PRELIMINARY ACT.—In actions for damage by collision between vessels, the plaintiff is required, within seven days after the commencement of the action, and the defendant within seven days after appearance, and before any pleading is delivered, to file a document called a Preliminary Act this is sealed up, and is not opened until ordered by the Court. It contains a statement of the following particulars :—(a) The names of the vessels which came into collision and the names of their masters ; (b) the time of the collision ; (c) the place of the collision ; (d) the direction and force of the wind ; (e) the state of the weather ; (f) the state and force of the tide ; (g) the course and speed of the vessel when the other was first seen ; (h) the lights, if any, carried by her ; (;) the distance and bearing of the other vessel when first seen ; (k) the lights, if any, of the other vessel which were first seen ; (1) whether any lights of the other vessel, other than those first seen, came into view before the collision ; (m) what measures were taken, and when, to avoid the collision ; (n) the parts of each vessel which first came into contact ; (o) hat sound signals, if any, and when were given ; (p) what sound signals, if any, and when were heard from the other vessel. The Court may order the Preliminary Act to be opened and the evidence to be taken thereon without' its being necessary to deliver any pleadings; but in such case if either party intends to rely on the defence of compulsory pilotage, he may do so, but should give notice thereof in writing to the other party, within two days from the opening of the Preliminary Act. It will be seen that these documents prevent either party adjusting his facts to those of his opponent as the action progresses and the case develops.
PREMIUM.—In Insurance this term is applied to the money paid to the insurer by an assured as a consideration for the insurance. In marine insurance the premium is generally paid in one sum ; in fire insurance in one sum also, the term of such an insurance being usually one year ; and in life assurance by periodical instalments. There are various methods, however, by m hich a life assurance premium may be paid, these varying according to the liberality or otherwise of the different offices. For example, only half the premium need be paid during the first few years of the assurance, the balance being charged by the company as a debt against the monies payable under the policy. In Finance the term is used to denote the difference between the par value of a security and its actual market price when such price is higher than the par value. Thus, if the shares in a company are quoted at 11, they will be said to stand at a premium of 5s. In Foreign _Exchange the term is used to denote the extra sum required to be paid in one money when it is desired to exchange that money for another when the latter is in °Teeter request than the former.
PRICE CURRENT.—This is the name given to a list or schedule of mercantile commodities, showing their market prices, discounts, and places of usual delivery. Such lists are published by merchants, brokers, dealers and
others for the use of their customers, the commodities enumerated in each being those in which the publisher carries on business. They are published either at• irregular intervals or periodically—daily, twice-weekly, weekly, and so forth—according to the usage of the particular trade concerned and the custom of the publisher. As a rule a price current is printed entirely, but many firms keep partially' blank forms, the names of their staple articles being printed, the columns for prices, &c., being left blank and filled in at the time of issue. By means of price currents customers are kept informed of the state of the market and the variations in price of the commodities concerned. Th%term is also applied to lists of a similar character published. in coni merOial and financial journals, whose lists have their contents restricted or extended according to the needs of the class of reader catered for. A general paper will include practically every merchantable commodity, from pepper to bullion and securities, whilst a paper devoted to the interests of the iron trade, for example, may exclude every commodity other than metals.
Of a sitnilar character are Circulars and Market Reports, their main distinguishing feature being the comments and opinions they contain with regard to the state of the market for the time being and the probable future movements therein. In certain periodical issues of these circulars, the quarterly and annual for example, the prices are more generally dealt with and the comments and opinions are usually more comprehensive.
When published in certain journals the current prices of commodities are set out in comparison with the prices ruling during a number of past years. An opportunity is thus afforded the reader to determine the possibility and the direction of future movements, and, in aid of this, there is usually appended a note of any events which may have influenced the prices in the past, are in fluencing them in the present, and are likely to influence them in the future. It will often be seen that during any year the price of some commodity has never fallen below a certain figure or risen above another. And probably an identical period may be noticed in each year during which a certain part of the variation may have occurred. These and other points have obviously a great value to one whose business requires him to buy or sell that commodity. Prices are also scheduled in comparison with various markets, home and foreign. Less practical at first sight, and certainly more academic, are the comparisons of prices over a great number of years ; and very interest ing and useful are the attempts made at extracting their real social significance by, for example, quoting them at a figure proportioned to consumption.