therefore, "you owe" to him. All accounts are either Dr. or Cr.-See p. 30.

Discount upon a Bill means an allowance made upon the payment of a debt before it is legally due.

Dividends are the half-yearly payments of interest on the different Government Stock, as well as on Shares. In short, the word means shares in the total income of any concern.-See p. 58.

Ex-Dividend means separated from the Dividend, the buyer of the Stock not being entitled to the Dividend then payable or about to be paid.

Ex-New means when new Shares in a Company are issued to the Proprietors, in addition to their present ones.

Ex-Coupon.-A term used instead of Ex-Divi

dend.

Endorse.-See Indorse.

Grace, Days of-See p. 51.

Insurance is a percentage paid for protection from loss by fire or other accidents. Premium is the whole annual payment. Policy of Insurance is the legal document which secures the Insurer from loss, so long as he continues to pay the Premium.

Insurance for Life is a certain sum paid yearly for securing the payment of a much larger sum of money upon the death of a person.

Interest is a percentage paid for the use of money. The rate of Interest is the sum paid for the loan of £100. The sum originally lent is called the Principal, and the Amount is the Principal and Interest added together.

Interest, Simple and Compound.—If you lend money for a term of years, with the intention of

receiving your interest, not year by year, but in a round sum at the end of the term, there are two very different ways of reckoning what you will get. To explain, by an example:-If the loan be of £100 for 10 years, at 4 per cent., the accumulated proceeds at "simple interest" would be simply 10 times £4, or £40. But if you reckoned by "compound interest," you would receive more. The yearly incomings of £4 might have been invested as soon as they were due, and would have borne additional interest. The first £4 would have been invested for 9 years, and the second £4 for 8 years, and so on. Besides this, the interest of these last sums, small as it is, might have been invested. The amount of compound interest, for any term of years, can be readily calculated by arithmeticians. In the above case it would be about £47, but in 100 years, when the simple interest would have amounted to only £400, compound interest would have become no less than £4,950. A sum placed at compound interest, at 3 per cent., doubles itself

in 24 years; at 3 per cent. in 21 years; at 4 per cent. in 18 years (fractions being excluded): hence the accumulations by compound interest become enormous in long terms.

Instalment.-When a Loan is contracted, the subscribers to it are called on to pay certain fixed sums, called Instalments, at stated times, till the whole is paid.

Indorse or Endorse.-To write your name on the back of a cheque or order.

Registering a Letter.—Take it to the Post Office (having previously put on a fourpenny stamp). You will be given a receipt for it, and will be required to sign a paper.

When you inclose a money order, only sign your initials in the letter, lest it be lost, and another person gain the money, by applying for it and signing your name.

Omnium means all.-Suppose a Loan to Government is composed of three or more distinct Funds, these three items added together form the Omnium; but each distinct item would be called Scrip. It often happens that when the Omnium is brought to market, the whole is not always sold together; but the articles which constitute the Loan are disposed of separately as Scrip.

Profit and Loss means your In-comings and Out-goings during the year.

Par.-Original value.

"

Quotations. The Funds are quoted in pounds, halves, quarters, and eighths. Thus, of a pound is 2s. 6d.; † is 5s.; § is 7s. 6d.;

is