Elementary arithmetic, with brief notices of its history... by Robert Potts.

8
forablo from one person to another until they are drawn and paid off.
The value of these bonds may be worth more or less than ~100
sterling. When a bond of ~100 stock is worth ~100 sterling, it is
said to be at par; and when it is worth less or more than ~100.
sterling, it is said to be below or above par.
The national debt of the United Kingdom consists of stocks called
consols (consolidated annuities), of which the chief stock is called the
3 per cent. consols, which bear an annual interest of ~3 sterling,
payable half-yearly, for every ~100 stock. This stock has no period
fixed for its redemption like foreign stocks, but may be purchased and
sold at any time at the ordinary rates of the market.
The exchange of a sum of money of one nation into the equivalent
to that of another, is effected by a proportion when the equivalent
values of the units of the money of the two nations are given; and
when several exchanges are made in one transaction, these separately
constitute a repetition of the same process.
The computations in all mercantile transactions depend upon the
principle of proportion. And the profit or loss on all sales and
Ipurchases are in general computed at some fixed rate for every ~100,;s are also all charges for commission, brokerage, &c., for the pur-:chase or sale of merchandise. The equitable division of the profits or
losses of a trading speculation can be effected by means of proportion;
and in cases where the element of time enters into the transaction,
both the time and the capital employed must be considered as constituting the efficient cause of the effect produced.
In the same manner the assets of a bankrupt can be divided among
his creditors according to the proportion of their claims on the
bankrupt's estate.