BROKER

an agent employed make bargains in matters of trade navigation for other people in for a compensation called He is, in short, a mercantile agent. is not in po e ion of the goods are the subject of the contract. cannot as a rule buy or sell in his name when acting for other and he is not liable to be sued contract which he enters into on of others, unle he appears in contract to be a principal. When makes a contract for others, he the terms of the contract in his book, and then sends a copy of the to both parties. These copies should identical, otherwise there may contract at all, especially, as happens, when the b. has not the terms in his book. Insurance b’s are employed to gee) of insurance. The underwriter paid the premium by the b., turn looks to the insured for the He receives the policy of insurance the underwriter, and it is his duty that the policy is drawn up. He use all diligence in obtaining adjustment and recovering the lo for the If the b. pays the full lo to the not knowing one of the underwriters to be bankrupt, he is prevented by custom from recovering it. Ship b’s employed to effect the charter of a They are usually paid a commi ion 5% on the freight by the shipowner. 8tock b’s are persons who negotiate the purchase or sale of securities on Stock Exchange. When any wishes to buy or sell shares or stock employs a b., who in turn sells the ie er buys the shares from, a ay)