Concise Treatise on Commercial Book-keeping

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T.R. Marvin, 1845 - 184 pages
 

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Page 173 - Case of Need" or reference to a correspondent in the same place, who is thus called upon " to interfere for honor " of the merchant by whom the bill is referred to him. This reference is made by writing at the bottom of the bill, thus: — "in case of need, with Messrs. " When acceptance or payment is refused by the drawee, the holder applies to the house thus indicated, who accept or pay, as the case may be, under protest and act of honor ; such being the name given to the notarial instrument drawn...
Page 172 - ... money to enable him to carry on his voyage, and pledges the keel or bottom of the ship (partem pro toto} as a security for the repayment.
Page 3 - There is no man who is not in some degree a merchant, who has not something to buy and something to sell, and who does not therefore want such instructions as may teach him the true value of possessions or commodities.
Page 172 - HE contract of bottomry is in the nature of a mortgage of a ship, when the owner of it borrows money to enable him to carry on the voyage, and pledges the keel or bottom of the ship, as a security for the repayment...
Page 175 - A contract of indemnity, by which one party engages for a stipulated sum, to insure another against a risk to which he is exposed. The party who takes upon him the risk, is called the Insurer, or Underwriter; and the party protected by the insurance is called the Insured ; the sum paid is called the Premium ; and the instrument containing the contract is called the Policy.
Page 172 - ... required, it having never yet been supposed that a man who sets up the trade of banking, could be sued upon the statute of Queen Elizabeth, which enacts, that none shall use any art or mystery then used, but such as have served an apprenticeship in the same."* The term bank is derived from banco, the Italian word for bench, as the Lombard Jews in Italy kept benches in the market-place, where they exchanged money and bills. When a banker failed, his bench was broken by the populace; and from this...
Page 182 - Multiply the amount of the smaller side by the number of days between the two average dates, and divide the product by the balance of the account. The quotient will be the time...
Page 175 - Where a creditor neglects to make his claim within a proper time, in which case he cannot enforce his demand. Notary Public. A person duly appointed to attest deeds and writings ; he also notes or protests bills of exchange, inland arid foreign, and promissory notes, when refused or returned.
Page 171 - Goods in the market; their present prices, and the probability of their rising or falling ; to pay exact obedience to the orders of his Employers ; to consult their advantage in matters referred to his discretion ; to execute their business with all the...
Page 171 - Its most ordinary application in commercial transactions is to marine insurances ; it then signifies the exercise of a right, which the Assured claims, to call upon underwriters or insurers to accept of what is saved, and to pay the full amount of the insurance, as if a total loss had happened. ABATEMENT...

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