FACTORAGE

FACTORAGE, called also commission, is the allowance given to factors by the merchant who employs them.

A factor's commission in Britain, on most kinds of goods, is $2\backslash frac\{1\}\{2\}$ per cent.; on lead, and some other articles, 2 per cent.; in Italy, $2\backslash frac\{1\}\{2\}$ per cent.; in France, Holland, Spain, Portugal, Hamburg, and Dantzick, 2 per cent.; in Turkey, 3 per cent.; in North America, 5 per cent. on sales, and 5 per cent. in returns; in the West Indies, 8 per cent. for commission and storage. In some places, it is customary for the factors to insure the debts for an additional allowance, generally $1\backslash frac\{1\}\{2\}$ per cent. In that case, they are accountable for the debt when the usual term of credit is expired.

Factorage on goods is sometimes charged at a certain rate per cask, or other package, measure, or weight, especially when the factor is only employed to receive or deliver them.

FACTORY is a place where a considerable number of factors reside, to negotiate for their masters or employers. See FACTOR.

The most considerable factories belonging to the British are those established in the East-Indies, Portugal, Turkey, &c.