in commerce, is an agent or correspondent residing beyond the seas, or in some remote part, commissioned by merchants to buy or sell goods on their account, or assist them in carrying on their trade.
A factor receives from the merchants, his constituents, in lieu of wages, a commission or factorage, according to the usage of the place where he resides, or the business he transacts, this being various in different countries, on the purchases and sales of different commodities. He ought to keep strictly to the tenor of his orders; as a deviation from them, even in the most minute particular, exposes him to make ample satisfaction for any loss that may accrue from his non-obseruation of them. When unlimited orders are given to factors, and they are left to sell or buy on the best conditions they can, whatever detriment occurs to their constituents, they are excused, as it is to be presumed they acted for the best, and were governed by the dictates of prudence. But a bare commission to sell is not sufficient authority for the factor to trust any person, wherefore he ought to receive the money on the delivery of the goods; and, by the general power, he may not trust beyond one, two, or three months, &c. the usual time allowed for sales, otherwise he shall be answerable out of his own estate. If a factor sells on the usual trust to a person of good credit, who afterwards becomes insolvent, he is discharged; but not if the man's credit was bad at the time of sale. If a factor gives a man time for payment of money contracted on sale of his principal's goods, and, after that time is elapsed, sell him goods of his own for ready money, and the man becomes insolvent, the factor in equity ought to indemnify his principal; but he is not compellable by the common law. A factor should always be punctual in the advices of his transactions, in sales, purchases, freights, and more especially in draughts by exchange. If he purchases goods for another at a price limited, and afterwards they rise, and he fraudulently takes them for his own account, and sends them to another part, in order to secure an advantage that seemingly offers, he will, on proof, be obliged, by the custom of merchants, to satisfy his principal for damages. If a factor, in conformity with a merchant's orders, buys with his money, or on his credit, a commodity he shall be directed to purchase; and, without giving advice of the transaction, sells it again to profit, and appropriates to himself the advantage, the merchant shall recover it from him, and besides have him amerced for his fraud. When factors have obtained a profit for their principal, they must be cautious how they dispose of it; for, if they act without commission, they are responsible; and if a merchant remits goods to his factor, and about a month after draws a bill on him, the factor, having effects in his hands, accepts the bill, then the principal breaks, and the goods are seized in the factor's hands. for the behalf of the creditors, it has been conceived the factor must answer the bill notwithstanding, and come in a creditor for so much as he was obliged, by reason of his acceptance, to pay. A factor who enters into a charter-party with a master for freight, is obliged by the contract; but if he loads aboard generally, the principal and the lading are liable for the freightment, and not the factor. If a factor, having money in his hands belonging to his principal, neglects to insure a ship and goods, according to order; if the ship miscarry, the factor, by the custom of merchants, shall make good the damage; and if he make any composition with the insurers after insurance, without orders so to do, he is answerable for the whole insurance.
As fidelity and diligence are expected from the factor, so the law requires the like from the principal: if, therefore, a merchant remits counterfeit jewels to his factor, who sells them as if true; if he receive loss or prejudice by imprisonment or other punishment, the principal shall not only make full satisfaction to the factor, but to the party who bought the jewels.
What is here said of factors, is meant of such as reside abroad to act for merchants, and may be applied to supercargoes, who go a voyage to dispose of a cargo, and afterwards return with another to their principals: but it is also the custom of the merchants of the highest credit throughout the world, to act mutually in the capacity of factors for each other. The business so executed is called commission business, and is generally desirable by all merchants, provided they have always effects in their hands, as a security for all the affairs which they transact for the account of others. And this class of traders of established reputation, have current as well as commission account, constantly between them, and draw on, remit to, and send commissions to each other only by the intercourse of letters, which, among men of honour, are as obligatory and authoritative as all the bonds and ties of law.
**Factor**, in arithmetick. See **Arithmetick**, p. 371.
**Factorage**, called also commission, is the allowance given to factors by the merchant who employs them. The gain of factorage is certain, however the voyage or sale prove to the merchant: but the commissions vary; at Jamaica, Barbadoes, Virginia, and most of the western parts of the world, the commission runs at 8 per cent. generally through Italy, 2½; in France, Spain, and Portugal, &c.; and in Holland and other places near home, 1½ per cent.
**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.
**Factum**, in arithmetic, the product of two quantities multiplied by each other.
**Faculae**, in astronomy, certain bright and shining parts, which the modern astronomers have, by means of telescopes, observed upon or about the surface of the sun: they are but very seldom seen.
**Faculty**, in law, a privilege granted to a person, by favour and indulgence, of doing what, by law, he ought not to do.
For granting these privileges, there is a court under the archbishop of Canterbury, called the court of the faculties, the chief officer whereof is styled master of the faculties; who has a power of granting dispensations in divers cases, as to marry without the bans being first published; to eat flesh on days prohibited; to ordain a deacon under age; for a son to succeed his father in his benefice; a clerk to hold two or more livings, &c.
**Faculty**, in the schools, a term applied to the different members of an university, divided according to the arts and sciences taught there: thus in most universities there are four faculties, viz. 1. Of arts, which include humanity and philosophy. 2. Of theology. 3. Of physic. And 4. Of civil law.
**Faculty of Advocates.** See **Advocates**.
**Faculty** is also used to denote the powers of the human mind, viz. understanding, will, memory, and imagination. See **Metaphysics**.
**Fæces**, in chemistry, the gross matter, or sediment, that settles at the bottom after distillation, fermentation, and the like.
**Fæces**, in medicine, the excrements voided by stool.
**Fæculent**, in general, is applied to things abounding with faeces, or dregs: thus the blood and other humours of the human body, are said to be fæculent, when without that purity which is necessary to health.
**Faenza**, a city and bishop's see of Italy, situated in the pope's territories, about thirty miles east of Bologna: E long. 12° 38', and N. lat. 44° 30'.
**Fagaria**, in botany, a genus of the terrandria monogyria clasps. The calyx consists of four segments, and the corolla of four petals; and the capsule has four cells, two valves, and contains one seed. There are three species, none of them natives of Britain.
**Faggot**, in times of popery here, was a badge worn on the sleeve of the upper garment of such persons as had recanted, or abjured what was then termed heresy; being put on after the person had carried a faggot, by way of penance, to some appointed place of solemnity. The leaving off the wear of this badge was sometimes interpreted a sign of apostacy.
**Faggots**, among military men, persons hired by officers, whose companies are not full, to muster and hide the deficiencies of the company; by which means they cheat the king of so much money.
**Fagonia**, in botany, a genus of the decandra monogyria clasps. The calyx consists of five leaves, and the corolla of five cordated petals; the capsule has five cells with one seed in each, and ten valves. There are three species, none of them natives of Britain.
**Fagopyrum.** See **Polygonum**.
**Fagus**, the **beech**, in botany, a genus of the monoceria polyandria clasps. The calyx of the male is bell-shaped, and consists of five segments; it has no corolla, but twelve stamens: the calyx of the female consists of four teeth; it has no corolla; the styli are three; and the capsule is muricated, has four cells and two seeds. There are three species, two of them natives of Britain, viz. the castanea, or chestnut-tree; and the sylvatica, or beech-tree.
**Fainting.**