tester shall test every fifteen fathoms of it; that is to say, (1.) He shall select and cut out a piece of three links from every such fifteen fathoms, and shall test that piece by subjecting it to the appropriate breaking strain under-mentioned: (2.) If the piece so selected fail to withstand such breaking strain he shall select and cut out another piece of three links from the same fifteen fathoms, and shall test such piece in like manner: (3.) If the first or second of such pieces of any fifteen fathoms of cable withstand the breaking strain, he shall then but not otherwise test the remaining portion of that fifteen fathoms of cable by subjecting the same to the tensile strain mentioned in the principal Act: (4.) He shall not stamp a chain cable as proved which has not been subjected to the breaking and tensile strains in accordance with the provisions of this section, or has not withstood the same. The appropriate breaking strain for chain cables fixed by the above Act is as follows: Any test approved by the Board of Trade may be substituted for the tests provided by 34 & 35 Vict. c. 101, but every chain is to be tested to a tensile and breaking strain not less than that known as the Admiralty test. (37 & 38 Vict. c. 51). The sale (except as old iron) of any untested chain cable, or anchor exceeding in weight 168 lbs. is forbidden under a penalty not exceed ing 50l. (34 & 35 Vict. c. 101.) Anyone selling or purchasing either without its being tested and stamped to be guilty of a misdemeanour. (37 & 38 Vict. c. 51.) ANNUITIES. AND FUNDS.] declared unnecessary by 33 & 34 Vict. c. 32, or the sale of fish on the seashore where the same shall have been first landed. AUSTRIA. [See Article TRIESTE in Dictionary, last edition, and in this Supplement.] In the Report of Mr. Harris Gastrell of February 20, 1875, on the Trade of Buda-Pesth, it is stated that the aggregate commerce of Hungary with Austria and neighbouring foreign countries amounted in 1872 to about 82,000,000l., of which 44,500,000l. might be set down to the import, 28,500,000l. to the export, and 9,000,000l. to the transit trade. In an enclosure to Sir Andrew Buchanan's despatch of November 30, 1873, it is stated that in consequence of her improved tariff the imports of Austria have progressively increased in value from 25,075,379. in 1865 to 59,244,1207. in 1872. The value of her exports in 1872 amounted to 38,218,1267. (Commercial Report, No. 16 of 1874.) BACON AND HAMS. The value of the bacon and hams imported into the United Kingdom in 1874, chiefly from the United States and Germany, was 5,902,4291., as against 6,245,2301. in 1873, 4,188,9817. in 1872, and 2,725,9097. in 1871. BAGS. The value of the empty bags exported from the United Kingdom in 1874 was 1,750,0027., as against 1,913,153/. in 1873. BAHIA. The value of the exports from Bahia in 1874 was 1,384,3497., (of which those to Great Britain are set down at 573,7067.), as against 2,253,1907. in 1873, and 1,871,2127. in 1872. The value of the imports into Bahia in 1874 was 1,455,0851., of which the British share was 1,076,900l. In 1874, the following British shipping entered this port, viz., 153 sailing and 145 steam-vessels, of 305,390 tons, and with crews numbering 11,316. BALTIMORE. The following table, compiled from the Reports of Consuls Rainals and Donohoe of April 10, 1869, and January 28, 1875, exhibits the increase and fluctuation of our trade with Baltimore since 1866 :— [INTEREST AND ANNUITIES Years Number ANTWERP.-Consul Grattan, in his Report of March 22, 1875, gives a return of shipping, contrasting the arrivals at this port from each country in 1872, 1873, and 1874. The total number of ships and their tonnage are stated as follows: Of the arrivals in 1873, 2,574 ships of 1,234,701 tons were British, representing upwards of 60 per cent. of the whole tonnage, and showing an increase over 1872 of 227,000 tons of British shipping, but there was a falling off in 1874. APPAREL. The value of the apparel and slops exported from the United Kingdom in 1874, chiefly to Australia, British possessions in South Africa and British North America was 3,200,8537., as against 3,437,4107. in the previous year. ARBITRATION. Further provision is made by 35 & 36 Vict. c. 46, and by an Act of 1875, for arbitration in case of disputes between masters and workmen. See CANALS AND RAILWAYS. ARROWROOT. Customs' duty on, repealed, 1869. ASSURANCE. See INSURANCE. ATTORNEY. [POWER OF ATTORNEY.] AUCTIONEER. An auctioneer's license is of Tons Vessels dols. 43,425 2,278,000 194 49,784 803,500 60,128 2,908,140 209 60,304 2,019,562 63,631 2,957,000 257 64,119 2,325,741 £ £ 64,741 617,212 253 73,244 81,718 964,297 256 71,611 357 131,316 2,458,766 132,016 141,867 2,056,400 320 496,305 885,274 759,721 138,858 1,279.961 1866 188 1867 210 1868 260 1869 232 1870 277 1871 362 1872 313 1873 314 314 126,315 1,889,536 1874 242 1102.506 1,455,352 239 123,176 1,291,148 110,279 1,210,651 BANK, BANKING, &c. BANK OF ENGLAND 11 The Bills of Exchange Act of 1871, 34 & 35 Vict. c. 74, abolishes days of grace in the case of bills of exchange and promissory notes, payable at sight or on presentation. [See BILLS OF EXCHANGE, FUNDS.] The export of rice, formerly our principal trade | 38 of Vict. c. 13 extends these holidays to the from this port, has ceased in great measure, but Customs and Inland Revenue Offices. new markets for it have been found. In 1868 sixtynine vessels cleared thence with full cargoes for Europe, and others sailed for Mauritius, California, and Australia, and of the total value of the exports from Bangkok in 1873 amounting to 962,2567., that of rice is stated to have been 255,1901. The Siam and Straits Settlements Jurisdiction Act of 1870, in confirmation of an Order in Council of July 28, 1856, and of the Act 20 & 21 Vict. c. 75, vests jurisdiction in matters arising within the dominions of the King of Siam, in the Supreme Court of the Straits Settlements. BANK, BANKING, &c. The Stamp Act of 1870 gives, for the purposes of that Act, the following definition of the terms banker and bank note. Interpretation of Terms.-The term banker means and includes any corporation, society, partnership, and persons, and every individual person carrying on the business of banking in the United Kingdom. BANK OF ENGLAND. An Act (32 & 33 Vict. c. 104) for facilitating the payments of dividends on the public stocks, passed in 1869, makes the following regulations with respect thereto, viz. :— 2. Power to send dividend warrants by post.-It shall be lawful for the governor and company of the Bank of England, hereinafter called the Bank, from time to time, with the sanction of the Commissioners of the Treasury, to make arrangements for payment of dividends on any stocks by sending warrants through the post. Every such warrant shall be deemed to be a cheque on the said governor and company within the intent and meaning of the statute of 21 & 22 Vict. c. 79. 3. Effect of posting a warrant.-Every stock1. Any bill of exchange or promissory note holder desirous of having his dividend warrants issued by any banker, other than the Governor and sent to him by post shall make a request accordCompany of the Bank of England, for the pay-ingly in writing to the Bank, such writing to be ment of money not exceeding one hundred pounds to the bearer on demand: The term bank note means and includes 2. Any bill of exchange or promissory note so issued which entitles or is intended to entitle the bearer or holder thereof, without indorsement, or without any further or other indorsement than may be thereon at the time of the issuing thereof, to the payment of money not exceeding one hundred pounds on demand, whether the same be so expressed or not, and in whatever form, and by whomsoever such bill or note is drawn or made. The following is the scale of stamp duties on bank notes provided under the same Act: signed by him, and to be in a form approved by the Bank and by the said commissioners, and shall give to the Bank an address in the United Kingdom to which the letters containing such warrants are from time to time to be sent, and the posting by the Bank of any letter addressed to a stockholder at his request at the address given by him to the Bank, and containing a dividend warrant, shall, as respects the liability of the Bank, be equivalent to the delivery of such warrant to the stockholder himself. 4. Change of day on which dividends on stocks fall due.-The half-yearly dividends due on any public stocks which at the time of the passing of this Act fall due on October 10 in each year, shall from and after the passing of this Act become due on October 5, instead of October 10. 5. Audit of dividends.-The Treasury may from time to time make regulations as to the mode in which the audit of the accounts relating The following are declared Bank Holidays by to dividends on public stocks is to be held by the the Act of 1871, 34 Vict. c, 17, viz. :— The first Monday in August. commissioners for auditing the public accounts, and may, if they think fit, dispense with such audit altogether. 6. Definition of terms.-In this Act 'public stocks' shall mean and include any stock forming part of the national debt, and transferable in The twenty-sixth day of December, if a week the books of the Bank : day. Bank Holidays in Scotland. New Year's Day. If either of the above days falls on a Sunday the next following Monday shall be a bank holiday. Good Friday. The first Monday of May. The first Monday of August. The act provides that all bills and promissory notes falling due on any bank holiday shall be payable on the following day and a similar provision is made as to notice of dishonour and presentation for honour. In regard to payments of all kinds bank holidays are to be in the same category as Christmas Day or Good Friday. It is also provided that special bank holidays may be appointed by Royal proclamation, and that when expedient other day's may be substituted for those above enumerated, by order in Council, and similar powers are conferred on the Lord Lieutenant of Ireland in Council, and the 'Stockholder' shall mean the proprietor of any share in the public stocks: 'Person' shall include corporation : 'United Kingdom' shall include the Channel Islands, the Isle of Man, and any other islands adjacent to any part of the United Kingdom: Warrant' shall include draft, order, cheque, or any other document used as a medium for payment of dividends. The National Debt Act of 1870 consolidates, with amendments, certain enactments relating to the National Debt. The most important novelty embodied in this statute is the issue to stockholders on application of stock certificates applicable to the various 3 per cent. stocks, with coupons attached, which shall compose the relative dividends for not less than 5 years. The Act also provides for the transfer of stock from the books of the Bank of England to those of the Bank of Ireland and vice versa. The regulations in regard to these and the transfer of stock will be found at length under FUNDS. The power to send dividend warrants applicable to consols, &c., per post, conferred by 32 & 33 Vict. c. 104, is by 34 & 35 Vict. c. 29 extended to Indian stocks. The Bank of England Election of Directors Act of 1872 declares that not above seven-eighths of the old directors are to be chosen, the 8 & 9 Wm. III. c. 20 having fixed the maximum at two-thirds. BANK OF IRELAND. The number of its directors may, under Charter of Amendment Act of 1872, be reduced from 15 to 13 or 11. The go- Account relative to Post Office and other Savings Banks, 1866-1874. BANKRUPTCY. In the articles BANKRUPT AND BANKRUPTCY, and INSOLVENCY AND BANKRUPTCY, in this Dictionary, the history and policy of the laws affecting bankrupts in the United Kingdom, and the progress of opinion and legislation on the subject, have been shortly traced, down to the session of 1868. We have now, by way of supplement, to give a short abstract of the more important clauses of the Bankruptcy Act of 1869 (32 & 33 Vict. c. 71), entitled An Act to consolidate and amend the Law of Bankruptcy. The Act is divided into a preliminary and eight other parts. In the preliminary portion the 2nd clause declares it inapplicable to Scotland or Ireland, except when expressly provided. The 3rd dates its operation from January 1, 1870. The 4th defines various terms used in its provisions; and The 5th excludes from its operation companies or partnerships registered under the Companies Act of 1862. In Part I., relating to the adjudication and vesting of property, clause 6 provides for the adjudication of a bankrupt owing 50l. to one or more creditors, and defines six acts of bankruptcy, on any one of which that may have occurred within the previous six months, his or their petition must be founded. 7-9 refer to the proceedings on debtor's summons and petition, proof of debt and of trading when necessary, and act of bankruptcy, and to contested debts. 10 to the advertisement of adjudication. 12 binds creditors not holding securities. 13 empowers the court to restrain suits and appoint receiver. 14, 17, and 18 provide for the appointment, by the creditors or by their committee of inspection, not exceeding five in number, of a trustee (paid or unpaid, but giving security) to manage the bankrupt's property, and that the registrar of the court shall act as trustee till the appointment be made. 15 describes the property of a bankrupt divisible among his creditors, and specially exempts-1st, property held in trust; and 2nd, tools of trade, and family wearing apparel and bedding, to the value in all of 201. 16 lays down regulations as to the first meeting of creditors. In Part II., regulating the administration of the property, clause 19 relates to the conduct of the bankrupt in aiding or impeding its realisation, and his punishment in the latter case. 20 lays down rules for the conduct of the trustee. 21 regulates general meetings of creditors after the first. 22-24 vest the property in the trustee, and enable him to disclaim that which is onerous. 25-29 define his powers; inter alia, authorising him, if the creditors approve, to receive and decide on proof of debts, and to administer oaths. To carry on bankrupt's business, and to employ him to superintend it. To sell the property, or mortgage or pledge any part of it. To bring or defend suits, refer disputes to arbitration, compromise debts or claims. To divide property which cannot be sold among the creditors, and to accept composition, or general scheme of arrangement offered by the bankrupt. 30 binds the trustee, under penalties, to pay sums into the Bank of England, or other bank chosen by creditors. 31-40 describe debts, distinguishing as preferential, certain local rates, assessed and other taxes, and wages of clerks and servants, and deal with allowance to debtors, set off and secured debts. 41-50 apply to the distribution of dividends, appropriation of the surplus, if any, by the bankrupt after payment of creditors and costs, the close of the bankruptcy, discharge of the bankrupt (mainly depending on the payment of 10s. in the pound), and effect of the discharge. 51-53 relate to the release of the trustee and its effects. 54 explains the status of an undischarged bankrupt. 55-58 provide for the appointment of a comptroller or auditor of trustee's accounts, and define his duties and powers. Part III.-Clauses 59-72 constitute the Court of Bankruptcy and Court of Appeal, and specify their general powers. 73-77 provide for the enforcement of warrants and orders of the court, and enjoin that the Bankruptcy Courts in England, Scotland, and Ireland, and every British court elsewhere, shall be auxiliary to each other in bankruptcy cases. 78, 79 empower the Lord Chancellor to revoke or alter rules of court, and to effect change of jurisdiction in county courts. In Part IV., consisting of supplemental provisions, clause 80 makes additional regulations as to proceedings in bankruptcy. 81, 82 state the consequences of annulling of adjudication. 83, 84 lay down rules as to the trustee and committee of inspection. 85, 86 relate to the power over the bankrupt. 87-95 to the property devolving on the trustee. 96-99 to the discovery and seizure of the bankrupt's property. 100-105 refer to joint and separate estates. 106-109 specify the nature of the evidence necessary in proceedings in bankruptcy. 110-119 are of a miscellaneous kind, 118 enacting that no person not being a trader shall be adjudged a bankrupt in respect of a debt contracted prior to the Bankruptcy Act of 1861. In Part V., relating to persons having privilege of Parliament, 120-124 enact that this privilege is not to prevent adjudication on bankruptcy; that the seat of a bankrupt member of the House of Commons shall be vacated; and that the Speaker shall issue a new writ. Part VI.-Clause 125 makes regulations for the liquidation by arrangement of the affairs of the debtor. Part VII.-Clauses 126, 127 contain regulations for the payment by a debtor to his creditors of a composition, without any proceedings in bankruptcy. Part VIII.-Clauses 128--136 make temporary provision for transfer of officers from old to new Court of Bankruptcy, the abolition of the County District Courts, compensation to, and reappointment of officers &c. Schedule 1 appended to the Act gives the following list of, and description of Traders: Alum makers, apothecaries, auctioneers, bankers, bleachers, brokers, brickmakers, builders, calenderers, carpenters, carriers, cattle or sheep salesmen, coach proprietors, cowkeepers, dyers, fullers, keepers of inns, taverns, hotels, or coffee-houses, lime-burners, livery stable keepers, market gardeners, millers, packers, printers, sharebrokers, shipowners, shipwrights, stockbrockers, stockjobbers, victuallers, warehousemen, wharfingers, persons using the trade or profession of a scrivener, receiving other men's moneys or estates into their trust or custody, persons insuring ships or their freight or other matters against perils of the sea, persons using the trade of merchandise by way of bargaining, exchange, bartering, commission, consignment, or otherwise, in gross or by retail, and persons who, either for themselves or as agents or factors for others, seek their living by buying and selling or buying and letting for hire goods or commodities, or by the workmanship or the conversion of goods or commodities; but a farmer, grazier, common labourer, or workman for hire shall not, nor shall a member of any partnership, association, or company which cannot be adjudged bankrupt under this Act, be deemed as such a trader for the purposes of this Act. In the article BANKRUPT AND BANKRUPTCY in this Dictionary the author expressed an opinion on the impolicy of imprisonment for debt where the debtor had acted honestly and had done all that should be required of him. By Act 32 & 33 Vict. c. 62 the Legislature have adopted this view, and may be said to have abolished imprisonment for debt in England, except for the punishment of fraudulent debtors and of contempt of court. The 32 & 33 Vict. c. 83 provides for the winding up of the business of the late Insolvent Debtors' Court in England, and repeals a number of enactments relating to insolvency, bankruptcy, imprisonment for debt &c. The provisions of the Bankruptcy Act of 1869 have been extended by 33 & 34 Vict. c. 76, so as to facilitate the arrest of absconding debtors. By Act of 1871 (34 & 35 Vict. c. 50), any bankrupt is disqualified from sitting or voting in the House of Lords or in any committee thereof; and if a peer of Scotland or Ireland, from being elected as a representative. The Bankruptcy Ireland Amendment Act of 1872 abolishes the distinction between traders and non-traders, and in some other respects assimilates the Irish to the English law. In 1875 an Act, 38 & 39 Vict., passed to amend the Scotch Bankruptcy Act of 1851, declares the wages of clerks and shopmen and servants employed by the bankrupt to be entitled to the same privilege as the wages of domestic servants to an extent not exceeding four months' wages prior to the date of sequestration being awarded, or where sequestration is not awarded, prior to the concourse of diligence for distribution of the estate of a party being notour bankrupt, and not exceeding the sum of fifty pounds; and the wages of workmen employed by the bankrupt shall be similarly entitled to an extent not exceeding two months' wages prior to the same respective dates. BARLEY AND BARLEY MEAL, and BARLEY PEARLED. Import duty on, repealed, 1869. BEANS AND BEAN MEAL. Customs' duty on, repealed, 1869. BEAR or BIGG. Customs' duty on, repealed, 1869. BEER. [ALE AND BEER.] BELGIUM. See articles on ANTWERP in the Dictionary, and in this Supplement. BENGAL. [EAST INDIES.] BIGG. [BEAR.] BILL OF SALE. The Stamp Act of 1870 enacts, sec. 57, that a copy of a bill of sale is not to be filed in any court, unless the original duly stamped, is produced to the proper officer. BILLS OF EXCHANGE. The following definitions of Bill of Exchange and Promissory Note are given, for the purposes of that Act, in secs. 48 and 49 of the Stamp Act of 1870, 33 & 34 Vict. c. 97. Interpretation of Term Bill of Exchange.' 1. The term bill of exchange for the purposes of this Act includes also draft, order, cheque, and letter of credit, and any document or writing (except a bank note) entitling or purporting to entitle any person, whether named therein or not, to payment by any other person of, or to draw upon any other person for, any sum of money therein mentioned. 2. An order for the payment of any sum of money by a bill of exchange or promissory note, or for the delivery of any bill of exchange or promissory note in satisfaction of any sum of money, or for the payment of any sum of money out of any particular fund which may or may not be available, or upon any condition or contingency which may or may not be performed or happen, is to be deemed for the purposes of this Act a bill of exchange for the payment of money on demand. 3. An order for the payment of any sum of money weekly, monthly, or at any other stated periods, and also any order for the payment by any person at any time after the date thereof of any sum of money, and sent or delivered by the person making the same to the person by whom the payment is to be made, and not to the person to whom the payment is to be made, or to any person on his behalf, is to be deemed for the purposes of this Act a bill of exchange for the payment of money on demand. Interpretation of Term Promissory Note.'1. The term promissory note means and includes any document or writing (except a bank note) containing a promise to pay any sum of money. 2. A note promising the payment of any sum of money out of any particular fund which may or may not be available, or upon any condition or contingency which may or may not be performed or happen, is to be deemed for the purposes of this Act a promissory note for the said sum of money. The following is the table of stamp duties applicable to bills of exchange under the Stamp Act of 1870 : The Act of 1871 (34 & 35 Vict. c. 74) abolishes days of grace in the case of bills of exchange and promissory notes payable at sight or on presentation, and declares them to be payable on demand. BILLS OF LADING. Sec. 56 of the Stamp Act of 1870 declares, 1st, That a bill of lading is not to be stamped after the execution thereof; and 2nd, That every person who makes or executes any bill of lading not duly stamped shall forfeit 501. The stamp duty is 6d. BIRDS. [SEA BIRDS.] clerk, officer, or servant, shall wilfully and with intent to defraud destroy, alter, mutilate, or falsify any book, paper, writing, valuable security, or account which belongs to or is in the possession of his employer, or has been received by him for or on behalf of his employer, or shall wilfully and with intent to defraud make or concur in making any false entry in, or omit or alter, or concur in omitting or altering, any material particular from or in any such book, or any document or account, then in every such case the person so offending shall be guilty of a misdemeanour, and be liable to be kept in penal servitude for a term not exceeding seven years, or to be imprisoned with or without hard labour for any term not exceeding two years. It shall be sufficient in any indictment under this Act to allege a general intent to defraud, without naming any particular person intended to be defrauded. By way of appendix to the essay on Bookkeeping in this Dictionary, we beg to subjoin a short explanatory statement as to the final balancing of the ledger, and the mode of drawing out the balance sheet and profit and loss account. Closing entries and final balance.-In order to finally balance a set of books it is necessary to make various closing entries, and also, for the purpose of ascertaining the gross profit or loss on the trading, to take an account of the stocks of various goods on hand at the date to which the books are to be balanced, the stocks being taken at the cost price. In cases where there is any special loss or depreciation in the value of the stocks, it is usual to make a separate explanatory entry of the amount, debiting the profit and loss account with the loss, and crediting the merchandise or goods account. The value of the stocks having been ascertained, the amount is entered on the credit or right-hand side of the merchandise account. This account shows on the debit or left-hand side, the stock on hand at BISCUIT AND BREAD. Customs' duty on, the commencement of the account, and the whole repealed, 1869. BOMBAY. [EAST INDIES.] BOOK-KEEPING. To prevent the growing tendency to falsify accounts, an Act was passed in 1875, 38 & 39 Vict. c. 26, containing the following provisions: That if any clerk, officer, or servant, or any person employed or acting in the capacity of a of the purchases; and on the credit or right-hand side, the whole of the sales, and the stock on hand at the close of the account. If the total on the credit side exceeds the debit total, the balance is profit, but if the contrary is the case, the balance is loss. The following example shows the method of closing a merchandise account: |