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Economy, and the Public Accounts: Policy

Open Policy. See Policy.

Options, a class of Stock Exchange transactions which are described by Mr. Fenn as a put and call, or a put or call.

A Put and Call is where a person gives so much per cent. for the option of buying or selling so much stock on a certain fixed day, at a price fixed the day the option money is given.

A Put is when a person gives so much for the option of selling under a like condition; and a Call is when so much is given for the option of buying only. Outcome, superabundant measure of goods, arising as an incident of trade, or by allowance of the wholesale dealer.

Paper Money, notes printed by public authority as the equivalent of coin. Par of Exchange, the expression in the currency of one country of that sum which contains an equal amount of pure gold or silver, with a given sum which is taken as the standard of comparison in another.

Participation, (Fr.) a kind of commercial association recognized in France, consists simply in two or more persons joining in one or several determinate commercial speculations. Such associations are familiarly termed comte à demi, between two; comte à tiers, etc.

Partnership, the association of two or more persons in one business. Permit, an excise passport.

Perpetuity, an annuity which is to continue for ever. Petty Average, an allowance for towing, beaconage, etc., now usually included in the freight of a ship.

Pix, a box in which samples of coins struck at the mint are preserved for comparison with the Exchequer Standard, termed trial of the pix. Plant, a comprehensive term applied to the warehouses, leases, tools, engines, and fixtures of a concern.

Pledge, anything put in pawn.