320 



THE POPULAR EDUCATOR. 



to another, either for goods, or originating out of any mutual 

 transactions. 



ACCOUNT CURRENT. A statement of transactions between 

 two or more parties during a certain period, drawn out in Dr. 

 and Cr. form, and in the order of their dates. 



ACCOUNT SALES. An account rendered to a merchant by his 

 agent, showing the weights or quantities of each parcel of goods 

 sold, with the prices obtained, and the net result after deducting 

 all expenses attending the sale. 



ACCOUNTANT. A person skilled in accounts. The official in 

 charge of the accounts of a business is termed an accountant. 



ACQUITTANCE. A discharge in writing for money, debt, or 

 liability. 



ACTUARY. The officer of a Life Assurance Company, whose 

 duty it is to make the computations required in the business, 

 and to advise on all questions pertaining to the statistics and 

 finance of life assurance. Also applied to similar officers in 

 other businesses. 



ADJUSTMENT. In marine insurance, the settlement of a loss 

 incurred by the insured. 



ADJUSTMENT OF AN ACCOUNT. Agreeing or settling the 

 particulars. 



AD VALOREM DUTY. Duty levied on the value and not on 

 the quantity of articles. 



ADVANCE. Money paid on account of goods to be delivered 

 or work to be done. 



ADVENTURE. A speculation. 



ADVICE ADVICES. Information by letter; commercial re- 

 ports and intelligence conveyed by letter. 



AFFIDAVIT. A declaration in writing, upon oath. 



AGENDA. A memorandum book. 



AGENT. A person authorised to transact business for another, 

 who is called the principal. 



AGIO. The difference between the real and nominal value of 

 money, or of paper currency and specie. 



ANNUITY. A periodical or yearly payment. 



ANNUITIES. (Certain Deferred Contingent Reversion- 

 ary.) Annuities Certain are annual payments for fixed terms 

 of years, commencing immediately. Deferred Annuities are 

 annual payments for fixed terms of years, commencing at the 

 expiration of a period agreed upon. If either of these two 

 descriptions of annuities depends upon the existence of one 

 or more lives, they are termed Life Annuities. Contingent An- 

 nuities are payable only in the event of some contingency 

 happening, as the death of a person : they are' also termed 

 Reversionary Annuities. 



APPRAISE. To set a price upon, or to make an estimate of 

 the value of anything. The act of appraising is known as 

 making an APPRAISEMENT, and the person doing so is called an 

 APPRAISER. 



ARBITRATION. The adjustment of disputed matters by the 

 decision of one or more neutral persons (who are called ARBI- 

 TRATORS), chosen by consent of those concerned. 



ARBITRATION OF EXCHANGES. A computation of the pro- 

 portional rate between two places, through intermediate places, 

 5or the purpose of ascertaining whether direct or indirect drafts 

 and remittances are the most advantageous. When one inter- 

 mediate place only is concerned, it is termed simple arbitra- 

 tion ; when more, compound arbitration. For the method of 

 doing this, see Lessons in Arithmetic, XLI. (Vol. III., 

 page 166). 



ARTICLES OF ASSOCIATION. A deed containing the terms of 

 agreement made by a number of persons forming a trading firm 

 or joining in a speculation. 



ASSETS. -A general term for cash, property, and depend- 

 encies, in contradistinction to liabilities. 



ASSIGNEE. One to whom an assignment is made. 



ASSIGNMENT. The act of appointing another to exercise con- 

 trol over certain property. 



ASSURANCE (LiFE). A system by which public companies 

 engage to pay to the person contracting with them, a certain 

 sum at the death of a nominee, in consideration of certain cash 

 payments called premiums, agreed upon by the parties concerned. 

 (See Insurance.) 



ATTACHMENT. A notice prohibiting the sale or disposal of 

 the goods of any debtor in the hands of a third party, until 

 notice shall have been given of the settlement of all claims 

 against the owner. (See Garnishment.) 



ATTORNEY (POWER OF). A document granting to others 

 the power to sign and act for the grantor either in special 

 cases or unreservedly. (See Procuration.) 



ATTORNEY (WARRANT OF). See Warrant of Attorney. 



AUCTION. A public sale of property to the highest bidder. 



AUDIT. An examination of accounts and vouchers by autho- 

 rised persons known as AUDITORS. 



AVERAGE. (General Particular.) In marine insurance 

 General Average is a proportionate contribution levied on the 

 owners or insurers of a ship or its cargo according to value, 

 when part of the cargo or ship has been sacrificed for the pre- 

 servation of the remainder. Particular Average is so called in 

 contradistinction to general average. In this case the loss is 

 totally borne by the owner or insurer. 



AVERAGE-STATER. A person employed by the insured to pre- 

 pare statements of averages preparatory to their adjustment 

 with the insurers. These statements, which are paid for by the 

 insurers, are often of an intricate character. 



AWARD. The decision in a case of arbitration. 



BACKWARDATION. A consideration paid to purchasers for 

 an extension of time by speculators on the Stock Exchange 

 unable to supply the stock or shares they have contracted to 

 deliver. 



BAIL. To release a person or goods on receipt of security 

 for their reappearance. The person giving the security is 

 termed a BAILEE, and the document he signs is called a BAIL- 

 BOND. 



BAILMENT. A delivery of goods in trust, on the under- 

 standing that they shall be re-delivered as soon as the time or 

 purpose for which they were bailed shall have elapsed or been 

 accomplished. 



BALANCE. In accounts, the difference required to equalise 

 both Dr. and Cr. sides. 



BALANCE OF TRADE. The difference in value between the 

 aggregate amount of a country's exports and imports. 



BALANCE SHEET. A statement of the assets and liabilities 

 of any trading concern. 



BALE. A pack or parcel of merchandise bound up in a 

 wrapper of paper, canvas, or any similar stuff. 



BANCO. A Continental term for bank money, which fre- 

 quently differs from the current money. 



BANK. (Private Joint Stock.) An establishment for the 

 custody and issue of money. Private Banks are composed of 

 one or more influential men with large capital, whose fortunes 

 and positions in society are security for the sums placed in their 

 care. Joint-Stock Banks are composed of numerous members, 

 who together contribute a large amount of capital for the con- 

 duct of a banking business. Unless his liability be limited by 

 the charter or deed of association under which the company is 

 organised, the entire fortune of each member is security to the 

 depositor. (See also Banker.) 



BANK BILL. A promissory note or bill of exchange issued 

 by a bank, and payable at some future date. 



BANK CHARTER. -A charter of incorporation granted to the 

 corporation of the Bank of England. The first was granted to 

 Mr. William Paterso:a (the projector of the Bank of England), 

 on the 27th of July, 1694, for three years, and this has been 

 renewed, with modifications, from time to time since the last 

 renewal being in 1844. The Bank transacts the financial 

 business of the Government at a small per-centage, and has the 

 sole right of issuing Bank Notes for a distance of sixty-five miles 

 round London. These notes, which though but promises to 

 pay, are a legal tender, and are issued against a sum of about 

 fifteen millions sterling lent to the Government under the 

 Charter, together with the amount of bullion in reserve. What 

 is generally known as a Suspension of the Bank Charter is 

 a suspension of bullion payments by the Bank for these notes, 

 relieving for a time the Bank of England of the obligation 

 to pay these notes in gold, and yet keeping them a legal 

 tender. It amounts, in fact, to an Act of Indemnity to the 

 Corporation of the Bank of England against any loss they 

 might sustain by issuing their " promises to pay," or notes 

 against private securities whose value might depreciate. It ia 

 only done to allay a panic, or great demand for gold in the 

 money market. 



BANK CREDIT. A credit by which a bank, on receipt of 

 proper security, allows a person to draw on them to an agreed 

 extent. 



