a handfome new Type pur chafed for the Purpofe, and will he finifhed with all the Expedition poffible. The eatly Subfcription of thofe who incline to favour it with their Patronage will give Spirit to the Work, and is^ refpeS-. fully folicited by the Printer. Commercial Didionary, BY JOSHUA MONTEFIORE, Attcrtiiy and Notary Pablk of tbe City of London-, and Author of Comraerci.,1 and Notarial Precedents, Sfr. Sfc. The developement of ihe piinciples which regulate the valf machine of Mercantile Intercourse is piofclTedly the intent of tbe prefent Work, and tne objedl in compiling this Didlionary has been—to arrange all the various and important articles relative to Trade and Commerce in a ”>ode, combining accuracy and perspicuity with information, and with that facility of reference beft adapted to inftaniancous application. As the materials are felefted from the moll recent and approved Writers upon Commerce and Commercial Jurifprudence, together with that great mafs of information which the increafed Commerce of Great Britain has produced during the lafi twenty years of the eighteenth century, and which has never yet been prefented to the Public in a systematic form, the woik is not only calculated for the ufe of fuch mercantile Gentlemen as have little leifure for refearches into a variety of volumes, but alfc, from its general and comprehenGve illuftratlon of the Theory of Commerce, the Commer¬ cial Treaties, and the Law of Nations, for theL'brary of theStatefman and the Scholar. And In order to render it more itffal in this country, it is defigned to enlarge it by Notes and Addenda, Relative to tlie Laws, Forms, Usages, &c. of the United States: CONDITIONS. It is printing dii a good medium paper with a handfome new type, and will make three lar^e oblavo volumes. The price to Subferibers will be Three dollars tbe volume, in boards, to be paid on cklivery. The.London copy in boards, cannot be fold here under Twenty Subferibers for ten copies, or obtaining tenfubferiptions and becoming refpmftble for them, will be entitled to a copy grails. To sVon fubf ribers the price will be advanced on the publication of the frft volume. Or the utility of the foregoing Work little need be faid—it fpeaks for itfelf. Of the .Author’s ability lor the undertaking it will be only neceffa- ry to obferve, that u is dedicated by permission to the Right Honourable Lord Ellekuorough, Chief Juftice of the United Kingdom of Great Britain and Ireland and that the hll ot fubferibers, a moll numerous one indeed, couGlls, in addition to the Bank of England, the Eaft India Heufe (which of itfelf fubferibed for forty copies), &c. Sec, of the Grft and moll refpedlable chara^ers in the kingdom. ^ JAMES HUMPHREYS. SUBSCRIPTIONS are received by faid Humphreys. At the N. PI'. Corner of P'/olnut and Dodftreeu, JUST PUBLISHED AND TO BE SOLD BY, James Humphreys, At the N.W. Contr ef Walnut and Dnek-JIreets. Commercial and Notarial Precedents: Confiding of all the mod ap¬ proved Forms, Common and Special, which are required in Tranfactionsof Bufinefs: Wiih an Appendix, containing Principles of Law relative to Bills of Exchange, Infurance and Shipping: By JOSHUA MONTEF.IORE, Attorney and Notary Public of the City of London. Abridged of fucti Forms as are ufelefs in America and interfperfed with others of edablilhed Ufe. Gleanings from the mod celebrated Books on Hulbandry, Gardening, and Rural Affairs. From the London Second Edition of i Soj. Inttrfper- fed with Remarks and Obfervatiohs by a Gentleman of Philadelphia. ' The general opinion refpedling the above compendium in England is dif- played by its rapid run through two editions fince its publication, and its . merit is damped by the very handfome approbation of the different Reviews. We feleft the following, as being the mod concife. From the Monthly Review'. “ From thefe works the compiler has ex- trafted a great variety of infor.'nation, which he has arranged in alphabeti¬ cal order. We think that the publication will be very ufeful to agricultu- rids. It may be confidsred as a concife farmer’s diflionary.” From the Review in the Gentleman’s Magazine. " This Work gives the offence of mod of the recent publications of many favourite authors on agricultural and rural economy; togetiier wi h the furveys of the feveral counties of England, Wales, and Scotland, drawn up at the defire of the Board of Agriculture. Plants are deferibed in their varietiesquantity of feed neceffary per acre, according to the various modes of cultivation; me¬ thod'of cultivating, weeding, cropping, and feeding; and ladly, the'fe¬ veral ufes to which the produce, whether of feed or haulm, can be inod ad- vantageoufly applied. .Trees, whether of the fruit or fored kinds, are alfo treated of as to their varieties, the nature of the foil they delight in, their quality and affeSions as to their own growth, or to what may be in contafl: with them; and the various ufes their blcffoms, fruit, leaves, or their wood, are capble of. The man.rgement of bees, the dairy, and many other ufe¬ ful articles, are likewife introduced ; together with a plate of fome ufeful implements for draining, tranfplanting; &c. The manner by which hay is (aved in wet feafons in the north of England, by a praflice called tippling. The whole is arranged with great concifenefs and merit, and will prove a mod defirable companion to