The merchants', students' and clerks' manual

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T. Groom & Co., 1856 - Business & Economics - 93 pages
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Page 35 - The rule for computing interest on notes, when partial payments have been made, is to apply the payment, in the first place, to the discharge of the interest then due. If the payment exceeds the interest, the surplus goes towards discharging the principal, and the subsequent interest is to be computed on the balance of principal remaining due. If the payment be less than the interest, the surplus...
Page 68 - EXCHANGE in commerce, is generally employed to designate that species of mercantile transactions, by which the debts of individuals residing at a distance from their creditors, are cancelled without the transmission of money.
Page 68 - The person who draws the bill is called the drawer ; the person in whose favor it is drawn, the remitter or payee; the person on whom it is drawn, the drawee. The drawee is also called the acceptor, when he has accepted, or engaged to pay the bills.
Page 35 - The rule for casting interest, when partial payments have been made, is to apply the payment, in the first place, to the discharge of the interest then due. If the payment exceeds the interest, the surplus goes towards discharging the principal, and the subsequent interest is to be computed on the balance of principal remaining due. If the payment be less than the interest, the surplus of interest must not be taken to augment the principal; but interest continues on the former principal until the...
Page 36 - DISCOUNT. DISCOUNT is an allowance made for the payment of, any sum of money before it becomes due ; and is the difference between that sum due some time hence, and its present worth.
Page 68 - PAR OF EXCHANGE is the value of the currency of one country estimated in the currency of another, by comparing the quantity of gold and silver in their respective coins.
Page 80 - Duties are either specific, or ad valorem. A specific duty is a certain sum paid on a ton, hundred weight, yard, gallon, &c.
Page 68 - ... is also called the acceptor, when he has accepted, or engaged to pay the bills. Though bills of Exchange are originally drawn by creditors on their debtors, they are very rarely transmitted directly, but pass from hand to hand like any other circulating medium, and are bought and sold in the market. When the remitter disposes of a bill, he writes his name on the back, and is termed the endorser. If he endorses in favor of any particular individual, he gives a special endorsement, and such endorsee...
Page 69 - The nominal premium, however, may exceed the cost of remitting coin, when the nominal par is above the real par. The operation of Bills of Exchange, may be explained by a single example. If A. of Boston, owes B. of Paris, and C. of Paris owes D. of Boston, A. purchases in the market a bill upon Paris ; that is, he buys of D. an order on his creditor C., to pay A.
Page 38 - 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.

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