ACCOUNT-ACTION.

3

because the too frequent use of them opens the way for abuse. When a man of substance and good credit accepts a bill to oblige a friend who is in need of ready money, he simply gives his guarantee and becomes his surety for the amount of the Bill when it falls due. There is nothing_fraudulent in this; but it facilitates the undue multiplication of Instruments of Credit, and often leads reckless individuals to engage in enterprises from which they would refrain if they could enter upon them only with cash in hand. A legitimate "Trade Bill" is an order for payment on account of "value received" or "goods shipped" or services rendered" all of which phrases imply that means have been provided to meet the bill when it becomes due; and the necessity of providing these means before the bill is drawn, acts as a prevention to the undue multiplication of such bills. In the case of an Accommodation Bill no such check exists and hence the danger attending their use, and the ill odour in which they are held.

66

Account. Latin, compretare, to reckon or cast up; French, compter, to count, compte, an account; Italian, conto; German, Rechnung. (See Capital Account; Profit and Loss Account; Revenue Account; Suspense Account.)

66

In a colloquial sense, the word “account” is often used as the equivalent of "narrative” or report." In mercantile practice its meaning is more restricted and is applied to formal statements of different kinds relating to goods, services, values, &c.

For Account. Bargains "for Account" are contracts made for settlement on the next settling day on the Stock Exchange and are thus distinguished from bargains "for money" which are settled immediately on being made.

Account Current. Latin, curro, I run; French, compte courant.

A running account; an account which is kept open and added to day by day, or from time to time, according to the nature of the business to which it refers. When the payments made or received are considerable, the balance for or against a customer is often of sufficient importance to admit of interest being paid or demanded on such balance, and an account current when properly kept exhibits all the additions and deductions thus made at the dates when they

occur.

"Account of the

Account Sales. An abbreviation of the phrase Sales" of goods. Such an account usually shows the charges for commission, porterage, &c., and the nett proceeds.

Acheson or Ackeson. A billon coin formerly used in Scotland, value about 8d. sterling, named from Atkinson, mint master. (See Billon.) Ackie. A gold coin in use at Ashantee, value 5s. 4d., English. Action. From the Latin, agere, to do; and this again from the Greek, ayew, to move. The German equivalent is Prozess.

An action is a legal process by which a right is enforced. There are two kinds of action recognized by jurists.

4

ACTION DE JOUISSANCE-ACTUARY.

(a) Actions in rem, or Real Actions. In a real action the plaintiff claims, as against all the world, that a thing corporeal or incorporeal is his.

(b) Actions in personam, or against a person, in which a plaintiff claims that the defendant should give, do, or make good something to or for him.

Action de Jouissance. A French term corresponding to the German Genuss-Actie, and is usually rendered in English Bonus Share. Bonus Shares are issued to the holders of Railway or other companies' shares which have been drawn and paid off, and they entitle the holder to some further benefits either immediate or prospective notwithstanding the reimbursement and withdrawal of the original shares. They usually bear coupons and are thus distinguished from Coupons (or Certificates) de Jouissance, German Genuss-Scheine, which bear no interest, but simply entitle the holder to any future advantages which may accrue in respect to the shares which they replace. The Actions de Jouissance of the North of France Railways as well as those of the Lombardo-Venetian Railway, are examples well known in this country.

Active Bonds. Bonds bearing a fixed rate of interest payable in full, from the date of issue. (See PASSIVE and DEFERRED Bonds.) Consol Bonds, Russian Bonds, and indeed most bonds negotiable on the Stock Exchange are of this character.

Actuary. Latin, actuarius, from ago, agere, to act or to do. In classical times the term actuarius was applied to one who acted as an amanuensis, or short-hand writer; and also to one who kept domestic accounts, or managed the affairs of the household.

The duties of an actuary in modern times are of such a nature as to demand considerable ability, especially in performing the higher operations of Arithmetic and Algebra. The status and duties of an actuary in England will be best inferred from the following syllabus of subjects in which candidates are examined, if admitted previously to having filled any office of trust in connection with Life Insurance, Banking or other posts of a similar nature. The examinations are three in number, and are held at periods at least one year apart, and are as follows:

MATRICULATION EXAMINATION-Vulgar Fractions; Decimal Fractions; Logarithms; Evolution; Equations, Simple and Quadratic; Series, Arithmetical and Geometrical; Permutations and Combinations; Binomial Theorem; Finite Differences; Geometry and First Four Books of Euclid.

SECOND YEAR'S EXAMINATION-Theory of Logarithms; Elements and Theory of Probabilities; Compound Interest and Annuities Certain; Tables of Mortality; Construction of Auxiliary Tables; Annuities and Assurances on Lives; Annuities and Assurances on Survivorships; Miscellaneous Questions.

THIRD YEAR'S EXAMINATION:-Life Assurance Finance: Con struction and Graduation of Tables of Mortality; Existing Tables

ADHA-ADMINISTRATION.

:

5

of Mortality, the mode of their Construction and their respective Merits; Methods of determining the Surplus in an Assurance Company, and of distributing it amongst the Assured. Legal Principles: Acts of Parliaments; Charters of Incorporation; Deeds of Settlement; Partnerships, Limited and Unlimited, Powers and Duties of Persons constituting them; Policy considered as a contract; Probates and Letters of Administration; Assignments; Personal Representatives; Bankruptcies. Statistics Methods for the Arrangements and collection of Data; Tests of Accuracy; Preparation of Abstracts and Reports; General System of the Country's Finance; Funded and Unfunded Debt, and Fiscal Arrangements; Taxation. Currency, Banking, and Investment: Currency, Metallic and Paper; Nature of Banking-Bank of England, Private and Joint Stock Banks; Bills of Exchange; Comparative Value of Securities; High and Low Prices; Fluctuations in the Rate of Interest, &c.

Adha. A silver coin of Nepaul, equal to a quarter rupee, or about 5d. sterling. No longer in use.

Adlea. Tripoli. A billon coin issued in 1827, plated with gold, forced upon the people as the equivalent of a dollar, but now almost unknown.

Administration, Letters of. When a person dies without having made a Will-Intestate, as it is technically termed-it is necessary for his relatives to apply to the Probate Court (see Probate) for power to deal with his property and effects. The authority so to act is conveyed by a document called "Letters of Adminstration," and to obtain it the applicant must bring with him (or her) proof of the death of the deceased, and also some evidence that he (or she) is the proper person on whom the duties of administration devolve. Some useful suggestions to administrators are given under the art. "Probate," from a Report by Mr. Tidd Pratt, which apply equally to those who need Letters of Administration and those who need Grants of Probate.

The payment of duty on Letters of Administration, as well as on Grants of Probate (which are now assimilated) is effected by means of stamps, according to the following scale, which was communicated to the Daily News, March 26, 1880, by Lancelot C. Irons, Receiver of Wills, Probate Registry, Somerset House :

Above the value of £100 and under £200, £2.

Of the value of but under

Of the value of but under

In comparison with the old scale it will be seen that, so far as probates are concerned, the present scale is lighter for estates under £400.

For estates ranging from under £600 to under £2000, the scale is the same as the old probate scale. Above that amount (i.e., from under £3,000 and upwards) the new duties are heavier for probates, but intestacies have an advantage until the figures under £18,000 are attained,

Advice. To Advise. The Latin, visum, from videre, to see, gave rise to Italian, viso; Old French, vis. Visum mihi fuit, it seemed to me; would be rendered in Old Italian, fu viso a me; Old French, ce m'est vis.-Diez. "The erchbishop of Walys seide ys avyse

'Sire,' he seide, gef ther is any mon so wys

That beste red can thereof rede, Merlin that is ""

To be avised or advised of a thing would thus be, to have notice of it, to be informed of it.

"Of werre and of bataile he was full avise."-R. Brunne. Whence advice in the mercantile sense,-notice, news.

In colloquial speech "to advise," means to counsel, to recommend. In commercial language it signifies to warn, to give notice of, to inform. A "Letter of Advice" is consequently a letter giving information that some particular transaction has been effected, and it enables a correspondent or agent in a distant place to take account of that transaction, and to enter the necessary debits or credits in his books. It is a maxim in all good houses of business, that every transaction should be thus advised; for if this rule be neglected it invariably leads to errors which cause much subsequent trouble in their rectification.

Affidavit. From the Latin, fides, faith, truth, honesty: fido, fidere, to put trust in. In post-classical times was formed from the above the mediæval affidare, to pledge one's faith or honour to another. It was usual when

pledging one's faith in a formal manner by means of a legal document to commence that document with engrossed letters, as "AFFIDAVIT N M, &c.," that is, "N. M. has pledged his faith, &c." From the conspicuous position of the word, all instruments of this kind were called "Affidavits" in conformity with the practice usual among lawyers; and thus what was formerly a verb in the third person, came to be used as a noun, in which sense alone it appears in the English language.

An affidavit is a legal document in which a party states upon oath that certain things are true, or certain things shall be done. Any one may make an affidavit, either in writing or by word of mouth, in which latter case it is called taking an oath, or swearing. In order that affidavits may have binding force in a court of law, it is usual, and indeed essential, that they be made before a mayor, magistrate, notary public, consul, or some public functionary. The person making the affidavit then signs it in the presence of witnesses, who attest the signature; after which it is sealed and signed by the consul or other authorized officer before whom it is made. To Affect. Affectation. French, affecter; to assign, to appropriate. Used to express the assignment or hypothecation of certain revenues as security for a loan.

After Date. A phrase to be found on most Bills of Exchange; the date referred to is that at which the Bill is drawn, it is distinctly written at the head of the Bill, and fixes the period at which payment must be claimed by the Payee, or Holder.

After Sight. This phrase, when inserted in Bills of Exchange, signifies" after being presented for acceptance:" because the Drawee is assumed to have seen it for the first time when the Bill is thus presented. It follows therefore that when a bill is drawn payable "Three Months after sight," the payee, if he wishes for prompt payment should present it for acceptance as soon as possible after receiving it, and take care that the date is inserted on the face of it. Of course when the bill is payable "at sight," it may be presented for acceptance and payment at the same time.

Agio. Italian, aggio; German, Agio; French, agio; premium, surplus, difference.

Littré connects it with the French aise, easy; Italian, agio, and some authors with adagio, with ease; but the connection is not clearly traced.

"Quel vantaggio, che sì dà, o riceve per aggiustamento della valuta d'una moneta, a quella d'un altra, ovvero per barattare la moneta peggiore colla migliore."-Vocabulario degli Accademici della Crusca. (Some advantage, which one gives, or receives, by the adjustment of the value of one kind of money in that of another, or by the exchange of a depreciated coinage for a superior.)

This looks like a little play on the words aggio and aggiustamento, a kind of diversion of which old etymologists were rather fond.

This term though but little used in England is in common use among mercantile men on the Continent. It has several meanings as applied by them, amongst which the following are the most important.

(a). Agio primarily signifies the rate of exchange in the moneys of