40 COMMERCE. 



before consumption, but paid in others at the manufac- 

 tories. 

 Flot'sam. — Goods lost by shipwreck and floating on the sea. 

 Free Port. — A port where ships of all nations may load and 



unload free of duty, provided the goods are not carried into 



the adjoining country. Also, a port where goods of all 



kinds are received from ships of all nations at equal rates 



of duty. 

 Freight. — That with which anything is fraught or laden for 



transportation. 

 Imports and Exports. — The various commodities brought into 



this country from abroad ; and those home manufactures 



and products which, through our commercial relations, we 



sell or barter and send to other countries. 

 Im'post. — A tax, tribute, or duty ; often a duty or tax laid by 



government on goods imported into a country. 

 In' voice. — A written account of the particulars of merchandise 



shipped or sent to a purchaser, consigner, etc., with the 



value or prices and charges annexed. 

 Jet'sam. — Goods which are cast into the sea and there sink and 



remain under water. 

 Joint-Stock Company. — A species of partnership, consisting 



generally of a large number of members, having a capital 



divided or agreed to be divided into shares transferable 



■without the consent of all the copartners. 

 Letter of Credit. — A letter authorizing credit to a certain 



amount of money to be given to the bearer. 

 Mar'gin. — The difference between the price of purchase and 



.sale of an article, which leaves room for profit. 

 Marine Law, or Maritime Law. — A branch of the commer- 

 cial law relating to the atiairs of the sea, such as seamen, 



ships, shipping, navigation, and the like. 

 Mer'chandise. — The objects of commerce ; whatever is usually 



bought or sold in trade, or market, or by merchants. 

 Metrol'ogy (Gr. metron, a measure, and logos, a discourse). — 



The seience of weights and measures. 

 Passive Commerce. — The commerce in which the productions 



of one country are transported by the people of another 



country. 

 Policy. — The writing or instrument in which a contract of 



insurance is embodied. 

 Prat'ique. — A license or permission to hold intercourse and to 



