Volume 1
The universal dictionary of trade and commerce : with large additions and improvements, adapting the same to the present state of British affairs in America, since the last treaty of peace made in the year 1763. With great variety of new remarks and illustrations incorporated throughout the whole: together with everything essential that is contained in Savary's dictionary: also, all the material laws of trade and navigation relating to these kingdoms, and the customs and usages to which all traders are subject / By Malachy Postlethwayt, esq.
- Jacques Savary des Brûlons
- Date:
- 1766
Licence: Public Domain Mark
Credit: The universal dictionary of trade and commerce : with large additions and improvements, adapting the same to the present state of British affairs in America, since the last treaty of peace made in the year 1763. With great variety of new remarks and illustrations incorporated throughout the whole: together with everything essential that is contained in Savary's dictionary: also, all the material laws of trade and navigation relating to these kingdoms, and the customs and usages to which all traders are subject / By Malachy Postlethwayt, esq. Source: Wellcome Collection.
214/1108
![The foregoing computation thews the amount of infurance on one fingle voyage ; in the next pl.ee will be ton how .. will (land with a voyage out and home, or a double voyage &c The voyage out is confidered as one angle voyage, which is already explained in the article of io per cent, pre¬ mium : and, as to the voyage home, deduct the premium from n8, as aforelaid: then fay, As the remainder is to the premium, fo is the amount of the firft infurance together with JOO 1. to the infurance on the voyage home.—This infurance home added to the infurance out, makes up the total infurance.-— As for inftance:—The premium of io per cent, on ioo 1. outfet makes the infurance out 1. II : 7 : 3; that added to 100 1. makes 1. in : 7 : 3—Then, to find the infurance home at 10 per cent, premium, fay, As 88 1. is to 10, fo is 1. 1;ii : 7,: 3 to 1. 12 : 13 : 1.-— 1 hen add the I. 12 : 1 3 : 1 infurance home, to the i. 11 : 7 : 3 ”1- furance out, it makes 1. 24 : o : 4 * total infurance, to make good iool. out and home ; and the fum neceffary to be m- fured home will, according to the foregoing example, amount to 1. 126 : 10 : 1 r. * See the following table. The premium of 40 per cent; which is the higheft premium mentioned, makes the infurance out 1. 68 : 19 : 3 on ' outfet, and the like premium of 40 percent, home ma es the infurance home 1. 116 : xo : 6, and is demonftrab e rom the fame principles : for, , As 58 1. is to 40 1. fo is 1. 168 : 19 : 3 to 1. 116 : 10 : 6.— Then add the infurance out and home, it will make ]. P85 19:9* total infurance, to make good 100 1. in cafe of a lofs, which is proved from the following example. * See the following table. As 58 1. is to ico 1. fo is 1. 1 68 : 19 : 3to~) the fum necefFary to be infured home to > I. 291 : 6:4 makegood 1001. firft outfet - - - j Deduct 2 per cent, abatement - - - - 5 : 16 : 7 The infurer pays in cafe of a lofs, - - - 285 : 9*9 Dedudf infurance home on 1. 291 16:4,? II(^ . JO ; 6 at 40 per cent. 168 : 19 : 3 Deduct alfo infurance out - - - - - 68 : 19 : 3 Remains the coft of the firft outfet - - - 100 : — : - And fo as to any other adventure, or premium, on a double voyage, as may be feen from the following table, viz. The amount of infurance to make good 100 I. out and home. ASS * J- 3>7°9>70©' 2,153,900 Difference on 2,000,000 only, out and home 1. 1,555,800 * Infurance at 3 percent, out, and 5 percent, home, amounts, to 1.8 : 14 : 1 to cover 100 1. out and home, and to 174,0781. to cover 2,000,000 1. out and home. And, in like manner, the difference of any other premiums, or any other outfet, on a double voyage, may be computed ; and, if the computation is made on the greater part of our trade, and that of our enemies, at various premiums, it will amount to an immenfe fum ; and thofe nations that pay the lowed premiums of infurance, can afford their merchandize cheapeft at foreign markets, which will naturally extend their trade, by giving a larger vent. From hence it plainly appears of what prodigious confequence the proper or improper direction of our naval force is in the article of infurance only,—not to mention the national gain by captures, the property, lives, and liberties of multitudes of his majefty’s fubjedls that may be thereby faved, as well as a great (hare of the revenues, befides putting our enemies at the fame time to the greateft diftrefs. Here follows the difference between convoys and no convoys, in an inftance of a treble voyage, the rotation being from Eng¬ land to Africa, from thence to America, and then home. Infurance from England to Africa may be done, in time of war, at about 7 per cent, with good convoy, and not under 15 percent, without convoy; and the voyage may be per¬ formed in 40 or 50 days.—Infurance from Africa to America will be about 6 per cent, with fuch convoy, and 18 per cent, without convoy; and this voyage may be performed in 40 or 50 days.—The infurance from America to Great-Britain, with good convoy, will be at about 10 per cent, and, without convoy, at about 25 per cent, and this voyage may be per¬ formed in 40 or 60 days. To {hew the amount of infurance at the abovementioned rates, to make good 1001. outfet throughout the whole rotation, deduct the feveral premiums from 98, as aforefaid; then add the premium, or premiums, on the firft and fecond voyages, to iool.—Then, For the firft voyage, fay. As 91 1. is to 7]. fo is iool. to 1. 7 : 13 : 10 83]. is to 15 1. fo is iool. to 1. 18 : 1 : 5 I For the fecond voyage. As 921. is to 61. fo is 1. 107 : 13 : 10 to I. 7: 0:6 801. is to 18 1. fo is 1. 118 : 1 : 5 to 1. 26 : 11 : 4 For the third voyage. As 88 1. is to 10 1. fo is J. 114 : 14 : 4 to 1. 13 : 0:8 73 1. is to 25 1. fo is 1. 144 : 12 : 9 to 1. 49 : 10 : 8 So the infurance at 40 per cent, as above, to make good, or cover, 2,000,000 out and home, amounts to - - - And, at 30 per cent, to - - - - - Premiums out and the fame home. Out. Home. Total. Atio per cent. G 20 25 3° 40 l.ii : 7 : 3 18 : 1 : 5 25 : 12 : 10 34 : 4 : 11 44 : 1 2 2 4 68 : 19 : 3 1. 12 : 13 : 1 21 : 6:9 32 : 4:4 45 : 19 : 5 63 : ji : 7 116 : 10 : 6 1. 24: 0: 4 39: 8: 2 57:17: 2 80: 4 : 4 107:13 :11 185: 9: 9 By this table, the difference between high and low infurance will plainly appear, and confequently the advantage the Britifh nation may reap from the fuperiority of her naval force, in time of war, by a prudent regulation of convoys and cruizers, in order to prated our own trade in the firft place, and then to annoy the trade of the enemy; as the one will lower the infurance on our trade, in proportion to the care that fhall be taken of it ; and the other will raife the infurance on our ene¬ my’s trade, in proportion to the force that fhall be properly ftationed to annoy it. As for inftance, fuppofe our premiums fhould fall from 20 to 10 per cent, out, and the fame home, by means of regular and fufficient convoys and cruizers on our part, the difference in our favour would be 1. 33 : 1 6 : 10 per cent, out and home, which is adifference of no lefs than 1,015,200!. on 3,000,000k only out and home. On the other hand, fuppofe fuch premiums fhould advance upon the enemy from 10 to 15 per cent, on a voyage out, and the fame home, the difference would be 1. 15 : 7 ; 10 per cent, out and home; and, fuppofe fuch premiums fhould advance from 30 to 40 per cent, the difference would be 77 : 15 : 10 to make good iool. thus infured out and home. As the infurance paid to make good 10c 1. outfet, at 40 per cent, premium out, and 40 per cent, home, is 1. 18c : q • a • and, at 30 per cent. 1. 107 : 13 : n, J y * ’ The amount of the whole, and the difference between good convoys and no convoys, will appear from the following table, viz. The amount I he amount of infurance of infurance Difference in with good without con- the infurance convoy per cent. voy per cent. per cent. From England to Af- 7 , rica _ }!• 7:13:10 1. 18 : 1:5 1 10 : 7: 7 From Africa to A- 7 26 : 11:4 merica — — j 7 • • b From America to J Great-Britain 5 ^ ’ : c 19:10:10 36: to : — 49 : 10 : 8 Total 1.Z7 115: — 94 : 3:5 66: 8: 5 To find the fum necefiary to be infured to makegood, or cover 100 1. outfet, on a treble voyage, in the cafe of 25 per cent, premium, from America to Great-Britain, and the other pre¬ miums without convoy, as abovementioned, fay. As 25 1. is to 100 1. fo is 1. 49 ; 10 ; 8 to 1. 198 : 2 : 8—Or, As 73 1. is to 1001. fo is J. 144 : 12 : 9 to 1.198 : 2 : 8. The fum necefiary to be infured without convoy; and, by the fame rule, 1. 130 : 7 : 2'will be fufficient with convoy. This will appear from the following example : The fum to be infured ______ ], i^g 2:8 Dedudft 2 per cent, abatement - - - - 3 : 19 : 3 The infured receives, in cafe of a lofs, - - 194 : 3:5 Deduct infurance on 1.198 ; 2 : 8, at 25 per cent. 49 ; 10 : 8 Deduct infurance on the cutfet 1.18 : 1:5 on the fecond \oyage 26 ; 11 : 4— 44 : 12 : 9 Remains the coft of the firft outfet-1.100 : — : - And](https://iiif.wellcomecollection.org/image/b30459436_0001_0214.jp2/full/800%2C/0/default.jpg)
