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.
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![J ACG To affirm an Account, ss to declare and rnatce oath that it is true. The accountable when they deliver in their accounts, in order to their being examined, ufually write in the mar¬ gin of the firft page, ‘ Prefented fuch a day, and affirmed Todepute an Account, is to make remarks or objections upon the feveral articles of an account, either for augment¬ ing the receipt, or diminiffiing the expence therein contained. To note an Account, is to make, in the margin' of each ar¬ ticle, certain remarks, {hewing either that there is no excep¬ tion to be made, and that they are to pafs as fet down, or reafons for difputing them, and {hewing under what condi¬ tions they are to pafs. The remarks which the perfon who audits an account, fets on the fide of each article by way of approbation, or otherwife, are called the notes (apoftrilles) of an account. Account in Company, is a fpecies of account between two merchants, or traders, in confequence of a kind of ailocia- tion, or partnerfhip between them. Account is alio a relative term, ufed with regard to a part¬ nerfhip, when two or more perfons make receipts or difburfe- ments on account of each other. In this fenfe a ipan is faid to keep a good account, to fignify that he is juft in his deal¬ ings, and does not defraud his partners or matters. Account alfo fignifies gain, profit, advantage, and, in French, the word compie is alfo taken for a good bargain. The moft common expreffions in which this term is ufed, as to trade and merchandize, are the following: the merchants have perfectly found their account, in the effeCts they have bought this year of the French Eaft-India company, at the fale of Nantz. Some manufacturers Work at a better account (that is, cheaper) than others. People find their account in buy¬ ing goods at the firft hand, where they are made; and, finally, a merchant is faid to have made bis fmall account (in I French, fon petit compte) when he has acquired a competent fortune in the trade wherein he was concerned. Account is alfo ufed to fignify voluntary difburfements and charges, which are to be at the ex pender’s lofs, and cannot be paffed in account. They fay, if he expends beyond his or¬ ders, it will be on his own account. If he commits errors in his calculations ; if he fufters himfelf to be robbed, it {hail be on his own account; that is to fay, it will not be allowed in his accounts; it will be entirely to his own lofs. The French fay, to receive a bon compte, or a compte, that is, on account, to fignify, to receive a fum on condition of de¬ ducting it from what is due. To pay a bon compte, is to pay on account, on condition alfo of deducing it from the debt. Account (compte) as alfo ufed in various mercantile and pro¬ verbial phrafes. but with different figuifications. The French fay, He has his account (il e ; a pour fon compte) that is, he is cheated, made a bubble, he is catched, or taken in. He takes it to his account (il le prend fur fon compte) to fignify, that a man charges himfelf with a thing, and anfwers for it Good accounts make good friends; which implies, that peo pie cannot continue friends, without mutually keeping their engagements, and obferving the rules of juftice and equity. They fay alfo, a tout bon compte revenir, good acounts will fuffcr a revifal; to intimate, that thofe need not fear coming to a fecond account, when there has been no deceit in the firft, though there may have been fome involuntary miftake or overfight in it. The French ufe the word cqpipte (account) in feveral other bonifications, which it would be fuperftuous to repeat here AccoUNT-Paper, is a fort of fine .large paper, fo called at the paper mills in France, and by the flationers and others who trade in paper, becaufe accounts are commonly wrote upon it It is like our poft-paper in England, on which merchants ge nerally write their commercial letters, and draw out their va¬ rious accounts. Account of Sales, is an account given by one merchant to another, or by one faCtor to his principal of the difpofal, charges, commiffion, and net proceeds of certain merchan¬ dizes fent for the proper, or company account of him, who configned the fame to fuch faCtor or vender. When the like account is inland or domeftic, the fame is tranfmitted in the current money of that country, wherein the bufinefs is tranfaCted. As lrom a Blackwell-ball faCtor to the clothiers in the country, or from the warehoufemen in town, who deal by commiffion for the country manufacturers, as bay-faCtors, drugget and duroy-fadtors, and the like. EXAMPLE. The following is the natural form of a Blackwell-hall factor’s account of fales to a clothier. i j Account of Sales, charges and net proceeds [or produce] C | D { of 20 pieces of fuperfine cloths, received per A B’s i a 20 waggon of-, configned to me by C D of Wiltfhire, for his account, marked and numbered as per margin. Jan. 5th, 1750. Sold to E F draper, 6 ps. fu- perfinfes, per A B. qt — yards at —— per yard, to pay in 6 months — — £ ' A 6 C jan. 12, 1750. Sold to G H, 14 ps. ditto qt. — yards at-per yard, to pay in 6 months — — ■— — £ CHARGES. Paid carriage to London £ Porterage and warehoufe room £ Poftage of letters £ Commiffion a — per cloth £ Deduct charges f The net proceed is paft to the credit of your account, without my prejudice. London, Feb. 10, 1750. E. E. N. O., from the fales. Remarks. r. , . It muft be obferved that, in this domeftic or inland ac¬ count of fales, the manufacturer is fuppofed to run all the ha¬ zard in the fales, and that the faCtor has only his common commiffion of fo much per cloth for the fale thereof. This is plain from the words, ‘ without my prejudice’; the mean¬ ing of which is, that, if the buyer fhould fail, the clothier muft ftand to the lofs. 2. . . But fome manufacturers, perhaps the generality, rather chufe that their factors fhould run the hazard of bad debts, their refidence in town giving them opportunity of knowing the characters of buyers, and inducing them to be the more cautious whom they truft. In which cafe, the fadtor is al¬ lowed an extra-commiffion for {landing the middle-man; which is reafonable. 3. . . If the manufacturer chufes to run the hazard himfelf, then he cannot expedt his money before it becomes due from the buyer. But if it fhould fo happen, that he ftands in need of fome part of his money before that, as is commonly the cafe, the fadtor permits him to draw for fuch a proportion thereof as they {hall agree upon, the manufacturer allowing the fadtor the common provision for thus advancing the mo¬ ney before it becomes due. Yet, under thefe circumfl ances, the fadtor has the fecurity of the manufacturer, as well as the buyer, fince he did notal¬ low the fadtor an extra-corn million to induce him to remain anfwerable for bad debts. 4. . . As the generality of manufacturers cannot afford to be fo long out of their money, as the ufual time of giving cre¬ dit requires, it is the more ordinary practice for the fadtor to v ftand to bad debts, on confideration of having greater com- iniffion allowed him on the fales, and to have provifion alfo for what money he advances before the time of payment. Mr. Locke fays, * that the multiplying of brokers is prejudi- ‘ cial to the trade of any country; that they eat up too great c a {hare of the gains of trade, and therefore, he obferves, e it would be convenient to hinder, as much as is poffible, c any one from felling any of our native commodities, but he * that makes them ; fhopkeepers in this being worfe than ‘ gamefters; for they do not only keep fo much of the mo- c ney of a country conftantly in their hands, but alfo make ‘ the public pay them for their keeping of it.’ Thefe are fevere reflections upon fhopkeepers, fadtors, and brokers, and indeed very unjuftly grounded. For, if the clo¬ thier was to attempt to adt both in the capacity of a fadtor and a woollen-draper, who muft attend his manufacture in the country ? While his attention was fixed in town upon the fales, might not the commodity dwindle and degenerate in quality ; and thus the clothier, by over-acting his part in one fhape, under-act it in another? Was this maxim in ge¬ neral to take effedt, it” might prove the ruin of all our manu¬ factures, by gradually debafing them. Befides, for a clothier to take this upon him, not only re¬ quires three times the capital, but fuch an expence by town refidence, as, I am afraid, would prove of little benefit to him in the long-run ; efpecially, as the nature of credit is at prefent circumflanced. ’Tis true, thefe middle-men between the manufacturer and confumer may be faid to be inftrumental to enhance the price of our manufactures among ourfelves; and this was Mr. Locke’s motive for bearing fo hard upon them. But ’tis much to be doubted, whether the public could have their manufactures cheaper at home, was the clothier to take upon | him to aCt in a treble capacity, he being obliged to raife the price of his commodity, in proportion to the extraordinary ~ expence he is at. ' Manufacturers, who have thought themfelves injured by their faCtors, which doubtlefs is fometimes the cafe, have attempted this, but few have found their account in it. Some have car¬ ried their view fo far, as even to turn merchant-exporters, but to their abfolute ruin to my certain knowledge; for the {kill of a manufacturer and that of a merchant are very di- ftinCt, the knowledge of a Solomon, in the onerefpeCi, mak¬ ing him but an idiot in the other. Thefe obfervations are not made to difeourage, but to caution the ingenious and enterprizing manufacturer to be upon his guard, and neither to undertake too much either at home or abroad. Not](https://iiif.wellcomecollection.org/image/b30459436_0001_0090.jp2/full/800%2C/0/default.jpg)
