The COMPLETE Comptinghouse: OR, The young Lad taken from the Writing School, and fully instructed, by way of Dialogue, in all the Mysteries of a Merchant, from his first understanding of plain Arithmetic, to the highest pitch of Trade: whereby the Master is saved much labour, and the Lad is led by the hand to all his Work and Business; which to Youth is accounted troublesome, but will here seem pleasant. A Work very necessary for all that are concerned in keeping ACCOUNTS, of what quality soever. By JOHN VERNON. LONDON. Printed by J. D. for Benj. Billingsley, at the Printing-Press in Cornhill. 1678. To the READER. THe general want of some plain and familiar Directions to Youth, hath caused these following Lines, in which he is directed to the things he must of necessity pass through in Trade; he is advertised of the Dangers he is likely to meet with; he is by many short Rules directed to scape those long tedious ones he is daily taught in the Schools; he is enabled to discourse of the Mysteries of Trade, as well as if he had served his Time. The chief end and design I have in it, is, That a Master may have his mind presently understood by his Servant, (who generally is kept four or five years to run of Errands, etc. because his Capacity extends no further) and consequently his Work done to his content, that the Servant may be respected of his Master, and cause him to be employed the first Year, as much as some are the last of their Times; and that by so doing, he may avoid evil Company, which generally attends many sober Lads for want of Employment. And lastly, When he comes into Business, he may be able to demonstrate by Reason, what he hath learned by Rote, and not stand gaping, and saying, Woollen Cloth is Woollen Cloth, Why? Because his Master said, it was Woollen Cloth; and have not one word of Reason to prove it to be what he alleges. Such as it is, in a homely dress, I present unto you: And that it may have its intended End, is the desire of Your humble Servant, JOHN VERNON. AN Alphabetical Table. A. ADdition, the Use of it 1 Advantage in being careful of Letters 8 Account of Goods sold, how to make it 49 Account of Goods sold for account of a friend 52 Account of Goods sold for yourself 54 Avarage, what it is 82 Acceptation of a Bill of Exchange, what it is 93 Abatements to Insurers, and for what 155 Action, the way of entering it 184 Attachment, what it is 185 Arresting, what belongs to it ibid. Attorney, what it is for another Man 186 Allotting of Goods 191 Allowance upon Goods you have sold 210 Alphabet, what it is 223 Arbitratrion 236 Arbitrators, who they are, and their work 238 Arbitration Bond, what it is 239 Arbitration, the work of it 241 Arbitrators if they disagree 241 Award, what it is 242 B. Break, what it is 15 Bill of Parcels, what it is 17 Bill of Lading, what it is 31 Bills of Lading, what to do with them 30 Books of use in a Compting-House 37 Balance, the meaning of that word 60 Bill-Book, the use of it 62 Book to set down Orders 65 Book of Goods you expect home 67 Book of Rates, what it is 83 Bartering of Goods, what it is 84 Bill of Exchange, how to make it 87, 90, 91 Bills of Exchange, what to do with them 92 Bills of Exchange, why more than one given ibid. Bills of Exchange from beyond Sea 93 Bills of Exchange past due, not received 101, 103 Bills of Exchange, how to know when due 102 Bills paid for honour of any one, what it is 103, 104 Brokerage, what it is 108, 109 Broker, what he is, and how qualified 109, 110 Bottomree, what it is 138, 139, 140 Breaking of a Trader, what it is 156, 157 Bond with a Security bound 163 Bond for Goods sold by Candle 192 Booking your Inventory of what is by you 204 Bill of Exchange remitted at Time 206 Bill of Exchange received at sight 208 Bill of Exchange drawn at Time ibid. Bill drawn at Sight 208 Balancing a pair of Books 225 C. Copying of Letters 8 Care in weighing Goods 9 Carmen, to deal with them 10 Customs and Usages in Tare 15 Calling over Weights 16 Cheats in weighing ibid. Copy of an exact Bill of Parcels 27 Clough, what it is 21 Casting up Goods at broken Pence 25 Cocket, what it is 29 Copying of Accounts, etc. 35 Conveniencies in a Compting-House 36 Copy-Book of Letters, how to use it 39 Copy-Book for Factories 42 Commission at 2 per Cent. how to cast it up 45 Commission at any price, how to cast it up 46 Coyy-Book of Accounts of Goods sold 47 Cash-Book, meaning and use of it 69, 70, 71, 72 Custom paid for Goods, what it is 83 Charges on a protested Bill of Exchange 105 Continuation, what it is 129 Cheats in Money lent at Bottomree 141 Cheats in Insurances 149, 150 Contribution, what it is 155, 156 Composition, what it is 159 Court of Conscience, the proceeding of it 183 Commission of Bankrupt, what it is 185 Custom-house Bills, the meaning 197 Commodities forbidden 200 Charges I pay upon Goods of mine that go out 206 Charges of Goods that come in of mine 207 Charges upon Goods for A. B's account out ibid. Cheese sold, part Money, part Time 211 Canvas sold, part Money, part Time, part in other Goods 212 Columns of the Ledger, and the meaning of them 221 charter-party, what it means 226 Charter-Party, the form of one 227 Charter-Party, what to be done with it when made 234 D. Division, the use of it 4 Damage to a Master by a careless Boy 6 Directions in carrying Letters 7 Directions in delivering Goods 11 Dangers in entering Goods 33 Dangers in not writing timely 117 Discompt, what it is 129 Discompt, how it differs from Interest, 129, 130 Discompt, how to Calculate it 131 Directions how to deal with a Man failed 159 Delivering, what it is ibid. Debts received in payment 166 Dividing the Debtors Goods amongst his Creditors 168, 169, 170 Directions about them that owe Money, and must be sued for it 178, 179, 180 Debts you owe several, how to book them 205 Damage allowed a Shopkeeper for Goods 209 Damage for Goods on my Account 209 Damage on Goods when the Account was made up 209 Damage on Goods for another Man 209 Damage on Goods, the Account being sent before 209 Directions in Posting 221 Damage to them do not abide by Award 242 Directions for examining your Books, if they do not balance 247 E. Explaining the making of an Account of Goods sold 56 Errors and bad Debts explained 60 Exchange of Monies, what it is 84, 85 Exchanging moneys, how to manage it 86 Enlish Money to reduce into French 89 Endorsers, what they are 99 Endorsement of a Bill of Exchange, what it is 98 Example of difference in Discompt & Interest 136 Explanation of a Policy of Insurance 151 Exportation, the meaning thereof 197 Explanation of a Journal Parcel 217 Explanation of the Ledger 219 Explanation of Arbitration 237 F. Factory, or Invoice, how to make one 43 Factory, the Copy of one 44 Folio, what it is in a Book 47 Fraight, what it is 81 Factor, what he is, and how qualified 112 Factorage, what it is, instances of it 113 Feathers sold at Time 211 Fair Journal, the use of it 217 G. Goods, how to know what sold, & what rests 58 Goods according to the Appraisement 167 Goods at first cost ibid. Goods bought for my own Account, how to book them 210 Goods bought of 2 or 3 men in one day 210 Goods bought for ready Money 210 Goods bought, part Money, part Time 211 Goods bought with Goods ibid. Goods sold for Money ibid. Goods sent out for my own Account 213 Goods sold beyond Sea by my Factor, how to make him Debtor. 213 Goods sent me for my account in returns 213 Goods sold to a Man that breaks 214, 215 Goods sold, for a Friends Account, to a Man that breaks 215 General Rule to enter any Parcel by 216 H. Houses how to Book them 204 I. Invoice Tear, what it is 15 Interest in its several kinds 117 Interest, how to cast it up exact 119, 120 Interest at 7, 8, 10, etc. per Cent. 122, 123 Increase of Money by Interest 123, 124 Insurance, what it is 142, 143 Insuring Goods outward bound 148 Insurance on Goods bound home 148 Insurance on Lives of Persons 149 Insurance-mony how cast up 153, 154 Importation, the meaning of it 197 Inventory, the nature of it 204 Indenture, the meaning of it 235 K. Knowledge of Goods required in a Merchant 236 L. Letters for marking, how to make them 13 Letters, how to lay them up 36 Letters, how to write them 40 Letters, the form of one 41 Letter of Credit, what it is 105, 107 Loss by Insurance, what must be done 155 Letter of Licence, what it is 173, 174, 175 Legacy received by me, how to book it 207 Linens sent me by a Man to sell 214 Linens sold by me for another Man in barter, for Goods, Money, etc. ibid. Ledger, the use and meaning of it 217 Ledger, the manner of ruling it 218 M. Multiplication, the use of it 4 Mark and Number, what it is 11 Merchant's Duty, as to Marks 12 Measuring Goods 16 Marks, how to make them 13 Maxims about getting in Debts 180, 181 Manufactory, what it is 189 Monopoly, what it is ibid. Money I take up at Interest, to book it 205 Money received for Insurance, to book it 206 Money I lend out at Interest ibid. Money received for Insurance for my Account 206 Money paid for Insurance for another ibid. Money received on a Bill of Exchange, at time 208 Money, reducing one Nations Coin into that of another 242, 243, 244, 245, 246 N. Numbers, what they are 14 Number upon pieces of Goods, what they be 57 Non acceptance of a Bill of Exchange 93 O. Orders given a Factor, nature of them, 112, 113 Ordre Libre, what it is 113, 114 Outlawry, what it is 185 P. Pocket-Book 11 Pages, what they are in a Book 47 Profit and Loss, which is which 59 Petty Expence-Book, what it is 74, 75, 76 Public Notary, what he is 93, 94, 95 Protest of a Bill of Exchange, what it is 96, 97 Persons named in a Bill of Exchange 98 Price allowed Broker for buying or selling 111 Price allowed Factors for buying or selling 113 Power of a Factor to compound a Debt 116 Pawn-Broker, what he is 126, 127 Procuration, what it is 128 Policy of Insurance, what it is 144, 145 Proposals of Men failed in Business 158, 159 Payments to be made with security 161 Personal Security, what it is 162 Procuration, what it is 187 Price-Current, what it is 196 Prohibited Goods, what it means 198 Paying a Man Money, how to book it 205 Posting in the Ledger 221 Pricking of Books, what it is 224 Pricking Books twice over 225 R. Rules necessary in Arithmetic 1 Receipt from the Master, or Pursex of a Ship 30 Receipt-Book, what it is 79, 80 Redrawing a Bill of Exchange, what it is 105 Release, a general Release, what it is 159, 160 Real Security, what it is 164 Rates of Merchandise, or Book of Rates 197 Receiving Money, how to book it 205 S. Substraction, the use of it 3 Sending Goods home when sold 26 Shipping off of Goods 28 Signing, what it is 159 Sealing, what it is 159 Single Security upon Bond, what it is 165 Selling Goods by Lots 191 Seizures, what they mean 199, 201 Smuglers, who they are 201, 202 Smugling, what it is 202 T. Tear, what it is 14 Tares, how to set them down 16 Tret, what it is 23 Tret, how to cast it up ibid. Time given in Bills of Exchange 101 Tally-men, what they are 125 Thoughts fit for a Merchant 236 V. Unlading of Goods 32 Usance, what it is 99, 100 Usurers, what they are 124 Umpire, what he is, and his Work 241 W. Work, the first a Boy is put unto 6 Work in weighing Goods 9 Weigher, the meaning of that Name 10 Weights of Goods to set them down 15 Weight to reduce, Gross into Small 22 Weight Gross, the meaning of it ibid. Ways to attain to be an exact Factor 114, 115 Writing Letters, when necessary 115 Witnesses, what they are 159, 160 Writ from the King's Bench, what it is 185 Way of selling Goods by the Candle 195 Waste-Book, what it is, and how made 202 Wines sold, part Money, part a Bill, part in Logwood, part at Time 212 Advertisement. THat rare Invention of Cake Ink, so convenient for carriage, as well by Land as Sea, already experienced by many thousands in England, and Foreign Parts, to be the blackest, fluentest, and strongest Ink yet invented; and the more desirable, because he that hath the least bit of it in his Pocket, is possessed of the best Ink. Is to be had at Mrs Vernons Coffeehouse, against Vintner's Hall in Thames-street in London; or at Benj. Billingsley at the Printing-Press in Cornhill with directions how to use it. These Books of Account are sold by Benjamin Billingsley, at the Printing-press in Cornhill. 1. Speculum Mercativum: Or, the young Merchant's Glass. Wherein are exact Rules of all Weights, Coins, Measures, Exchanges, and other Matters necessary, used in Commerce: As also variety of Merchant's Accounts, after the Italian way of Debtor and Creditor, in Factorage, Parnership, and Barter; likewise the method of keeping Pursers Books. By John Every at Barnstaple in Devon. In Folio. 2. Creditor and Debtor made easy: Or, A short Instruction for the attaining the right use of Accounts, after the best method used by Merchants, fitted to the Trades and Ways of dealing; in these several capacities; Viz. The Youth, or Young Scholar. The Husbandman, or Farmer. The Country-Gentleman. The Retailing Shopkeeper. The Handicrafts Man. The Merchant. By Stephen Mounteage. In Quarto. 3. Advice to the Women and Maidens of London: Showing that instead of their usual Pastime and Education in Needlework, Lace, and Point-making, it were far more necessary and profitable to apply themselves to the right understanding and practice of the Method of keeping Books of Accounts, whereby either single or married, they may know their Estates, carry on their Trades, and avoid the danger of a helpless and forlorn condition, incident to Widows. With some Essays or Rudiments for young beginners; in twelve Articles. By one of that Sex. In Quart. The Complete Compting-house. YOUTH. I Am a young Lad that have been at School some time, and have gone through most part of Arithmetic, and would willingly be now made fit for a Merchant, either to serve my Time at home, or to go abroad, which my Friends shall think most convenient for me; But I know not what use to make of what I have learned. Master. What Rules have you learned at School. Yo. I have learned Addition. Substraction. Multiplication. Division. The Rule of Three. And Practice. Mr. What use are these Rules put unto, let me know, and begin with the first of them? Yo. The first is Addition, and that teacheth me to see what many several draughts of Weight, lengths of Stuffs, or Sums of Money put together, do amount unto in the whole. Mr. Can you show me any Example of it? Yo. Yes Sir, I believe I can: My Father sent me the other day to take some Stufs with our Man from several Places. I had of our Packer 6 Dyer 19 Presser 17 Drawer 4 46 And in all I brought home 46 Stuffs from those several Places: and when I had them, he ordered me to measure them; And the 6 held 227 yards. 19 1172 17 964 4 142 46 2505 yards. So that I esteem the 46 pieces held 2505 yds. Mr. You are right, and by the same Rule you may give an answer, if you do receive any quantity of Money of several Men, what is received in all: Or if you sell any Goods by Weight, what several Draughts come unto being added up together. But what can you tell me concerning the next Rule which you call Substraction? Yo. I believe Sir I can answer that likewise, for I have been already sent abroad to receive some Moneys, and have been ordered to pay some out again, and I believe what remains is the answer to your question. Mr. You are in the right; But cannot you give me an Instance how you did it? Yo. Yes Sir, I remember, I received of Mr. Web l. 42 16 4 Mr. Long 64 9 3 Mr. Shaw 92 3 4 l. 199 8 11 And my Father ordered me to pay out again to three Men some of the Money, To Mr. Dixe l. 40 00 00 Mr. Jenny 90 00 00 Mr. Cook 10 00 00 l. 140 00 00 And having received l. 199 8 11 d. and paid out l. 140 00 00 d. there remains by me the sum of l. 59 8 11 d. Mr. You are in the right, and so it is done, if he had ordered you to receive Stuffs, Sugars, etc. and to sell out again, or deliver any part of them to any body, to see what remains. But what say you to the next Rule you call Multiplication? Yo. This Rule I imagine saves much time in putting down several Sums, and then adding of them up; for by Multiplication I can see immediately what they come all unto without Addition, if it be but a single Multiplication; for if my Father give me 3 d. for 9 days together, I need not set down 9 times 3 d. but set down 9, and multiply by 3, for 3 times 9 is 27 d. And by this Rule of Multiplication I can tell you many things; As suppose I am sent to School 9 miles from home, and I have been at School 224 times, than I have gone 2016 miles; whereas if I should set down 9 224 times, it would be very tedious and troublesome. Mr. What say you of Division, and what use do you put that unto? Yo. That answers me many Questions; For if I would know how many shillings there is in 100 d. I need only divide 100 by 12, and there comes out 8 s. and 4 d in the Quotient, and is exceeding useful in the working of many Questions; as if there be 21469 Inches, if I divide it by 12, than I know that there are 1789 Foot and 1 Inch; and if I would know how many Yards there are, I do but divide it by 3, and there are 596 Yards and 2 Foot. Mr. This is very true, as I shall explain to you in many things hereafter: And indeed all manner of Questions are answered and wrought by Addition, Substraction, Multiplication, and Division, let them be never so hard and difficult. Yo. Sir, I have often heard of many short Rules that are used by Merchants, which cut off that tedious way of the Rule of Three, but never could do any of them, nor have I ever seen them done. Mr. If you resolve upon learning the Mystery of a Merchant, and that you will seriously bend your Mind unto it, I will endeavour to instruct you in any thing, that is necessary thereunto. Yo. Sir, I return you my hearty thanks for it, and do assure you, I shall not only be very careful in observing your directions, but also very thankful for the same; and hope you will pardon my troubling you with many mean and insignificant Questions, which through my ignorance I shall be forced to ask you. Mr. I shall be very willing to hearken to all your Questions, and to answer them to the best of my skill. Yo. I pray Sir let me know then the Work I shall be put upon, when I come to be an Apprentice, from the lowest unto the highest. Mr. The first Work you will be put unto, and which indeed is the lowest you can be put unto, is the fetching Letters from the Posthouse, and carrying Letters to the Posthouse; in the discharge of which there requires not much skill, but a great deal of Care, Honesty, and Diligence. Yo. Sir, I cannot conceive what great matter this may be to me, for a Porter may carry a Letter, or a Maid, or Footboy; Wherein can my Care, Honesty, or Diligence be discerned in this Matter? Mr. In several respects a Master may be damaged very considerably: If the Servant be not careful and honest, his Letters may be lost, or may miscarry, or may come too late for him to answer his Ends. Yo. I desire you then, Sir, to show me how I shall avoid doing my Master harm in this particular, and how I may discharge myself as I should, and I will endeavour so to do. Mr. You must be sure, when you are sent to carry Letters to the Posthouse, to tell the Letters as you receive them from your Master, and tell them in again to the Post-Office; for if you receive twenty Letters, and lose one of them by the way, that very Letter may undo your Master; and it is as much loss to him if his Letter be thus miscarried, as if you should go on purpose and fling it in the River; therefore be very careful when you receive your Letters, where you put them, and how you carry them, and deliver them to the Post-Office yourself when you come there; trust not to others to give in your Letters, but give them in yourself, and see that the Post-Man take them; have a care that you do not keep back (as too many unjust Rascals do) the Money for those Letters that are to pay; and because you can put it off with a Lie, and think no Body saw you, you will never be found out: Mistake it not, for in eight days, or fifteen days at most, comes news from your Master's Correspondent, That that Letter did never come to his hands, and then is your Roguery found out; and instead of being advanced you are undone, for no Master will keep such a Servant; he that is not faithful in little, shall not be made master of much. When you receive your Letters from the Posthouse, stand not gaping in the Street, or playing with idle Boys, thinking because you have gotten the Letters it is well enough; for a quarter of an hours News beforehand is worth much, and may get or lose your Master many hundred of pounds, by the advice he may receive in the same Letter, of the Rising or Falling of a Commodity beyond the Seas; therefore be very careful in this first Work, for it depends only on Care and Honesty, and will draw your Master's Love to you. I have stopped longer upon this Point than I intended, because many a careful laborious Master is undone by the negligence of a young careless Boy. Yo. Now I see the Evils I must avoid, and the things I must do, I hope I shall follow the Good, and avoid the Bad. But what will be the next Work I shall be put upon? Mr. The next Work you will be put upon, (if you are careful and ingenious) will be, to Copy Letters; and here if you give your mind unto it, you will learn much experience; for by the diligent Copying the Letters, you will (if your Master write a good Hand) mend your Writing, you will be able to understand the Method of a Letter, to write good Sense, and to judge of most things belonging to a Merchant: This you must rather esteem an advantage unto you, than a burden, as some foolish young Men do, and think it long ere the Letter be Copied, and their Work over. Yo. But pray Sir, let me know what you mean by Copying of Letters, for I know not what it means, having never yet seen any thing like it? Mr. Copying of Letters is this; When your Master hath written a Letter, than he gives it you, and you take a Book (he hath only for that purpose) and copy the same words exactly, word for word, as your Master hath written it, except that at the bottom of his Letter, usually put to all Letters, Your humble Servant, T. B. This you leave out. Yo. I am now satisfied in this particular of Copying of Letters, and shall not think my time ill spent if I do copy many, but shall endeavour to learn what I can out of them of the Custom of Merchants, etc. But what is the next Work I may expect? Mr. The next Work you may expect is, To be sent to the Waterside to take the weight of any Goods that are bought or sold by your Master; and herein you must be very careful, for here many Cheats and Inconveniences may be put upon you by several Persons, as Carmen, Porters, Watermen, Weighers, or other Merchant's Men, older than yourself, and longer versed in the way of Trade. Yo. Pray Sir let me know how I can have any Cheat put upon me, or how I may be wronged, and I will endeavour to avoid it, for I would very willingly acquit myself as I ought? Mr. The Work you will be put upon at the Waterside, will be weighing of Goods your Master hath bought: And here you must have an especial eye to him that is the Weigher, for nothing is more common than for him to receive a Bribe, and slip out ½ a C. weight, or ¼ C. to your prejudice more or less. Yo. I know not what you mean by a Weigher. Mr. I will explain it unto you. Suppose you are weighing a parcel of Sugars, there are a Crew (they call them) of Tackle-Porters, they come and bring Scales and Weights; and these Porters carry your Goods from the Warehouse to the Scale, and there one of them is the Man that manages the Weights; and when the Scales are even and ready to be unloaded, comes another of the same Crew, and they two tell out the ½ C. Weights, in which telling they are very apt to mistake; that which you have to do in that respect is, to have an especial eye to the Scale, and not to mind other rambling Objects, for a Master is much wronged by his Servants negligence herein. Another thing you must learn to grapple with, is unruly Carmen: And that you may pretty well do, if you keep in your Pocket, from time to time, an abstract of the Laws for their Regulation, and the same for Watermen upon their unreasonable demands, take but their Names, or Number of the Carmen Carr, and you will find a present alteration in them; nay, if you proceed, you will find good Justice immediately done you, without any charge: Therefore to avoid being cheated by them, be not run down with their damning and swearing Language, nor do you ever make yourself familiar with them; for if you do make yourself familiar they will presently crow over you; therefore always keep such Fellows at a distance from you, and sit not as some do (too often to their Master's prejudice) drinking, etc. with them. Yo. This I will observe: But wherein will my Work consist, and what have I to do at the Waterside if my Master do buy or sell any Goods by weight? Mr. Your Work is to have a small Pocket-Book in your Pocket; and when the Scales are all fixed, then to begin, order the Porters to put the first Draught into the Scale; and then when it is in the Scale, do you look out the Mark and Number of it, and set it down upon your small Paper-Book, or a clean sheet of Paper for that purpose. Yo. I know not what you mean by Mark and Number, I pray Sir explain that unto me. Mr. You must know every Merchant hath his particular Mark belonging to him, by which his Goods anre known from another Man's, sometimes the Letters of his Name, sometimes a Star, a Grape, a Hand, and many things; and herein are most judicious Merchants cautious not of marking with any other Man's Marks but their own, for many Inconveniencies may arise thereupon. Lex Mercat. pag. The Property of the Goods and Merchandise is judged to him by whose Mark they are marked or sealed. Every Merchant is to set down his Mark upon his Books of Account; and he instances several Men that have lost their Goods by marking them with other men's Marks. Indeed the best way for every Man is, To keep his own Mark; and therefore be very cautious how you do meddle with any other, but learn well how to mark, for it is a great grace to see a Man make a good Mark, as well as to write well; and that you may do it, you must learn to make the 24 Letters very plain. A B C D E F G H I K L M N O P Q R S T V W X Y Z. And for Numbers, they are generally begun by the first Parcel of Goods that are sent; The first Hogshead is marked Number 1. the second Nᵒ. 2. the third Nᵒ. 3, etc. and so continue according to the quantities that are sent, and by these Numbers any Hogshead or Cask are known and distinguished one from another. Yo. I desire you would now proceed to let me know what I must do when I have set down the Mark and Number? Mr. When you have set down the Mark the Hogshead is, and the Number it is, than mind your Weight in the Scale, and count it yourself (for fear of the Inconveniencies before mentioned) before you consent to the booking it down. When you have set the Weight down, then look upon the said Cask again, and see what Tare is marked upon it (if any) and set down that even with the Weight. Yo. I know not what you mean by the Tare, pray let me know the meaning of that word. Mr. Tare signifies the weight of the empty Cask or Pack the Goods are made up in, what it weighed before they were packed: for it is not just that he that buys your Goods should pay the same price for Wood, Leather, Canvas, etc. or whatever your Goods are packed in, as for your Goods, therefore there is an allowance upon all Goods for the Tare, for it is impossible to take all Goods out of the Casks to see what the Weight is; and therefore according to the Goods, there are several Customs and Usages amongst Merchants and Traders, as viz. some take the Tare as it is marked upon the several Casks, and that is called Invoice Tare, or Tear according to Factory. Others have that Tear, and 2, 3, to 10 lb upon a Draught or Chest, for Break they call it, over and above Invoice Tear. Others take so much constantly per Hogshead, so much per Butt, so much per Barrel, etc. and this constantly round the Year when once they know the honesty of the packing; but generally all Tobaccoes are constant at so much per Hogshead, according to the wight, if 5 C. so much, if 7 C. so much, if 8 C. so much; but this is in general the meaning of Tare. Yo. But at present knowing this, I should be glad to have your direction how to set them down in my Paper or Pocket-Book, that I may know the right Method. Mr. If you would know the right Method, do it thus: Suppose you have seven Hogsheads of Sugars. C. q. lb. C. q. lb. Nᵒ 1 4 3 17 Tear 0 2 14 2 6 2 14 — 0 3 27 3 6 3 17 — 0 2 16 4 8 1 21 — 0 3 15 5 7 3 14 — 0 3 22 6 5 2 19 — 0 3 27 7 4 3 17 — 0 3 21 Having thus set down your Weights then before you go away from the Scale, be sure to call over your Weights with him that weighs them with you, for there are always two Persons to take the Weights, one for the Buyer, and one for the Seller; compare your Draughts, and if any difficulty arise, be sure to end it before you part, by weighing the same over again, for some may be so roguish, as to put ½ C. or 1 C. more upon a Draught than it weighs, because they think a young raw Lad will not be so patient, or trouble himself to rumage 20 or 30 Casks to weigh that over again, and so a Man is cheated by the negligence of his Servant. When you have thus weighed your Goods, than you may compare them, and so is your Work of that nature ended. If you have Goods to measure, the like care is to be had; but for many Commodities, the City hath taken a sufficient care for their Weights and Measures, (mistakes, which are subject to all Men, only excepted) as for Corn of all sorts, Coals, Hops; etc. [See Customs of City.] Yo. Having thus discharged my trust in Weighing or Measuring, or Meeting Goods below at the Waterside, what may my next Work be? Mr. Your next Work will be in the Countinghouse, or Warehouse, (according as your Mr. Trade lies) to receive Goods in from The Dyers. Drawers. Hot-Pressers. Warehouse-man. Factor, etc. Or from any place that Goods are sent in unto you, or sent from you, you must be very careful and diligent in this respect, so far as you are entrusted, to see that you receive in the quantity of Goods according to the contents of the Bill of Parcels, or Note, that comes with them. Yo. Sir, I do not know what you mean by Bill of Parcels, or Note, pray explain the meaning of it unto me. Mr. You must know, Every Man that sells a parcel of Goods, makes a Bill of Parcels of them, (or at least ought so to do) and the Bill of Parcels ought to contain these several things, viz. 1. The Man's Name that sells the Goods. 2. The Man's Name that buys the Goods. 3. The Date of the Year or Month in which they were sold. 4. The Place where they were sold. 5. The Marks and Numbers of each Piece, Hogshead, Butt, Barrel, Bail, etc. 6. The Weights, or Measures of the Goods. 7. The Price the Goods were sold at. 8. The Sum of Money they came unto. 9 And the Time they were sold at. Yo. Here is much in one of these Bills of Parcels, as you call them; Pray Sir let me know how it is made, and in what Form, for I shall not comprehend it else. Mr. To do it in form, You must take a piece of Paper that is suitable to the quantity of Goods that are to be put down, some more and some less: When you have your Paper, then put it down thus. Supposing your Master hath sold 10 Pieces of Stuffs at one months' time, at 3 s. 8 d. per Yard. Lond. 10 Dec. 1677. Mr. John Pape at 1/ M time. bought of James Dover yards. Stuffs with Satin stripes. No. 1 24 ¾ 2 22 ½ 3 27 ½ 4 22 ¾ 5 28 ¼ 6 27 ¼ 7 22 ¾ 8 24 ¼ 9 27 ½ 10 26 ¾ 254 ¼ at 3 s. 8 d. l. 46 12 3 Thus you see how the Goods are specified in a Bill of Parcels. If they be whole Bags, or Packs, you are to set down the Marks of them. And when these Goods come in to your hands, you must examine the Contents of the Bill against the Goods, and by that means see what you are charged withal, and be very exact to see wherein any difference may be, and note it down; for your Master will be wronged if you receive any thing less than the Bill of Parcels mentions: or if the Bill mentions one sort of Goods, and the Goods prove to be another, you wrong your Master in taking them in. Yo. I have not judgement enough in that particular to judge of the Goods. Mr. Then do you only mind whether the Goods are the same for Number, and be sure at Night, or when your Master comes home, to give him the Bill of Parcels, and he will find it out. Yo. But what shall I do, Sir, if my Master comes to sell any Goods, and bids me make a Bill of Parcels of the Goods: As suppose he hath sold 10 Hogsheads of Tobacco, at 7 d. ½ per pound, then how must I do to make a Bill of Parcels for the same Goods, there being 3 or 4 Hogsheads of one Mark, and 2 or 3 of another? Mr. You must first (as I told you before) weigh them, and then begin your Bill thus. Lond. 16. Jan. 1677. Mr. James Long at 1/ M. bought of James Johnson C. q. lb. C. q. lb. * No. 1 6 3 17 Tear 0 3 17 5 6 2 14 — 1 0 2 7 6 3 19 — 1 1 14 8 7 2 24 — 1 0 7 10 6 3 22 — 0 3 24 16 6 2 27 — 0 2 17 14 7 3 4 — 1 0 4 ◬ 17 6 3 4 — 1 0 9 19 7 2 7 — 0 3 17 GA' 20 9 3 2 — 0 2 27 Gross — 73 3 00 — 9 2 25 Tear — 9 2 26 Net — 64 0 2 Clough — 00 0 10 63 3 20 Yo. Sir, you have already told the meaning of Gross and Tear, but I do not understand what you mean by Clough. Mr. By Clough I understand a Custom that hath been used time out of mind by Merchants and Traders, when they sell any Goods by weight, they allow for every Draught of the Scale, if it be but _____ lb, but 1 lb; but if it be more than _____ lb, than 2 lb upon every Draught of the Scale; and this is, because the Weight should hold out again when it is re-weighed. Yo. What have I then to do next, seeing I have put down the Gross Weight, the Tare, and the Clough? Mr. Your next Work is, to bring all this Gross Weight into small Pounds. Yo. Pray what difference is there in the Pounds, why one are called Gross and the other sort Small, are these Pounds smaller in the quantity? Mr. For matter of the Pounds they are all one, and have 16 Ounces to each Pound. The Gross are called so, because they are set down in C. q. and lb. and these are called Great Hundreds, because there is 112 lb to the Hundred, 56 lb to the ½ Hundred, and 28 lb to the ¼ of a Hundred; whereas the other, the Small Pounds, which are called Subtle Pounds, are so, because the Hundred of them is only 100 lb, the ½ Hundred 50, and the ¼ 25 lb. Yo. How shall I bring these Great Hundreds into such Subtle Pounds? Mr. With great ease, only by multiplying of it; and observe to do it thus. C. q. lb. 1. Set down the Sum— 63 3 20 2. Set down 4 under the C. 4 3. Draw a Line, and multiply the 63 by the 4, taking in the odd quarters— 255 28 2040 4. Then put down 28, and multiply by that, adding the Pounds— 512 7160 lb. Hear you find 7160 lb; these are small or Subtle Pounds. Yo. What must I do now, cast these pounds up at 7 d. ½ per lb? Mr. No, if you sell them to a Freeman of the City of London, you must allow him Trett. Yo. Trett is a thing I never heard of yet, pray Sir let me know what it means? Mr. Trett is a Gift that is given by the Seller, only to Freemen of London, of 4 lb in every 104 lb; not 104 lb for 100 lb, you may easily mistake so, but 4 lb for every 104 lb; and this must be deducted before you cast up your Goods, unless you make your Bargain not to give Trett. Yo. Pray Sir let me know how I shall cast up this Trett, for it seems very difficult to me: if it were 4 for 100 it were very easy, but I cannot so well comprehend this; how must I do it? Mr. You will find it very easy; and generally that which seems to be hardest, is most easy to bring to pass: for if you rightly consider it, you will find it very plain; and to make it appear so unto you, there are but two things to be done. 1. Set down the Pounds 7160 lb. 2. Divide them by 26, and what remains is the Trett, which you must deduct; and then the Remainder is the clear Weight you must cast up. As for Example. Now seeing you know what the Trett is, proceed to take it out as above. Thus you see what you must cast up; these are the Pounds, 6884 ½, at 7 d. ½. Yo. Pray Sir how must I cast up this, must I do it by the Rule of Three, and say, if 1 lb cost 7 d ½, what shall 6884 ½ cost? Mr. No, you shall not need to do that, for that way is exceeding tedious, only observe these Rules. 1. Set down your Pounds of Tobacco. 2. Set down your price of 7 d ½. 3. Set down a Line under it. 4. Multiply the Pounds by the Pence. 5. See what part of a Penny ½ d is. 6. Take that part out of the Pounds of Tobacco. 7. See what odd weight there is, take it out of 7 ½. 8. Add up all together. 9 Divide by 12. 10. Cut off your last Right-hand figure, and halve the rest, which is dividing by 20, but shorter. Example. Thus you see it is presently done, and is not the tenth part so long and difficult, as if it were done by the Rule of Three. Yo. Now having done this, and made the Bill of Parcels, What must next be done? Mr. You must, if the Goods be heavy, send them home by a Porter, Carman, or Waterman; and having booked this Bill of Parcels, letter for letter as you made it, you must send it with the Goods; and you must, to that Wast-Book where you put the Bill of Parcels, set your Name, or the men's Names that delivered them. Yo. Why must any Names be put to the Wast-Book? Mr. Because if the Party that bought the Goods (as too often it falls out) doth deny the Goods, or any part of them, than you can upon Oath testify the delivery of them, and the Contents of the Bill of Parcels. Yo. But now the Bill of Parcels is completely finished, Pray Sir let me see how it will look, that I may observe it. Mr. For your satisfaction I will set it down exactly; and when you come to make any Bill of Parcels, than you may observe the Places and Method how every thing should stand. Example. Lond. 16. Jan. 1676. Mr. James Long bought of James Johnson at 1/ M. C. q. lb. C. q. lb. No. 1 6 3 17 Tear 0 3 17 5 6 2 12 — 1 0 2 7 6 3 24 — 1 1 14 8 7 2 14 — 1 0 7 10 6 3 22 — 0 3 24 16 6 2 27 — 0 2 17 14 7 3 4 — 1 0 4 ◬ 17 6 3 4 — 1 0 9 19 7 2 7 — 0 3 17 G A 20 9 3 2 — 0 2 27 Gross — 73 3 00 — 9 2 20 Tare — 9 2 20 Net — 64 0 2 Clough — 0 0 10 63 3 22 Makes 7160 lb. Trett — 275 ½. 6884 ½ lb. at 7 d ½. l. 215 2 9 ¾. Yo. Well Sir, this I am fully satisfied in, and shall endeavour to be complete in it: What is the next thing that may be expected of me in my beginning to serve my Master? Mr. The next thing required of you may be, To ship off Goods, or to unlade Goods, if you are with a Merchant; and herein your Work may change and vary much, according to the Trade your Master may be of, and according as the Customs and Usages may change from time to time at the Customhouse; but for your Instruction, I shall observe some general Rules you cannot well be without. Yo. I shall be very glad to hear of them, for I have been already sent to the Custom-house, and I find much difficulty in it, especially in the shipping off of Goods, therefore I desire you to let me know how I must behave myself in that respect, and with whom I am likely to have to do, for to morrow I shall have ten Bayls of Cloth to ship off for Hamburgh. Mr. Your Cloth being ready packed, you are to go to the Custom-house and carry the true Contents of the Goods, and there you are to enter them according to the usual manner, for many times their Methods change; but going thither by 9 a Clock, and carrying the true Contents of your Goods, and giving in the same to the Clerks appointed; there is such care taken of Merchants, that from Man to Man the Clerks dispatch you; and having found out the first, he directs you to the second, and then he to the third, and so forward until you have the Commissioners (or Farmers) Hands, and the Office Seal; and this with such order, that it is not imaginable for any Man, for any reason whatever, to be put besides his Turn, but every Man served in due order as his Business comes to hand. And no Clerk will demand more than his just Deuce; if he doth, there is good Justice against him immediately, by complaining to the Commissioners (or Farmers) for the time being. Having thus gotten a Cocket (which is a small piece of Parchment testifying the payment of the Customs and all Duties for such and such Goods) you fetch your Goods from the Packers, and having put on your Mark and Numbers, than you set the same Mark and Numbers on the back of your Cocket, mentioning the true Contents of each Bail; this you must give to the Searcher, with his Fee, what he demands; and pay the Wharfage and Portrage of your Goods, and so ship them in Boat, Lighter, or Ship, as you are directed; and order him that carries them, to bring you (before you pay him) a Receipt from the Master, his Mate, or Purser, of the receiving the said Goods; in words to this effect. Received the 10th of Deceb. 1678, on board the Good Ship William and John, 10 bail, marked and numbered as underneath. . No 1. 2. 3. 4. 5. 6. 7. 8. 9 10. In doing of all this, you will not meet with much trouble if you take your time before you; your chiefest vexation is with Carmen and Porters, of whom you may presently be righted, if you do proceed as (in Fol. 10.) I have given directions. Yo. When I have this Note, or Receipt, from on board the Ship, what must I do with it? This I suppose is only to justify the Waterman's delivering the Goods, What must I have to show for my Goods beyond the Seas, in case the Master denies them? Mr. You must, as soon as you have this Note, go and find out the Master of the Ship, and cause him to sign you a Bill of Lading. Yo. I know not what you mean by a Bill of Lading, pray Sir explain that unto me, and how I may get it done. Mr. A Bill of Lading, is an acknowledgement from the Master for your Goods, with a promise to deliver them at the place he is Bound for, etc. But for your better satisfaction, here are the words of a Bill of Lading exactly. SHipped by the Grace of God, in good order and well-conditioned by you _____ in and upon the good Ship called the _____ whereof is Master, under God, for this present Voyage _____ and now riding at Anchor in _____ and by God's Grace bound for _____ To say _____ being Marked & Numbered as in the Margin; and are to be delivered in . 1. like good order, and well-condition-ed, at the aforesaid Port of _____ (the danger of the Sea only excepted) unto Mr. _____ or to his Assigns, he or they paying for the said Goods _____ with Primage and Avarage, as is accustomed. In witness whereof, the Master or Purser of the said Ship hath affirmed to three Bills of Lading, all of this Tenor and Date; the one of which three Bills being accomplished, the other two to stand void. And so God send the good Ship to her desired Port in safety. Amen. Dated in _____ London, etc. This Bill of Lading the Master must set his Name unto, and keep one of them himself, and leave the other two with you. One of them you must send away to your Correspondent, the other you must File up in your Compting-house. Yo. But now for Goods that come into the Nation, how must I do at the Custom-house with them? Mr. You must, as near you can, by your Letters and Factories, guess at what quantity of Goods you have, and then go down to the Custom-house and carry Money; and when you have found out the first Clerk, he will, as before, send you from Man to Man until your Business be completed; and having paid your Money in the Morning, if you go to the Ship in the Afternoon, you will find there a Warrant for the delivering your Goods unto you. Yo. Wherefore then do Men say, That there is much damage to be gotten by going to the Custom-house, and many a young Man is ruined thereby; therefore I pray Sir, tell me what I must do to avoid this danger. Mr. Certain it is, That there is much damage to be gotten by going to the Custom-house, and many a Man is ruined thereby; and there are several ways to ruin a Man, if he hath not an especial eye over his Actions there. For Example. 1. There is opportunity, the Master cannot judge of the Servants time here so well as at another place, for sometimes his Business may be dispatched in half an hour, that at another time cannot be dispatched in two hours; and here the Servant, although he tarries two or three hours cannot be blamed. But then the misery is, there is a parcel of poor Fellows that hang about the Custom-house, that for 6 d. or 1 s. will take your Note and Money; and whilst the Servant sits in an Alehouse, will do his Work herein. Although the Master is not dammaged, (his Work being done) yet the Servant gets idle Haunts, and comes acquainted with idle Company, and is many times (by this acquaintance) drawn into such Inconveniencies that is not to be imagined. Another Injury he is liable unto, is, That many times by such Fellows means Business is not quite gone through with, or they meet many times with disappointments, and then both Servant and Master too are injured. Again, the Servant having command of Monies, is tempted to be spending that which is not his own; and if so, than he is forced to make it up again by many unlawful ways; as entering Goods short, or entering one Commodity for another, and many little pilfering things that are not minded by them, because they pass many times undiscovered; and sometimes again are found out, and then it is too late, or else they to patch up that (as the Tinker) make another Hole far greater, which is not yet perceivable, but in short time after makes the Remedy then used worse than the Disease. It hath been observed for many years, that Merchant's Men have gained the most of their Ill-habits, by the loss of their time in such kind of Company. Besides, there are several things in which they are much outwitted by reason of their ignorance, by Land-Waiters, Tydes-Men, etc. And therefore you are to have an especial care of being tempted to enter Goods too short, or of landing Goods before the Customs be duly paid; for there are many crafty Blades will endeavour to persuade you, there is no danger in it; and you being young will think so, until you are caught; which thing brings many a sober Lad into much trouble, and his Master to great damage. Yo. But now, Sir, having been in this manner taught what I am to do at the Waterside, etc. in shipping or unlading Goods, I desire you to return again to the Compting-house, and show me what I shall be employed in next. Mr. The next thing your Master may find you fit for, may be for copying of Accounts, or Factories, into his Books, before the Originals go away. Yo. Before I go any further, I desire you, Sir, to let me know what is requisite to the making up a Complete Compting-house; for by that means I shall be the better able to remember my Work when I know what Tools I shall work withal. And therefore I desire to know the Nature, and all the Materials, as well Books as Papers, etc. that belong to a Compting-house. Mr. As to a Compting-house, almost so many Merchants, so many Minds, or Fashions: but although they differ in trivial Things, yet in the substantial Things they do not disagree much. In a well-governed Compting-house there must be these following Things, Viz. 1. A good handsome large Room, lightsome and pleasant, about ten or twelve foot square: there being nothing more agreeable to a Merchant that minds his business than room; for there's no pleasure in being squeezed up to a narrow place where much business is to be done. 2. There must be two convenient Tables, one for the Master, another for the Man, or Servant, either made shelving as Desks, or else flat, which you are best used to. 3. There must be convenient places for your Letters you receive, and herein Men differ much: some are for folding up their Letters, and endorsing on the backsides from whence they come, when received, and when answered, and then putting them up in square Boxes for that purpose, like Pigeon-holes, before them: And others are for having so many Files, as they have Places they receive Letters from, and file them up as soon as they are answered. Yo. Which way will you advise me then to take of the two? Mr. Truly of the two I think filing them up is the best; for there you turn to the Letter in a minute, and find out the Passage, without having the trouble of folding or unfolding Letters to look for what you have occasion, but have recourse to them immediately, and so hang them up again: but whether they are folded or filled, they must be both ways taken down at the Years end, and put up in a large Box for that purpose; and than you may have recourse unto them when you please, to view any thing as you have occasion; with the Date of the Year upon the Box. 4. The like may be done by your Bills of Exchange, or Recepts for Money; or any other odd Papers, too tedious here to set down. Yo. How often must I file up or fold up these Letters? Mr. As often as your Time will permit you; At the going away of each Post is the best time, for then all your Letters are answered, and you have nothing else to do with them. 5. The next thing you are to have, is to be provided with useful Books for your Compting-house, such as are necessary for you, and they are, 1. A Copy-Book of Letters, to copy out all the Letters that are sent out, word for word. 2. A Book wherein you copy out each Factory, or Account, that comes to your hands from beyond the Seas, of Goods sent your Master. 3. A Book to copy out all the Factories your Master sends out of England. 4. A Bill-Book, to see what Bills you have to pay, and what to receive; this is called a Month-Book. 5. A small Book wherein you note all the Orders that are given you for the buying or selling of Goods. 6. A Book wherein (if you have much Commission-Business) you put all the Goods you are to receive on board any Ships that comes for England, or any other place where you live, that you need not run to the Letters. 7. A Cash-Book. 8. A Book of petty Expenses. 9 A Receipt-Book. 10. A Waste-Book. 11. A Journal. 12. A Ledger. 13. A Street-Book. 14. A File of Waste-Papers. Yo. Methinks, Sir, here are many Books; and I have often heard say, The fewer Books the better. Mr. The fewer Books the better indeed: but one that will be a true and exact Merchant, must not have any of these abated to his Compting-house. 'Tis true, some Men are great Traders, and keep all their Business in 1 Book; and it is as true, that many an Oyster-Woman drives a continual Trade, and keeps no Books at all. If you will be a Merchant, you must act as a Merchant; and really I cannot see how any of them can well be abated. Yo. What else must I have to make my Countinghouse complete, for I would fain be exact in that Matter? Mr. You must have Ruler, Pens, Ink, Paper, Seal, Penknife, etc. and such odd Trifles not worth the naming. Yo. Then Sir, if you please, I would willingly proceed, and desire you to tell me what use I must make of these Books, how they are to be ruled, and to explain it so to me, as that I may not be to seek in any thing; or if my Master should not put things in a right Method, that I may be able to do it as it should be: for my Master hath much business, and not at leisure to do things with that exactness they repuire. Therefore I desire you, Sir, to let me know what use every Book is put unto, and to begin with the first, the Copy-Book. Mr. To begin with the Copy-Book. You are to have a large Book in Folio unruled, and herein you are to copy every word verbatim, as I told you page 9 that your Master writes. Yo. But suppose, Sir, my Master never saw the exact way of a Merchant's writing Letters, must I follow his Rule? Pray, let me know how I may discern between Good and Bad, and whether my Master is in the right or wrong way. Mr. To distinguish betwixt Good and Bad; you must know that there are several things to be observed in writing a Letter, and in placing every thing in its proper place, and like a Merchant. 1. You must mention his Name you write unto. 2. You must mention the place you write from. 3. You must mention the Date you write. 4. You must mention the Title you put on him you write unto. 5. You must mention when you writ last to him, or when you received the last Letter from him. 6. You must answer every thing that your Friend desires to know; or you must give him a punctual account of every thing you desire to have of him. 7. Then must you conclude with your own Name. 8. And at the bottom his Title again. 9 The price of the Exchange. Yo. This, Sir, I do pretty well comprehend; but yet I should understand it far better if you would let me see an Example before me, of a Letter written upon any Trading account, wherein there is mention made of somewhat received, and somewhat sent forth, by which I may better judge then now in this description you have made me, and I will gladly follow it. Mr. That I will do: and here observe then what follows. Lond. 3d. May, 1677. Mr. Sam. Shaw. Sir, YOurs of 27th past I received, and perceive you have loaded on board the William and James, for this place, 40 Hogsheads of Sugars. When they come to hand, I shall do for you as for myself, in the disposal thereof. I have (according to your former order) shipped aboard the Simon, your 10 Bayls of Cloth, amounting, as by the Invoice enclosed, to the sum of l. 117 10 4ds. The Bills of Lading you shall have by the next Post: In the interim, I am, SIR, Your humble Servant, J. Johnson. Paris 54 d. ¼ usually. But your own Reason must be the best guide you can have, for none can so well judge as yourself. You must answer always fully, and yet as pithy and concise as may be; and be sure omit nothing material. As for Compliments, Merchants are wiser Men than to lose their time in making of them; and therefore be not studious of that, but rather to know the just prices of Goods, etc. Yo. Having thus Understood from you, Sir, what belongs to me as I am a Copier of Letters, pray let me know at present what belongs to the next Book that you call a Copy-Book of Goods you send outwards. Mr. This Book is made of good middling Paper, and is ruled with a large Margin, with pounds, shillings, and pence, in this manner. The manner of using this Factory-Book is thus: As soon as you have any Factory, or Invoice of Goods, for any Friend beyond the Seas, go you immediately and enter the Factory and Contents of it, word for word as it stands. Yo. I cannot tell what you mean by Factory, or Invoice; I desire you would explain that to me, and how it's made. Mr. To the making an Invoice, there is required several things. 1. The Name Factory, or Invoice. 2. The quantity of Goods, being Butts, Packs, etc. 3. The Person whose Account they are for. 4. The Ships Name they are laden upon. 5. The place they are bound for. 6. The particulars of Pieces, Weights, Measures, etc. 7. The Price bought at. 8. The Charges on them, until shipped. 9 The Provision. 10. The Date. Yo. Suppose my Master hath sent a Man at Rouen 10 Packs of Calve-Skins; how will the Factory stand? Mr. Observe to set it thus, and it will be well. Factory of 10 Packs of Calve-Skins, for account of Mr. Will. P. of Rouen, shipped for his Account and Risque, on board the Samuel, John Hunter Master, Marked and Numbered as in the Margin. Nᵒ. 1. to 10. No 1 5 does. 160 lb 2 5— 172 3 5— 161 4 5— 176 5 5— 189 6 5— 172 7 5— 174 8 5— 182 9 5— 173 10 5— 184 50— 1754 lb at 1 s.— l. 87 14 00 Custom 7 10 7 10 0 Petty Charges 0 14 6 Packing, etc. 1 7 2 9 11 08 For my Commission of l. 97: 5: 8. at 2 per C. 1 18 10 Lond. 16. May 1677. l. 99 04 6d J. Johnson. Yo. This I understand perfectly, and shall observe: But there is one thing in it I know not how to do but by the Rule of Three, which is very tedious. Mr. What is that? Yo. It is the Commission at 2 per Cent. how must I do that? Mr. You must, 1. Take out your sum of Money that the Goods amount unto, thus. 2. Having taken it so, multiply it by 2, for the 2 per Cent. 3. Then must you cut off the 2 last right-hand figures of the Pounds; and then 4. Multiply them by 20, and take in the 11 shillings. 5. Multiply by 12 d. and take in the 4 d. And having still cut off the two outside Figures. 6. Continue by 4 to multiply, and you will find the sum will be Example. And observing this, it will always give you a just and short account of your Question. And the same may be done, if it be for 3, 4, 5, 6, 10, per Cent. or what you please; only observe this, that if it be but at 1 per Cent. you are not to multiply any thing at all, only to cut off the two last figures, and work the Work exact as you have done this, when you multiplied it by 2; and this will answer your end. Yo. And is this all that's to be done in the Factory, or Invoice-Book? Mr. Yes; having made this true Factory, or Invoice, then to set it in the Factory-Book word for word, except the Name at the bottom, J. Johnson, that you need not put, because the Book itself implies that. Yo. What may I then do with the other side of this Book? Mr. Proceed and make the next Factory you have upon it; for here is not any account of Debtor and Creditor: This Factory-Book is paged, and not folioed. Yo. I know not what you mean by Pages and Folio's; pray explain that unto me. Mr. By Page, is the putting a set Number from one side to the other on every side, as Number 1, 2, 3, etc. But to Folio a Book, is to put the Folio, Number 1, upon the left side, and the like upon the right side; so that a Book of 50 Leaves reaches but to Number 50: but when a Book of 50 Leaves is paged, it goes to Number 100 Yo. What must I understand by the next Book, that you call a Book wherein you put the Copies of all Goods that come to you, to sell for other men's Accounts as well as for your own Account; and how must I use it? Mr. This Book may be made equal to the bigness of the Factory-Book, and it may be ruled in the same manner. But instead of being paged, it must be folioed from Folio 1 to the end. Yo. When it is Folio, what must I then do with it? Mr. You must open it, and on the lefthand side, you must begin and observe these things. 1. To set down the Place the Factory is from that you are going to Book. 2. You must rehearse as much as will be convenient of the Title of the Factory. 3. You must set down the Particulars. 4. You must set down the Marks and Numbers of the Casks. 5. You must set down the Total. 6. You must bring it into English Money, if for your own Account. 7. You must put down the English Charges that are laid out upon it. Yo. What do you mean by the sixth thing, of bringing it into English Money? Mr. By bringing it into English Money, I mean, the working of it from the Coins of any place where the Factory comes from, into that of England where you live; but that I shall show you when I come further to the teaching you how to Calculate Exchanges. Yo. But what do you mean then, Sir, by putting down the English Charges? What do you mean by English Charges? Mr. By English Charges, I mean, these following, Viz. 1. Fraight to the Master of the Ship. 2. Custom and Petty-Charges. 3. Unlading the Goods, Porters, Wharfage, Lighterage, Boatage, Cellarage, Carmen, etc. or whatever is laid out for the Goods, until they are safe in your Warehouse, or in your Cellar, and afterwards Brokerage and Provision. Yo. Then, pray Sir, be pleased to show me how an Account of the Sale of Goods looks when put into a good Form. 1676. Silks for my Account of the sending of A. P. Merchant of Paris, received from on board the James, William Jameson Mr. from Rouen. P. C. Nᵒ 1. Nᵒ. 125 aun. 24 ¼— 126 aun. 27 ¼— 127 aun. 27 ½— 164 aun. 26 ¼— 172 aun. 24 ¼— 186 aun. 22 ½— 174 aun. 22 ¼— 182 aun. 27 ½— 194 aun. 26 ¾— 174 aun. 24 ½— 253 0 aun. at 60 s. 759 — — For Packing, etc.— 17 6 5 For Carriage— 1 13 5 For Provision at 2 per Cent.— 15 11 2 l. 793 11 0 For l. 793: 11: makes at 56 d. l. 61 14 4 For Custom and Charges— l. 9 11 3 For Carmen, etc.— — 19 4 Profit carried to profit & loss- l. 30 8 10 l. 102 13 9 1676. Cr. May 7. Sold George Crab 1/ M. No. 172 24 ½ 174 22 ¼ 164 26 ¼ 186 22 ½ 95 ½ at 6 s.— l. 28 13 — Nᵒ. 126 27 ¼ 127 27 ½ 124 24 ¼ 79 at 6 s. 3 d.— l. 12 16 09 May 1. Sold to John Green 1/ M. No. 174 22 ¼ 182 27 ½ 194 26 ¾ 79 ½ at 16 s. 61 04 — l. 102 13 09 1676. Silks for Account of Anthony Pelelyer, received from Paris by Dover and Callais, Marked and Numbered as in Margin. A. P. Nᵒ 22 ½ Nᵒ. B. — 123 22 ¼ — 124 23 ¾ — 125 24 ● — 126 24 ½ — 127 25 ¼ — 128 26 ¾ — 129 27 ¼ — 130 22 ½ — 131 22 ½ Fraight paid at Dover— l. — 16 4 Custom and Charges— l. 9 4 8 Carriage to London, etc.— — 17 4 For several odd Pence abated— — 3 8 * For my Commission at 2 per C. 1 10 7 l. 12 12 7 * For Brokerage of l. 42: 12: 3. at ½ per Cent. — 4 3 l. 12 16 10 For the Neat proceed (Errors and bad Debts excepted) carried to the Credit of his Account Currant— 63 13 11 l. 76 10 9 1676 May 3. Sold James Web, at 1/ M. No. 126 24 ½ 129 27 ¼ 121 22 ½ 123 22 ¼ 127 25 ¼ 121 ¾ at 7 s. 42 12 3 June 13. Sold James Long 1/ M. No. 122 22 ½ 124 23 ¾ 125 24 0 128 26 ¾ 97 at 8 s. 23 16 00 Nᵒ. 130 22 ½ at 9 s. 10 2 6 l. 76 10 9 Scent this Acc balanced to A. P. Lond. 17 July, 1676. J. Johnson. Mr. Thus you see the Examples of two Accounts in this Book; the one is where Goods are for your Account, and the other is for your Friend's Account: and here you may observe much variety and pleasure, for you can immediately see by this Book what is wanting in any Parcel of Goods that is to be sold, etc. Yo. Pray Sir explain to me a little more at large the meaning of these two Accounts; I do understand some things of them, and something I do not. Mr. What is it you do understand of them? Yo. I understand most of the left side, etc. 1. The Title. 2. The Place they came from. 3. The Particulars. 4. The Marks and Numbers of the Cask. 5. The Charges upon them, and then the Additions of each side, and the Provision at 2 per Cent. more or less that is to be taken. The things I do not understand, are the Figures before each Contents of Yards and els what they mean; and then the (—) Strokes against those Figures, and the thing you call Brokerage, with the Explication of all the right-hand side, for I know it not. Mr. For the first thing which you say you do not understand, which are the Figures, Nᵒ. 124, just before 24 els ¼, that Nᵒ. 124, and the Figures following in the same place are the Numbers of each Piece. Mr. What do you mean by Numbers, and of what use are they, and what is their Intent? Mr. Every Man that makes Goods hath his Number to begin: As suppose a Fabriquer of Silks, Stuffs, etc. do begin to make Silks or Stuffs, he doth put upon the first Piece Nᵒ. 1. and the length; the next Piece Nᵒ. 2. and the length; and so to the last Piece that he makes of any Goods. I have known some Fabriquants at Lions make Goods until they come to the Number of 35000 and odd. The use of the said Numbers are, When any Man hath occasion to find out any defect in the making any Piece, or any manner of want in any Piece of the true Measure; than you have reference to the Number, and that gives you light into it; or it shows you the Weaver that made it, or the Man that Callendred it: Or if a Piece be lost, or stolen, it tells you which it is; and many other things very necessary. Yo. What did you mean then by that which you called Marks and Numbers in the Margin? Mr. The Marks and Numbers in the Margin are only in reference to the particular Pack or Barrel, and not to the several Pieces, or smaller Boxes or Parcels that are contained in it. Yo. Well; What mean you by the (—) Struck that is before each Piece, or Number? Mr. This: it is a sign to me, when I open my Books, that there are some of my Goods sold, and some are unsold. For Example. If this be the Number 124: 24: ¼, and it be unsold, it remains as it is; but if it be sold, then is the Number 124: 24: ¼, thus set down,— 124: 24: ¼. Some do thus 124: 24: ¼— which way of these you please; but they that are so marked, are those that are sold, and the other not sold; so that you satisfy your curiosity in a moment, and see what is, and what is not sold. For Brokerage, I shall explain it unto you in its due and proper place. But for the Right side of either of these Accounts, there you set down the Month you sold the Goods, the Day you sold them, the Man you sold them to, and the Time that you sold them for, as you see in the first of the Accounts. May 2. Sold to George Crab at 1/ M. Then do you set down the Numbers and length of each Piece, with the Price you sold them for; and at the end of each Price, cast up the Sum of Money it comes unto, and put it in the Margin, as the Piece in the second Account, Nᵒ. 130: 22: ½ at 9 s.— l. 10: 2: 6: And having so put down all the Right side, see what it comes unto, and take your Provision out at 2 per Cent. and add that as in the second Account to the Left side, and add up both sides, and add up the same sides; and what is wanting on either side, is Profit or Loss. Yo. But how shall I know which is Profit, and which is Loss? Mr. When the Right-hand side, where the Sale of the Goods are, amounts to more than the Lefthand side; by so much as it is more, so much the Profit is, as in the first Account; the Profit is l. 30: 8: 10 d. but where the Lefthand side is more than the Right-hand side, there it is so much Loss. This is when it is for your own Account. Yo. But what must I do when the Goods are for another Man's Account? As for Example; The second Account, How must I do that? Mr. In the second Account you see that the Right-hand side comes unto l. 76: 10: 9d. so much the Goods were sold for; and the Lefthand side was but l. 12: 16: 10 d. So the Balance is l. 63: 13: 11. which must be carried to the Credit of your Friend, Mr. Anthony Pelelyer that sent you the Goods; and if there had proved loss, as that the Goods should not have yielded their Charges, (as sometimes it doth happen) than you must carry the Balance to his Debit. Yo. What mean you by that word Ballance, I do not understand it? Mr. By the word Balance I do understand, That if the Credit side be l. 76: 10: 9d, and the Debit side l. 12: 16: 10d, than the Balance is just so much Money as will make this l. 12: 16: 10d. l. 76: 10: 9d. because then both sides (like a just Balance) are even l. 79: 10: 9d. and this is the meaning of the word Ballance. Yo. Now, Sir, pray let me know what you mean by those words (Errors and bad Debts excepted) that are thus in a Parenthesis? Mr. These words are always expressed when Goods are sold for another Man's Account, as this second Account is, where there is l. 63: 13: 11 d. carried to his Credit. But now if any Error should be made, and it appear afterwards that there is but l. 53: 13: 11 d. or any manner of mistake, it must be allowed on the one side or the other: Or suppose that this James Web Break, whatever is lost by him, must be carried to the Debit. of Mr. Pelelyer, for whose Account the Goods were sold; or whatever loss happens of those Goods to any other Person unto whom you sell them; and this is the meaning of that expression, Errors, and bad Debts excepted. If any mistake in Account, or any bad Debts, the Party must be made Debtor for it. And thus I have showed you the use of the third Book, called a Copy-Book of Accounts of Goods you sell for any Man. Now some, according to their quantity of Business and Trade, will put both these Books into one; and that may be done with ease; the difficulty is only in the Paging some Leaves, and Foljoing of others. Yo. Pray Sir proceed to the next, which you call a Bill-Book, and tell me what that is. Mr. This Book is very useful for those that Trade much in Exchange: because here they can immediately go and cast an Eye upon it, and see what Bills they have to receive, and what to pay each day of the Month, and never have the trouble of looking over the Bills themselves. Yo. I desire you would please to give me an Instance of this, by showing me the use of the said Book, as you have done of the former three Books. Mr. For the use of it, Provide yourself a Book of middling Paper, ruled, Pounds, Shillings, and Pence. 1676. January to Receive. l. 4 Of Sim. Web 400 Cr. at 54 d. Per Cr. Bill— 90 — — 19 Of John Shaw from Exon. D. 5. Bill— 150 — — 23 Of James Web from Bristol, P. 5. Bill— 100 — — 27 Of Peter Short from Amsterdam, S. W. Bill— 125 — — 1676. January to Pay l. 7 To David le Mew 150 Cr. at 56 d. AP. Bill— 35 — — 17 To David Perin. 170 Cr. at 54 d. CD. Bill— 38 5 — 24 To Pr. Lawson, H. Baudens Bill— 170 — — 29 To James Dockininé Goods— 60 — — The Explication or meaning of this Book is this: 1. The Book is ruled with a usual Margin, and with Pounds, Shillings, and Pence. 2. Your Book is Folioed and not Paged. 3. Your 12 Folio's are for the 12 Months of the Year, beginning the first Folio, January to Receive, January to Pay; and so forward to December. 4. You put down the Date that your Bill of Exchange falls due the last day of the Bill. 5. You put down as much of the Body of the Bill as you can in one Line; that is to say, from whence it was drawn, and who sent it you, and in the Margin the Sum of Money it comes unto. 6. For Goods (if you have sold any that you are to receive your Money for) set it down here, and by that means you will know all you are to receive each Month, and the like you are to pay each Month; and this will be a very great ease to you in your Business; because here, if you intent to be a Man of Reputation, you will see when you are to receive any Money particularly. Yo. Now, Sir, what is the next Book you treat of, which you call a Book to note all the Orders of Buying and Selling? Mr. This Book is not now in use by many Merchants: but if you will weigh your own Reason, you will find it to be a Book exceeding useful. Example. Suppose you receive 4 or 5 Letters in a Post, (some Men receive 20, 30, or 40) and those Letters brings every one of them an Order for Goods, some more, some less, to be bought for them; Would you run to every one of these Letters to see what it orders? No; have your Order all writ out as soon as your Letters are read; and when you have effected them, then draw a Line cross each Order, or mark what is effected, and what not, and so you will never burden your Memory. Yo. What kind of Book must this be, and how must it be ruled? Mr. This Book must be according to the quantity of Business you are like to have, some more, and some less; and if any thing considerable, than a good middling sort of Paper in Quarto, or else a good large Octavo, but it must not be ruled. Yo. Pray, Sir, let me see one Example of it. Suppose this Day my Master's Letters are come to hand, and there is an Order for buying some Goods for a Man at Paris, How must I set it down here? Mr. To make a Memorandum, set it thus. Paris' 24th April, 1677. Out of Anthony Peloone's Letters. AN Order for 124 dozen of Calve-Skins, from 40 to 48 lb per dozen; to be packed in 10 Packs, and shipped for Rouen, consigned to T. L. G. marked with his Mark; not to exceed 14 d. per lb. 200 pair of Hose, at 3 s. 2 d. per Pair, of Brown's making of Wells. This is the nature of putting what you find ordered you in each Letter: and when it is done, Examine it against the Letter to see if it be right, and it will prove of much ease to your Mind. Yo. What mean you by the sixth Book, for setting down Goods you expect from Friends? Mr. This Book is much of the same nature with the other; and for the right use of it, you are to examine your Letters as soon as they come in, and see what Goods are consigned your Master, and take out the Sum of the Letter into the Memorandum Book, either from the Letter, or from the Bills of Lading, one of the two: But it is very ill trusting to a Bill of Lading, for Accidents do daily happen, and I have known much damage by trusting to a Bill of Lading. Therefore as soon as your Master's Letters come in, you may take the Book and enter them in this following manner. deep, 24th Septemb. 1677. From Madame le Jeune. IN the London Merchant, John Thomas, 9 Bayls of Canvas, Marked and Numbered AP. Nᵒ. 1. to 9, for Account of Anthony Peloone of Paris. Cane, 24th Septemb. 1677. From Peter Sanson. IN the Providence, James Martin, 25 Bales of Paper, Containing 1624. Reams, for Account of John Degraves of St. Maloes', Marked ADG, Nᵒ. 1. to 50. Thus you see this Book is just in the nature of the former; and if your Trade be not too big, you may make the one end to put orders for buying Goods in at, and the other end for the expectation of having Goods from beyond the Seas at: but it is not so like a Merchant as to have two Books. Yo. Having seen the use of this, be pleased to let me know what you mean by your next Book, which you call a Cash-Book? Mr. By a Cash-Book I mean a small Book that is ruled, Pounds, Shillings, and Pence, and is Folioed, not Paged, because there is a Debtor and a Creditor both appear before you. Yo. What use is a Cash-Book put unto, and who uses it, Master or Servant? Mr. He that keeps the Money is Master of the Cash-Book, and he is to write all himself in the Cash-Book, on the one side, and on the other side; what is paid out, to be put on the right side; and what is received, put on the left. Yo. Pray, Sir, let me see some Instances of this Cash-Book, in what nature it is. 1676. Cash Dr. l. May 1 Received of Thomas Long— 100 — — 7 Received of Samuel Webb— 234 — — 9 Received of David Knowles— 74 8 6 17 Received of James Kiffin— 122 1 4 520 9 10 1676. Cash Cr. l. May 4 Paid Thomas Winter a Bill AP— 25 6 4 11 Paid William Web for Tallow— 96 4 3 17 Paid Sam. Jobson in full— 73 6 8 24 Paid James Buck a Bill— 100 — — 28 Paid Maid for House-keeping— 5 — — — — — — 300 00 3 Thus you may see an Instance of this Book; and here by adding up each side, you see presently the quantity of Money that you have by you in Cash. Yo. How doth that appear? Mr. Thus: add up the left side, which is the Money received, and you will find that to be l. 520: 9: 10 d. and add up the Creditor side, and you will find that to be l. 300: 0: 3 d. Then subtract the lesser from the greater, and you will find the Sum to be l. 220: 9: 7 d. which is just what is in Money by you at the time of your making this Addition; and when you have done this, you are as well satisfied, as if you had taken your Money and told it, if your Cash-Book be right. Yo. Pray explain to me what I must write on either side of this Cash-Book. Mr. You must, when you receive any Money, take the Cash-Book, and on the lefthand side, or Debtor side, 1. Set the Month. 2. The Day of the Month. 3. Of whom received, and for what, as much as one Line will well contain. 4. The Sum of Money in the Margin: As, May 1. Received of John Long — l. 100: 0: 0: And so just in the same nature for the Credit side of the Cash-Book; unto whom paid. Yo. But may not my Master write in this Cash-Book as well as myself? Mr. I have known this Case examined, and found the Master cast: Which may serve as a Rule for all Masters not to meddle with their men's Cash-Books; that when a Master hath written as well as the Man, the Servant hath been acquitted, and the Cash could not be called his, because his Master had put down what he pleased; although in truth the Master had done nothing but set down two or three Sums which he had received, and given the Man at his coming in. Therefore this may serve for caution unto Masters. Yo. What mean you, Sir, by this Book which you call a Book of Petty-Expences, and who keeps it, Master or Servant? Mr. This Book is generally kept by the youngest Apprentice, and is a thing very easy to be understood. Example. The Man that keeps the Cash, is not to trouble himself with putting down such small frivolous things, and therefore this Book is provided to hinder the filling of the said Cash-Book. Yo. Pray Sir let me see in what manner is this Book made, and what must I write in it. Mr. That you shall; and here you must note, That when you go to the Custom-house, and have entered any Goods inwards or outwards, you must, before you put the Charges down, (in your Cash-Book, if the Sum be great) be sure to make a Note of all the Particulars, and put that Note upon the File of Waste-Papers. The Note is made thus. Suppose your Master hath sent you to ship off 10 Bayls of Calves-Skins aboard a Ship for France. 1. Specify the Ships Name. 2. The Master's Name. 3. Where She is bound. 4. His Name you enter the Goods in. 5. The quantity of Bayls, Packs, Barrels, and Marks. 6. The quantity of Goods. 7. The Custom you pay. 8. The other Petty-Charges. In the James, William Pope, bound for Rouen, Tho. Johnson Draper. AP. No. 10 Bayls, Cont. 50 dozen of Calves-skins, 20 June 1677. 1, to 10. Custom— 7: 10: 0 Cocket— 0: 3: 4 Searchers— 0: 5: 0 Carmen— 0: 2: 6 Boat-hire— 0: 1: 0 Key and Crane— 0: 2: 0 8: 3: 10 This l. 8: 3: 10: you must carry to your Book of Petty-Expences, or Cash-Book, which you think most convenient. 1676. Petty Expense Dr. l. Novemb. 19 Received of Cashkeeper J. D. 20 — — 24 Received of Cashkeeper W. G. 25 — — 27 Received of my Master J. J.— 5 — — 1676. Cr. l. Novemb. 20 Paid for Post-Letters— — 9 4 — Paid Porterage of Goods bought of W. G.— — 1 7 — Paid Charges on 10 Bayls of Skins, AP. 1. on File.— 8 7 10 27 Paid the Stationer for Paper— 3 17 6 Decemb. 10 Paid Letters from Plantations— 1 7 2 14 Paid Rent of 4 Cellars, Wapping 7 19 4 Having thus put these several Sums of Money received and paid, it is much after the Nature of a Cash-Book; and you may, if you please, have such a Book, or not. Great Traders (as I said before) will not have their Cash-Book cluttered with so many small and frivolous Articles; and indeed it is not fit for a Cashkeeper, or a Man of considerable Business in the House, to have to do with such small, and such inconsiderable Trifles as these are. Yo. That may be as my Master pleaseth, I see it is in the same nature as a Cash-Book, and I shall observe your Rule. But what is your next Book, that you call a Receipt-Book? Mr. This Book is of no trouble at all, but is exceeding useful, and much Money is carelessly lost for want of it: For if you take Receipts for Money upon Papers, and then scatter them carelessly, you are subject to lose them; or when you want them, cannot find them without much trouble; therefore a Receipt-Book is convenient, and here an ordinary middling Book will serve a Man 20 years' time. Yo. Pray Sir be pleased to let me see the Method of it, and how it ought to be kept. Mr. This Book ought to be bound long-ways instead of broad-ways, as other Books are: for generally Receipts are short, and little Paper serves, and therefore it would be but waste to Rule it and Bind it broad-ways; but let it be long-ways, and ruled with a Margin, and Pounds, Shillings, and Pence; and instead of being Folioed, let it be Paged; and so if you have occasion, you can note in which Page your Receipt stands, and find it out immediately. Page 1. REceived June 14. 1677. in part for Lead, the sum of one hundred Pounds. l. 100 — 00 Per John Shaw. REceived July 14. 1677. in full for Coperice, the sum of twenty three Pounds six Pence.— 23 00 6 Per Ja. Chamberlain. REceived July 18. 1677. in part for Glue, ten Pounds for my Mr. Peter Web. 10 — — Per Sa. Shaw. REceived July 20. 1677. in full payment, ten pounds eleven shillings for myself and Company.— 10 11 00 Per Jo. Vennor. Yo. Before you come now to the beginning of the other Books, and to show me the use of the Waste-Book, Journal, and Ledger, I desire that you would explain several things I have heard discoursed of, which I do not in the least manner understand; for else when I come to meddle with the great Books, which are the Soul of all the Work, I shall hear these things often named, and not know what to make of them. Mr. I like your Proposition: I would not have you take any thing up for Truth, until you have found it so by Experience, and say Blue is Blue, because your Teacher tells you it is Blue, but I would have you able to distinguish betwixt a Blue and a Green by your own Knowledge: and therefore I shall be very willing to tell you what any thing means that you desire. Yo. The things I desire to know are many, it's possible that I cannot now remember them all, but I shall as far as my memory doth reach: And they be such as these. For Fraight: I have observed you have spoken several times of Fraight, and especially in the Copy of the Bill of Lading, in Folio 31. pray let me know what it meaneth. Mr. Fraight is a certain sum of Money that a Master of a Ship is to have for carrying of Goods from one place to another: it is generally agreed upon by the Merchant that ships the Goods, and the Master of the Ship; and in most Countries it is paid when the Goods are landed: but here in England (for all our Foreign Plantations) it is paid in London before the Goods go away, because there is no species of moneys in the said Plantations. Yo. What is that then that is called Avarage in the Bill of Lading? Must he be paid two sums of Money for each parcel of Goods he carries? Mr. No: Avarage is a Duty which Masters have allowed them upon special Occasions; as when a Master of a Ship is obliged to throw overboard any Goods for the safety of the rest of the Ships Loading: or when, to save a Ship, a Master in exceeding bad Wether is forced to cut an Anchor or Cable, etc. or when there is extraordinary Charges of Pilotry, etc. in going up a River. Yo. How much Avarage is due to a Master in such cases? Mr. The general Avarage that a Master hath, is, 1 d, cr 2 d, in every shilling Fraight; but if any very great Damage, or some extraordinary Storm happen, than he is to have proportionable to that Sum he hath suffered, equally divided upon all his Fraight; and this is called Avarage. Yo. What mean you when you speak of paying Custom for the Goods you send out, or bring in? Mr. Custom is a Duty that is paid to the Prince or States under whose Government you live, and is paid unto them towards the great Charges they are at in the defence of their Kingdoms or Dominions, against their Enemies, and for protection of their Subjects Trade, and the maintenance of Ships, Garrisons, etc. Yo. But how shall I know what I must pay for these Customs and Duties you speak of, is there any certain Rule to go by? Mr. Yes; Each Nation hath a Book of the Rates and Prices set down, that all Commodities shall pay out or in, into their several Kingdoms and Dominions. Yo. Is it easy to be found out by these Books of Rates? Mr. Yes, very easy; Suppose you have 50 Hogsheads of Capers, & you would know what you must pay Custom Inwards for them: look in the Book of Rates under the Letter C, and you will find Capers; and there you will find what the Capers are valued at; and for every pound of English Money that they are valued at, you must pay so many shillings, and so of any other Goods whatsoever. But though in other Countries the Books of Rates should differ, yet this is the nature and true meaning of it. Yo. Having seen what Custom is, Pray Sir let me now know what Men mean when they talk of Bartering of Goods. Mr. Bartering of Goods, is the selling of Goods; and instead of Money at the time of payment, they take Goods at a certain price, and so Goods pay for Goods. Formerly, before the use of Monies was known, Goods were always given for Goods; as Corn for Cloth, Sugar for Linen, etc. And this is called Barter: And although Money is the thing that answers all our Occasions here in England, Holland, France, etc. yet most of other Places, as the East and West-Indies, one Commodity is given for another Commodity, and they know not what Money means. Yo. Now, Sir, that we are about this Discourse of Monies, and bartering Commodities, pray let me know what that is which they call Exchange, and how it is to be understood, because I have heard much discourse of it, and that for a Bill of Exchange I can have any Commodity sent me. Mr. Exchange indeed is an excellent Conveniency, and is very commodious for all sorts of Traders, and hinders much Trouble, Danger, Charge, and perplexity of Mind. But before I tell you what it is, I will tell you what that Rare Merchant, the Author of Lex Mercatoria says of it. The Exchange for Monies is of great antiquity; for since the first Silver Monies coined by the Romans, is almost 1900 years. And even as Money was invented to be made of the best Metals, to avoid the troublesome carriage of Commodities up and down, and from one Country into another; so (upon the like Considerations) when other Nations, imitating the Romans, did coin Monies, Exchange by Bills for Monies was devised, to avoid both the danger and the adventure of Monies, and the troublesome carriage thereof. This Money now being made by divers Nations of several Standards, and divers Stamps and Inscriptions, (as a Mark of Sovereignty) caused them to appoint a certain Exchange for the permutation of the several sorts of Coins in divers Countries, with ut any Transportation of the Coin, but giving Par Pro Pari, or Value for Value, with a certain Allowance to accommodate the Merchant. This he certifies to be the cause of Exchange. Yo. But, pray Sir, let me know what Exchange is, and how it is managed betwixt Man and Man, by some one Example. Mr. That you shall; Propound unto me your Question, and I will answer it. Yo. My Question then is this: Sir, My Master hath bought some Goods for a Man formerly named, that is, Mr. W. P. of Rouen, as by the Invoice sent him 16th May appeared, and he ordered my Master to draw the same Money upon him at double Usance in a Bill of Exchange: How must this be done, and what shall I know my Master is to draw upon this Man in French Money? Mr. This is answered in this manner: You must go unto the Exchange, and there you must by a Broker inquire what Person hath occasion to have Money paid at the same Place of Rouen. Your Broker will bring you several Men: then your Work is to demand a price for your Bill, (and that price is always set with a Consideration of the Specie or Coin the other Nation Exchanges in; Now France exchanges with England, and all other Nations in the World, with Crowns): Suppose you demand 56 d. per Crown for your Sum you are to draw: the Broker he offers you 55 d. ½; your work is to maintain your Reputation by endeavouring to get as high a price as may be for your Bill, (or else your Reputation lies much at the Stake); at last you are agreed, and then you desire to know who he will have the said Money payable unto; he tells you, to Thomas Goodwin, or his Order, for the Value received of him. Then home you go, and to making this Bill. Yo. But how shall I make this Bill, Sir, and in what form? Mr. Before you make the Bill, you must see what quantity of French Crowns he must have, at 55 d. ¾ in France, for this l. 99: 4: 6d. which he gives you here in Money for your Bill. Yo. This I doubt will be hard for me, for I do not yet conceive the manner of it, and therefore I am fearful I shall not well understand it. Mr. The thing is very easy, and soon understood, if you do but observe the following directions. Yo. That I shall willingly do, because I have a great inclination to be well versed in this Mystery of Exchange. Mr. The Directions I shall give you, shall be very easy and plain, and in which you cannot fail. 1. Set down your Sum l. 99: 4: 6 d. 2. Bring this down into Pence as usual. 3. Set down the Price of your Exchange. 4. If your Exchange have any Fraction, then bring it down into the lowest Denomination, by multiplying it by the Fraction. 5. Multiply your Product of Pence of l. 99: 4: 6 d. by the Sum that the Price of the Exchange did make. 6. Divide the Product of this Multiplication, by the number of the Price of the Exchange, and that which comes out will be Crowns. 7. What is in the Quotient, let it be multiplied by 60, because 60 Solz makes a Crown; and then divide by the Price of the Exchange, makes so many Solz. 8. What remains in that Quotient, multiply by 12, and divide by the Price of the Exchange, and what comes out is Deniers. Example. Here the Answer is plain, you must make your Bill of Exchange for 427 Crowns, 9 Solz, 5 Deniers. Yo. But in what manner must I make this Bill of Exchange, and what is the meaning of two Bills of Exchange, first and second? Mr. In the Bill of Exchange you must be sure to observe the due Form, for that is commendable amongst Merchants, and therein you must be sure to observe these following Rules. 1. To name the Place whence it is drawn. In 1 line above the Body of the Bill 2. The Day, and Month, and Year it is drawn. 3. The Sum, the Price, and Time, in Figures. 4. At the beginning of the Body of the Bill to name the Time, and if first or second Bill. 5. To whom payable. 6. The Sum in words at length. 7. Of whom the Value received. 8. The Conclusion, referring to the Advice that is given, and for whose Account. 9 The Drawer's Name. 10. The Man whom it is drawn upon. London 18 May, 1677. for 472: 9: 5: d. 2 Use. at 60 d. AT double Usance pay this my first Bill of Exchange unto Mr. J. W. or his Order, the sum of four hundred twenty seven Crowns, nine Solz, five Deniers, at sixty Solz per Crown, for the like Value received of Mr. P. B. and pass to Account, as per advice of Your humble Seru. J. B. To Mr. Samuel Par, Merchant in 1st. Rouen. Lond. 18 May, 1677. for 427 Cr. 9: 5: d. 2 Use. at 60 d. AT double Usance pay this my second Bill of Exchange, (my first not being paid) to Mr. J. W. or order, four hundred twenty seven Crowns, nine Solz, five Deniers, at sixty Solz per Crown, for the like value received of Mr. P. B. and pass to Account, as per advice of Your humble Seru. J. B. To Mr. Samuel Par, Merchant, in 2d. Rouen. Yo. Now you have made a first and second Bill of Exchange, pray Sir let me know the meaning of so doing. Mr. Merchants usually give two Bills of Exchange, and they are both of one Tenor, except these words (my first not being paid) when you make the second Bill: Or these words, (my first and second not being paid) when you make your third Bill: But a Merchant is obliged in honour to give two, three, four, or more Bills of Exchange, until the Money be paid: and this is in case any of these Bills of Exchange be lost, that the Party that gave the Money be possessed of a Bill of Exchange until he hath received his moneys again in Foreign Parts. And this is the cause why more Bills of Exchange than one are given. Yo. How many Bills are usually given at the first making of them, and what is the usual way of that? Mr. The usual method is this: When you draw your Bill of Exchange, if you do not know the Man well that takes it, you send him the first and second Bill together, and receive your Money; but if you are satisfied in the Man, you send him only the first Bill, and the next day you send him the second Bill by a Servant, and receive the Mony. Yo. When I carry this Bill the next day, may I part with it before I have my Money? Mr. That is according as you know the Man; and if he be a Man of any esteem, you may deliver your Bill before you have the Money; for that would be very abusive, to keep your Bill of Exchange until you have the Money; and if your Master have given him credit with the first Bill, you may well trust him with the second Bill until the Money be paid you. Yo. But now, Sir, suppose my Master hath a Bill of Exchange sent him from beyond Sea upon any one in London, what must I do in that case? Mr. The first thing you have to do, is, to get the said Bill accepted by him upon whom it is drawn; and bring it your Master again. Yo. But suppose that the Man will not accept the said Bill of Exchange, what must I do then? Mr. Then you must carry it unto a Public Notary, and give it him to protest it. Yo. I know not what you mean by a Public Notary and Protesting it; pray Sir let me know what the meaning of it is. Mr. A Public Notary, is a Man appointed by the King's Majesty, or the States of any Commonwealth, to be Witness to any Act that is done and transacted betwixt Merchant and Merchant, or Man and Man, in any matter of Trade: And these Men are esteemed by others beyond the Seas more than ordinary Men, because they are set in places of Authority; and what they Act is esteemed Just and True, because they are put in places of Trust; though what another particular Man said is not much regarded, nay not at all in any manner of difference at Law; whereas the affirmation of the other is as good as any Witness whatever. Yo. Pray Sir let me know what these Men are used generally for. Mr. That I shall in this Example following: You have received a Bill of l. 100 from a Friend in Holland, upon Mr. A B. in London, and you are sent with this Bill of Exchange to Mr. A. B. to have him accept it; and he tells you that he will not accept it: you are to bring back this Bill to your Master, and he sends it back to Holland, and writes word that he had sent it to be accepted, and Mr. A. B. would not accept it, but said, He could not do it, etc. The Man that drew the Bill at Holland, tells you it is false, and he is sure Mr. A. B. will accept it, and that he never gave any such answer. This now begets a quarrel betwixt you, and you cannot be reconciled. But when the said Bill is carried to a Notary, and that Notary doth signify by Protest that that Bill was presented, and Mr. A. B. said he would not accept it: This Protest of the Notary, where there is nothing but his bare word, is believed as much as if 500 Men were there to swear it. Yo. And are these Men used in nothing but for Bills of Exchange? Mr. Yes; Suppose your Master have gotten a Commission from Holland, etc. for the selling of 20 pieces of Linens, and those Linens hold short, or are dammaged, or are not merchantable, etc. upon a Certificate before a Notary, made by the Buyers of the Goods, or by Persons that are knowing in the said Commodities, etc. the Man that sent them unto your Master must rest satisfied: Or, if he have bought them for your Master's Account, he may force, by virtue of that Certificate, satisfaction from them that sold them unto him. Yo. In what other Cases are these Men necessary in Trade? Mr. In the making of Protests against Masters of Ships for demurrage, in the demanding Fraight for Goods, in the making Charter-parties, in any thing wherein a public Witness is necessary; This Man supplies the place, and answers any dispute that is made. Or, if you have any Paper or Parchment that is useful, and the loss of it would be prejudicial unto you, you may have a true Copy of it drawn by a Notary; and he asserting the same, you may make the same use of it as of the Original itself. Yo. Now you have opened unto me the mystery of a Notary, pray Sir let me know what I have next to do, in case this Bill be not accepted, or that it be accepted. Mr. If the Bill be not accepted, you must send the same Bill with the Protest back unto the Man which sent it, and desire him to remit you other moneys, or to have a care of himself, etc. as you shall judge best to write. Yo. But still, Sir, you do not tell me what kind of thing this Protest is that you are speaking of all this while; I desire you to let me see the Copy of one. Mr. Well, that you shall: And suppose the Bill of Exchange were from Paris the 24 April, for 600 Crowns, at 54 d. upon J. M. drawn by J. Johnson, at double usance, and you have been to have it accepted, then thus doth the Protest run, if it be not accepted? Copy of a Protest of a Bill of Exchange. Paris 24 April 1677. for 600 Cr. at 54 d. 2 Use. AT double usance pay this my first Bill of Exchange unto Mr. J. A. or Order, the Sum of six hundred Crowns, at 54 d. per Crown, for Value received of Mr. J. D. and pass to Account as per advice of Your humble Seru. J. Johnson. To Mr. J. M. Merch. in London. KNow all Persons whom this present Writing may concern, that the 24th March, in the Year of our Lord God 1677, at the request of Mr. P. C. of London, Merchant, I, G. M. Public Notary, sworn and admitted by Authority of his most Sacred Majesty, did go to the Dwellinghouse, or Habitation of Mr. J. M. upon whom the abovenamed Bill of Exchange is drawn, and showed the Original unto the said Mr. J. M. demanding his Acceptance of the same; who answered me, He should not accept the same Bill for some Reasons he should write Mr. Jonathan Johnson the Drawer: Wherefore I the said Notary did protest, and do by these presents protest, as well against the said J. Johnson the Drawer, as likewise against the said J. M. upon whom it is drawn, as also against all other Persons, Endorsers, or others therein concerned, for all Changes, Rechanges, Damages, and Interest, whatsoever; in presence of W. D. and J. K. called for Witnesses, to this present Act done in my Office in London, the Day and Year above mentioned. G. M. Notary Public. Yo. This I am fully satisfied in, I beseech you, Sir, let me know what you mean when you speak of Endorsers in the said Protest. Mr. You must understand that there are five sorts of Persons used in a Bill of Exchange, Viz. 1. The Drawer. 2. The Man it is drawn upon. 3. The Man it is payable unto. 4. The Party of whom the Value is received. 5. The Endorser. Yo. Pray Sir explain this unto me, for I do not understand what you mean by it. Mr. Then look back to Folio 91, there you will see the Copy of a Bill of Exchange for 427 Cr. 9: 5. where you may observe, J. V. is the Drawer. S. P. is the Man drawn upon. J. W. is the Person it is payable unto. Now the Endorser is he unto whom J. W. doth make it payable unto afterward: for we will suppose J. W. is a Man in London that hath occasion to use this Money to buy Goods in France, and he knows not which of his Factors he shall make use of as yet, but keeps the Bill by him 12 or 15 days; at last he takes the Bill of Exchange, and writes upon the back of it; For me, Pay the Contents of this Bill unto Mr. S. M. or order, Value received of myself (or in any other case naming him of whom the Value was received) in London, the 16 July, 1677. J. W. S. M. hath occasion to pay Money to another, and he Endorses it to G. S. and so he to another, and sometimes to seven or eight, until at last the Bill is paid; and this is the meaning of an Endorsement. Yo. Having told me this, pray let me again return to the Bill of Exchange, and tell me what is meant by the word Usance, or double Usance, I see mentioned. Mr. That is a set time that is limited to have the Money paid at from the Date of the Bill; and that is according to the Custom of the Countries where the Bills are made, and in which they are payable. Yo. Why, is not Usance one and the same thing and quantity of Time in each Country and Nation? Mr. No, it differs much. Yo. Pray let me know where and how it differs, and then I can the better judge of the thing I desire to know. Mr. From London to Amsterdam is one month from the Date of the Bill. Paris Antwerp Middleburgh Rotterdam Lille Rouen Lions And so from those Places to London: But from Venice generally 2 months is 1 Usance to Amsterdam: but from Venice to London 1 Usance is 3 months. In England at sight; at Lions in Payments or Fairs, which they have in every Nation according to its Custom. Yo. And is a Bill at Usance due when one month is past? Or how shall I know when a Bill of Exchange is due? Mr. Several Countries, according to their several Customs, some allowing more days after the month, and some less: As, Amsterdam— 6 Rotterdam— 6 Paris— 10 Rouen— 5 London— 3 Antwerp— 14 Lille— 14 Hamburgh— 12 Besides the Usance, or double Usance, these days are allowed; in the last of which days, before the Sun be set, you must make your Protest, or else you will be too late. Yo. And suppose I am too late, must I lose my Money? Mr. No: but if you have a good Drawer, and five or six good Endorsers, you lose the benefit of ever Suing of them, they are discharged by Law, and you have only the Man that hath accepted the Bill; and according to his Ability you either get or lose your Money; of which you are to have an especial care. Yo. Pray Sir let me know how I may be sure to know when a Bill of Exchange is due, that I may not run myself into this Labyrinth. Mr. You having understood what Usance is, as I have before told you, you must next to that take care of the Date the Bill is drawn at. Yo. Pray let me see, by some Example, how I shall know when a Bill of Exchange is due: As suppose I have a Bill of 500 Crowns from Paris, due in London, drawn the 20th of June New Style. Mr. You must understand what Usance is: When I say Usance is 1 month, it is not to be understood that it is a month of 28 days, as many Persons do reckon, nor is it 31 days, but Usance is completely from such a day of May to the same day of June, or from such a day May to such a day of July is double Usance; so that you must mind the Date of your Bill, that the 20th of June in Paris, will be the 20th of July in London: then go back 10 days, because it is New Style, and you will find it is the 10th of July; unto which add the three days, according to the custom of the Place you live in, and you will find it is the 13th day of July your Bill is due. But for this, and many more Rarities and Niceties, and good Observations upon Bills of Exchange, I refer you to a little Book, and some Tables of Mr. Jo. Marius, printed in London 1674, who treats fully of this matter of Exchanges, and the nature of Bills; and this shall suffice for me to tell you at present. Yo. But before you break off, pray tell me what I must do in case a Man do not pay the Bill at the day it is due, must I send back the Bill presently? Mr. No, that would be too much rigour, and too much hard usage: you may with safety, when you have done your diligence by Protesting it in time, keep the Bill of Exchange one Post or two by you, but send away the Protest; for it is possible, and it so falls out many times, that many a good substantial Merchant may be put to such a pinch, that he may not have Money by him that Night his Bill is due, but the next Day he may have Money enough; for this would be a means to ruin a Man's Reputation. Yo. What must I do next, if the Bill rest unpaid? Mr. You must see if any Merchant will pay it for the honour of the Drawer, or of any of the Endorsers. Yo. What then is meant by seeing if any other Man will pay it for the honour of the Drawer, or any of the Endorsers? Mr. The meaning of it is this; That though the Person the Bill is drawn upon will not pay it; yet peradventure some others may, for the honour of the Drawer: And to endeavour that, you must go to the Exchange, when you see the Man will not pay it that it is Drawn upon, and there you may inquire if any Person will pay such a Bill for the honour of the Drawer, or of any of the Endorsers: and there you will find some body undoubtedly that will, and he must pay you the Principal and the Charges of the Protest, and Interest, if any due, etc. Yo. But what must I do if I will pay it myself for the honour of any of the Endorsers, or the Drawer? Mr. In case you will do so, you must go to a Public Notary, and intimate your desire of paying this Bill in that nature; and then he will make a Protest, and declare publicly that such a day such a Man paid the said Bill for the honour of A. B. Drawer, or P. C. Endorser. Yo. And when I have so done, what must I do with the Bill and the Protest? Mr. You must draw out a small Account to send your Friend, in which you must put, viz. 1. The Principal of the Bill of Exchange. 2. The Interest due unto you. 3. The Charges of Protest and Letters. 4. The Charge of Brokerage in drawing this Money upon him at present. 5. Your Commission for paying this Money, and drawing of it, etc. This Account being drawn out so, you must in the next place draw it upon the Man for whose Account you paid it, and he is bound by the Laws of Merchants to accept your Bill, and pay it, and give you thanks for stepping in, and so upholding his Credit: for it is a great discredit unto the Drawer, or any of the Endorsers, when a Bill of Exchange comes back and is not paid for his honour. Yo. What mean you when you speak of a Letter of Credit for so much Money? Is not that the same thing as a Bill of Exchange, being they both bring Money? Mr. No: there is a great deal of difference betwixt a Bill of Exchange, and a Letter of Credit: the one mentions a certain sum of Money at a certain Price and Time; and the other is an Order, if J. T. want any moneys, from such a Sum to such a Sum, to furnish him with it, and to take his Bill of Exchange, or Bills, on him that doth give the Letter of Credit. This Letter of Credit is not to be Sealed, but is to be carried open by him who is the Bearer; and it is convenient it be written in words at length the whole body of it, because it is less subject to be counterfeited by any body. Yo. Pray let me see the Copy of a Letter of Credit. Mr. In making your said Letter of Credit, it will be convenient to observe, 1. The Man's Name. 2. The Place it is from. 3. The Date you write it. 4. The last Letter you had from him. 5. The last you wrote him. 6. The substance of your desire. 7. Some particular Passage in Trade that hath lately passed betwixt you. And this the better to enable your Friend to beware of a Cheat, which too often happens in this nature. Yo. Pray let me see the true Copy of a Letter of Credit. Mr. It is then as followeth, Viz. Lond. 25. June, 1677. Mr. J. B. Sir, SInce mine of the 16th Instant, I have yours of the 14th Ditto, and refer myself to what I have already written in answer to your said Letter. This serves at present, To desire you to furnish and pay unto Mr. J. D. to the value of two hundred Crowns, at one or more times according as he shall have occasion for it, and as he shall desire it from you, taking his Bill or Bills of Exchange for what you shall so furnish him with, and put it to my Account: And this my Letter of Credit shall be your sufficient Warrant for so doing. Sir, Your humble Servant J. P. Yo. I find I am much enlightened by your Discourse in this Matter of Exchange; but pray Sir let me know what you mean by Brokerage, and being a Broker. Mr. By Brokerage, I mean not that which is called with us a Pawn-Broker, (many of which are very great Extortioners, or a scandalous sort of People, not fit to be compared to, or have any dealing with Merchants); but Brokers are Persons generally that have had misfortunes in the World, and have been bred Merchants, (or else they are not capacitated to be Brokers) for they must be Men that have experience in Goods, in Exchanges, in Scasons for buying and selling: They must be Men faithful, and of Repute, for the things they are entrusted with are of great consequence; and these Men are employed betwixt Merchant and Tradesmen; and their Employment is, to find the Merchant a Shopkeeper, or other Chapman for his Goods. Yo. Pray Sir make it a little plainer to me, for I cannot imagine wherein these Men are so necessary, and why they must be such skilful faithful Men, and Men of such understanding. Mr. That I shall; and the better to do it, we will suppose your Master hath a Commodity that is come home from beyond the Seas, and he is to sell it; He speaks to a Broker upon the Exchange, and tells him, I have such a Commodity. The Broker's work is then to find out a Man fit to buy it; the Merchant and the Buyer meet together; the Merchant he demands 5 s. the Buyer he bids 4 s. they part, and cannot agree. The Broker's work is to endeavour to bring them to an Agreement, the one to raise of his Offer, the other to abate of his Demands. When he hath so done, he is to note it in a Book for that purpose, where he sets the Day of the Month, and the Bargain at large, who Sells, and who Buys; at what Price, and at what Time: and for his pains he hath for every hundred pounds worth of Goods, ten shillings for himself. If the Bargain comes to nothing, (although he have been four or five days upon it) he can demand nothing for his pains, unless the Merchant will be so civil as to consider him. Yo. Well, Sir, wherein lies so much Skill, and Parts, and Faithfulness, as you express is required in these Men? Mr. In many particulars he must have skill in the Commodity he buys and sells, or else he will take a Pig for a Dog, and call one thing another; and indeed herein the Ignorance of many is seen, for they have not discretion to hold their tongues, but will be talking of what they do not understand; He must have Parts and Reason, or else he cannot have fit Arguments to use, either to persuade Men to fall of their Demands, or to rise higher; for it's many times seen that a Bargain is lost for want of a good Tongue to express the things that must be expressed to carry on the Bargain; and many times a fit word put in, as it should, causes the Bargain to go on. He must be very faithful, or else the Man that sells, and he that buys too, may be much dammaged; for as the Merchant doth repose Trust and Credit in the Broker, so ought the Broker to be faithful to the Merchant, and not persuade him for the lucre of his Brokerage, to sell his Goods to a Man he knows any thing amiss of. And on the other hand, many of them are such Rascals, that if they have not their desires, cause far more mischief than the Merchant ever intended; and many times will not speak any thing to the disparagement of a Man, (because they lie open to the Law for so doing) but they will give a nod with their Heads, that shall do his Work as much as 1000 words, especially them that are concerned in the Trade of Exchange: And therefore this City hath a commendable Custom, that they will have Security for all that are Brokers; yet of late years many Jews, and other rascally Fellows, that know little or nothing of Merchant's Affairs, adventure to meddle with Brokerage, and betray many Men, either through Ignorance or Knavery. It is not to be denied but if our Merchants did keep up that esteem of Brokers that other Nations have of them, it would be far better for them, and they would not meet with so many Inconveniencies as they do: For if the price of Brokerage was supported and kept up, it would be a great encouragement for them to inquire well after Men; but now the smallness of their pay is not much better than Porter's Wages; and the Jews, and other pitiful low-spirited. Fellows, will do their Work at a far lower rate than the Merchants used to give, and remit it of one side, so they may have it of the other. In former days the Brokers generally made in England 1 per Cent. but in Foreign Parts 2 per Cent. and better; and it's well if they get ⅛ per Cent. clear now. Thus much for Brokerage; which requires far more than I can say, and therefore I shall leave it, it being now grown common for Men to use them for their own ends; and when once they have sold but one Case of Goods by a Broker's means, and know the Customers themselves, to turn Merchants and Brokers too, and never mind the Broker more. Yo. Pray now let me know what you mean when you speak of a Factor? Is not a Factor and a Merchant all one? Mr. No; there is a great deal of difference betwixt a Merchant and a Factor. Although every Factor is properly a Merchant, yet every Merchant is not a Factor. Yo. Pray Sir let me know what a Factor is. Mr. A Factor is one that buys or sells Goods for another Man's Account, and receives a certain Salary for his pains, but is not to run any manner of Risque, or Hazard; if the Goods be lost, or burnt, or any Accident happen, he is not to bear it: And for the bad Debts (if there happen any) the Factor is not to bear it, unless he goes contrary to his Order that doth employ him, then in such cases the Factor is to bear the loss, and not the Proprietor. Yo. Pray Sir let me know an Instance, or an Example of what you say. Mr. Suppose you have a parcel of Tobacco's for the Account of a Merchant at Virginia, and the Goods are not come to your hands, but perish at Sea, that is nothing to you: but if they come to your hands, and you have a true Order from him for the entering of the same, and paying the Custom, should of your own head, or by any accident or mistake, enter the Goods false, and the same should be seized, the loss would lie at your door: or if he order you to sell these Goods for ready Money, and you sell them for one Month, or for any Time, and the Debt become bad, it will lie at your door. And so in the buying any manner of Goods, if the Goods be not according to Order, the Man may refuse them when he hath received them, and the damage shall fall upon you. Yo. Pray, Sir, what satisfaction then hath a Man for all these hazards he runs as a Factor. Mr. Factorage is done at several Prices, in several Places, according to the Custom of the Country; in some Countries they take 8 and 10 per Cent. as at Barbadoes, Jamaica, Virginia, and most of those Western Parts: In others 2 ½ & 3 per Cent. as generally throughout all Italy, 2 per Cent. as in France, Spain, Portugal, etc. 1 ½ per Cent. as in Holland, and other Places: but the generality only take throughout Europe 2 per Cent. Yo. What then am I to observe to be a very exact Factor? Mr. Your chief Work is to observe your Orders with all manner of watchfulness, and abide by them, unless you have a general Order (Ordre Libre) that every thing is left to your own liberty, then may you act as for yourself, and nothing can ever be imputed to you. Yo. What is the General Order you speak of? Mr. It is this: If a Man do order you to buy Goods, or sell Goods, and doth limit you to nothing; but for Price, Time, Quality, and Quantity, etc. leaves it to your discretion; then are you free: but if you are tied up in the least manner, you cannot call it an Ordre Libre, or General Order. Yo. Is there then no difference betwixt a Merchant and a Factor but this, That what a Merchant Buys, or Sells, or Orders, he doth for his own Account; but when he doth it by another Man's Order, and receives a Provision for his Pains, it is by Factorage? Mr. None at all but this, setting this aside, they are all one, a Merchant and a Factor. And it is as great an honour to be a Factor as a Merchant; and generally, at the long-run, most Money is gotten by them that are careful and vigilant Factors. Yo. But what will make me a careful and vigilant Factor? Mr. The due observing to answer all Letters written to you; to answer the Particulars of each Letter, as well as the Letter in general; to refer nothing until to morrow that can be done to day, but answer as soon as may be: To be always advising the true rising and falling of Commodities; The best Seasons to buy or sell in, which is a continual begetting of Business, and makes your Employers think of that Business which otherwise they would not dream of. Yo. But is it manners for me that am a Factor, to write to a Man when I have no Letter of his to Answer, nor any manner of Business to do, will not he think it very impertinent in me? Mr. Provided your Discourse be rational; as the price of Goods, the coming in or going out of any Ship; the sudden rise of any Commodity, or the probability of profit in any respect whatsoever, either in buying or selling any Commodity, then is your Letter as welcome to any Man of Reason and Parts, as if it were written purposely by his Order; and is of great concernment so to do, for it is a continual keeping a Trade on foot. And Letters thus written are just like Seed that is sown in the Ground, it will come up one time or other, fear it not. And if the first Letters do not answer Expectation, be not weary of continuing, for it will gain you, not only the Profit you intent, but the character of an ingenious careful industrious young Man; and although that Man hath not occasion to make use of you at present, he may be sending you other Men, as occasion offers. Yo. These things I see, and shall endeavour to follow: But what times are there that a Man must of absolute necessity write? Mr. whenever you have bought or sold Goods, or shipped or unladen Goods: for if you have bought Goods, and do not presently give advice of their being bought, your Order may be contradicted, and a quarrel may arise, and he may pretend that the Goods could not be bought then, because he had no advice; at the best it will look with an evil Aspect, and you will go nigh to be by your Arbitrators condemned, to be sure you will be very much blamed for your negligence. The like for Goods sold, if any accident happen; No, saith the Proprietor, that cannot be, for I had not so much as news of my Goods being sold at such a time. When you have shipped Goods, immediately the very first Post fail not (and if possibly send the Bill of Lading) to give advice of it to him for whose Account it is shipped, and for receiving Goods the like; for many hundreds of Accidents may happen (as I said before) that you will be condemned for. And this is in part your duty you are to do as a Factor. Yo. But suppose a Man break, to whom I have sold Goods for the Account of any of my Employers, can I make Composition with the said broken Man myself, without first writing to my Imployer? Mr. If you have (as I mentioned before) an Ordre Libre, you may, or else that you know your Friend very well, or that it is a thing of absolute necessity; otherwise your Imployer will recover the full of you: wherefore it is good in all such cases to write the full, and have positive order what to do in it. Yo. I have heard much discourse of Interest, pray Sir let me understand somewhat of it, what it is, and how I must govern myself in the calculating it. Mr. Interest is a strange thing, and cannot be imagined but by the Effects it works: It is an insensible Canker at the best, and at the most reasonable Rates; but at its extended cruelty, the Users of it cannot be better compared to any thing than those Creatures they call Cannibals, or Man-eaters, that are in some parts of America, who devour People alive: And may I advise you, whatever shift you make, and whatever pinching you go through, be sure to avoid Interest, although in its best dress, for at the best it feeds on you, and sucks out all your moisture, and generally ends in your total ruin; for it is scarcely imaginable what the Use of l. 100 will amount unto at 6 per Cent. in a short time. Yo. But I have understood that in all dealings, a Man must more or less have somewhat to do with Interest, either in receiving it from others, or in paying it unto others, although not for his own Account; and therefore I would willingly know how to work it exactly, that I might be ready to give any Account at any time to them that shall demand it. Mr. This indeed is very fitting, and of absolute necessity to know, for you will be laughed at if you cannot answer such Questions; and therefore I shall endeavour to show you as short a way as may be, that you may not be behindhand with any in the true Calculation of any Sum; and to make you comprehend it with the less trouble, you may consider there are three several ways for the Calculation of Interest, Viz. 1. The first is, when it is an even Sum for an even time. 2. Is, when it is an odd Sum for an even Time. 3. Is, when it is an odd Sum for an odd Time. For the first of these: Suppose you lend an even Sum for an even Time; this is done generally by the Head, without the trouble of taking a Pen into your hand; as if you were to allow Interest for l. 100 for 1 Year, that is l. 6; or for 2 Years, that is l. 12; or for ½ a Year, that is l. 3; and so for any Sum more or less. And this, although it be the hardest question that can be put, is scarce worth the putting Pen to Paper for it; for if it were never so big, the mind may contain it. Yo. This I am sensible of; but this is of little use to Merchants. How must I do the second, that is, broken Money at even Time? And suppose my Master order me to pay a Bond of l. 174: 6: 7 d. for a Year, with the Interest; what doth the Interest come unto at 6 per Cent. per Annum? Mr. To do this, remember your Rule I showed you in Folio 46. at 2 per Cent. to do Provision by at 2 per Cent. for it is all one at l. 6 per Cent. The Interest comes unto l. 10: 9: 2 d. And if it be for any Sum, or a whole Year, this will answer it at 6 per Cent. for 1 year: and if it be for ½ a Year, you must take half the Money: if ¼, a quarter of it. And thus any uneven sum of Money may have the just Interest found out, but than it must be for an even Time. Yo. But it is the last that I chiefly do aim at, To know what any broken Sum for a broken Time comes unto; for I have never seen any easy way for that, and I find it difficult, therefore pray let me know how to work this Question. Suppose a Bond is given me to cast up the Interest of l. 174: 6: 7d. for 5 months 19 days, at 6 per Cent. per Annum. Mr. This indeed is very necessary to know, and if a Man doth not know it, and appear to be exact in such things, he is liable to be run down in other things that he doth possibly understand very well. To do this in the exactest way, observe, 1. To bring your Sum into Pence. 2. To find your quantity of days. 3. To multiply the Pence by the Days. 4. To divide by 6083 always. 5. To divide by 12 and by 20. And your Question is answered. The Interest is — l. 4: 18: 0: ¼d. And thus you have any Question answered exactly: No way more exact than this for any intricate broken Sum of Money at a broken Time. Yo. But this is at 6 per Cent, What if it be at 8 or 9 per Cent.? Mr. whatever it is at, more or less, do it the same way, by adding to it, or substracting from it: As suppose this, l. 174: 6: 7 d. at 6 per Cent. is l. 4: 18: 0 ¼ d. then at 9 per Cent. it is thus. And if at 7, 8, 10, 12, per Cent. or at 3 or 4, it will answer your intended end. Yo. But how do you make it out, that Interest is such a strange eating thing as you say it is? Mr. By several ways: For if you take l. 100, and put it out to Interest for 21 years; that l. 100 will swell unto l. 339: 18: 9: at the Rate the Law allows, l. 6 per Cent. per Annum. Yo. How do you make that out? for I would gladly see it. Mr. Take your l. 100, and put it out; the first year you receive l. 106: receive the l. 6, put it out to another, and at the Years end you have that l. 6, and 7 s. 2: ¼. the Interest of it, and the other l. 6, of the l. 100: put that out, and at the end of 21 Years you will have l. 339: 18: 9 d. Yo. Suppose that I put my hundred pounds out, and that I do receive the Interest each Quarter, that is l. 1: 10: 0: d. what difference will that make? Mr. Then your l. 100 will be far more at the end of 21 Years. And if you should keep it at Interest the Age of a Man, 70 Years at 6 per Cent. to receive yearly, then will you find a strange alteration; The same l. 100 will swell to 5900 odd pounds; and yet this is but a moderate Rate of 6 per Cent. what must those poor Creatures do that give 20, 30, 40, nay 50 and 60 per Cent. for the use of Money, and yet Trade and Live? Yo. Certainly there cannot be such unreasonable Men under the Sun. Mr. Yes, such there are, and which die and leave great Estates, but do eat up the Poor alive. Yo. Pray what kind of Men are these, that I may have a ca●e of them in my dealings in the World, and avoid the running upon this desperate Rock? Mr. These People are generally divided into three several sorts, and they shelter themselves under the names of very good People that uphold the Poor, and without them they say it were impossible the Poor should live. The first of these, and the most reasonable is, them that lend out l. 5, without any manner of Security at all; and for this five pound they only take a Bond or Note of the Borrower's hand, if they can write; if not, a Tally: and when they pay the Borrower the Money, they take out 10 s. of the Money, so they lend but l. 4: 10: s. this they take for the Interest; and then every Monday five shillings must be brought them, until that the whole sum of five pounds be paid, that is, in twenty weeks. Now supposing the Persons so civil that they never Arrest, or in the least manner trouble the Borrowers, if he miss now and then a week, this is after the Rate of l. 50. per Cent. per Annum. And yet here is something to be pleaded for this: for it may be all the Friends the Borrower ever had in the World, are not able, or willing, to lend him l. 5, or l. 10. And so in many little peddling Trades, a poor Man that is ingenious cannot (if he be never so ingenious) ever come to be a Man for himself; whereas if he have this, he can set up, and pay 5 s. per Week with no great trouble; and here there is no Body Bound for the Man. A second sort is them they call Tally-men; and these are much like the former, save only that of the former you have Money, and can go and lay it out again; and by your care in laying it out, save a good part of the Extortion you pay by buying with ready Money: but here, instead of Money you have Goods, and the Tally-man makes you pay according to your judgement in them, or according to your necessity for them: and here you may have any manner of Goods fitting for Man's use in a House, viz. Here you may have Beds. rugs. Blankets. Sheets. Shifts. Linen. Woollen. Silks. Stuffs, etc. Or any manner of household-goods whatever: And if he lets the Buyer have l. 10 in Goods, he generally gets 3 or 4 l. and here you must pay him back 10 s. per Week, or 8, or 9, or what you can agree upon: And if you miss, you had as good be buried alive almost, you are presently hunted from Pillar to Post, and you are at last caught, the Reckoning inflamed, and you flung into Goal. So that generally, if 20 Men be in the Marshalseys, the major part of them are at the Suit of some Tally-man. And this Man makes, if he is paid, at least 60 per Cent. nay it's possible 70 or 80 l. per Cent. as he buys his Goods. But the third, and last sort, is the cruel and merciless Pawn-Broker, that however the Borrower be Poor, appears to him as good a Man as can be; for he doth not demand any Credit from him, he brings him a sufficient Pledge of Gold, Silver, Stuff, Silk, Cloth, etc. For the Money he borrows, and receives no credit at all from the Broker; and yet see how this poor Creature is devoured. It may be a poor Man lies sick, and hath a Wise and four or five small Children; he wants Bread and Necessaries; away goes Plate, Rings, clothes, or what can make to sustain him in this dismal case, to the Pawn-Broker. Bring him five pounds worth, he will not lend above three pounds on it, unless it be Plate; for this l. 3 you shall pay according to the Conscience of the Lender, sometimes 40, 50, 60 per Cent. for for bearance and Bill-mony, or entering of it, etc. and well if ever you have your Goods again: for to be sure if you tarry above 1 year, you come too late, the Goods are sold, and all is gone. I myself had occasion to Pawn, in necessity, l. 440 of fresh Silks at the price they cost, and to borrow but l. 240 upon them; and having been by necessity forced to outstay the Time; instead of having the overplus of my Goods returned, (they having been by the Lender disposed of, as he pretended) was sued for want of Money to satisfy the Principal and Interest, until the Law took place; and then my Cannibal could return above l. 230 in the same Goods unsold, and take 10 per Cent. for his Mony. This is not all; for they are the wicked harbourers of Rogues and Thiefs, who have no sooner stolen a thing, but away it's gone to the Pawn-Broker, he will lend Money upon it, and the Borrower never fetches it out again. Whereas these People shun all open Markets, or Places, that People commonly buy and sell in, for fear of falling into the hands of Justice, and receiving their Reward from the Magistrate: but here they are hugged, and are furnished with Money; and this enriches the said Pawn-Brokers, which is so much the worse to the poor needy Person, because these Rogues give so much, the Broker will abate nothing to the poor needy Creature. And thus have I showed you the misery of him that is constrained to take up Money at Interest, let him go the best way he can; if it be but at 6 per Cent. it will eat (as you see) strangely. Yo. But pray, Sir, what is that that is called Procuration and Continuation? I have heard that goes along with Interest, what may the meaning of that be? Mr. The meaning of Procuration is this; Suppose a Man want l. 100; he goes to a Scrivener and tells him his wants; the Scrivener tells him, he hath a Friend hath l. 100 lies by him, and if he will give him any thing for his pains and trouble, he will endeavour to possess his Friend so much of the goodness of the Man, that he will procure the said l. 100 to be lent him for six Months, or twelve Months, or as they do agree: this is called Procuration, and many times 40 s. 50 s. l. 5, is given to a Procurer to obtain the lending l. 100 for twelve Months. Yo. What mean you then by the other that is called Continuation? Mr. By that I mean this: That when the Borrower hath had his l. 100 twelve Months, it is called in, and must be paid, and the Lender is in extreme want of his Money, he hath a Child to Marry by such a Day, or he hath a Purchase, and the Money is to be paid by such a Day, and he cannot tarry: The Borrower he is at a stand, and knows not how to pay; away runs he to the Procurer, tells him of the Letter he hath received, but knows not in the least manner how to answer the Contents of it. The Procurer makes a hard matter of it: but however, provided he may have a small Spill for himself, it may be 40 s. 50 s. nay l. 5. as he can weather the Point, he will see to get his Friend supplied another way, or he will get him to tarry; and this that is given in this manner is called Continuation-Mony; and it is given upon the condition to continue the Money 6 Months, or 12 Months longer, as occasion shall present itself. Yo. I thank you Sir, I am now well satisfied as to this: But what is that Interest I hear them talk of that they call Discompt, or Discompting a Sum of Money? Mr. This is when a Shopkeeper, or any other owes you a Sum of Money, and this Money is to be paid at 12 Months, and you are willing to allow him the Discompt, if instead of paying you at 12 Months, he will pay you presently. Yo. What do you mean when you say Discompt? is not that Interest? Mr. Yes; that is Interest, at 6, 8, or 10 per Cent. as you shall agree. Yo. Oh than I am well, I must abate him the Interest of his Money for 12 Months; and to do that, I must cast it up as you have already showed me. Mr. No; although Discompt be properly Interest, you must not cast it up the same way, but another way. Yo. I cannot comprehend that: for if I am to receive l. 100 of a Man 12 Months hence, and I receive it now, and allow him the Interest at 6 per Cent. per Annum, then am I to receive l. 94, there is nothing clearer than that. Mr. I will convince you of that, in showing how you shall work it, and then in showing you how you must comprehend it. Thus, 1. Take your Sum l. 100: 0: 0 d. 2. Bring it into Pence, as usually. 3. Multiply by the Months. 4. Divide those Pence by 200, and the quantity of Time that is to be allowed. 5. The Quotient by 12, and divide by the former Dividend. Example. The reason of it is this; That if you allow the Sum of l. 6, than you allow the full interest of l. 100: but you do not receive the Sum of l. 100; and wherefore should you allow the Interest for l. 100? you must only allow the Interest of what you do receive, and the Sum you are to receive you cannot guests at. Yo. Yes Sir, I think I can guests at it: for if the Debt be l. 100 for one Year, than I am to take l. 6 out, and so I receive but l. 94; and therefore must allow the Interest of l. 94: and thus I can see what Sum I am to receive and take it off. Mr. This is true, for a single even Sum of l. 100, or l. 200: but then suppose you have an odd broken Sum, as l. 122: 11: 4 d. for 3 Months, how will you know exactly what you must receive? I know no manner of way but one that is true, and exact, and that is by this Rule, as I have already showed you, Viz. So that for the Discompt you must allow out of the l. 122: 11: 4 d. you were to receive, the Sum of l. 1: 16: 2: ¾ d. Thus, And thus have I showed you this Rule: for many Men, though they have lived many Years, and received many thousands of pounds, know not this distinction, and so may lose very much in the Year. Yo. This is very true: but yet methinks the difference cannot be much; I should think it scarce worth the while for us to mind such Trifles, and Men will not trouble themselves with it if it be but a Trifle. Mr. But when you pass for a Merchant, I assure you you will find it a difficult matter so to do; for they that see your Bills of Parcels, and find that they are not cast up so, will take you to be very weak in your Judgement, and very lavish in your Purse, and will all say, you were never bred a Merchant; and because I would have you know the Difference, I am willing to demonstrate it yet more plain to you. Yo. Pray Sir let me see a demonstration of it by two different Bills of Parcels, one the common way, and the other this way you are now endeavouring to teach me. Mr. That I will do, and am the more willing to dwell the longer upon this Subject, because I daily meet with them that have been old Traders, and experienced Men, and yet are ignorant of it; and I hate to think a Man should pretend to pass for a Merchant, and yet the Shopkeeper stand and laugh in his Sleeve to see his ignorance and folly; and not only cheat him of his Money, but jeer him when he is gone. Yo. Well Sir, I have sold 10 Bags of Pepper, at 9 d. ½ d. per lb. What must I receive upon the Discompting of my Debt at 6 per Cent. for 11 Months, if I do it the right way? and what must I do if I do it the common way? If you do it the common way, you will receive but l. 184: 15: 10 ¾ d. But if the true way, you will receive l. 185: 7: 4 d. Here is 11 s. 6 d. lost for want of knowledge, which I hope you will avoid. Yo. I shall observe what you say, and do it. But now, pray Sir, let me know what is meant by that which they call Bottomree, for I have heard many cry that down for one of the greatest Exactions that is in the World, and I would willingly know what it is, that I may be armed against it. Mr. Bottomree is indeed a very strange thing, for it eats out sleeping and waking; and as Men do now subtly use it, it is one of the greatest Advantages that can be made of Money, and with little or no hazard, which makes the Profit the larger; and this is very much used at this time we live in. Yo. Pray Sir what is the nature of it, and from whence takes it this name? Mr. It hath its Name derived from the Bottom of the Ship, or Keel, and is practised in this manner: A Master of a Ship is going for India, the Straits, Turkey, etc. and he wants l. 100 to carry out in any Commodities he thinks he can make a profit by; you lend him l. 100, and agree with him to have for this l. 100, l. 130, or l. 140, or l. 150, (or what you can agree for) at the Ships return: But if the Ship do happen to be Sunk, Burnt, Taken, or any manner of damage happen that the Ship comes not home, than you cannot recover one penny of the Money that you lent, of the Man that borrowed it, nor arrest his Body: for he is to pay you at the return of the Ship, and not at the return of his Person. Yo. How then can this be so profitable as you do make it to be? He may be lost at Sea. Mr. The general way now is, to lend a Man l. 100 at 30 or 40 per Cent. and then find out one that will assure the Ship Outwards and Inwards for a small matter, it may be 4, 5, 6 per Cent. the longest Voyage: and if the Ship be lost, he recovers his Money of the Insurer: and thus he is upon certain grounds; for he that lends his Money at Bottomree, and Insures it, generally (if the Ship come home safe, or is lost at Sea) gains at least 22 or 23 per Cent. in 30 per Cent. And Men now-adays are so cunning, that they will not only have part of the Ship mortgaged unto them, but will have some Merchant, or sufficient Man or other, that shall be engaged for it, and so have the Borrower's Bond as well as the Ship, and his Body bound as well as the Voyage. And this many that are necessitous, rather than leave the Money, will run into; but they seldom run out of it again, and do spoil the true intent of lending Money at Bottomree. This way of taking up of Money, is likewise much used amongst Masters of Ships that by any bad Wether, or other straight or immergency whatsoever, do put into any Port in any Kingdom, and there they repair their Ship, etc. and buy what is necessary for them; and wanting Money to do the same with, they repair to some Merchant; and he having the Ships Name and the Master's, and of what Place she is, and her Owners Names, will advance this Money at Bottomree; and if the Ship comes safe to her intended Port, the said Merchant hath his Money; if not, and the Ship be lost, he hath nothing; nor can he recover any thing against the Master or Owners, but only against the Ship. Yo. But doth not this cause many Cheats, and many Men to lose their Ship on purpose, that they may not pay the Money which they took up at Bottomree? Mr. Yes; and several Men have brought their Ships safe to the River's Mouth, and there they have sunk them, on purpose to avoid the payment of the moneys they owed at Bottomree, and have been detected and punished for it as it hath deserved. Yo. Is there any thing else that I can learn, that may be beneficial unto me belonging to this Bottomree? Mr. Nothing as I know: but if you have occasion ever to take up Money at Bottomree yourself, do it at as cheap a Rate as you can; and if you lend out Money, be sure to have to do, as near as you can, with honest Men: for many times there is a great cheat under it, as to the Voyages themselves. Yo. Pray, Sir, how can that be? I cannot in any manner imagine that to be so. Mr. Suppose you lend l. 100 unto A. B. the Master of a Ship, and he lives at Bristol, and goes from Bristol to Cadiz; you that lend the Money live at London; the Master goes from Bristol, and instead of 1 Voyage, makes 2 or 3 Voyages: It doth very often happen so, if you have not Friends in the same Town that give you notice of his Arrival. And thus you run two or three Risks for one, and sometimes come to make a real loss, when as in truth your Risque was run a great while before. But herein you are in the fault as much as the Master that cheats you, for you are to look out and inquire, and not to tarry for his sending you word: which is just as if you should wait until your Debtor sends you word your Bond is due. Yo. Having now spoken in this Matter of letting out Money at Bottomree, I pray Sir let me know what the meaning of Assurance is, for your tell me I may Ensure for 4, 5, or 6, per Cent. Outwards and Inwards. Mr. Assurance is, when a Man is in any manner of fear of the Ship his Goods are in, or the danger of the Voyage, or of Pirates, etc. He than is willing to give another Man a certain sum of Money to put himself in your place; and if any danger arises, to pay you for the same Goods the value that you have Assured. It is a thing hath been long in custom and use amongst Traders, and was established by a Law under Claudius Caesar, before the birth of our Saviour Christ; it hath been much practised in all Trading Nations, and is a cause of great increase of Trade, because that hazard is born by four or five with mutual consent, which otherwise must fall upon one Person. Yo. Pray let me know the nature of it, and how I am to behave myself in it. Mr. Suppose your Master ships l. 100 of Goods for Cadiz, and he is unwilling to run so great a hazard himself: He goes to the Assurance-Office, and there he acquaints the Clerk, he hath a mind to ensure l. 50, 60, etc. upon such a Ship for so much Goods he hath on Board. The Clerk presently speaks to other Men that are Merchants, that make it their Trade to Ensure, and they agree upon a price so much in the hundred, and that is called Primo: and in the consideration of this Primo, the Man that is your Insurer, runs all the hazards that can be imagined, until these Goods arrive safe at Cadiz. Yo. What have I to show for this when I have paid my Money? Mr. You have a Policy of Insurance, and that is signed by the Man you agree withal, or by 2, 3, or 4, if you deal with so many Men, to underwrite for you several Sums: And this Policy of Insurance, aught to be copied in the Office of Assurance, that is, in a Book kept there for that purpose, and for which you pay a certain Sum unto the Clerk, or Clerks, sitting at that time. Yo. What mean you by this Policy of Assurance which you do speak of? What kind of thing is it? Mr. It is a sheet of large Paper written, (but now of late days they print them) that doth express the Name of the Person that causeth himself to be insured, and that names the place he ensures for, the Ship, the Master's Name, the Sum of Money, the Dangers you are insured from, and how long that lasteth, with the Name of the Party that Insures, or underwrites this Policy for you. Yo. Pray let me see a true Copy of one of these Policies of Assurance, or else I shall never comprehend it aright. I have l. 200 to be insured for Cadiz upon the Will. and Thomas, James Long Mr. the Ship is yet in the River. Mr. You shall see the way of doing that immediately. The Copy of a Policy of Assurance. In the name of God. Amen. as well in his own Name, as for and in the Name and Names of all and every other Person and Persons to whom the same doth, may, or shall appertain, in part or in all, doth make Assurance, and causeth himself, and them, and every of them, to be insured, lost or not lost _____ upon any kind of Goods and Merchandise whatsoever, loaden or to be loaden aboard the good Ship called the _____ Burden _____ Tuns, or thereabouts, whereof is Master under God for this present Voyage _____ or whosoever else shall go for Master in the said Ship, or by whatsoever Name or Names the same Ship or the Master thereof is or shall be named or called; beginning the Adventure upon the said Goods and Merchandise from and immediately following the loading thereof aboard the said Ship _____ and so shall continue and endure until the said Ship, with the said Goods and Merchandise whatsoever, shall be arrived _____ and the same there safely landed. And it shall be lawful for the said Ship, in this Voyage, to stop and stay at any Ports or Places _____ without prejudice to this Insurance. The said Goods and Merchandizes by agreement are and shall be valued at _____ Sterling, without farther account to be given for the same. Touching the Adventures and Perils which we the Assurers are contented to bear, and do take upon us in this Voyage, they are of the Seas, Men of War, Fire, Enemies, Pirates, Rovers, Thiefs, Jettezones, Letters of Mart and Countermart, Surprisals, Take at Sea, Arrests, Restraints and Detainments of all Kings, Princes and People, of what Nation, Condition or Quality soever, Barratry of the Master and Mariners, and of all other Perils, Losses, and Misfortunes, that have or shall come, to the hurt, detriment or damage of the said Goods and Merchandise, or any part thereof. And in case of any Loss or Misfortune, it shall be lawful to the Assured, Factors, Servants and Assigns, to sue, labour and travel, for, in and about the defence, safeguard and recovery of the said Goods and Merchandizes, or any part thereof, without prejudice to this Insurance, to the charges whereof we the Assurers will contrilute each one according to the rate and quantity of his Sum herein Assured. And it is agreed by us the Insurers, that this Writing and Assurance shall be of as much force and effect as the surest Policy or Writing of Assurance heretofore made in Lombardstreet, or elsewhere in London. And so we the Assurers are contented, and do hereby promise and bind ourselves each one for his own part, our Heirs, Executors, and Goods, to the Assured, their Executors, Administrators and Assigns, for the true performance of the Premises, confessing ourselves paid the consideration due unto us for this Assurance by _____ In Witness whereof we the Assurers have subscribed our Names and Sums assured in London I A. B. am contented with this Assurance for one hundred pounds. Witness my hand, London, 1677. l. 100 Yo. And is this what is required to secure a Man, and all that is necessary to be known as to Insurance? are there not more sorts of Insurances? Mr. Yes; there are several sorts of Insurances: as for Example; These are for Goods that you ship out of England for Cadiz, etc. but you may have occasion likewise to receive Goods from Cadiz to London. Yo. What must I do then? Supposing this last Post I had advice that there was 10 Tuns of Oil shipped for my Master's Account on board the Swallow, Captain George Grantham Commander, from Leghorn. Mr. You must immediately go to the Office, and agree with the Insurers what you shall give them for Insurance, and then get your Policy made, and signed by them, and pay them the Primo, and cause your Policy to be entered, and the Work is the selfsame as the Goods you sent outwards, except that Passage that is changed, [these are on board of a Ship coming home] and you alter the Ships Name, and Master's Name, and mention that it comes home, instead of going out. And here it is to be noted, that if a Master of a Ship takes in your Goods, and cannot come up with his Ship to the Wharf or Key to unload, and an Accident, as Wet, etc. happen to your Goods, the Assurers are to make good the same until the Goods be landed. And all Assurances are made according to the Tenor of the Policy, some for Goods that go out, and come home; some for Goods that go out, and are sold, and the Provision, or the Neat proceed comes home. Other Assurances are made upon the Ship itself, with its Tackle and all that belongs unto it; and the Assurers are bound to make good all that is worn or torn for a Voyage at a price that is agreed upon. Other Assurances are made upon Goods that are sent by Wagon, or Cart, etc. by Land, from all Robbers, or Thiefs, etc. Other Assurances are made upon the Lives of Men and Women, at a Rate that is moderate. For by this means if you buy any Place or Office that is worth l. 4000, or l. 5000, more or less, and you have not Money enough to purchase it, you borrow 2 or 3000 l. Now if you die, and are not in a condition to pay this Money, it is lost: But if you ensure your Life, than your Friends that you did borrow it of, will have their Money honestly paid them. And herein is a great conveniency to all Parties that are concerned, and it is of a general use to all sorts of Persons. Yo. But are there not many Frauds and Cheats in all these Assurances? Mr. Yes, there are many Cheats; but in that, as in all other matters, you must be very careful that you are not drawn in; for there are scarce any Mysteries in the World where there are not some Cheats. Yo. Pray let me know wherein in any probability I may be deceived. Mr. If you should insure another Man; it may be he knows of the loss of Ship or Goods before he comes to cause it to be insured, and in this case it is a Cheat, which hath many times so happened. Yo. What Remedy have I against him? Mr. You need not pay him the Money; for the Law will rather punish him, than give it unto him. Another common Cheat there is for Freighting of a Ship, and sending her a pretended Voyage, and ensure much upon her, and then order her to sink or founder down right in fair Wether at Sea, where the Men may save their lives in the Longboat. Others will venture to pay a small Assurance for several times upon Vessels in Winter time, upon hopes they will be cast away. And many things of this nature, in which the only means you have for your safety is, To have to do with Persons that have a clear and good Reputation, and are honest Men. Yo. I understand well what Insurance is: but pray, Sir, now let me have two or three words of Explication upon the Policy of Assurance, of what is meant by Danger of Seas, Men of War, Fire, Enemies, Pirates, Rovers, Thiefs, Jettezones, Letters of Mart, Barratry of the Master, & c? Mr. These need no great Explication, the words do carry it in themselves for the most part; but however I will satisfy you as far as I can. The losses at Sea are, when by any Accident whatever the Ship is cast away, or foundered at Sea; or when Thiefs or Pirates, or Men of War, in any manner do take and carry away the said Ships of Merchants, or the Goods, (here you must observe one thing, That if any Thiefs are on Shipboard, the Master must pay for that, and not the Assurers) than the Assurers are liable unto it. Letters of Mart are given out by one Prince, against the Subjects of another Prince, when they cannot by their Petitions have justice done them: and then those that have these Letters of Mart, are very careful to get all they can from the Parties they are against. And there are dangers again, for Arrests of Kings and Princes, that are called an Embargo, and are upon immergent Occasions practised here in England, and in other Parts; and this Embargo signifies, that when any State Matter requires it, the Ships are stopped throughout the Kingdom; and being all stopped, there may be much damage to some of them that are laden with Corn, Fruit, Wines, etc. and this is to be born by the Assurers. Also against Barratry of the Master, if he sell or imbezel any of the Goods, and doth turn them to his own use, or runs away with the Ship, the Assurers must make it good unto the Party that hath caused himself to be assured. And thus much may suffice for Assurance. Yo. How shall I work this by Arithmetic: If a Master of a Ship hath brought in for Damage 3 or 4, more or less per Cent. for Damage that the Assurer must allow; how shall I know what each Ensurer must allow when they have insured unequal Sums? Mr. Very easily; Let me know what your Sums are, and I will presently show you what you do desire to know. Yo. The Damage is 4 per Cent. And, Mr. A. hath insured— l. 172: 6: 4 Mr. B. hath insured— l. 111: 3: 2 Mr. C. hath insured— l. 52: 3: 4 Mr. D. hath insured— l. 400: 0: 0 Mr. E. hath insured— l. 11: 0: 0 Mr. This Question may seem strange unto you, but you have learned the Answer already, although it is in another dress, in Page 119. Thus; A. is to pay 6: 17: 10 B.— 4: 8: 11 C.— 2: 1: 8¾ D.— 16: 0: 0 E.— 0: 8: 9½. Yo. If a loss happen, then what must I do? Mr. So soon as you hear of a certain that a loss is happened, you must inquire at the Office for the Assurers, (if you know them not) and acquaint them of the Loss, and how you come to know it, and desire them to inform themselves of the truth of it, if they please. Yo. Well; suppose they are satisfied with my report, will they pay me my Money down? Mr. No; there is generally an abatement of 10 per Cent. for prompt payment; but if they be punctual Men that value their Reputations, they will presently pay it. Yo. What if they are not punctual Men? Mr. Then they will shuffle and put you off much, and will endeavour to find out flaws, and raise scruples for a larger abatement than ordinary; and sometimes will keep you a year or two out of your Money, and many times never pay; but generally get in case of loss 15 or 20 per Cent. abated, I have known 40 per Cent. abated, upon very small pretensions; which makes a common Proverb about such Ensurers, What is it worth to ensure the Assurers? Yo. What is meant by the word Contribution, in any loss or disaster that falls out at Sea, or in an Avara●e? Mr. Contribution is understood many ways; as when a Man breaks, and his Creditors (or some of them) meet together, and contribute each Man to give somewhat in a public way, to endeavour to get him, or to secure part of his Estate. It is also meant, when any sum of Money is given to a Pirate to release a Ship and Goods, which is for the good and benefit of the whole, and therefore the whole do join each with the other to raise the Money that was given. In short, it is meant by any Act where two or three, or ten or twelve, more or less meet, and join each Man proportionably his Money towards the carrying on any design. Yo. You have now explained this unto me, and in doing of it, you have gone into another thing which I desire to be informed of, what is meant by it, and that is, when you say they contribute together when a Man Breaks; pray let me know what is meant by that word Breaking. Mr. By this word is meant a thing too common in the days we live in; It is, when Men that are in an open Trade, and receive, and pay, buy, and sell, and upon a sudden put a stop upon it, and neither go forward nor backward, but keep out of the way themselves; and if they owe 2000 l. propound to their Creditors, by some Solicitor or other, to pay sometimes 15 s. 10 s. 5 s. 2 s. 6 d. more or less in the pound, for their full satisfaction; sometimes demand only time for the payment of the whole Debt, upon giving Security to pay it at a certain time, or upon his own Security to pay it, without the getting any other Person to be bound for him. Yo. Pray Sir lay this Matter plainer before me; I will make you one Instance, and upon that I do desire to be informed: My Master sold a Man a parcel of Cloth, and he is absented or gone from his Shop, and sends a Man to our House, to let him know his Creditors will all meet such a Day, and in such a Place, and desires him to meet with them to hear the Proposals; my Master went, and when he came home, he said, they made a great many Proposals, but it was all a cheat, and he would not hearken to any. Now the thing I desire to know is, what Proposals there are generally made to Men in such cases: and if it should happen to fall out to my lot to be summoned in so, I may know what to say, and how to act in it; and if I take any of the Proposals, what I must do. Mr. This is a very large Field; but I will give you as much light in it as possibly I can for the present; and that I may the better do it, you must know the several sorts of Proposals. 1. Ready Money for the Debt by way of Composition. 2. Part Money, and part Time, on Security. 3. Part at Time on Security, and part without. 4. All at Time upon Security. 5. All upon the Debtors own Security for Time. 6. Part Goods, part Money, part Time. 7. To be paid in Debts due to the Debtor. 8. Goods according to the Appraisement of A. B. 9 Goods at the Price they first cost. 10. To take Goods amongst them all, and make a Dividend equally. 11. To take the Debtor's Debts, and make a just Dividend amongst them. 12. To grant the Debtor a Letter of Licence. Yo. Pray let me desire you to explain the first, and show me what I must do in that, and what it means. Mr. The first is Ready Money by way of Composition; that is, as I said before, for 20 s. if you take any Sum under 20 s. it is a Composition: And suppose your Master's Debtor for the Cloth did owe him l. 100; if your Master took any Sum under l. 100, and did discharge him, it was a Composition. Yo. What is a Composition generally made at? Mr. From 5 s. to 15 s. is looked upon to be a good Composition; and in giving for every 20 s. 5 s, etc. per l. the Man is discharged, and hath a Release in full; and is in Law as well discharged, as if he paid the entire Debt of l. 100 Yo. Pray what is meant by a General Release, is not a receipt sufficient enough? Mr. No; in such cases General Releases are given on both sides; because all matters are then ended betwixt Man and Man. Yo. Pray let me know what is meant by a General Release, and what it is? Mr. A General Release is as follows, which must be signed, sealed, and delivered, before two Witnesses at least. Yo. What mean you by Signing, Sealing, & c? Mr. Signing is, when the Man writes his Name to it; and Sealing is, when he puts his Seal to it, with Wax or Wafer; and Delivering is, when he takes that Writing up in his right hand, and takes off the Seal, and says these words, This I deliver as my Act and Deed, to the use of the Parties within mentioned. Yo. What then must these two Men do that sit by for Witnesses? Mr. They must see this done, and then set their Hands as Witnesses unto it. Yo. Pray let me see one of them done. Mr. It is thus. KNow all Men by these presents, that I J. J. of London Merchant, have remised, released, and for ever quit claim; and by these presents do, for me, my Heirs, Executors, and Administrators, remit, release, and for ever quite claim, unto J. M. Citizen and Draper, his Heirs, Executors, and Administrators, all and all manner of Actions, Suits, Bills, Bonds, Writings Obligatory, Debts, Deuce, Duties, Accounts, Sum and Sums of Money, Judgements, Executions, Extents, Quarrels, Controversies, Trespasses, Damages, and Demands whatsoever, both in Law and Equity, or otherwise however, which against the said J. M. I ever had, now have, or which I, my Heirs, Executors, and Administrators shall or may have, claim, challenge, or demand, for or by reason of any Matter, Cause, or Thing, from the beginning of the World, unto the day of the date of these Presents. In Witness whereof I have hereunto put my Hand and Seal this first day of June, in the 29th Year of the Reign of our Sovereign Lord King Charles the Second, of England, Scotland, France, and Ireland, Defender of the Faith, etc. and the Year of our Lord God 1677. J. J. ☉ Sealed and delivered in presence of— J. D. E. F. ☞ Here note, It is very convenient to write underneath where your Witnesses live; for many Causes have been lost, because the Survivor could never find out who were the Witnesses, or where any of them lived. Yo. For the second; when he pays part in Money, and part in Security, how is this done? Mr. It is done in this manner; The Debtor absents, and offers to give you 10 s. in the pound in Money, and 10 s. upon Security. Yo. I know what the Money means, but I do not know what you mean by Security, pray let me know that. Mr. Security is to be understood two ways, either Personal, or Real: if Personal, than another Man is bound with the Party that is the Debtor, to pay the Money at a certain day, if the Debtor do not. If it be Real, than it is the making over some Land, Lease, House, or Goods, by a Deed for that purpose. Yo. Well; Suppose this Man for this l. 100 give me 10 s. per pound in ready Money, and 5 s. upon Personal Security; Mr. J. A. is bound for it, and 5 s. in the Mortgage of some Land, or Houses, etc. What must I then do, how must it be ended? Pray Sir let me see an Example of it. Mr. The Man owes l. 100 For the Money you receive 10 s. in the pound, is l. 50. For the Bond you make it thus. KNow all Men by these Presents, That we J. A. and A. B. Citizens and Salters, do owe, and are bound unto J. J. Citizen and Joiner, the full sum of fifty pounds, of lawful Money of England, to be paid to the said J. J. his certain Attorney, Executors, Administrators, or Assigns. To which payment well and truly to be made, we bind ourselves, our Heirs, Executors, and Administrators, firmly by these Presents. Dated the 20 July, in the 29th Year of the Reign of our Sovereign Lord King Charles the Second, Anno 1677. THe Condition of this Obligation is such, That if the above-bounden J. A. and A. B. their Heirs, Executors, Administrators, or Assigns, or either of them, do well and truly pay, or cause to be paid, unto the within-named J. J. his Heirs, Executors, Administrators, or Assigns, the just and full sum of five and twenty pounds of lawful Money of England, at or upon the 20th of July next ensuing the Date hereof, at the now dwelling House of the said J. J. situate in Cornhill, London; then this Obligation to be void, or else to remain in full force and virtue. Sealed and delivered in presence of J. A. + A. B. ☉ J. P. P. C. Thus much for the Money and the Security. But for the next, the Mortgage, etc. the best way is to get an experienced Scrivener to make those things sufficient, for every Man in his Trade: You may be much wronged, if you should build on your own Judgement for that matter. And you have received The Money— l. 50: 0: 0 The Bond— l. 25: 0: 0 The Mortgage— l. 25: 0: 0 l. 100: 0: 0 You discharge the Debtor; that is, if he pays you the full of your Debt. The same is done if you agree to take less than the Debt for the whole Debt in this manner. Yo. But what must I do when I come to take Part at Time, and that with Security, and Part without Security? Mr. Suppose the Debtor owes l. 100, and he pays l. 50 at 1 Year at Security: Make a Bond for it as the last was; and for the other l. 50, make a Bond for him only to Seal and Sign, because it is without Security. Yo. How must that Bond be made? Mr. Just as the former was made, only as that had two Men bound, this has but one, and is as follows. KNow all Men by these Presents, That I A. B. Citizen and Joiner, do owe, and am indebted unto J. J. Citizen and Salter, the just and full sum of one hundred pounds, to be paid to the said J. J. his certain Attorney, Executors, Administrators, or Assigns. To the which payment well and truly to be made, I bind me, my Heirs, Executors, and Administrators, firmly by these Presents. In witness whereof, I have hereunto set my Hand and Seal. Dated in London, 20 July, in the 29th Year of the Reign of our Sovereign Lord King Charles the Second, of England, Scotland, France, and Ireland, Defender of the Faith, etc. and the Year of our Lord God, 1677. THe condition of this Obligation is such, That if the above-bounden A. B. his Heirs, Executors, Administrators, or Assigns, do well and truly pay unto the within-named J. J. his Executors, Administrators, or Assigns, the just sum of fifty pounds, at the now dwelling house of the said J. J. then this Obligation to be void, or else to remain in full force and virtue. J. B. ☉ Sealed and delivered in presence of P. C. J. D. Thus much for the third Part, at Time on Security, and part at Time without Security. Yo. Now, Sir, for the next sort, that is, all Time upon Security. Mr. For this matter, you must do it just as you did the former: Both Parties must be bound by Bond, or three or four, more or less, as they are: or if not, the Scrivener must make the Deeds. Yo. Proceed then, Sir, to the fifth, all upon the Debtors own Security at Time. Mr. This is only to take the Debtors own Bond, as the single Bond is made. Yo. Suppose then part Monies, part Goods, and part Time. Mr. Here you are only to receive the Money, and cast up the Goods at a price that is agreed upon, and what remains, take his single Bond for. Yo. About taking my Debt all in Debts, what must I do? Mr. Here you must likewise have the help and assistance of a Scrivener: for Merchants do not understand these Conveyances as they are to be made according to Law, and so it is convenient to have good advice in this matter. But if it be but a small Debt, and your Debtor give you a Note for the same, and you go and get promise of the payment of that Note to you before Witness, it is good; and nothing else can secure you, provided the Man be not a Bankrupt at the time of making this Promise; for than it is void, or any Act he doth. Yo. But what is meant by Goods according to the Appraisement? Mr. By that is meant, that if Mr. J. J. your Debtor cannot pay you in Money, nor Security, or you do not take his own Security, but he promises to give you your Debt out in Goods, as Mr. T. B. and W. S. shall appraise them, your work is then to get these Men together, and let them Appraise the said Goods; and as they do measure and cast them up, you must take them, (Errors excepted) and release you Debtor. Generally the Debtor chooseth one Appraiser, and the Creditor another. Yo. What is the meaning of taking Goods at the price they did first cost? Mr. If you have made such an Agreement with your Debtor, than you must examine the Goods against his Original Bill of Parcels that he had from them he bought the Goods of, and against his Books, (if he kept any) and take the sum according to that which he hath put down, and discharge him. Yo. The next way you speak of is, To take the Goods amongst several Creditors, and make an equal Dividend; how must I do this? Mr. This is to be done with a great deal of care and circumspection: and in the doing of it, you must first see how much his Goods comes unto, and then what the Debts are, and so see what each Man must have; therefore let me know what the Debtor owes, and what he hath to pay it withal. Yo. He brings us in a List of his Goods, l. 423: 11: 4 d. and of his Debts, l. 321: 6: 4 d. in all l. 744: 17: 8 d. and he saith he owes the following Sums to the following Persons. To Mr. Web— l. 100: 0: 0 d. To Mr. Long— l. 100: 9: 6 To Mr. Shaw— l. 300: 0: 0 To Mr. Joyce— l. 140: 6: 6 To John Jones- l. 641: 4: 0 l. 1282: 0: 0 Now the Question is, What each Man must have for his Debt, and how I must work it? Mr. For the working of it; first take this Sum you are to have of l. 744: 17: 8 d. and bring it down to pence, it will make 178772; divide by l. 1282, and you will find what each pound must have. Yo. Pray show me how you mean. Mr. Thus. Example. When you know what the Loss is upon each Pound, and what each Debt must receive clear, than cast them up, Viz. Mr. Web— l. 58: 12: 6 d. Mr. Long— l. 58: 8: 3 ½. Mr. Shaw— l. 174: 12: 11 Mr. Joyce— l. 81: 10: 5 Mr. Jones— l. 372: 13: 6 ½. l. 744: 17: 8 The like is to be done unto the 11th Article, if he have all in Debts, or all in Goods, it is to be exactly divided in this manner, and every Creditor to have his just share. Yo. What mean you by the 12th and last way, which is, giving a Letter of Licence unto him for a certain time? Mr. By that is meant; That whereas he finds himself not in a capacity to pay, he desires a Letter of Licence, and promiseth that in three, four, or five Years (more or less, as you can agree) he will pay the Debt, because he hath many Debts out, and Goods beyond the Seas, and must have time to get them in; whereupon the Creditors grant a Letter of Licence. Yo. Pray let me see what that is which you call a Letter of Licence, and then I shall be the better able to judge of it. Mr. It is as followeth, or in some such form near unto it. The Copy of a Letter of Licence. TO all People to whom this present Writing shall come. We the Creditors of J. J. of London Merchant, send greeting: Whereas the said John Johnson at this present time doth stand indebted, and justly oweth unto us the said Creditors of him the said J. J. divers and sundry Sums of Money, etc. Which by reason of many Debts, and some of them very great, that are likewise justly owing unto him, and cannot be had or recovered without some respite of Time, and some of them not without Suit, he is very much disenabled at present to make payment unto us the said Creditors our whole and just Debt, as he seemeth willing and desirous; in consideration whereof he instantly desireth us, That we the said Creditors, and every of us, would be pleased to give and grant unto the said J. J. his Executors, Administors', or Assigns, such liberty and respite of Time for the payment and satisfaction of our several Debts, as he thinketh reasonable for the obtaining, getting, and recovering of his said Debts, viz. that we and every of us would be content to take and accept of our whole Debts in _____ to be divided in _____ parts, to be paid at _____ several payments, in manner and form following; Viz. The first payment thereof to be _____ and the residue to be paid at _____ next _____ in full payment and satisfaction of the said several Debts, and for the more full performance of the said several payments aforesaid in such manner and form as is above-limited and declared, according to the true meaning of these Presents, he the said J. J. shall and will, at or before the _____ become bound unto us the said Creditors respectively by one Obligation in due form of Law to be made, including all and every the Payments in such sort as is above limited, at some convenient Place or Places _____ by every of us the said Creditors to be nominated and appointed, and the penalty of every Obligation, to be double the whole Sum included in the Condition of the same to be delivered to us, and every of us, our Executors or Assigns, at or before the _____ next ensuing the Date hereof; Know ye therefore that we the said Creditors, whose names are hereunder written, and every of us for his own part, and for his Executors, Administrators, and Assigns, for the consideration above specified and expressed, do by these Presents willingly Consent, Covenant, Promise, and Agree to and with the said J. J. his Executors, Administrators, and Assigns, by these Presents, that we the said Creditors, and every of us, our Executors, Administrators, and Assigns, shall and will accept of the said J. J. his Executors, Administrators, and Assigns, all and every of the said Debts and Sums of Money by the said J. J. unto us and every of us, owing and paying upon such Obligations, Assurance and Assurances as aforesaid, to be paid in such manner and sort, and at such days and times as is above limited and required. And further that we the said Creditors, and every of us, our and every of our Executors, Administrators, and Assigns respectively, upon the delivery of the said Obligation to us, and to every of us, and every of our Executors, Administrators, and Assigns, shall and will, at the charge of the said J. B. his Executors, Administrators, and Assigns, Seal, Subscribe, and in due form of Law deliver to the said J. B. our sufficient General Release, to be rendered by him the said J. B. his Executors, Administrators, or Assigns, to bear Date and Limitation before the day of the Date of this new Obligation to be made for the same Debt. In witness whereof we have hereunto set our Hands and Seals. Dated the _____ of _____ in the _____ Year of the Reign of our Sovereign Lord King Charles the Second, of England, Scotland, France and Ireland, Defender of the Faith, etc. and of our Lord God, Anno Yo. Is this all that belongs to one that is concerned with a Man that breaks? Mr. Yes; as you are concerned with any private Bargain you make with him, or any for him: but if you do prosecute him by Law, than the case is altered, and you must advise with your Lawyer, for I cannot tell you what to do in that Matter. Yo. But cannot you tell what belongs to Suing a Man, or Arresting of him, or filing an Outlawry against him, or taking out of a Commission of Bankrupt against him? Mr. No, I have no skill in them in the least, nor do they belong to a Merchant as a Merchant to know, being rather the Business of a Solicitor; a Merchant ought not to be in Law upon any account if he can avoid it. Yo. But if a Man will not pay me, what must I do with him? or, if I have any difference about Goods that are sold? Mr. As much as you can, avoid going to Law, rather refer it to knowing Merchants, who can best decide it. Your Lawyers will magnify the goodness of your Cause, whilst they can find Money coming; but when they find the Client is poor, Truly (say they) I think you had e'en best refer it to some indifferent Persons. Most judicious Merchants do as much as they can to avoid Law-Suits, for it doth not agree with their Business in the least. Yo. But what would you have me do with a Rascal that will not pay me? Mr. If I might advise you, I would consider well of what I were going about, whether the Man were worth my charge and pains before I began with him; for if he be poor, than you make him poorer, and that's not the way to pay your Debt: If he be Knavish, a Prison will increase that: If he is Rich, and goes to Prison, he pays nothing, but spends your Estate in a Prison, and laughs at you. The prudence of our Forefathers was, whatever they did, to keep the Body out of a Prison; and our Nation has always been very tender of the Liberty of all Persons, that until the Reign of King Henry the Third there was no Law in force for the Imprisonment of the Body of any Man for Debt. It is terrible to consider how many thousands of poor Families sink under the burden, become a charge to the Nation, and are forced to be idle Drones; which if they were at liberty, might not only provide for themselves and Families, but set many thousands at work, who are now altogether useless. Yo. What must I then do with any that owe me Money, and will not pay? Mr. This is a very difficult matter to answer; any Remedy is better than a Prison: And this we see in our Neighbours the Dutch, who cast none into Prison; and if the Creditor will have his Debtor there, he must be at the charge to keep him; which makes very few Prisoners. But our cunning moneyed Men in England that are politic, use another way; and that is, Suppose the Debtor owes them l. 100; they will lend him 30 or 40 l. more unto it; and endeavour to hedge it in, by getting it some way or other made sure to them, as by taking a Mortgage, or getting a Judgement, or by small payments, etc. But of these things your own Experience must be the best Judge; for nothing else can do it so well as your own Judgement: Still having regard to these old and good Maxims, That a Prison pays no Debts. That the first Offer is generally the best: That when the first is refused, it seldom rises higher. Besides, of ten Men that are put into Prison, nine of them either die there, or besot themselves so much, that when they come out, they are fit for nothing but Gaming or Drinking. And if this be the way to pay Debts, let any reasonable Man judge; whereas if they were out, and had a little respite, they might be able to pay every Man in some time. And as a clear demonstration of this, you see those Men that run quite away, and get into other Countries, do live and get Estates. Now what is the reason of this? Not that they are more ingenious there than they would be here; or that they can attain to know more there, it cannot be: For what Man can know more in a strange Nation, than in a Nation where he hath always been bred, and hath gained and paid for Experience? It is not that, but this; If a poor Man is in Debt, every body worries him from one place to another; some Arrest him, others frighten him, others revile him; and in short, so soon as he begins to get any thing about him, some Creditors are so hasty with him, that they will not give him time to get himself in a way to satisfy his whole Credit, nay not to supply the necessities of his Family: And this is the reason many Debts prove bad, which would otherwise be good; and therefore I think it would be the best course to give poor Men some respeit, and time to brath: and it were rather policy to help them, than pull them down. See for your clearer light and direction in this, what the Law of God saith, Deut. 15. 1, 2. At the end of every seven years thou shalt make a Release. And this is the manner of the Release; Every Creditor that dareth aught unto his Neighbour, shall release it; he shall not exact it of his Neighbour, or Brother, because it is called the Lord's Release. But poor Men now-adays come far short of this, for their chiefest desires are but to have some short time of respeit to pay what they owe; and yet some Creditors are so unreasonable, that if they should ask this, it would be thought ridiculous. They ask but a reasonable breathing-while, and in other Cases it is granted. Many things may be fit Emblems to show us the advantage of Tarrying. The Bow bend, shoots farthest when it's let loose. The Mastiff is most furious when he is drawn off his Prey, and kept some time at rest. Many other Instances might be given, too long here to be inserted. But the chiefest inducement to believe it is this; We have seen by daily experience, that mapoor Men by having Mercy showed them and Patience, have come to pay every Man his due: But where can you find any Man known to lie in Prison until his Debts were paid? But this is a digression from the Subject I should treat on, only it will lie in your way one time or other have to do with Men that are low, and then you may call to mind what I have said, and comparing them to the condition you shall then happen to be in, you will find, by your own Reason and Experience, which is the best way. I must confess, for Villains and Men that make no reckoning or esteem of themselves, or conscience of their ways, a Prison is the fittest place; and such a punishment is too little for them, they deserve a greater. But we will leave off this Discourse, and proceed to somewhat else. Yo. This I am as yet ignorant of, and know not how things may change before I come into the World; but as for the several ways of getting in Debts, pray let me know what they are, that I may know how to act in some measure. Mr. This is the work of a Lawyer, and I am not capable of giving directions fully therein; but what I know I will acquaint you withal. Yo. That will do well, Sir, and I shall hereafter, as I have occasion, inquire into the Particulars of them that are versed in the Law for the Niceties. Mr. Suppose that a Man owe you Money, and you follow him, and he puts you off; these are usually the ways to sue him. 1. There is the Court of Conscience, and this is only for Debts that are under forty shillings, and takes cognizance only of such as are owing by Freemen of the City of London, inhabiting within the said City, or the Liberties thereof: Here you cause the Debtor to be warned in, and must refer the Matter to Commissioners appointed by the Lord Mayor, etc. and you must abide by the determination of the said Commissioners. Generally Poverty is pleaded, and the Debtor is ordered to pay so much per Week, 6 d. or 12 d. or what the Court thinks fit; or else Execution is taken out against him: You are believed for what you demand upon your Oath. 2. The second way of proceeding that is civil, is to make an Attachment of your Debtor's Estate, Monies, or Goods, that you understand is due to him from A. B. J. C, etc. in the Mayor's, or either of the Sheriff's Courts; and this doth not hurt the Person of him that owes the Money, but only secures the Debt, and is no very great disgrace to the Debtor, nor any great Charge, and is done with much privacy. 3. The third way is, If you have any difference with a Man, and have a mind not openly to disparage him, you acquaint him you intent to enter an Action against him in such a Counter, and he will do well to put in Bail by such a day; this is a great piece of civility, if you must go to Law, and saves Money on both sides that is given to Sergeants, etc. 4. The fourth way is, when you fear your Man indeed, and do really think to secure him, than you give order to an Officer to take him into custody; you first enter your Action at one of the Counters, and pay your Sergeant; and when the Sergeant hath him, you have the Sheriff for your Security, if the Party makes any escape, or the Bail be not good. 5. The fifth is, by way of a Writ from the King's Bench, or the Common-Pleas; and here the Party is held to special Bail before a Judge, and must give in Bail here below, and above too; and this is troublesome for the Debtor, and also chargeable. 6. A sixth way is, by Outlawry; and this is very rigorous, and a Man now-adays by the baseness of an Attorney, is sued to an Outlawry, and knows nothing of it, but is quiet, and means no body harm; and here he is ruined, and run up to much charge before he knows wherefore he is troubled. 7. Is a Commission of Bankrupt; and this is many ways convenient, but exceeding chargeable. The meaning of it is a Commission from under the Great Seal of England, directed to such and such Commissioners, naming five or more, directing them to inquire into all the particulars of the Man's condition that is failed. They have power to administer an Oath, to send to Prison, to release out of Prison; they can break open Houses, seize Goods, sell them, extend Lands, and in short, do any thing for the advantage of the Creditors; and at last make a Treasurer, and cause a Dividend to be made to the Creditors. But a Statute cannot be taken out against a Man, unless one or more Creditors join together, or the Sums amount to more than l. 100; and they must give security to prove the Man a Bankrupt. This is a very rigorous manner of Prosecution, and generally leaves the Estate far worse than they found it, for it is very chargeable and tedious. These be the several ways that are used to get Money in, and to Prosecute Men; what more there are I know not, you must inquire into it of them that are learned in the Law. Yo. But how if I am employed by another to prosecute any Man here, how must I act it? Mr. In the same nature as is before recited; but you must have power from the Man that employs you. Yo. What mean you by Power? Is not his Letter enough, and his Order to do it? Mr. No; that is not sufficient, you must have a Procuration, so called in all Foreign Parts, and by us in England a Letter of Attorney, that empowers you to sue his Debtor, cast him in Prison, and release him, etc. Yo. Pray let me see what one of these Letters of Attorney is, and how you do make them. Mr. A Letter of Attorney is made several ways: Sometimes to sue one single Man, and sometimes to sue many; or to receive Money of some; freight Ships, make Contracts, etc. But usually it is made general, and then thus. A Copy of a Letter of Attorney, from A. B. to B. C. KNow all Men by these Presents, that I A. B. of London, Merchant, have named, and constituted, and by these Presents do name, ordain, appoint, and make my trusty Friend, B. C. of Bristol, Merchant, my true and lawful Attorney, for me, and in my Name, and to my use, to demand, sue for, recover, and receive of R. J. of Bristol, Merchant, the sum of _____ to me due, and owing by and from the said R. J. giving, and hereby granting unto my said Attorney, my full Power and Authority to use and exercise all such Acts, Things, and Devices in the Law, as shall be necessary for recovery of the said Debt; and Acquittances or other Discharges, in my Name to make and give; and generally to do and execute in the Premises, as fully as I myself might or could do, being personally present; ratifying, confirming, and allowing all, and whatsoever my said Attorney shall lawfully do, or cause to be done therein by these Presents. In witness whereof I have hereunto set my Hand and Seal, in Dover this 4th of June, 1677. in the 29th Year of the Reign of our Sovereign Lord King Charles the Second, of England, Scotland, France, and Ireland, Defender of the Faith, etc. Sealed and delivered in the presence of R. D. F. M. per A. B. ☉ Yo. What then is the nature of this Letter of Attorney? Mr. It is, to give the same Power to a Man in London, to act and do, as if the Man at Bristol came up himself. Yo. I am very well satisfied with what you are pleased to say, and I think I understand the meaning of it at present: Pray let me know now what is meant by that Expression which I have often heard used, and that is Manufacture. Mr. Manufacture is, when a Man inventeth the making a Commodity that was never made or used before in the place where he lives, and when no body maketh it but himself, it is called his Manufacture: as suppose you would make Buckrams, a Commodity that was never made in England before, and that none is made but by you, it is called your Manufacture, or the Manufacture of Buckrams. And so of any other, each Nation having its peculiar sorts of Goods, which it doth make, as England for the Manufacture of Cloth, Serges, Bays, Stuffs, Says, etc. Scotland for Linen Cloth. France for Lockrams, Dowlas, Silks, etc. Yo. What then is that they call Monopolies? Mr. That is, when a number of Men, or one Man, endeavours to get all that is to be gotten of one Commodity into his own hands; and when he hath it, to raise it to what price he pleaseth: or when several Men will join to buy and sell at what price they please; and so by this means the Trade they drive; is brought to nothing for others: For they grind the Poor on both sides; they give what they please for a Commodity, and because none can buy it but them, they will give you less, or else keep your Commodity to spoil: And when the Poor come to buy, they must give what they please, or they shall have none. And this having been found in thousands of Instances destructive to some Nations, hath been by many wise and prudent Laws forbidden in ours. Yo. What is meant by Allotting of Goods? Mr. This is a thing very necessary to be understood; and the meaning of it is this: Five or six Men buy a whole Ships loading of Raisins of the Sun of a Merchant, because one Man is not capable of buying so great a quantity: and when they have bought them, they divide the thousand Barrels; suppose into six Lots, or Parts, and make so many men's Names on six pieces of Paper, and the first Comer-by puts the Note of each Man's Name upon each Lot or Division; and by this means the Goods are equally divided without partiality, one Man hath not a better Lot than another, and there is no cause of discontent, but all are very well satisfied. Others, instead of putting pieces of Paper on each Lot, cannot write or read, and one gives his Knife, another his Tobacco-Box, another a Shilling, another any thing he knows again; and this is put upon the top of each Lot, and by this the Lot is known. But this latter is for a lower sort of Mechanics, Merchants do not use it. Yo. What is meant then, Sir, by another thing I have heard them call Lots, and that is, such as are sold by the East-India Company; I have heard them say, they would go buy a Lot of Goods. Mr. Here by a Lot of Goods is meant another thing: for so many Goods are divided into so many Parts, or Lots, and notice is given of what is in each Lot, and when the price is set, there is an advance put upon it: Suppose one Lot is 50 Bags of Pepper, and they are put at 10 d. per lb. to advance ⅛ d. per lb. each bidding. One Man he bids 10 d. ¼, another 10 d. ½, another 11 d. more or less; during which time of bidding, a small piece of Wax Candle is burning, and he that bids most when the Candle goes out, he is to have the Pepper; and this is called selling Goods by the Candle. Yo. As soon as they have bought Goods so, do they come and take them away? Mr. No; as soon as they have bought them, than they do seal and deliver a Bond for them, before the next Lot of Goods hath a Candle put up. Yo. What is the Contents of that Bond? Mr. The Contents of it are as followeth. KNow all Men by these Presents, That I _____ on the Date hereof, do confess and acknowledge to have bought of _____ (at a public Sale at the Candle) Let No. _____ containing, as by the printed Tickets appear, _____ to be accepted and taken at the price aforesaid, in the like quality and condition as now they are in, and shall arise good or bad, without exception, and without any abatement, for or in respect of any fault or defect whatsoever. And I, the said _____ for myself, my Executors and Assigns, do Covenant, promise and agree, to and with the said _____ his Executors, or Assigns, by these Presents, that I, the said _____ my Executors, Administrators or Assigns, shall and will well and truly pay, or cause to be paid unto the said _____ his Executors, Administrators or Assigns, the full and entire Sunime of lawful Money of England, which the said Goods shall amount unto, at the Rate and Price agreed upon aforesaid, at or in the now dwellinghouse or Shop of Mr. _____ (before I shall receive the said Goods, or any part or parcel thereof, into my custody or possession) in manner and form following; _____ And then to receive and take away the said Goods out of the House or Warehouse wherein now they are, at my own proper Cost and Charges, without any delay, pretence, or pretences to the contrary whatsoever. And for the true performance of all and singular the Premises, and due payment, in manner and form aforesaid, I do bind myself, my Heirs, Executors, Administrators and Assigns, unto the said _____ his Executors and Assigns, in the Sum of _____ of lawful Money of England, firmly by these Presents, to be paid unto the said _____ his Executors or Assigns, immediately after any default made, contrary to the true intent and meaning of these Presents: And furthermore, upon any such default made, I do by these Presents fully and absolutely for myself, my Heirs, Executors, Administrators and Assigns, remise, release, and for ever quit claim, and discharge unto the said _____ his Executors and Assigns, all and singular my Right, Title, Interest, Benefit, Claim and Demand whatsoever, of, in, and unto the said Goods, or any part or parcel thereof, which I ever had, and which I, my Heirs, Executors, Administrators or Assigns, shall or may have, claim, challenge, or demand, for or by reason, occasion, source, or virtue, or in respect of this present Sale or Agreement. In witness whereof, I have hereunto set my Hand and Seal. Dated in London _____ Year of the Reign of Our Sovereign Lord Charles the 2d. King of England, etc. and the Year of our Lord God Sealed, Signed, and Delivered, in the presence of This being Sealed, and Delivered, doth remain in the hands of them that sell the Goods, until such time as they fetch out the Goods they bought, and then they have the Bond delivered them to cancel, etc. This way of selling Goods hath been used time out of mind; and is an excellent way for the speedy dispatch of any Goods that lie on hand: and if at the going out of the Candle, as was before recited, there happen any difference to arise, the same is decided by five, seven, nine, or more or less quantity of Persons that are desired to attend the said Sale as Judges, and the majority of their hands being lifted up, decides the difference. But if it shall so happen that they cannot decide the Difference, because sometimes 20, 30, or 40 People (upon a good Lot) will all speak together, as it often happens, than the same Lot is put up again, and (if possible) better order is observed in the bidding; but I have known a Lot many times set up, five or six times one after the other before it could be sold, so many have bid at once, and then a Commodity advances much. Yo. Then he that bids the last before the Candle goes out, if he bids more or less, hath he the Goods? Mr. That he hath: and if the Goods prove never so bad, or a hard Bargain, he is obliged to take them. Yo. How doth that appear? Mr. Because so soon as the Candle is out, and the Parcel is sold, the Party that bought it is presented with a Bond, that he must sign. Yo. Being now satisfied in this, pray let me know next what that is that you call a Price-Current. Mr. A Price-Current, is a small piece of Paper that is printed in most Places where a Trade is used, that specifies what all manner of Goods are worth; and that is so printed once every week, and sent by one Merchant to another; and this is called a Price-Current. Yo. What use may a Merchant make of these Price-Currents? Mr. If the Price-Current be exact, a Merchant may reap much advantage by it; for he may look into it for any Commodity he hath a mind to bring from beyond the Seas, and see what it is worth there the first penny; then see what the Charges out of that Nation are; and then he may see what the Fraight, Custom, and other Charges are here, by a Book of Rates; and if there is Money to be gotten by it, he may begin; but if not, he may let it alone; and so he is at a certainty for it. Yo. Pray let me know what you mean by that you call a Book of Rates. Mr. A Book of Rates, is a little Book which each Kingdom hath, wherein is set down the Price that every Commodity shall pay at its Exportation, or at its Importation. And this is of great case and benefit to the Merchant; for by this the Merchant examines if his Servants or Factors do cast up their Goods aright that they pay Custom for; or (as I said before) they may see what any parcel of Goods comes unto for Custom in any Country before they send them away. Yo. What mean you by the words Exportation and Importation? Mr. The meaning of these words are, That the Goods which are said to be Exported, are Goods sent out from Home; and the Goods Imported, are those which are brought in and unloaded from any part beyond the Seas. Yo. What is meant by those Bills I have heard much discourse of, that are called the Custom-house Bills? Mr. By a Custom-house Bill is meant a sheet of Paper that comes out every day, (except Holy days); in which Paper there is set down all the Goods by themselves that are Imported; and all them that are Exported by themselves: and there is put the Place they are Imported from, the Merchant's Name that Imports them, and the quantity of Goods; and so for the Exportation of Goods. A thing exceeding prejudicial to Merchants, and which makes the Trade and Mystery of a Merchant, as free and open to a Cobbler, as to a Merchant that hath been bred forty years to the Trade: for if I am a Merchant, and have been at great charge and expense to find out a fitting Place for a Commodity to be sold at, I must enter my Goods, and the Place they are bound unto, and then every Man knows what Commodities are fit for such and such Places: by which means if any thing is to be gotten, he that never knew any thing of Trade gets as good a price, and as much for his Commodity, as he that doth well understand it, and hath spent many hundreds of pounds to find it out. Yo. Pray, Sir, show me by some Instance how this can be, for I do not very well as yet understand what you mean. Mr. The thing I mean is this: Mr. W. S. is a Merchant, and he Ships off it may be 1000 pieces of Serges for Spain, and this stands in the Custom-house Bills thus: Cadiz, W. S. 1000 Serges. Roven, D. B. 321 lb. Ginger. Amsterdam, P. Q. 245 yds. Diaper. My Cobbler he comes to read this, and there he finds W. S. sends Serges for Spain, and considers such a Man is a good Man, and a wise standing Man, and he would not send Goods if he did not get by them, undoubtedly he gets well by them: Well, I will venture, and send some too, and so sends away a parcel likewise. And so he that found the place out, hath no more right to it than the merest stranger. But which is worse than this, is by Traders knowing what comes into the Nation, the Merchant lies open to the Shopkeeper that can tell what the Nation can expend, and what it needs; and if 100 Chests of China Oranges will serve the present necessity for three or four days, the Shopkeeper knowing the Merchants have 4000 Chests, shall buy no more than from Hand to Mouth, and let the rest perish, unless they can have them at their price. So that (submitting nevertheless to better judgements) I think it were far better for Merchants the said Bills were not printed; I am very confident they would have more encouragement to go on cheerfully in Exporting and Importing most sorts of Commodities. Yo. I have heard much discourse about prohibited Goods and Seizures: are not all Goods lawful to be dealt in, provided I pay for them? Mr. No; there are many Goods, although you buy them, and pay for them, you cannot carry them out of the Nation, or bring them into the Nation, because they are by Act of Parliament expressly forbidden, with Penalties upon any that shall presume to do it: And a Merchant ought to be very well advised in what he deals, for by ignorance herein many a Man hath had great losses by Seizures, etc. Yo. Pray Sir let me know what Commodities they are that are generally Forbidden or Prohibited to be brought into the Nation, or go out, and what you mean by Seizures. Mr. The Commodities forbidden to be Imported, are generally such as do hinder our own Natives from Work, and there be many of them, I shall name but few; as Ribonds of Silk, Lace's white and black of Silk, Thread, or Silver; Hats, Gloves, Clothes, Stuffs, Earthen Ware, Bacon, Toys, etc. And by a late Act, all Goods and Commodities of the Growth & Manufactory of France, as Wines, Silks, Paper, etc. And for them that go out, Money either in Coin or Bullion, of Gold or Silver, Corn, and any Provisions, (unless under such a rate) Wool, and several other things, that are too tedious to mention in this place, but may be more largely seen in the Examining those Acts of Parliament, and Statutes in force for that purpose. As for Seizures: By that word is meant, the Man or Men that do find out and discover such Goods, and take the same away, and secure them as the Law doth direct; either by carrying them to his Majesty's Warehouse, or else to the next Justice of the Peace, or to the Constable's House; this is called Seizing the Goods. Yo. When this Officer hath thus seized them, what doth he then do with them, keep them for his own use? Mr. No; he hath no power over them, but must in such a certain time enter them into his Majesty's Court of Exchequer at Westminster, by way of Information, and then come to Trial, and so the Law passes upon them; either they are guilty, or not guilty: and if they are found guilty, each Party hath his share, as the Act of Parliament in that case doth direct: as in some Goods his Majesty hath half, and the Informer half; in others the Poor of the Parish where they are seized have half, and the Informer half; and several other ways, as the several Acts do recite. Yo. What do they do with the Men that they take these Goods from, are they to have no punishment? Mr. Yes, in some cases it is Felony, in others Imprisonment, in others Fines, in others treble the value of the Goods seized; and all these different, according to the Crime they are found guilty of. Yo. What mean you by that they call Smugling and Smuglers? I have heard it often talked of at the Waterside. Mr. By Smuglers is meant, the Men or Women that do convey these prohibited Goods from place to place; and by Smugling, is carrying them from place to place privately. For Example: If J. D. do live at Harwich, and takes up Goods privately against Law, he is the Smugler: And if J. P. bring them in the Night to Colchester, and there D. B. and he contrives to send them to London, they are (J. P. and D. B.) both Smugling, being ordering and sending forward their Goods for that purpose. Yo. Well, Sir, now if you please, let us consider of coming to the booking of every thing, in such order, as that when ever I have a mind, I may presently see what I have in the World, and see what is due to me, and what I owe unto others. Mr. That is very true, and you will find much pleasure and satisfaction in it: And to do that, you must first be provided of these three great Books; The Waste-Book, mentioned page 38. Fair Journal, Ledger, Which must be Ruled and made as I am going to direct you. Yo. Pray, Sir, begin with the Waste-Book, and show me how that must be ruled and made. Mr. The Waste-Book must be made of a good middling Paper, not very fine, nor very course; and it must be ruled with a Margin, and with Pounds, Shillings, and Pence; and herein you must put every thing that you transact, because from hence it is to be carried to the Fair Journal word for word, and this Book is only kept to book things immediately, because they may not be forgotten, and because there may be amendments before they do come to be fairly posted into the Fair Journal. The manner of Ruling this Wast-Book is thus. Yo. Well, Sir, being provided of such a Book, what is the first work that is to be done by me? Mr. The first work is to make your Inventory. Yo. What mean you by an Inventory? I do not understand what it is. Mr. An Inventory is properly an Account of all the moneys and Debts owing to you, and all the Goods, Ships, Houses, Plate, etc. at that time you have by you; as likewise all the moneys you owe to any Persons. Yo. And how must I make this Inventory? Supposing I have l. 40: 6: 8 d. in Money: l. 110: 6: 4 d. in Tobacco: l. 119: 6: 3 d. in Sugar: l. 16: 10: 4 d. due by a Man at Bristol: l. 119: 2: 11 d. by one at Exon: l. 100: 0: 0, by one at York: a quarter of a Ship, l. 250: a House l. 300: and l. 39: 4: 6 d. in Jewels and Plate; how must these be booked in my Waste-Book? Mr. To answer your Question, how you shall enter this first parcel of an Inventory; look but back to your own Reason, and examine which must be the Debtor, and which must be the Creditor. Sundry Accounts must be Debtor, and Stock must be Creditor. And that because here you are possessed of several Goods, by making sundry Accounts Debtor, you will beget (as you will see afterwards an account for each sort of Goods) Stock must be Creditor, because it is possessed of such and such Goods, and then name the sum of Money for them, and the reason of the Parcel. Yo. Pray, Sir, proceed to the second, what must I do when I owe several Men Money? Mr. You must then make Stock Debtor, and the several Men Creditors. Yo. How must I do if I receive Money of John Bell upon Bond, Bill, or Book? Mr. You must make Cash Debtor, and the Party of whom you receive it Creditor. Yo. How must I do when I pay any Man Money? Mr. You must make the Man Debtor, and Cash Creditor. Yo. Suppose I take up Money at Interest for any certain time, more or less, how must I book it? Mr. You must make Cash Debtor for the Principal Money; Profit and Loss Debtor for the Sum of Interest; and make the Man that lends it Creditor for the whole, both Principal and Interest. Yo. Suppose I lend Money myself out at Interest, how must I book that? Mr. You must Debtor the Borrower for the whole sum of Principal and Interest▪ and you must credit Cash for the Principal Money that went out there; and you must credit Profit and Loss for the Interest Money that is mentioned. Yo. But if I receive Money for Insurance, how must I book that? Mr. You must debit Cash, because that receives the Money; and you must credit Profit and Loss, because it is so much Money gotten clear. Yo. What if I pay Money for Insurance, what must I then do? Mr. Then must you credit Cash, because the Money goes out of it; and debit Profit and Loss, because it is so much that is as good as lost. Yo. But supposing that my Insurance be for another Man's Account. Mr. Then debit him for the whole, and credit Cash for the Money that was paid out to the Insurer, and credit Profit and loss for your Provision of the said Insurance. Yo. Suppose I pay Money upon Goods that go out of the Nation for Charges, as Custom and Packing, etc. for my own Account, what must I do then? Mr. Then you must make the Voyage to that place Debtor, in the hands of such a Man your Factor Debtor for the whole, and credit the Man that trusted you with the Goods, if you bought them at Time, (or Cash, if bought the Goods at ready Money) and credit Cash for the Money that goes out for Charges, and Profit and Loss for your Commission of the said Goods. Yo. Suppose I lay out Money for Charges upon Goods that come in from Sea. Mr. Debtor the said Goods, whether for another Man's Account, or your own, and credit Cash for the Money paid out. Yo. But if I lay out a sum of Money for another Man's Account for Goods I ship for him, what must I do in that case? Mr. You must not make the Goods Debtor, but the Man for whose Account the Goods were, must be made Debtor for the whole Sum, and Cash must be made Credit for the Money that goes out in Charges. Yo. If I receive Money for any Legacy that is left me, how must I book that same? Mr. You must debtor Cash, because it receives the Money, and credit Profit and Loss, because it is so much profit to you; or you may credit Stock for the Money, it comes all to one. Yo. Suppose I have a Bill of Exchange that is remitted me at any time at double Usance, or Usance, etc. how must I book it? Mr. You must debit Bills of Exchange remitted, (there being an Account so called) and credit the Man for the Money he did remit: And the Reason is, The Remittor must be made Creditor: and it is a very great error in them that will say, the Remitter is not to be credited until the Money is received; for the Remitter must have credit as soon as the Bill is accepted; but Cash cannot be made Debit, because it doth not receive any Money into it until two months after: So that this Account is set up, and here is upon this a true sight of all the Bills you have standing out at any time, without going to the Bill-Book. Yo. But what must I do then when that Bill is received in Money? Mr. Then must you Debit Cash, and Credit the Account before mentioned of Bills of Exchange remitted, because Cash hath the Money, and this Account of Bills of Exchange hath discharged its Trust. Yo. But suppose I have a Bill of Exchange that is remitted me at sight, and I receive Money for it. Mr. Then debit Cash, and credit the Remitter. Yo. What if a Man draw a Bill of Exchange upon me at time? Mr. Then debit the Man, and credit the Account of Bills drawn, as you did an Account of Bills remitted, because you must debit the Man, and you cannot credit Cash, because you do not pay it, but you may credit Bills drawn; and when that Bill comes due, debit Bills drawn, and credit Cash for the Mony. Yo. Suppose a Man draw upon me at sight this Sum. Mr. Then make the Man Debit, and Cash Credit, because you pay the Money presently. Yo. Suppose I have sold Goods to a Man that is a Shopkeeper, and he comes for damage, to have an abatement; how must I enter this? Mr. There are several ways to enter this as it shall fall out; for the Goods may be of several sorts, some for your own Account, and some for other men's Accounts; and sometimes the Accounts are shut up before, and sometimes an Account is sent to the Man the Goods belonged unto. Yo. How must I do when I make allowance for damage of the Goods that are for my own Account? Mr. Then Debit the Account of those Goods, and Credit the Man the Goods were sold unto. Yo. But if the Goods were all sold, and I had put that Account on the Books, and carried the Profit or Loss to its proper place, how is it then? Mr. Then must you make Profit and Loss Debit, and Credit the Man that is to have the allowance made him. Yo. But suppose it were for the Account of another Man, and he had had that Account sent him before. Mr. Then you must make that Man's Account current Debtor, & Credit the Account of the Man that is to have the allowance made him. Yo. But if I should have an allowance of any Man that had sold me Goods, how should I book that? Mr. You must make that Man Debtor, and the Account of Goods bought Credtor: or, if they are another Man's Account, then must you make that Man's Account Credit, by the former Man that did make the allowance. Yo. If I buy Goods for my own Account of any Man, as Cloth, Led, Stuffs, Herrings, etc. how must I book that? Mr. You must frame an Account for those Goods, Stuffs, etc. and make them Debtor, and the Man you bought them of Creditor, specifying the Numbers, Length, Price, and what they come unto, with the Time they were bought for. Yo. If I buy Goods in one day of two or three Men for my own Account at Time, how must I book it then? Mr. You must then make the Goods Debtor to sundry Accounts, and those sundry Accounts must be the Men you bought them of, and this avoids making of several parcels in the Journal. Yo. But what if I buy any Goods for ready Money, and that of one Man, or of more? Mr. Then Debit the Goods, and Credit Cash, because the Goods are in your possession, and the Money goes away from you. Yo. But what if I should buy Goods for part Money, and part Time? Mr. Then must you Debit those Goods that are bought, and Credit Cash for the Money that went out, and credit the Man that did give you credit for the remainder. Yo. But if I buy one parcel of Goods for another, as Cottons to be paid in Sugars. Mr. Then Debit the Goods that come in, viz. Cottons, and Credit Sugars that go out; the first remains by you, and the last pass away. Yo. But if I should sell my Goods, as Led, etc. for ready Mony. Mr. Then Debit Cash for the Money, and Credit Led; because Lead goes away, and Money comes in. Yo. Suppose I sell a parcel of Feathers, etc. for Time, to any Man. Mr. Then Debit the Man that bought them, and Credit the Goods; because that Man that did buy them hath not yet paid for them, and the Goods they pass from you. Yo. But if I sell a parcel of Cheese for part Money, and part Time, what must I do then? Mr. Debit the Man that bought them for so much as the Goods at Time comes unto, and Debit Cash for so much Money as was received; and then Credit the Account of those Goods sold for the whole sum of Monies. Another way is used by some Men, but nothing so well for the Buyer; and that is, To Debit the Buyer for the whole Sum the Goods come unto. And in another Article, Debit Cash, and Credit the Buyer for the ready Mony. But this comes not nigh unto the other for dispatch and neatness, but is round the Bush, if the Money be paid the same day. Yo. But it may so fall out, that I may sell a parcel of Canvas for part Money, part Time, and part Hollands, than what is to be done by me? Mr. Debit Cash for the Money it receives into it; Debit the Buyer for what he doth buy at Time; and debtor Hollands for what they amount unto; and credit the Canvas for the whole sum of Monies. Yo. But yet further, Sir, Suppose I sell a parcel of Wines, for part Money, part a Bill, part in Logwood, and part at Time, what must I do then? Mr. Then must you debit Cash for the Money it receives; debit the Man the Bill or Bond is made by for the same, (reciting the Contents of it, and the Endorsers if any); debit Logwood for what that comes unto; and then debit the Buyer for what he buys, still saying, sundry Accounts are Debit; and credit your Account of Wines for the whole Sum that all these come unto. Yo. But what if I send a parcel of Goods out for my own Account to any Factor at Hamborough, Cadiz, etc. what must I do then? Mr. Then must you make Voyage to Hamburg, etc. in the hands of such a Man my Factor, Debtor; and then make the Man, or Men that sell the Goods to you at Time, credit; and then make the Cash credit for any ready Money that is laid out for Packing, Custom, etc. Yo. And when the Factor sells the Goods, what am I to do when he hath sent me an Account of the sales of them? Mr. You must debit the Factor my Account, and credit that Voyage to Hamburg, and that you must do in a double Margin of two Species, one of the Coin of Hamburg, etc. and the other of the place you live in: the inner Column must be the Column for the Outlandish Money, that which is next your left hand in writing. Yo. But suppose instead of Money, my Factor sends me Goods, what must I do with that? Mr. You must then make those Goods that come debit, and credit the Factor your Account, with a double Margin, as is before said of both Species. Yo. And what if that Factor should send me a parcel of Linens for his own Account, how must I Book that? Mr. You must make those Goods Debtor, and specify for whose Account they be, and credit Cash for the moneys laid out for the Charges upon them paid by you at their landing. Yo. And suppose I should sell any of these Goods of my Friends, for Goods in Barter, Money, Time, and a Note of a Man's hand? Mr. The selling of Goods for your own Account, or that of any Friend of yours, is all one; the Buyer must be made Debtor, and the Goods always (naming for whose Account they are) are to be made credit but in this present case. Debit Cash for the Money received. Debit the Man for those at Time. Debit the Goods received in Barter. Debit the stranger for his Note. And credit the Goods of your Friend for the entire Sum that they come unto. Yo. Suppose, Sir, a Man to whom I have sold a parcel of Goods amounting to l. 100 for my Account, instead of paying me at two months, should break, and give me, ¼ part down. ¼ on Security. ¼ at Time. ¼ Lost. How must I set this upon my Waste-Book in order? Mr. You must say sundry Accounts Debtor, and make the Man that breaks, Creditor for the whole sum of l. 000: 0: 0 d. and the Accounts that must be Debtor are, viz. Cash for ¼ down— 25: 0: 0 J. B. his Friend bound at 6/ M.— 25: 0: 0 J. P. himself at 3/ M.— 25: 0: 0 Profit and Loss lost by him— 25: 0: 0 100: 0: 0 And this is all entered in one Parcel. Yo. But suppose these Goods were none of my own, but for a Friends Account, and that I have sent him his Account of the Sales of them some time since, what must I do then? Mr. Then you must debit your Friend's Account Current, instead of Profit and Loss, and give him advice of it. Yo. Are there no other things to be observed in entering Parcels in the Journal? Mr. Yes; there are several Niceties and Rarities in Book-keeping, but to tell you of them, would be but to burden your memory, and the practical and sensitive part is required before you can be perfectly able to do a thing as it should: But here is a general Rule to be observed by you in entering every Parcel; and if you do mind it, you can never be out. Yo. Pray, Sir, let me know what that is, and I will endeavour to remember it. Mr. Every Parcel consists, and is made up of four several things, Viz. 1. The Debit. 2. The Credit. 3. The Sum. 4. The Reason of it. Yo. Pray explain this unto me by some Example that I may know it. Mr. That I shall by this Example: You have paid l. 100: 0: 0 d. for the Account of James Webster of Derby, and in your Journal it is written thus. London, 25 May, 1677. — James Webster of Derby, Debtor to Cash l. 100, for so much paid for him to Tho. W. of London, as by his Order, the 24th Instant, is — l. 100: 0: 0 Here you may observe, 1. J. W. is the Debtor. 2. Cash is the Creditor. 3. l. 100: 0: 0 d. is the Sum. 4. The Reason of the Parcel; it was for Money paid to T. W. of London, by his Order, of the 24th of June, 1677. And carrying this in your mind, you will find an admirable advantage; for whenever you are entering a Parcel, and cannot remember it, this will bring each part to your perfect memory, because it is the Foundation-wall upon which all is built of each Parcel. Yo. Well, Sir, having now perfectly learned to enter every thing upon the Waste-Book, or the Journal, what is my next work I am to do? Mr. The next work you have to do, is to post out of the Fair Journal into the Ledger. Yo. I know not what you mean by the Ledger, pray explain it unto me. Mr. The Ledger is the great Book that is the Judge of all the other: and here you see presently what you owe to any one, or what any one owes to you, or what Goods you have by you that are not sold, without going into any Warehouse or Cellar; what you have in any Factor's Hands beyond the Seas, and what you may have gotten in any time of your Trade, at the very first opening of your Book. Yo. This Book deserves looking after, for that it is a rare thing to be satisfied presently upon any of these Questions: But how shall I know this Book from the Journal, or any other of the Books? Mr. It is distinguished with much ease presently, if you have respect but only to the ruling of it, which is thus: Yo. Pray let me see at present an Example of any thing, how it stands upon the Journal, and how it is upon the Ledger, that I may know the difference more plainly. Mr. You may remember, in Page 216. how James Webster of Derby stands Debtor for l. 100: 0: odd. Now if you post it to the said James Webster's Account upon the Ledger, it will stand thus, as underneath. 1676. James Webster of Derby Dr. May 25 To Cash paid T. W.— 6 100 00 Yo. Now you have set it down, pray explain the meaning of it. Mr. That I shall in every particular; and that you may the better be able to comprehend it, I have marked each Column with a Figure, Nᵒ 1, 2, 3, etc. I begin with the first Column, Nᵒ 1. That is for the Month; therein you only set the name of the Month. In the Column, Nᵒ 2. you only put the Day of the Month in figures always. In the third Colum, you put the Matter of the Parcel, be it of the Debit side, or of the Credit side of each Parcel, as you see in this last Parcel of James Webster. In the fourth Column, you see the figure of the Account you post unto; and if you turn to that figure, you will find out where that Account stands, and the particulars. The Column Nᵒ 5. is Pounds. Nᵒ 6. is Shillings. Nᵒ 7. is Pence. Yo. Now I have seen what the Ledger is, I would willingly be instructed how to post any Question; but especially pray let me know how I shall post this of James Webster, in Page 216, and 219. Mr. That you may the bett●● understand it, I will set down the Parcel again. London, 26 May 1677. 17/19 James Webster of Derby, Dr. to Cash l. 100: 00: 00 d. for so much paid by his Order unto T. W. of London, as by his Letter of the 24th Instant, — l. 100 00 00 In posting this, observe these following Rules. 1. Seek at the beginning of your Ledger for your Alphabet, what Folio the said James Websters Account standeth in: Suppose it stands in Folio 17; turn to that Folio, and there proceed thus; in the first Column put down May, in the second Column put down the 26: in the third Column put down the Party to whom he is Debit to Cash, with as much as you can of the Reason of the Parcel in one Line; but be sure never make two Lines in the posting of any parcel in the Ledger upon any Account whatsoever: and in the fourth Column put the Folio where Cash stands, and that is Folio 19; and then set the Sum of Money l. 100: 0: 0: and so the Parcel is posted: And when you have posted it in this manner, then return to your Journal, and there you will find such a small stroke at the beginning of it as this is—; there you must put this mark of the Folio where James Webster's Account stands, which is Folio 17, and then that stroke will stand thus 17; then have you done that part which is the Debit part of your Parcel, and that is just the one half. Then must you go unto the Credit of the Parcel, thus: You may turn to Folio 19, that is Cash; and there you must name in the first Column May; in the second, 26; in the third, by James Webster; in the fourth, the Folio James Webster's Account doth stand in; and then the Sum of Money, which is l. 100: 0: 0 d. and so you return to the Journal, and there you find the posting Line to stand thus 17; and now under this you must put this Folio of Cash, Nᵒ 19, and then it will show thus 17/19, and so your Parcel is quite done both for Debtor and Creditor; and wherever you meet with a Parcel that hath but one side of this Posting-line supplied with Figures, than there is one side unposted. Yo. Sir, I do not well understand what it is to look into this Alphabet; pray tell me what an Alphabet means. Mr. An Alphabet is a Book of 24 Leaves; sometimes 12 leaves, or 24, left at the beginning of the Ledger, and therein is contained the 24 Letters of your Alphabet, from whence it derives its name; if 24 leaves, there's 1 Letter for each Leaf; but if but 12 Leaves, then is there 2 Letters for each Leaf. Yo. Pray let me see an Example of this. Mr. It cannot be shown but in the thing itself, because this Book is too little, but this is the manner of it. A. C. E. Ascue James— 1 Crouch Will.— 3 Edmunds Jos. 5 B. D. F. Beek Samuel— 2 Davis Sam.— 4 French John— 6 Now suppose you look for any of these men's Accounts. James Ascue, etc. Samuel Beek, Will. Crouch, Sam. Davis, Jos. Edmunds, John French, Take the Surname, and look under what Letter it is, and the first is James Ascue; say Ascue James under the Letter A, and set Folio 1; Beek Samuel, Beek under the Letter B, Folio 2; and so for the following names. Now when you have occasion to look out Samuel Davis his Account, see Davis Sam. under the D. and you will find it to be Fol. 4. and so of the rest. Yo. What is the meaning of pricking a pair of Books over? Mr. By the pricking of a pair of Books is meant, one Man's taking the Journal, and calling that over against the Waste-Book, that is read Article by Article by another Man; and when they have done with that, then to have one Man take the Journal, and another Man the Ledger, and repost every Parcel as if you were really posting it anew again, and against each mark make a prick. Yo. Pray let me see an Example of that, that I may know how to do it. Mr. You may suppose this Article of the 26th of May, of James Webster, to be the thing in question: When you have posted the Debit, the figures will stand thus, .17/19 and when you have examined both Debit and Credit, it will stand thus, .17/.19 If you should have occasion to prick your Boooks twice before you find out the fault, then will they stand thus, ..17/..19 or thus, .17./ .19. which you like best. Yo. What is meant by the balancing of a pair of Books? Mr. By the balancing of a pair of Books, is meant, taking a sheet of Paper, and setting the Balance of each Account under one another, the Debit altogether, and the Credit in like manner altogether; and if both sides do equally balance with one another, then are the Books right; but if they do not, than the Books are wrong, and you must prick them over until you find out the Error. Yo. Having thus explained the meaning of the several Books unto me, I desire you would now answer me two or three Questions, which I find I am ignorant of. Mr. What are they? Yo. The first is Charter-Parties: which I find mentioned by you, but know not what you mean when you speak of them. Mr. Charter-Party is the same thing to a Merchant, as a Lease is betwixt Landlord and Tenant; herein are all things necessary contained, that belong to an Agreement betwixt a Merchant, or Merchants, in freighting of a Ship; and the Master (or Master and Owners sometimes) of the said Ship. Yo. For my further light into this Business, I desire you, Sir, to let me know what it is, and let me (as you have done here in like cases) see some form of a Charter-Party. Mr. That you may do in the following form, which is a Charter-Party word for word. The Copy of a Charter-Party of Affreightment. THis CHARTER-PARTY of Affreightment, indented, made the _____ of the Month of _____ Anno Domini _____ and in the _____ of the Reign of our Sovereign Lord Charles the Second, by the Grace of God, King of England, Scotland, France and Ireland, Defender of the Faith, etc. Between _____ Master (under God) of the good Ship, or Vessel, called the _____ of the Burden of _____ Tuns, or thereabouts, now riding at Anchor in the River of Thames of the one part; And _____ of London, Merchants, of the other part. Witnesseth, That the said Master hath granted, and let the said Ship to Freight unto the said Merchants; And that they the said Merchants have accordingly hired Her for the Voyage, and upon the Terms and Conditions following: That is to say, The said Master doth covenant, promise, and grant for himself, his Executors, and Administrators, to and with the said Merchants, and either of them, their, and either of their Executors, Administrators, and Assigns, by these Presents; That the said Ship, strong, and staunch, and well and sufficiently Victualled, Tackled, Manned, and Apparelled, with all things meet, needful, and necessary for the performance of the Voyage hereafter mentioned; Shall by the first and next fair Wind and Wether which God shall send, after the Date of these Presents, depart from the Port of _____ with all such Goods and Merchandizes, as the said Merchants or their Assigns shall in the mean time lad and put on board Her. And therewith directly sail and apply unto _____ as Wind and Wether shall best serve for the said Ship to sail. And being arrived as near to the said place of _____ He the said Master, or Assigns, shall and will within _____ working days next from and after such Her arrival to be accounted, not only unlade and deliver the said Goods and Merchandizes put on board the said Ship at _____ aforesaid, unto the said Merchants, their Factors, or Assigns; or some or one of them in safety, and well conditioned, (the Dangers of the Seas, and Restraint of Princes and Rulers excepted); But also shall and will receive, relade, and take on board the said Ship, of and from the said Merchants, their Factors, or Assigns, or some or one of them, all such Goods and Merchandizes, as they or any of them shall there please to lad, and put on board Her, to the said Ships full and complete Lading; that is to say, as much as can conveniently be stowed in the whole Hold, and between Decks, afore the Mainmast, (room only reserved for the said Ships Provisions, Tackle, and Apparel); And the said _____ working days being expired, or the said Ship there sooner dispatched, (which first shall happen) He the said Master, or his Assigns, shall and will with the then next opportunity of Wind and Wether, from Her said unlading and relading Port of _____ aforesaid, directly sail, return, and come back with the said Ship and Lading unto the Port of _____ And here within _____ working days next after the said Ship shall be entered in the Customhouse of this said _____ he the said Master, or his Assigns, shall and will unlade, and deliver the said Goods and Merchandizes, laden on board the said Ship, at her unlading and relading _____ aforesaid, unto the said Merchants, their Executors, Administrators, or Assigns, in safety, and well conditioned, (the Dangers ' of the Seas, and Restraint of Princes and Rulers excepted) and so end the said intended Voyage. And the said Merchants do covenant, promise, and grant, for themselves, and either of them, their and either of their Executors and Administrators, to and with the said Master, his Executors, Administrators, and Assigns, by these Presents; That _____ Executors, Administrators, Factors, or Assigns; shall and will not only unlade, and relade, the said Ship at her unlading and relading Port of _____ aforesaid, and dispatch and discharge the same at this _____ in manner and form as above expressed; and within the respective days and times above mentioned. But also shall and will, in full of all Freight to be due, payable, or demandable, for or during this present intended Voyage, well and truly pay, or cause to be paid, unto the said Master, his Executors, Administrators, or Assigns _____ the sum of _____ of lawful Money of England, in manner and form following: That is to say, _____ part thereof within _____ days after the said Ship shall be entered in the Customhouse of _____ Item, _____ more thereof within _____ days than next following, and the remaining part of the said whole Freight within _____ days next after the said Ship shall be delivered of her Lading here at _____ aforesaid. And it is mutually agreed by and between the said Parties to these Presents, for themselves, their several Executors and Administrators, That all Port-charges which shall grow due, payable, or demandable, during this present intended Voyage, shall be paid and satisfied in manner and form following; That is say, _____ thereof by the said Merchants, their Executors, Factors, or Assigns, and the other _____ thereof by the said Master, his Executors or Assigns. Further, it is hereby agreed, That it shall and may be lawful unto, and for the said Merchants, their Factors, or Assigns, to keep the said Ship in dennirrage at her unlading and relading Port abovementioned, and also at _____ aforesaid, over and above the respective days aforementioned, such other time and number of days as shall be requisite, so as the same exceed not _____ days in the whole: They the said Merchants, their Factors, or Assigns, for each and every such day, paying unto the said Master, or his Assigns _____ day by day, where the same shall grow due and payable, Any thing aforesaid to the contrary notwithstanding. And for the performance of all and singular the Premises, which on the part and behalf of the said Master, his Executors, Administrators, and Assigns, and every of them, are and aught to be well and truly holden, observed, and performed. The said Master doth bind and oblige himself, his Executors and Administrators, together with the said Ship, and her Freight, Tackle, and Apparel, unto the said Merchants, their Executors, Administrators, and Assigns, and every of them, in the sum or penalty of _____ pounds of lawful Money of England, well and truly to be paid by these Presents. And likewise for the performance of all and singular the Premises which on the part and behalf of the said Merchants, their Executors, Administrators, and Assigns, or any of them, are and aught to be kept, paid, and performed; The said Merchants do bind and oblige themselves, their Executors, and Administrators, jointly and severally together, with their Goods to be laden on board the said Ship this present intended Voyage, unto the said Master, his Executors, Administrators, and Assigns, and every of them, in the like sum and penalty of _____ of like lawful Money of England, also well and truly to be paid by these Presents. In witness whereof the Parties aforesaid to these present Charter-Parties, indented, have interchangeably put their Hands and Seals, the Day and Year first above written. Sealed and delivered in the presence of J. F. ☉ J. B. D. D. Yo. When the form is thus made, who must set his hand to it, the Merchant or the Master of a Ship? and where must it remain? Mr. As I said before, it is in the same nature as the Lease of a House, and each Party hath one, it being an Indenture, the Merchant signs one to the Master, and the Master one to the Merchant. Yo. What mean you by an Indenture? I know what that means that is often named betwixt Masters and Servants, but I know not how you can bring it in here. Mr. The meaning of an Indenture is; When two Writings are drawn upon any Account whatsoever, word for word alike, and that one Man Signs, Seals, and Delivers one, and another Man Signs the other; and the reason they are called Indentures is, because a Skin of Parchment, or a sheet of Paper is taken and cut through the middle in this manner; So that after they are cut, if you come to join them together again, you will presently see if they do agree or no; for if one of them be counterfeited, they will not exactly join together again; and this is the meaning of an Indenture; and each Person keeps one of them by him, that so at any time he may have recourse unto it, and see the Covenants he is to perform, or what is by others to be performed to him. Yo. Having thus far satisfied me, pray let me next know what is meant by a thing I have often heard spoke of, and that is Arbitration, and making of an Award. Mr. Arbitration is a thing much used amongst Merchants and Traders of all sorts, and is used when there is any difference betwixt Man and Man, rather than to suffer the Parties to go to Law, and there to spend their Money, and Time, (which things are both equal to a Trader): for a Trader's Thoughts ought to be possessed of the best Seasons for buying Goods, the Nature and Qualities of the Goods he buys, the Times and Places that are best for selling his Goods, the Usages and Customs, with the moneys and Exchanges of the Nations he trades unto, and not to spend his time in frivolous Disputes and Quarrels; if he doth, he may be more fitly called a Solicitor than a Merchant: And therefore Men of repute, and them that are good Husbands of their Time and Money, will be willing to refer any Difference that shall happen unto them, unto Merchants or Tradesmen that understand their Disputes. And therefore to make you the better understand what Arbitration is, let me know from you what difference you would be satisfied about. Yo. The other day, Sir, my Master sold 40 Butts of Currants to four Grocers in Company; and I weighed them, and delivered them, and agreed in the Number of Draughts, as you formerly did direct me in Page 16, and then made a Bill of Parcels, as you directed in Page 19, and had them all sent in; and now I go for the Money, they will not pay; they say they must have considerable allowance for Damage that they find in the said Goods, and for false Tares; and my Master may take his course at Law for his Money if he will, for they will not pay the Money: My Master, he says, he doth not care for going to Law, he had rather put it to Arbitration. Now here I am at a loss, Sir, I know not what this Arbitration is. Mr. If he doth go to Arbitration, then doth he choose one Arbitrator, and the Grocers choose another; and these Arbitrators are to reconcile all manner of difference betwixt your Master and them by such a day: If these two Arbitrators cannot do it, than they are to choose an Umpire that shall do it in so many days after the time that was before limited. Yo. I am ignorant as to all these things and names you give, pray let me know how they proceed, and what it is you mean when you name the word Arbitrator, Award, Umpire, etc. and whether my Master is any ways obliged to stand to what these Men do. Mr. The first thing that is done, is a Bond, known by the Name of an Arbitration Bond, which is Signed, Sealed, and Delivered, by each Person in difference, whereby they do in such a certain Sum of Money, oblige themselves to rest by, stand to, and perform all that shall be ordered by A. B. and D. C. the Arbitrators. Yo. Before you proceed any further, pray Sir let me see what one of these Arbitration Bonds is, and how it is made, and then I shall the better be able to understand what I desire from you. Mr. That you shall, and here it is word for word, or generally in the most usual form. The Copy of one of these Bonds. NOverint universi per presents _____ teneri & firmiter Obligari _____ libris bonae & legalis monete Angliae Solvend. eidem _____ aut suo certo Attornat. Executor. vel Administrator. suis; ad quam quidem Solucionem bene & fideliter faciend. Oblige. _____ Heredes, Executores, & Administratores _____ firmiter per presents. Sigill. _____ Sigillat. Dat. _____ Anno Regni Dom. nost. _____ Dei Gracia Angliae, Scotiae, Franciae, & Hiberniae, Regis Fidei Defensor. etc. Annoque Dom. 16 THe Condition of this Obligation is such, That if the above-bounden _____ Heirs, Executors, and Administrators, for their parts and behalves, shall and do in all things well and truly stand to, obey, abide, perform, fulfil, and keep the Award, Order, Arbitrement, final end and determination of _____ Arbitrators indifferently elected and named, as well on the part and behalf of the above-bounden _____ as of the abovenamed _____ to Arbitrate, Award, Order, Judge, and determine, of and concerning all, and all manner of Action and Actions, Cause and Causes of Actions, Suits, Bills, Bonds, Specialties, Judgements, Executions, Extents, Quarrels, Controversies, Trespasses, Damages and Demands whatsoever, at any time heretofore had, made, moved, brought, commenced, sued, prosecuted, done, suffered, committed, or depending, by or between the said Parties, or _____ of them, so as the said Award be made, under Hand and Seal, by the _____ next ensuing the Date of these Presents: Then this Obligation to be void, or else to remain in full force and virtue. J. B. ☉ Sealed, Signed, and Delivered, in the presence of J. C. D. R. Yo. They having thus sealed this Bond, what is it must be done next? Mr. The first thing they do, is to examine the Matter by Writtings, Letters, Papers, etc. if it be Matter of Accounts; if it be any other Quarrels or Differences, to examine the several Witnesses; and in Matter of Goods, then to examine the Goods (if they are in being) and so cause either the Complainant to abate of his Demands, or the other to allow: In short, to fix a certain Sum for one or the other to pay; or in some cases to sign General Releases each to the other. Yo. But what if these two Men cannot agree, what must then be done in such a case? Mr. You must then have a third Person chosen, which Person is called an Umpire, and he is to examine what the other two Persons have done, and then the whole Matter is left in his Breast, and he is to decide the difference that yet remains; and his single determination being given in, under Hand and Seal by such a day, (provided the Arbitration Bonds do specify that there shall be an Umpire, for in many cases it is not agreed upon) does the work alone. Yo. Pray, Sir, let me know what kind of thing that Award is which you spoke of. Mr. Award is a certain Writing that is signed by the Arbitrators, wherein is recited the Bond the two Parties at difference entered into; and than it doth recite how they have called all Persons before them; and upon a due consideration of all Matters, such and such things are ordered by them. Yo. And must the Persons in difference fulfil what these Men order and decree them to do? Mr. Yes; or else he that stands out, doth forfeit the Bond he did enter into. Yo. But if I am at any difference with a Man for a thing that is but small, what is it I must then do? Mr. Then you have nothing else to do, but to refer it before Witness, or change a piece of Money, (as some do); but that Sentence, or Award, must be passed presently, or in two or three days, else it will be void in Law. Yo. You having instructed me in these things, which I find much benefit by, I desire you to explain a little fuller to me the Mystery of reducing the moneys of one Nation into that of another, in which thing I am as yet ignorant, you having showed me but one Instance, and that is of our English Money into French, in Page 89; I would fain request you to give me some further light into the said Mystery of Calculating Exchanges. Mr. Propound then your Question, and I will answer it. Yo. I have a Bill of 423 Crowns of French Money given me to reduce into English Money, at 55 d. ⅜ per Crown; but I know not how to reduce it, having never seen it done. Mr. The manner of doing it is thus: 1. Set down the number of Crowns 423. 2. Set down under them the price, that is 55 d. ⅜. 3. Multiply the Crowns by the Pence. 4. Consider what part of a Penny your ⅜ is viz. a Farthing is ¼, ⅛ is half the Farthing. Take these out of the Crowns; and then when you have done so, add up all together, and you shall find so many Pence; which divide by 12, and by 20, and your Sum the 423 Crowns amounts unto is l. 97: 11: 11½. Example. And thus you see what it comes unto. Yo. But, Sir, suppose I have a parcel of Dollars out of the Low Countries, or pieces of Eight out of Spain, or Ducats in Italy, or Mill-Rays in Portugal, Flemish Pounds in Holland, Guilders, etc. all these are different things, and you give me no light to this; how shall I know the way to cast up any of these Coins so different? Mr. The chief thing you are to inquire into in order unto this, is to understand what Species the two places do exchange in: As for Example; France keeps Accounts in Livers, Solz, and Deniers, but yet exchanges with all Nations in Crowns. Holland keeps Accounts in Guilders, Stivers, and Penninges, and yet exchanges with England in pounds Flemish; and so of other Nations before named. Now your great work is, to be exact in bringing the Coin the Nation trades in, into the Coin it exchanges in; for when the other is brought into the exchanging Coin, it is no more than to cast up any ordinary Commodity: for although it makes a great noise of 1000 Ducatoons, at 65d. ⅜: 1470 Crowns, at 54d. ½: l. 237: 10: 0 Flemish, at 34 s. 9 d. etc. it is no more than if a Man should say, 1000 els of Silk, at 5 s. 5 d. ⅜ per Ell. 1470 els of Cloth, at 4 s. 6 d. ½ per Ell. 237 lb ½ of Cinnamon, at 34 s. 9 d. per lb. This every Schoolboy can do: But the chief matter is this, whereof I will now show you an Example or two, and all the rest are the same, Viz. Example. A Man lives at Paris in France, and writes me word he hath sold some Goods for me; the Neat proceed of which is l. 4276: 17: French-Mony, and he will remit me the same Money at 54 d. ½ per Crown; how shall I know whether I am cheated or no? I know how to cast it up very well if it be so many Crowns at 54 d. ½, but I know not how to bring these l. 4276: 17: 6 d. into Crowns. Mr. You must inquire how many French Pounds make a Crown, and you will find three: Divide the 4276: 17: 6 d. by three, thus; And there remains one pound in the Quotient, that is, 20 Solz; and the 17 Solz 6 Deniers being added, makes 37 Solz 6 Deniers: So that the answer you will have, is, you will find just 1425 Crowns 37 s. 6 Deniers. Now if you cannot tell how many Livers, Solz, and Deniers makes the Coin you exchange in, how can you tell what it is that you are to have in Crowns? for he may as well make you good but 1214 Crowns, as your due 1425, and you never the wiser. The same may be done also for Spanish-Mony; your Factor at Cadiz writes you word, he hath sold as many Goods for you as come to 8756 Rials Plate. Now you account in Ryals Plate, but you exchange in Pieces of Eight; and it behoves you to know how many Rials Plate makes a Piece of Eight; there is 8; divide 8756 by 8, and it is, Now these 1094 pieces of Eight ½, at 47 d. ¾, is no other than 1094 ½ els of Holland, at 3 s. 11 d. ¾ per el: And this may serve you as a general Rule for all Exchanges; and the daily practice you will meet with, will give you better satisfaction than any thing else can do. Certain Directions how to examine your Books, if they do not balance. 1. Examine your Journal against your Waste-Book, to see if that agrees. 2. Examine the Journal, and see if the additions of the inside Column be right, and that they amount to the Sum in the Margin. 3. Prick over your Ledger against your Journal, to see if each Parcel be truly posted into the said Ledger out of the Journal. Put at the end of each Line in the Ledger, this mark. or— which you like best, with a Red-lead or Black-lead Pencil. 4. Examine your Ballance-sheet, if the Credit be not put for the Debit. 5. Re-examine each Folio in the Ledger, to see if there be no Errors in their particular Balances, and in those Additions and Subtractions. 6. Re-examine each Account, although it stands balanced on the Ledger, to see if it be true, for many times a fault escapes. 7. Examine the examining-marks in the Ledger before mentioned, to see if there be not some Parcel wants a mark, and the reason of it. And I will confidently affirm to any Man, that when you have with diligence sought these several ways, you will find it out: for if 2 times 3 be 6, or 6 times 3 be 18; so true is it your Books will come out even in the Ballance-Sheet; for all that is in Books, is but dividing an entire Sum into many parts, which must all come to the same end at last. Example. 32— Divide it thus— 9 17 1 When added up is— 32 Yo. What else have you, Sir, that you can advise me to do in order to my being an exact Trader? Mr. Mind these things I have now laid down, and be perfect and expert in them, and by that time you are expert in these things, it is possible they may have taught you many others by experience: for in Trade one thing leads to the knowledge of another, as one Link of a Chain hangeth unto the other. FINIS.