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The Journal of a mercantile house ought to open, at the beginning of each year, with an enumeration of their assets and debts, as follows:

Folio of
Ledger

£

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SUNDRIES Drs. to STOCK.

For the following, being the assets of the house
CARN; amount at the bankers' this day (1st Jan.)
EXCHEQUER BILLs; amount in hand
Bilis RECEIVABLE; in hand, as per bill boot
THREE AND A HALF PER CENT. STOCK, 60001., valued at 90l. per 100%. stock
DERENTURE ACCOUNT ; drawbacks receivable at the Custom-house
SHIP AMELIA ; our three eighths of that vessel.
ADVENTURE IN IRISH LINE ; amount in hand, computed at cost price
JAMES BAILEY & Co. Liverpool ; due by them
THOMAS WATSON & Co. Dublin; do.
WILLIAM SPENCE & Co., Plymouth ; do.

:

2,950
5,310

0 0 7. YN 15 0 5,400 00

313 00 3.00

0 0

0 0 1,340 100 3,3.30 120 970 0 10

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Let the transaction to be first explained be an order for goods from a correspondent abroad. 1A house in Jamaica sends instructions to the house at home to buy and ship a quantity of manufactured articles, suited to the Jamaica market, as follows:

Order from JAMES ALLAN & Co., of Kingston, Jamaica, to HENRY BARCLAY & Co., of London. J.A. Linen; Lint Strelitz Osnaburgs, 14 bales, about 6d. per yard. & Co.

Best tow Strelitz do., 9 bales, 1d. or 4 d.
Best white Platillas, 1 case.

Linen tick assorted, 3-Iths width, 9d., 1s., 1s. 3d.: 10 pieces each, cut up in 22-yard lengths.
Woollens ; 5 bales Penistones, 3.4ths wide, best indigo blue, 1s. a yard.
Cottons ; 50 p eces stout calico, 28 yards each, 3-4ths wide, 1d. a yard.
50 do.

do.

7-Sths, superior, 3d. a yard
100 do. stout calico shirting, 7-8ths wide, superior, 6d. a yard
Hats ; 4 dozen gentlemen's superfine black, 20s. each.

drab, 20s. each.
1 do. youths'

black, 15s. each.
20 do. felt hats, for negroes, 928. per dozen.
Shoes ; 10 dozen prime calf-skin shoes, full size, 65€. per dozen.
10 do.
youths'

528. per dozen.
5 do.

gentlemen's dress do. 72s. per dozen, This order the London merchant divides among six, seven, or more wholesale dealers, according to their respective lines of business. Each dealer, or tradesman, as he is commonly called, provides his portion of the order in the course of the fortnight, three weeks, or month, allowed him by the merchant; and when the goods are packed and ready to ship, he sends in his account, or bill of parcels, thus:

London, 20th February, 1843.
Messrs. HENRY BARCLAY & Co.

Bought of Simon FRAZER.
J.A.
No. 8. 10 pieces best tow Strelitz Osnaburg, 146 yards each, at 4d. per yard

Inside wrapper, 16 yards, at 3d.
Cord, bale, and press packing

do.

& Co.

6

8

O 10

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Then follow, stated in like manner, the particulars of 8 bales, No. 9. to 16. both inclusive,

announting to

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The merchant, having received the whole of the bills of parcels, fixed on a vessel, and agreed for the freight, proceeds to make an entry at the Custom-house, and to ship the goods. That done, the next step is to prepare the Invoice, or general account of the shipment, as follows:

INVOICE of Goods shipped by HENRY BARCLAY & Co., in the Rawlins, J. Thomson, from London to

Kingston in Jamaica, on account and risk of Messrs. JAMES ALLAN & Co. of Kingston.

J. A. & Co. No. 1.

per do. per do. pe do.

93 7 0
946 16 4

2390
.67 3 7

4,5,6.

8. to 16.

17. 18 to 24. 23. to

Puncheon strong calf-skin shoes, per J. Johnson's bill of paroels
Do.

do.
French calf-skin shoes,
3 trunks do.
Case linen tick assorted, per J. Wilson's bill of parcels
9 bales best tow Osnaburgs, 10 pieces each, per Simon Frazer's bill of parcels
I case white Platillas, per Molling and Co.'s bill of parcels
7 cases the samne,
11 bales lint hinaburgs, per J. Mackenzie's bill of parcels
I case youths' hats and bands, per J. Borradaile and Co.'s bill of parcels
2 cases felt hats, do.

per do.

per do.

274 15 11

4900 23 50

410 $ 27 4 $ 367 10 0 10 11 0 21 8 0

10, 1, 1.

1,284 18 3

£
4 8 0
7 96
38 10 6

Entry; duty on part at per cent.; bond and debenture
Cartage, wharfage, and shipping charges
Freight and primage 387. 78.; bills of lading 38. 6d.
Insurance on 1,5007. at 40$. per 1001.

Policy duty
Commission, 5 per cent. on 1,3352.

Do. per cent. on 1,5007. Insured

£30 0 0

3 18 9

33 19 9
66 15 0
7 10 0

158 11 9 £1,443 10 0

HRRY BARCLAY & Co.

At 6 months' credit; due 6th of September. Errors excepted.

London, 6th of March, 1843. This invoice, being sent out by the vessel to Messrs. Allan & Co., conveys to them a number of particulars in a short space; viz. the mark, the numbers, the value, and the contents of each package. In former times it was the practice to make an invoice very long, inserting in it a literal copy of each bill of parcels, but it has now become usual to make each tradesman deliver a duplicate of his account, to be sent abroad with the goods ; in which case the invoice may be, like the above, little more than a summary of the bills of parcels. This method has two advantages : it saves time at the countinghouse of the exporter ; and it affords to his correspondent an assurance that no more is charged to him than has been actually paid for the articles.

An invoice ought to be made out with the utmost care, for it is a document of great importance in several respects : first, between the exporting merchant and his correspondent abroad; and next, when in the hands of the latter, it may and generally does form a voucher for calculating the import duty, as well as for the sales effected to retailers or other dealers.

The sum insured by the exporting merchant generally exceeds the amount of the invoice by 2 per cent., because the recovery of a loss from insurers involves a charge of fully that amount. It is thus necessary to cover not only the price of the goods, and the charges of shipping, insurance, and freight, but such further sum as may enable the shipper, in case of loss, to carry to the credit of his correspondent the amount of the invoice, clear of any deduction.

JOURNAL ENTRIES resulting from the foregoing Invoice.

JAMES Allan & Co. Drs. to SUNDRIES.
Ledger

For goods shipped to them in the Rarolins, Thomson, for Jamaica.
TO JAWA JOENSON ; amount of shoes, per his bills of parcels

Folio of

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To JOHN WILSON; linen tick
To SIMON FRAZER ; tow Osnaburgs
To Jonx MACKENZIK; lint Osnaburgs
TO JAM BORRADATIE & Co. ; hats
TO MOLLING & Co.: for Platillas
To FRXIGHT ACCOUNT; freight, primage, and bills of lading
TO INSURANCE ; premium, and policy
To CHARGES ; mtry outward, duty, and shipping charges
To PROZIT AND Lose ; for coramission

per do. per do. per do. per do. per do.

478 15 11

42 0 0 236 6 0 367 10 0

32 2 0 328 6 3% 10 33 18 9 11 17 6 74 5 0

£1,143 100

The preceding invoice, being for account of a mercantile house, who sell again to dealers, comprises a variety of articles: as a further specimen, we subjoin two short invoices, for account of sugar planters, and confined to articles consumed on their estates. INVOICE of Plantation Stores, shipped by HENRY BARCLAY & Co. in the Adventure, J. Williamson, Master, for Kingston, Jamaica, by order of Mr. JAMES THOMSON, Planter, and for his account and risk.

J. T. 1. to 6.

., d.

6 bales lint Osnaburgs, per bill of parcels from James Anderson

• £240 00 Then follow, in 'ike manner, the mark, number, and contents of various other packages of plantation stores (hats, shoes, nails, &c.), composing the shipment; amounting in ali to

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INVOICE of 60 Barrels of Herrings, shipped by HENRY BARCLAY & Co. of London, in the Barclay, James

Ferrier, bound to Barbadoes, by order and for account and risk of John HENDERSON, Esq., Planter, and consigned to him at Bridgetown, Barbadoes.

Lmdon, 18th of Feb. 1843. J. H. 60 barels prime white herrings, deliverable at Bridgetown, Barbadoes, free of charges, at Pls. per This invoice is very short, the agreement having been, that the herrings should be delivered at a fixed price, all charges included.'

Account OF SALES. — We come now to a transaction of a different kind; to the sale of goods imported from abroad. A merchant in England receives from a correspondent, whether in India, the West Indies, or North America, notice of a shipment of sugar, coffee, rice, or other produce, about to be made to England, with instructions to effect insurance on the computed value. This is the first step in the transaction; on the arrival of the vessel the goods are entered, landed, and warehoused ; and a broker is instructed to report on the state and prospects of the market. On a sale taking place, an account is made out and forwarded to the correspondent abroad, as follows: ACCOUNT SALB of 7 Hhds. Sugar, by the Ceres, from Trinidad, for Account of Morais Pirtuan, Esq., of Trinidad.

crt. gr. lbs. Insurance on 1751. at 60s. per 1001. £5 5 .

7 hhds. weighing Policy

.0 10 6
Freight of 79 cwt. 25 lbs. at 68. per cwt.
Primage, pierage, and trade
Duty on 79 cwt. 25 lbs. at 278. per cwt.

Entry -
Dock dues
Land waiters and entry
Warehouse rent, 19 weeks
Sampling
Insurance from fire
Interest on freight and duty
Brokerage, I per cent.
Commission, 2 per cent.
per cent. on 1751. insured

M.P. 1. to 7.

Deduct dratt.

87'3 21
0 0 14

Deduct tare

87
93 7

Nett 78 00

at 60s. per cut! } 234

0 0

5 15 6 23 15 4

0 9 7 106 19 0

0 6 0 2 12 10 0 16 0 1 15 2 0 36 0 6 0 1 12 3 2 6 9 4 13 4 0 17 6

152 8 9
81 11 3

€2.34 00 HENRY BARCLAY & Co.

Nett proceeds, due 2d of May, 1842

£234 0 0 Lendon, 21 of April, 1843.

Errors excepted. We have here, on one side of the account, the quantity and value of the goods sold ; on the other, the various charges attending the bringing home, the warehousing, and the sale of the articles.

The quantity of goods accounted for in an account sale must be the same as in the invoice ; if it be less, whether through damage at sea, through waste, or any other cause, the extent of the deficiency should be explicitly stated. By the “overtaker" in the following sale is meant the additional barrel or package required for the coffee taken out of such of the tierces as have been opened on account of breakage or other damage.

Allowances of Weight. — The tare is the weight of the cask, and differs, of course, in almost every package: but trett (see the following sale) is a fixed allowance of 5 lbs. per tierce in the case of coffee, intended, like draft in the case of sugar, to insure good weight to the buyer, and to enable him to do the same to those who purchase again from him.

ACCOUNT SALE of 20 Tierces Coffee, per Vittoria, from Demerara, for Account of JANE FORRES, Esq., Demerara.
CHAROES.
£

Gross Weight. Tare.
Insurance on 20 tierces at 351. a tierce,

J. F.

Cpt. grs. de. Cret. gra. Ibs. 7001. at 50s. policy, 368. 9d.

19 6 9 No.
5 tierces 30 1

3 2 15 Freight on 114 cwt. at 78. 60.

1. to 20. 5 do. 32 2 5

40 5 per cwt. • £42 15 0

4 do. 24 2 4

2 3 16 Primage, pierage, and trade 176

44 2 6

87 1 16

10 2 8 Dock dues 10 91

Trett 0 2 14 Land waiters, entry, and part of bond

1 2 6 Insurance from fire 0 19 6

110 22 Public sale charges

1 7 6

Deduct 11 0 92 Brokerage, 1 per cent.

6 16 7

Nett 76 0 22 at 1213. 6d per cwt. 462 17 2 Commission, 25 per cent. on 676l.

16 18 0 Commission, per cent. on 7001. insured 3 10 0

Gross Weight, Tare.

Cnt. grs. lbs. Cret, qys. Ibs.
104 125
3 tierces 171

2 'O 9 Nett proceeds, due 3d of May, 1831 571 13 1

3 do. 19 3 15

2 1 15 £676 5 6

37 016

4 1 24 Trett 0 1 1

4 225

Deduct 4 2 25

Nett 32 1 19 at 1208. per cwt.

191 94 Gross Weight.

Tare.
Cnut. gra. Is. Cret. qrs. lbs.
Overtaker 51 9

03
Trett 0.011

03 20
Deduct 08 20
Nett 4 i 17 at 1178. per ewt.

25 150

083 2 1 Discount, 1 per cent. 6 16 7

Gross proceeds £676
Errors excepted.

HENBY BARCLAY & Co.

London, 3d of April, 1848.

Freight is charged on the weight of the produce only; not of the produce and packages together. This allowance is of old standing, and is to be traced less to the reason of the case, than to the competition prevailing among shipmasters.

JOURNAL ENTRIES resulting from the preceding Accounts of Sale.

Polio of
Ledger

June 1843.

THOMAS KEMBLE & Co. DRS. to SUNDRIXS.
TO SCOAR per Ceres.

Procexxis of 7 hlius., M. P. 1. to 7., sold by them at one month's credit, from 2d of Aprit
To Cortes per Vittoria.

Proceous of 20 tierces, J. F. 1. to 20., sold at one month's credit, from 3d of April.

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SEOAR per CERE Dr. to SUNDRIES.
To IXSTRANCY ACCOUNT: for premium and policy
To Periour Account; for freight, primage, and pierage
To Custom INWARD ; duty and entry
CHAR(**; dock dues, 325. 10d.; warehouse rent, 36o. 2d. ; land waiters, 168.; sampling, 31. 64.;

and fire insurance, 63.
To THOMAS KEXBLK & Co.: brokerage, 1 per cent.
To PROYIT AND Loss for commissions

£5 10 10
Interest on freight and duty

1 12 3 To MORRU PITTMAN; proceeds due 2d of May, 1843 .

5 13 6 2 6 9

4

7 3 1 81 11 3 234 0 0 19 6 9

Cory s per VITTORIA Dr. to SUNDRIES.
To INTRANCW; for premium and policy
To FREUT ACCOUNT; freight, primage, and pierage
TO CHARON ; dock dues, land waiters, Insurance from fire, and public sale charges
TO THOMAS KEMBLE & Co. ; brokerage
TO PROBIT AND Los; for commissions
To Janks FORDKS; nett proceeds due 3d of June, 1842.

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We have thus given an example of the transactions which form a great part of the business of our merchants ; the export of manufactured goods, and the import and sale of produce received in return. Our next illustration shall be of a merchant's Cash-book. The following is an example of the entries for a month :

Dr.

CASH.

PAID.

Cr.

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2,650 0 0

145 10 0

175 3 0

320 15 0

200 0 0

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152 10 0

970 0 JO

J $42. Mar. 1 | To balance at the bankers 3 To ship Am14, received of James

Jacobs, for freight 6 To bills receivable, received pay.

ment of No. 231. on J. Hender.

son 9 To James Bailey & Co., received

payment of their draft at sight

on J. Bainbridge 15 To William Spence & Co., re.

ceived balance of their account To dehenture account, received

drawback on tobacco shipped by

the Plover 18 To bills receivable, discounted at

the bankets, Harrison & Co.,

due 15-18 March
To profit and loss, received 5 per

cent, discount, on paying with
ready money the accounts per
contra, not due ull 6 months
hence, from
James Johnson • £13 19 0
John Wilson

2 40
Sinnon Frazer

11 16 0
John Mackenzie 19 7 6
Janne Borradaile & Co. O 16 0
Molling & Co.

16 8 3

IS.42
Mar. 2. By bills payable, paid No. 261. to

James Harding
4 By George and William Fox, paid

their balance of account
6 By John Smith and Sons, paid J.

Jackson for their account
7 By bills payable, paid No. 269. to

J. Stewart
18 By interest paid, discount on Har.

rison & Co., 2 months.
By J. Johnson, paid his bill of par.

cels
By John Wilson do.
By Simon Frazer do.
By John Mackenzie do.
By James Bortadaile
& Co.

do.
By Molling & Co. do.
31 By charges paid, postage, and

petty disbursements this month,

per petty cash book
By balance, carried to next month

300 0 0

6 1 10 278 15 11

42 0 0 236 50 267 10 0

15 8 0

730 10 0

32 2 0 328 5 4

15 2 6 2,686 13 0

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These transactions, when put into the Journal form, stand thus :

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MARCH, 1842.
CASH Dato SUNDRIES.

Received this month.
To SHIP AMRITA.

3d. Freight from James Jacobs
To BuL RB KIYABLE.

6th. Received payment of J. Anderson, due this day

18th Discounted Harrison & Co., due 9th of May TO JANE BAILEY & Co.

9th. Received their draft on Bainbridge, due . To WILLIAM SPENCE & Co.

15th. Rereived balance of their account
To ISERNTURR Anunt.

Ph. Drawback on tobacco by the Plover
TO PROXIT AND Lase.

15th. Received discount on sundry accounts, per cash book

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The above shows, that for all sums received, the account of cash is made debtor, and the parties paying the same are made creditors ; while for all sums paid, the cash is credited, and the parties receiving them are made debtors.

We are next to state the mode of entering bill transactions.

Bills ReceivaBLE. -- We have seen by the Balance sheet that several correspondents are indebted to the house. The debts of correspondents abroad may be reduced by remitting either bills, specie, or merchandise for sale : from correspondents in England, bills are almost the only mode of remitting. When bills come to hand, the rule is to enter each in the bill book, with a minute statement of the date, term, sum, and other particulars, thus : No. Received From whom. Drawn by

Sum How disp.es

Date.

Term.

Draron on

To order of

Due.

163018 Mar. Bailey Co. W. Adams Belfast, 1 Mar. 2 mths. T. Jones, Dublin A. Williams 1-4 May 350 Rainier & Co. 6.31 10 do. Watson&Co. J. Jacobe Cork, 3 do. 1 do. J. Adams, London G. Wilson 3-6 Aprill 135 Smith & Co. 63212 do. Spence &Co. T. Johnson Falmo. 5 do. 2 do. (T. Allan, Liverpool D. Jones 5-8 May 260 Overead&Co.

The Journal Entries for these bills are as follows:

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Bills PAYABLE. - The entries under this head are, of course, wholly different from the preceding, being for acceptances of the house given on account of sums owing by it to correspondents. Each acceptance is entered in the book of bills payable, thus: No. Drawn by Place and Date. To Order of On Account of Term. When accepted. Due

Sam 151 J. Allan & Co. Jamaica, 15 Jan. J. Jones Allan. f. co. 3 days singles

12 March 10-13 June £175 100 1.52'G. & W. Fox Falmouth, 7 Mar. J. Thomson G. & W. Fox

22-25 Mar. 73 15 0 153 J. Clark Hull, 3 Mar. IG. Barclay J. Smith & Sons 1 month's date 16 do. 5-8 ditto. 132 10 0

The Journal entries for these bills are as follows:

14

do,

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The preceding entries, few as they are compared to the monthly transactions of a house of business, are sufficient to show the nature of a Journal as well as of the sub

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