Messrs. Pepys & Peacock, Bought at E. I. Company's Sale, 27 May, 1833.-6 Lots Coffee per Taunton Castle. s. d. Lot 3110 3111 Bgs. cwt. qr. lb. £ s. d. 10 Ps. Olive Velveteens 571 yds. at 2 5 per yd. 25 AVERAGE PRICES. An average price is the estimated price at which the whole quantity of several parcels of Goods, would amount to the same sum, as the several separate quantities. EXAMPLE. To find the average price for cwt. of the following quantities of Sugar, at the following net prices : cwt. 138 3 16 at s. 34 6 d. Net £ 239 11 10 £ s. d. 2615 0 11 Answer s. 32 103 d. Instead of the above the quantities may be reckoned 139,628 and 824 cwt. and the result will be the same. EXERCISES. Ex. 1. What is the average price of the following quantities of Wheat, viz. 351 qrs. at 63 s., 217 qrs. at 65 s., and 333 qrs. at 67 s.? Ex. 2. What is the average price of the following quantities of Sugar, sold at the following prices exclusive of the duty. 30 hhds. Net cwt. 451 2 17 sold at 36 s. per cwt. When the product of the proportional statement does not give an exact price the remainder should be reckoned as another farthing or penny, as otherwise the price will not yield the full amount. BARTER. Barter is the exchange of one sort of property for another estimated of equal value. When the quantities of the articles exchanged are of similar denomination, they are inversely proportional to the prices. EXAMPLE 1. To find how much Loaf Sugar, at 11 d. per lb., is equal in value to 3 qrs. 7 lb. of Moist Sugar, at 6 d. per lb. per gallon, To find how many gallons of Rum, at 13 s. 6 d. are equal in value to 683 yards of Irish Cloth, at 3 s. 6 d. per yard. 68 yards at 3 s. 6 d. 239 s. 9 d. value of the cloth. |