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Example of a French Account-Sales.

COMPTE DE VENTE de 6 Lingots d'Argent et 8,500 Piastres, reçus de Londres, et vendus sur le compte de Messrs. Donovan et Cie.

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By the laws of France, the kilogramme of gold of the purity of 9-10ths, or 900 millièmes fine, is coined into pieces of money worth 3,100 francs, and the same weight of silver of the same fineness, into 200 francs; and by a decree of 22nd March, 1854, the charges to be made, as the expense of fabrication, to persons bringing these metals into the Mint to be coined, were fixed for Gold, at Fr. 6.70 (from 1835 to 1854, 6 Francs), Silver,

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Kilogramme of the standand purity.

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A charge of this nature, or for the coinage of gold or silver, is technically called a brassage or seignorage.

These deductions being made from the preceding or mintage rates, give Fr. 3,093.30 for gold, and Fr. 198.50 for silver, as the tariff rates per kilogramme, 900 millièmes fine; the latter rate being exactly 22 centimes for each millième in the purity of silver.

Bars of silver containing gold bear, as in this country, a higher price or premium than those which are without it; and, in the valuation of this gold, 1 millième is allowed for the expense of refining, being equal to 5 grains in the pound troy. The rest is charged for, as if pure gold, at the tariff rate (between 1835 and 1854) of Frs. 3,437 77 per kilogramme. Gold in bars is now negotiated at Frs. 3,437.00 fine (new tariff), and silver at Frs. 218-89 fine (old or commercial tariff).

The calculation for the gold in this Account-Sales is thus made, the weight of the bars being 35 467 kilogrammes, and charge being made for 3 millièmes of gold :

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The following is an Account-Sales of coal sold by a factor for account of a colliery :—

Cr.

1st June, 1899.-London, Entered on 25th May; Sold 24th May; Cleared 25th May.—

Meter, John Smith.

THE BLANK COLLIERY Co., Account-Sales of the Ship Jane.-John Thompson

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£S. D.

Tons. Cwt.

With Metage.

E. & O. E.

£

PRO FORMA ACCOUNTS.

Pro formâ means for the sake of form, and Pro Formâ Accounts are statements showing what it is considered, in the current state of the market, goods would realise. The accounts are of course in the same form as those used for actual transactions, except that the price and the charges are either estimated or they are copied from documents already used for transactions that have taken place. They are headed pro forma, to show that they are only to be considered as specimens, and that the prices shown might or might not be obtained. Thus, we are often asked for Pro Formâ Invoices when a merchant desires to know what are the prices and charges on goods, and Pro Formâ Account-Sales when it is required to know what a proposed adventure or consignment of goods would realise in some particular market.

DISCOUNT.

Discount is an allowance for paying money before it is due; or it means a reduction from the amount of an account, or from the price of an article, and it is usually considered to be given in return for a prompt cash payment. But it has other meanings in commerce. The manufacturer's prices of some goods, especially in the hardware trades, never vary, but it is the discount upon them that is made to alter, and it amounts in some cases to 75 per cent. or more; and it is common to see such discounts as 60 per cent., 10 per cent., 5 per cent.

and 21 per cent., all taken from one account, in the order named.

As referring to bills of exchange, discount may be defined as the difference between the value of money paid at once and money payable a certain time hence; and, of course, the rate of discount to be charged on a bill will vary according to the time which will elapse before the bill matures or becomes due. When we speak of the Bank Rate being 3 per cent. it is understood to be for good bills having not more than three months to run; longer bills are rarely discountable except at higher rates. (See Discounting a Bill.)

TO CALCULATE DISCOUNT.

Rule. To find the discount at any given rate per cent. multiply the sum by the rate per cent., and divide the product by 100.

Example.

What is the discount on £154 12s. 6d. @ 3 %?

£154 12

3

4,63 17 6

20

12,77

12

9,30

= £4 12s. 9d.

When dividing by 100, it is only necessary to point off two figures from the right, as shown in the above example.

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