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Business training manual; containing a complete course of instruction in office routine, shipping, marine insurance and banking

Business training manual; containing a complete course of instruction in office routine, shipping, marine insurance and banking

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1893 Excerpt: ...to those of another, or the master of a steam ship may if his fuel runs out burn any part of the cargo which is combustible to keep up steam, always however with the proviso that the owner of the goods sacrificed is entitled to recover his loss from the ship-owner, who on his part may be able to recover the amount either under his policy of his insurance or as general average (for definition of this term see chapter on Marine Insurance). In connection with the payment of freight, the term " Primage" was used above, and it will be as well here to explain the meaning of it. This is an addition to the rate of freight agreed to be paid and it is an almost universal charge both on inward and outward freight, it is generally charged at five per cent, on the amount of freight in sailing ships, and ten per cent, in steam ships, but in some instances fifteen per cent, is claimed and paid. In its origin this was a payment made to the masters and crews of ships, by the shippers of goods for taking in and stowing their various lots of merchandise, as however the practise of the crews of ships doing this work ceased to be general, the owners employing and paying labourers (stevedores) for the purpose the primage was naturally diverted from the pockets of the crew to those of the ship-owner and primage, instead of being paid in the form of a gratuity, is now paid as an additional freight. In the case of homeward bound ships this charge is always retained by-the ship-owner, but in outward freights when payable at the port of loading it is common for the ship-owner to allow the whole or a part to the shippers of goods as a sort of "discount " off the freight, this is tit done in the continental trade. In addition to the word "primage" on the B...