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PYX OR PIX-QUOTIENT.

1531. For mette for the theffe that stolle the pyr.

(For meat for the thief that stole the pyx.)

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Churchwarden's Accounts of St. Margaret's, Westminster.

The same name was afterwards applied to the chest in which coins were deposited, previous to the ceremony called the " Trial of the Pyx." The Pyx is a box or chest in which coins are deposited. The name never appears to have been used in the English form except as applied to sacred or ceremonial purposes; first, as the name of the vessel containing the host; subsequently to the box for the collection of pious offerings; and at length to the chest appropriated to the solemn ceremonial called the Trial of the Pyx, originally conducted or presided over by the monarch, some great officer of state, or the Archbishop of Canterbury. (See Trial of the Pyx.)

Quotation. French, côté.

Q.

The prices quoted for stocks and commodities in the various markets.

Quotient. Latin, quoties, or quotiens, how often, how many times.

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The number resulting from the division of one number by another. In commercial practice the term “dividend" is often used when that of "quotient" would be more correct. Thus, suppose a five per cent. loan of £1,000,000 to be issued; the annual interest, the sum to be divided annually, or dividendum would be £50,000. Let a bondholder possess £500 in the stock of this loan; what portion of the interest will fall to his share? It is obvious that as many times as his holding is contained in the whole loan so many times" his share of the interest will be contained in the total interest (the dividenum) to be divided. Now, £500 is the 2,000th part of £1,000,000; therefore, the portion falling due to the holder of £500 of stock must be the 2,000th part of the interest to be divided -i.e., £50,000. Divide £50,000 by 2,000, and the result or quotient is £25-the annual interest which a holder of £500 stock would be entitled to. Set out in full, the process appears thus :

Divisor. Dividend. Quotient.
2,000) 50,000 (25
4,000

10,000

10,000

254

QUADRUPLE RATE OF WAGES.

The same course of reasoning would apply to "dividends” of all kinds, whether of interest on loans or profits on capital. (See Dividend.)

Quadruple. Another name for the gold onza of Spain (which see). Value about £3 4s.

Quarter Guinea. An English gold coin, value 5s. 3d. in the times of King George I. and III.

Quartillo and Cuartillo. A copper coin of Mexico, of the Mexican dollar, worth about 1d. English, of the Mexican real.

Quartinho. A Portuguese coin of 1,200 reis.

Quattie. A small silver coin used in the West Indies, worth about 14d. English.

R.

Ral. The part of the Bombay rupee, now almost superseded by the division of the Company's rupee in 16 annas of 12 pice each. (See Pie.)

Rate of Exchange. The price of the money of one country reckoned in that of another country.

In England, the pound sterling is the monetary unit with which the moneys of other countries are compared.

Between England and those countries using a gold standard, as Germany, the rate is expressed in terms of gold coin with gold coin.

Between England and countries using a silver standard, as India, the rate is expressed in terms of gold coin with silver coin.

Between England and countries using a paper currency, as Austria and Italy, the rate is expressed in terms of gold coin with paper, the nominal value of which, however, is always denoted in the metallic coinage of the country whether gold or silver. (See Par of Exchange.)

Rate of Wages. The rate of wages (or salaries) is a subject which has been obscured somewhat in consequence of a mixing up with considerations of pure trade, some others which belong rather to the province of patronage or benevolence. Just as when discussing the subject of "rent," we find it necessary to restrict the term to its application in respect of agricultural land, to the exclusion of city lauds, and lands devoted to shops, factories, &c., so, when discussing the "rate of wages," we find it necessary to exclude all considerations but those relating to the commercial value of the services for which wages are paid.

A further restriction has to be introduced. Wages are sometimes paid according to the amount of work done; at others, and more commonly, according to length of time over which the service is rendered. The first are called task wages, and partake more of the nature of purchase and sale, as in retail trade. These must be ex

RATE OF WAGES.

255

cluded from our discussion on the " rate of wages," and our attention must be limited to wages reckoned according to the length of time occupied by the service rendered, that is, to time wages.

With these limitations, it may be stated, as a general rule, that labour, like everything else that is bought and sold, rises and falls in value according to the variations of supply and demand. When there are many labourers in a given field of industry, and a slack demand for them, the competition among the labourers themselves will bring down wages. When there is a brisk demand for labourers, and the supply limited, employers will compete with one another, and wages will rise. Hence, the circumstances which determine the rate of wages will generally be resolved into a modification of the ratio subsisting between the supply of, and demand for, labour; some of the chief of which may be here noted:

(1.) The time and money expended in learning a handicraft or profession. If much time and money are required, it will tend to keep down the number of those who learn that profession, the supply will be limited, and wages good.

(2.) The repulsiveness and unwholesomeness of the work. Most people endeavour to escape from what is repulsive to them, and unwholesome occupations have a tendency to thin the ranks of those who engage in them by disease or death.

(3.) Trustworthiness, as proved by length of service, or as guaranteed by the recommendation of a friend or patron. This quality is of such supreme importance to many empi yers, that they can dispense with severity of labour, or even high educational attainments, and yet pay more liberally for the services of workmen of this class than for those whose acquirements are much superior. It was formerly a common experience of railway managers to receive applications for places as guards and station-masters. Those occupations being cleanly and respectable, requiring no manual dexterity, and very moderate education, were sought for by multitudes; but situations of this nature were given as a reward of faithful service for a term of years in some of the lower grades of employment, and thus held out a premium for industry, sobriety, and honesty to men employed in the lower grades.

The wages or salaries of clerks and employés in Government offices, as well as in some merchants offices, do not fall under the law above stated. The education required of many clerks is of a most elementary nature, but they are required to dress well, to behave courteously, and to comport themselves somewhat as gentlemen; but these are things that many men would do of choice, without being paid for it, and, consequently, the supply of clerks is always much greater than the demand. Nevertheless, the wages of clerks are higher than those of the most skilled artizans, and clerkships are therefore very frequently conferred by way of patronage, or as a reward for services rendered in some other line. If, however, high attainments are required in a clerk, as they sometimes are, the supply of candidates for the office will be curtailed, and the usual law regulating the rate of wages again comes into force.

256 RATIO OF EXCHANGE-REASONABLE HOURS. Ratio of Exchange. A phrase used in Political Economy to denote the proportion in which a quantity of one commodity exchanges for a given quantity of another. The expression can never be used with any degree of accuracy, except in those cases where the commodities are homogeneous in quality, and susceptible of weight or measurement, as in the exchange of old for silver, copper, iron, &c, or that of wheat, for barley, oats, &c.

Real. The old unit of value in Spain. By the monetary law of June, 1864, the Silver Real was made to weigh 1298 grammes, 810 fiue, and was worth 23 centimes in French money, or about 24d. English.

There have been several varieties of Reals circulating in different parts of Spain and her colonies from time to time, differing in value from 2d. to 5d. sterling. The confusion arising from so great a number of coins bearing the same name has induced the Spanish Government to adopt the French system, and thus reduce the old coinage to the condition of commercial coin. Ten Reals were equal to one Escudo. (See Peseta.) The Mexican Real is

e Mexican Silver

Dollar in weight, but

part of a Dollar, and

of inferior fineness It is worth about 64d. English. The Real of the Philippine Islands is the

is worth about 2d. English.

The Real of Columbia is part of the Sencilla, and is worth about 5d.

The Real of Uruguay is a silver coin worth about 41d. English. Real Corriente. The "Real Current" of Uruguay. There is no coin in Uruguay equal to 1 Real Corriente, but the 5 Reals Corriente piece of Silver furnishes a basis of comparison. It weighs 13 010 grammes, and is 833·3 fine, value 22.927 pence.

Real Exchange. Real Exchange is also sometimes called Commercial Exchange, and depends on the trade transactions between any two or more countries. It thus differs from the Nominal Exchange, which is based on the relation of the moneys of the different countries. (See Nominal Exchange.)

Realization. The process of converting into a reality what was previously contingent or doubtful. Thus, if I buy Consols at 951, and soon afterwards have an opportunity of selling them at 95, there is a profit of per cent. upon the operation, but that profit is contingent on my closing the bargain at that moment; for, if I resolve to keep it open, it is quite doubtful whether the price may rise or fall, that is, whether I shall increase my profit or lose it altogether. If I remove the doubt or contingency by closing the bargain the profit is a real one, in other words is realized, and the act itself is called realization.

Reasonable Hours. It is often notified in commercial documents that bills must be presented, applications made, or certain things done within "reasonable hours," and the question must necessarily

REBATE-RECEIPT.

257

arise, "What are reasonable hours ?" McLeod cites several cases in point, and notes that the latest hour yet decided to be reasonable is between 8 and 9 p.m. Of course, the decisions here referred to have reference to houses of business open daily; but there are many societies whose offices are open only once a week or once a month, and then only for an hour or two hours in the evening: in these cases the only hours that can be deemed reasonable are those when the office is open and which every member of the society is supposed to know.

Rebate. see).

The same in meaning with Discount or Abatement (which

Receipt. From the Latin, re, again, and capio, I take; whence, recipio, I take again, seize, or receive. The imperative form of the word is recipe, and is found at the beginning of written prescriptions drawn up by medical men, and also in the instructions of old Latin cookery books. When so used it is direction to "take certain drugs or ingredients and compound them into medicine or food, and should be pronounced as three separate syllables, rě-ci-pe. To call it, as many people do, a "receipt," is a corruption.

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A Receipt is a written document, declaring that certain goods or a sum of money have been received. When made out in full, a receipt should contain, (1) the date when the merchandise or money was received, (2) the name of the person or firm from whom received (3) the name of the person who receives it, (4) for what the money is paid or deposited, and (5) should have a stamp when the money amounts to more than two pounds.

Receipt for Money in settlement of an account.

7 Dec., 1880. Received of Mr. John Watson the sum of Four Hundred and Seventeen Pounds Ten Shillings for goods delivered

£417 10s. Od.

RICHARD HENSLOW.

N.B.-The stamp should be cancelled by writing the name or date across it.

Receipt of Bonds deposited as Security for Balance of Account.

20 Jan., 1880.

Received of Joseph Winter, Esq., Five Russian 1870 Bonds of £100 each in deposit as security for Balance of Account.

ALF. ALDERTON.

Broker.

N.B. This is merely a memorandum and does not require a

stamp.

S

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