Bushe. A copper coin used in Aix-la-Chapelle, value 4 hellers=2d. Buying in. An operation sanctioned by the Rules of the Stock Exchange for the protection of dealers against loss from defaulters. When a broker purchases stock for delivery on a certain day, and the seller fails to deliver it by half-past two o'clock, the broker may force delivery by buying it in the market at the price then current, and if any loss is entailed, it must be paid by the seller. This process is called "buying in." For the converse operation, see Selling Out.

Byzants. Gold coins from Byzantine, much used in Anglo-Saxon times when gold was not regularly coined in England.

Cahaun. A silver coin used in Bengal, value 7d. Cahuse, a quarter

rupee.

Caimé, Caïmes. Turkish paper currency. Paper money, which is nearly always at a discount, has reached a degree of depreciation in Turkey, greater than has been known in any instance in modern times. During the first quarter of the year 1879, five paper medjidies were reckoned equal to one of silver; in other words, silver was at a premium of 400 per cent. The gradual withdrawal of the forced paper currency is regarded by the friends of Turkey as the first condition essential to the restoration of order in Turkish finance.

In May, 1879, Caïmés were quoted at 620, for 100 silver piastres.

Caisse. A French word derived from the Latin, capsa, a box or chest.

Caisse has three different, but closely related, meanings in finance. 1. It signifies, like its Latin original, a chest or receptacle for anything, especially money.

2. It is applied to the money contained in the chest or box, and is thus synonymous with our Cash.

3. It is the official name of the building where moneys are kept, or rather which contains the chest in which the moneys belonging to a State, a Company, or Corporation are deposited. Just as our word Bank is applied to the building in which the "bank," or heap" of money is placed.

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Call. When the applicant for shares in a new Joint Stock Company (or for additional shares in an old one) has had a stated number allotted to him, he may or may not be required to pay up in full the value of those shares immediately; most commonly he is not required to pay up in full, but only a small fraction of his subscrip

54

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CANCELLING-CAPITAL.

tion at first, and other fractions as may be necessary for the carrying on of the undertaking. When this need arises, he is informed of it by the secretary of the company, and a demand is made for a stated sum per share on every share he holds. Such demand is known in commerce as a 'call.' The shareholder does not know till he is specially informed when these calls will be made, nor for what amount, nor whether he will ever be required to pay up the full nominal value of his share at all. A"call" thus differs from an “instalment” in all these respects. These latter are recorded on the scrip issued to the shareholder; their amount and due date are known from the first; and taken altogether, they cover every liability in respect of such share. Interest or profit payable on shares is always in proportion to the amount "called" up, and not on the nominal value of the shares.

For "Put and Call" see Options.

Cancelling or Annulment. Latin, cancellare, to make lattice-wise; from cancelli, bars or sticks placed across each other.

Hence to cancel means primarily to make strokes with a pen crossing each other like lattice work, which describes pretty accurately the way in which a sheet of writing would be destroyed or made of none effect. In its modern use, the word signifies generally to annul, rescind, or destroy, whatever instrument may be used for the purpose. Coupons are mostly cancelled by perforation; and ingenious machines have been constructed capable of perforating a hundred at a stroke. When bonds and certificates have to be canceiled, the labour is very great, unless some machine of this kind is employed.

The cancelling or annulment of Bonds, Coupons, Bills, and, in short, all commercial instruments which are not allowed to be reissued, is a very important duty. For if a person pays them, and neglects to cancel them, and they are afterwards re-issued or negotiated, the person who neglects to cancel them, and the one who negotiates such an instrument, are each liable to a penalty of £50. And any person accepting such instrument is liable to a penalty of £20.

Candareen or Candarine. (a) The 100th part of the Chinese tael, value of an English penny.

(b) The 10th part of Japanese mace, value of an English penny. Capellone. A silver coin of Modena, value 3d. English.

Capital. From Latin, caput, the head. The wealth of the people in former times consisted largely of kine and other animals, which were counted by the head, thus giving rise to the phrase so many "head of cattle," whence the medieval Latin, capitalia, and the Norman-French, capitale, and modern French, cheptal, meaning the live stock of a landlord or farmer. From these words came the law term, chattel, and the modern name, cattle. As the wealth of the country in former times consisted mainly of cattle or capitalia, this term came at length to signify wealth generally, and was applied, in its modified form, capital, to any kind of wealth employed in the maintenance of labourers with a view to profit.

(a Money, Labour, or Instruments of Credit expended with a view to Profit. This definition excludes all wealth expended in administering to the necessities of life, in luxury or in waste.

Capital is divided into Fixed Capital and Circulating Capital. Fixea Capital is wealth expended in land, houses, factories, mills, machinery, tools, and other things not intended to be exchanged or sold, but to be employed in the production of addition: 1 wealth. The term "fixed" is not absolute, but relative, as the wear and tear of all machinery necessitates constant repairs, and ultimate replacement

Circulating Capital is that portion of wealth set aside for the reward of persons engaged in the different kinds of labour and service, withou which the capital fixed in machinery, mills, tools, &c., would be unproductive. Capital employed in this way is replaced as soon as it is expended, the produce of the workman being an equivalent for the money paid to him, plus something in addition which is to form the capitalist's profit. When this produce is sold, the capital returns to its owner, and he can employ it again and again in a similar way. Thus a constant circulation of the capital is kept up, and hence the distinctive name circulating" as applied to that portion of wealth set apart for this

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purpose.

The line of demarcation between Fixed and Circulating Capital is so ill-defined that many writer object to the distinction. Nevertheless, there are some kinds of machinery and other works requiring a large outlay of capital, which cannot be replaced till after a considerable lapse of time, and the term "fixed" as expressing this idea is so well understood that it would be difficult to find a substitute for it which would answer the purposc as well. It should also be noted that when economists say that wealth consumed in administering to the necessities f life is not capital, they mean that portion which is expended in the enjoyment and maintenance of the Capitalist himself. To expend it in ministering to the needs and maintenance of labourers, is the very thing, the chief end, for which capital is required, as it is only by so employing it that profit can be made.

(b.) Capital is also the name often given to the principal sum in a loan as distinguished from the interest :

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Semper renovabantur cartæ et usura quæ excrevit vertebatur in catullum."- Cronica Jocelini.

(The bills were always renewed, and the interest which had accrued was turned into capital.)

This quotation has the merit of showing at once the economical meaning of the word in those early days, and also of indicating its origin.

In theoretical investigations Capital is distinguished as Positive and Negative. Money and Credit are both treated as Capital in Economic problems; but money represents services already rendered, work done. Credit represents services to be rendered at a future time, work to be done. Hence money in its various forms

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CAPITAL ACCOUNT-CARRYING OVER.

is called Positive Capital. Credit and Instruments of Credit, Negative Capital. This distinction is of great importance to those who wish to prosecute the theory of economics under the guidance of such teachers as McLeod or Jevons.

Capital Account. An account of the capital subscribed to any trading concern, and of the manner in which it has been expended. In joint stock companies, it is of great importance that the "Capital Account" should be kept distinct from the "Revenue Account" in order that a proper check may be kept upon the proceedings of Directors and Committees.

Caragronch. A silver coin used in Modern Greece, value 5s. English.

Carat. (a.) Arabian, a small coin of very base silver used at Mocha. (b.) The carat weight for gold, named from the red bean of Abyssinia, the fruit of the Kuara.

(c.) Carat is used in refinery to signify the 24th part of any given weight of metal; hence when a piece of gold is said to be 21 carats fine, it means that 21 parts out of 24 consists of fine gold and 24/ parts of alloy.

In an article by Agnes M. Clerke in Fraser's Mag., June 1880, the following note on the "carat" is given :-The word "carat" is derived through the Arabic from KepаTIOV, the Greek name for the fruit of the Karob-tree, Kepaтea, the beans of which, owing to their nearly invariable size, were long ago selected as a standard weight for gold, by the natives of West Africa. Their use (or rather we should suppose an equivalent weight) passed from thence to India, and was introduced from India by the Arabs. A carat is equal to 4 diamond grains, or to 3·17 grains Troy.

Cardecu. A corruption of the French quart d'Ecu, a silver coin, value one-fourth of the French Ecu or crown.

Carival. Bombay, value 12 pice, or 11⁄2d.

Carl d'Or. A gold coin used in Brunswick, value 16s. 4d.

Carlino. (a.) An Italian silver coin, value 5d. Coined first in 1490, by King Charles VIII. of France.

(b.) A billon coin lately used in the Papal States, worth about 34d.

(c.) A gold coin used in Sardinia, value £1 18s. 10d.

Carlo. A Lombardy silver coin, value 58.

Carolin. A new gold coin of Sweden, value 7s. 11d.

Caroline. A Swedish silver coin, value 1s. 6d.

Carolin d'Or. A gold coin used in Bavaria, value £1 s. 8d. Carolus. A gold coin of the time of Charles II., value 23s. Carrying Over. "In the event of a speculative bargain being closed before the settling day, by a corresponding purchase or sale, the transaction is completed simply by the profit or loss being received

CASE OF NEED-CASH.

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or paid. If, however, the bargain still remains open when the settling day arrives, and if the operator does not wish to close it, it may be kept open for another account-that is, until the following settling day. The process by which this is arranged is called carrying over." (Maddison.)

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Case of Need. "To whom apply in case of need," and the shortened forms "To whom in case of need"- To whom in need When in need," are phrases often seen on Bills of Exchange. They always follow the name of some individual or of some firm, and they imply that in case of any irregularity requiring explanation, application is to be made to the individual or firm thus referred to. It sometimes occurs that Bills have a great number of indorsements upon them, and in the event of the failure of any indorser to meet his engagements, or if there be any irregularity in either indorsement (and especially if not honoured in the acceptance or payment) the holder of the Bill has a claim on the indorser from whom he received it, and this one again on the one preceding. A Bill might thus be sent from one indorser to another preceding, until it had been returned to every one before it reached the original Drawer and Acceptor. This would be attended with considerable expense, and what is sometimes worse, might cause serious inconvenience to the maker of the Bill. It is with a view to avoid both these evils, that the phrase "in case of need" is inserted on their face. By direct application to the party named, steps would at once be taken to save his own honour and that of his correspondent.

Cash or Le. (a) The Too part of the Chinese tael, worth about 1ood.

(b) A copper coin used in Hong Kong, representing the Too part of a Mexican dollar; called also the mil.

Cash. Latin, capsa, a box or chest. French, caisse, which originally meant the box, chest, or till in which money and other valuables were kept.

By a process common to all languages, the name was transferred from the thing containing, to the thing contained, and thus caisse came to signify money, or, as we now say, cash; just as in the New Testament, where it says "Judas had the bag," it is evident that the money it contained was what the disciples referred to; and again in many other places, following the Greek idiom, the word house," is used to signify, as it could signify nothing else, "the people who dwelt in it," and who are said to have "feared God," to have "believed," and to have been "baptized."

In former times the term cash was applied to coined money chiefly; more recently Bank of England notes were treated as cash, but

country notes" that is, the notes of provincial banks—were scarcely considered to be entitled to the dignity of the name. At the present time, however, the term has acquired a much more extended meaning, as every one in possession of a banker's pass-book may assure himself, for here may be seen country notes, bankers' cheques, and bank credits all put down as Cash. Generally, it would seem