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Economy, and the Public Accounts: Average
Average, in Marine Insurance, a common term for losses at sea when not total. Particular Average is partial damage directly occasioned by shipwreck or accident to the ship or cargo. General Average is the loss by sacrifice made for the safety of a ship or cargo, and for indemnification of which all are bound to contribute.
Avoirdupois, the British commercial weight.
Backwardation, a Stock Exchange term for the consideration given to keep back th delivery of stock or shares when the price is lower for time than for money. Bailment, a delivery of goods for some particular purpose, or on mere deposit, upon a contract express or implied, that after the purpose has been performed they shall be redelivered to the bailor or his order, by the bailee, or kept till he reclaims them.
Balance, in Accounts, the sum required to equalize the debits and credits. Balance of Trade, the difference between the exports and imports of a country; an excess in the exports being (according to old usage) called a favorable balance, from its tendency to bring in bullion; while an excess of the imports is called an unfavorable balance, from its tendency to drain bullion away. Balance-Sheet, a ledger abstract, exhibiting, on the one side, the gross property of a concern, including its bills and debts receivable, goods, etc.; and on the other side its bills and debts payable, etc.; the difference being the net stock or net deficiency at the period of balance.
Banco, a continental term for the bank-money of Hamburg and other places. Bank, a depository for money; also an institution for dealing in money capital, and facilitating remittances from one place to another. Bankrupt, a person unable to meet the demands of his creditors, and who has committed some act indicative of his situation.
Barratry, any fraudulent or unlawful act of the master or crew without consent of the owner, whereby the ship or cargo may be lost or forfeited. Barter, the exchange of one commodity for another without reference to money. Batta, an Indian term for a per-centage or allowance. Bear, a Stock Exchange term for one who sells with the view of buying back at a lower price before the time fixed for a settlement; while the term Bull is applied to one who buys to sell again at a higher price. Hence the phrases "Bull" and "Bear" transactions, which are speculations for the rise and fall respectively. Bill, Eng., in equity, is a declaration of the wrong for which the plaintiff claims redress. Bill in parliament is a proposed or draft act before it is passed into a law. Bill of Entry, a schedule of goods entered at the Custom-house. Bill of Exchange, an order to pay a certain sum of money from one person to another, the latter to pay.
Bill of Health, a certificate furnished to a ship communicating with a country affected by contagion by the sanitary authorities of the port; which when clean exempts it from quarantine, but when suspected or foul, subjects it for periods differing ac cording to circumstances.
Bill of Lading, a negotiable instrument given by a ship-master in acknowledgment of goods received on board.
Bill of Parcels, a specification of goods sold, given to the purchaser. Bill of Sale, Eng., a contract under seal whereby a man transfers the interest he has in goods to another.
Bill of Sight, a form of customs entry by which goods whose description is awaiting may be landed for examination. Bill of Store, a form of customs entry for re-exportation; also a license for ship-stores to pass free.
Billon, a base coinage of silver and copper.
Board, the managers of a public department or company in their collective and official capacity.
A Bond, a deed by one party obliging himself, his heirs, etc., to pay money, generally with interest, at a certain time or under certain circumstances. Bonding System, the systems under which imported goods are allowed to be stored, with certain facilities for sorting and transferring, in warehouse licensed under a customs bond without payment of duties until taken out for consumption. Bonus, an extra allowance or dividend to the share-holders of a company. Book-Debt, a debt for goods sold when unsupported by higher evidence than the books of the seller.
Book-keeping, the art of recording accounts in a systematic manner. Bottomry, a contract of loan on the security of a ship and its owners, repayable on the termination of the voyage.
Bought and Sold Note, a note of the sale of goods by a broker. Bounty, a premium for the encouragement of a particular trade or manufacture. Brassage, charges for mint expenses. [merchandise.
Brokerage, the per-centage of a broker, for his agency in the purchase or sale of Bubble, a chimerical or fraudulent project or undertaking. Budget, the annual estimates of the public revenue and expenditure submitted to the House of Commons.
Bull, a Stock Exchange term for one who buys to sell again at a higher price before the time fixed for a settlement. See Bear.
Bullion, uncoined gold or silver.