42. COMMISSION. When we convey goods by land to our agent in Baltimore to be sold on our account and risk, we must open an account called "Consignment to Baltimore;" but if the same goods are conveyed by sea, the account would be opened" Shipment to Baltimore." On the Debit side we enter the cost of the goods, including the insurance, cartage, labor, etc., and on the Credit side the net proceeds arising from the sales. The balance will show our gain or loss upon the adventure (Art. 20.) Moreover, when goods are consigned to us to sell on the account and risk of the person who [consignor] sends them, we open an account after the form, "H. B. Johnson's Sales," the name of the consignor being given. On the Debit side we enter the usual charges for freight, duties, labor, postages, etc., together with our commission; and on the Credit side we enter all returns from the sales. The balance will be the net proceeds due to the consignor (Art. 9.)

43. PARTNERSHIP. In a partnership concern, instead of a stock account, we open accounts with the names of the partners respectively. The amounts furnished, and also the sums gained by each are carried to the Credit side of their respective amounts; hence the reason why stock was classed among the Personal in Estate Accounts; and also for its being sometimes called "our representative in trade"

Howard Bronson, William Milman, and Franklin Murdock, have entered into partnership, and the firm is to be known as 66 Bronson, Milman & Co." The Articles of Agreement provide—

1. That Howard Bronson shall manage the whole business, and for his services receive a salary of $2000, payable quarterly.

2. That William Milman shall devote his time to the interests of the concern, and receive a salary of $1600, payable quarterly.

3. That each partner shall share in the Gain or Loss according to the amount of capital which he invests.

Each partner takes a receipt from the firm for the amount which he invests in the co-partnership, and the firm open business with a joint capital of $150,000.

Articles.

41&43

July 1, 1851.

Howard Bronson advances his share of

the joint capital as follows:

4 Cash..

--$20,693.45

36 Cash in the Mechanics' Bank 4,528.65

7 J. L. Jackson's Note ......

100.00

7 Draft

on Williams & Co.....

197.65

200.00

25,719 75

7. Acker's Acceptance.

43

William Milman advances his part of

the capital in the following:

4 Cash..

$47,000.00

36 Cash in the Mechanics' Bank 12,000.00

7 Samuel Brown's Note.

6,000.00

3 Merchandise as per Inventory 15,000.00

43

Franklin Murdock's portion of the ori ginal stock consisted of the following:

4 Cash.

3 Mdso. as per Inventory.

50,000

$25,000.00

10,280.25

9 Ship Princeton valued at

39,000.00

74,280 25

3

Shipped per brig Washington, Captain/
Bates, and consigned to Brown & Co.,
New Orleans, to be sold on our account and
risk, an Invoice, Art. 46,) of goods
$3,480.18

3&42 amounting to....

Paid cash for labor, drayage, and

4, 42

insurance

"

190.40 3,670 58

Shipped per brig Creole, Thomas, and
consigned to Woolworth & Co., Havana,

Articles.

3, 42

to be sold on our account, a quantity of Mer

chandise, as per Invoice.

$6,000

4, 42 Paid cash for insurance and charges. 150 6,150

Shipped per brig Plymouth, Shumway, and consigned to Geo. Davidson, Liver= pool, to be sold

3, 42 of Flour at $5

on our account, 800 barrels

4, 42 Cash paid for sundry charges.

5

-$4,000

250 4,250

Received per brig Boxer, Lake, consigned
to us to be sold for account of George Black,
(the consignor, Paris, an Invoice of Dry
Goods, $5,296.50.

42, 4 Paid cash for freight and duties...$511.40

sundry charges......

Received from James Tappen, Cincin-
nati, 500 barrels of Pork, to be sold on his
account and risk, amount of Invoice $4,500.
Paid charges per J. L. Jackson's

7,42 Note, amounting to

to...

4, 42 Paid cash for freight.

Received from the East India Co., per
brig Europe, Cooper, an Invoice of Mer-
chandise, $9,664.90, to be sold on account

J. W. Frisbee, Havana.

Signed bonds at 4 mos. to the Cus

9, 42 tom-house for duties..

Check on Mechanics' Bank for

Articles.

42 & 8

6

con=

We have freighted and fitted out the ship
Princeton for Liverpool, with goods
signed to Marcus Peyton Co., of that
city, as per Outward Invoice:

600 barrels Flour, bought on our Note, at
5 months, of Johnson & Co.

42, 4 Mdse., cash purchase

Goods bought of Wilkes & Co., on

42, 8 Note at 4 months.

42, 7

our

Mdse. bought
on Samuel Bromn's Note
Goods purchased of Compton & Co., by

42, 36 check on Mechanics' Bank..

42, 8

42, 4

3,000

35,000

12,000

6,000

a

12,000

Gave our own Note at 3 months, Wil-
liams & Co., for a supply of provisions.... 1,324 20
Effected an insurance on ship Princeton and

cargo, as per policy, cash....

42, 4 Cash paid for sundry charges.

16

We have entered into an agreement with
Jeremiah Barnum, of Havana, and
George Dunlap of Liverpool, to make con-
signments to each other on joint account.
Each party receives two per cent. on his pur=
chases, and five per cent. on his sales. This
agreement we will denominate Co. A.

Shipped per brig Ranger, Davis, on ac42 count of Co. A, and consigned to J. Bar= Havana, 400 barrels of Pork at

num,

1,900

240

Articles.

9 J. Barnum Dr. for his third ..$1,319.20
4 G. Dunlap Dr. for his third.. 1,319.20
Shipment to Havana, Dr.

42

our third...

7, 42

9, 42

24

for

1,319.20

goods to J. L.

Sold of George Black's goods
Jackson, on his Note, at 4 months..
Sold of Tappen's Pork to Wm. Page

account

on

$600

1,600

985 1,585

4, 42 To sundry other persons for cash ......
Sold of Frisbee's consignment, per brig
Europe, as follows:

42, 4 To sundry persons for cash......--$1,250

9

7

4 months

29

400

800 2,450

Received per Victoria, Sherwood, from J.
Barnum, Havana, to be sold on account
Co. A, an Invoice of Sugar, $15,000.
Signed bonds at the Custom-house, at 3

8, 42 months, for duties

4, 42 Paid cash for sundry charges-

We have entered into a Fish speculation
with Emerson & Co., Gloucester, sharing
the profits equally with them as per agree=
This will be called Co. B.

ment.

They have, as per advice received this day,
shipped to me per brig Hudson, 2000 bar-
rels Mackerel, $12,000.