IRQ] ( 



Incorruptible Wood. The cedar-wood of scripture, the pillars of 

 Solomon's Temple, etc., which has won its name for durability 

 from being the material chosen for coffins by the ancient 

 Egyptians. It is an evergreen cone-bearing tree, a fir. The 

 Pinus cedrus of the botanist, alias Cedrus Libani, 



Indemnity. A letter or document engaging to hold another party 

 free from loss. Where the bill of lading is not to hand goods 

 are frequently released from a vessel without the bill of lading 

 by presentation of an indemnity signed by a banker, such 

 indemnity being handed back to the importer when the bill 

 of lading is forthcoming ; and the banker receives the 

 indemnity from the importer in due course, which ends the 

 liability of all parties. 



Indorsement (or Endorsement). The term generally used to 

 denote the writing of the name of the holder on the back of 

 a bill or promissory note, on transferring it to another person. 

 The transfer is not complete until the endorsed bill is deli- 

 vered to the transferee. 



Inserted-tooth Circular Saw. -A circular saw on whose periphery 

 are sockets, in which removable shanks or bits are inserted. 



Insolvency, or bankruptcy, is the state of a person unable to pay 

 his debts as they become due : but a person does not become 

 a " bankrupt " in England until so declared by the Court. 



Insurance. A contract by which an insurance company or under- 

 writer, in return for a payment known as premium, agrees 

 to bear a contingent loss, during a stated period. Death and 

 loss by fire are the most common forms of insurance, but a 

 quotation from insurance companies or brokers can be 

 obtained against damage from practically any cause. 



Interest. (1) A share in an estate, ship or business ; (2) Amount 

 paid for the use of money, usually calculated at an annual 

 rate. Most States formerly had laws fixing the maximum 

 rate of interest, beyond which it became usury and was irre- 

 coverable, but in most countries these have been repealed. A 

 contract to pay a grossly unreasonable and unconscionable 

 rate of interest can be set aside on application to the Courts, 

 who will deal with each case on its merits, looking at the risk 

 involved, without laying down fixed rules. 



Inventory. A list or schedule of goods or property setting forth 

 the particulars so as to inform parties interested. 



Invoice. A detailed account of goods purchased and their price 

 delivered by a seller to a buyer. 



Iroko is described as the most useful wood in tropical West 

 Africa. It is sometimes called " African teak " or " African 

 oak." 



