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Economy, and the Public Accounts: Premium

Premium, the sum given for the share of an undertaking above its original value. Premium, in Insurance, the consideration given by the party protected to the insurer. Prescription, custom continued till it has the force of law. Prescription, Scot., a legal presumption of abandonment, or of satisfaction, of an obligation by lapse of time; distinguished as triennial of tradesmen's accounts, wages, etc.; quinquennial of rents, contracts of loan, pledge, etc.; sexennial of bills; septennial of cautionary; decennial of tutorial accounts; vicennial of holograph writings; and the long prescription, giving a right of heritage through titles extending over forty years.

Price, value expressed in money. The natural price of a commodity at any place and time is that which will pay the cost of its production, or the money conditions of its supply. Price-Current, a list of the market prices of merchandise. Primage, or Hat-money, a small allowance for the shipmaster's care of goods now, generally included in the freight.

Probate, Eng., the exhibiting and proving of a will before the judge. Procuration, acting through an agent. manager, or procuratory. When one becomes party to a bill by the subscription of his agent duly authorized by power of attorney, letter of procuration, or otherwise, he is said to act by procuration. Production, in Political Economy, the creation of objects which constitute wealth. Profit, the surplus produce which remains to the capitalist after replacing his capital; the ratio which that surplus bears to the capital itself is the rate of profit. Promissory Note, a written promise to pay from one man to another upon a certain date.

Pro Rata, a term applied to payments by parties proportional to their interests. Prompt, a short fixed period of credit allowed on the sale of some commodities. Protest of a Bill, a notarial declaration, on presentment, that the bill has been presented, has not been accepted or paid, and that the bill-holder is to enforce payment against all the parties to it. Quarantine, a probationary confinement and interruption of intercourse to which ships with their crews, passengers, and cargoes are subjected on coming from a country afflicted by or suspected of contagion.

Quid Pro Quo, giving one thing for another.