Home1815 Edition

FACTOR

Volume 8 · 1,907 words · 1815 Edition

commerce, is an agent employed by merchants residing at other places, to buy or sell goods, or negotiate bills, or transact any kind of business on their account; and entitled to a certain allowance for his trouble.

A supercargo differs from a factor in this: The business of the former is limited to the care of a particular cargo; he goes along with it, and generally returns when his business is completed; the latter has a fixed residence abroad, and executes business for different merchants. But their duties, and the circumstances for which they are accountable, are the same.

The duty of a factor is to procure the best intelligence of the state of trade at his place of residence; of the course of exchange; of the quantity and quality of goods at market, their present price, and the probability that it may rise or fall; to pay exact obedience to the orders of his employers; to consult their advantage in matters referred to his direction; to execute their business with all the dispatch that circumstances admit; to be early in his intelligence, distinct in his accounts, and punctual in his correspondence.

A factor's power is either absolute or limited. Though intrusted with ample discretionary powers, he is not warranted to take unreasonable or unusual measures, or do anything contrary to his employer's interest; but it is incumbent on the employer, if he challenge his proceedings, to prove that he could have done better, and was guilty of wilful mismanagement.

When a factor's power is limited, he must adhere strictly to his orders. If he exceeds his power, though with a view to his employer's interest, he is liable for the consequence. For example, if he gives credit when not empowered, or longer credit if not empowered, for the sake of a better price, and the buyer proves insolvent, he is liable for the debt. A factor has no power to give credit unless authorized. But if the goods consigned be generally sold on credit at the place of configuration, the factor will be vindicated for selling at the usual credit, unless expressly restricted.

Although opinion will never justify the factor for departing from orders, necessity sometimes will. If he be limited not to sell goods under a certain price, and the goods be perishable, and not in a situation for being kept, he may sell them, to prevent their destruction, even under the price limited.

A factor is never warranted to deal on trust, except with persons in good credit at the time. If the employer challenge the debtors, it is incumbent on him to prove that their bad circumstances were known at the time of sale; and the factor will be vindicated, if he trusted them at the same time for goods of his own.

If the factor sells his employer's goods on trust, and, after the day of payment is elapsed, receive payment from the purchaser for a debt of his own, he becomes liable in equity for the debt.

In case of bankruptcy, the factor ought immediately to lay attachments, and advise his employers; and he cannot withdraw his attachments, nor compound debts, without orders.

If a factor sells goods belonging to different merchants to the same person, and the buyer proves insolvent, they shall bear the loss in equal proportions; and if the buyer has paid part before his insolvency, without specifying for which, the payment ought to be distributed in equal proportions; but, if the days of payment be fixed, and part of the debts only due, the payment ought to be applied, in the first place, to such debts as were due.

If he makes a wrong entry at the custom-house, and the goods be seized in consequence thereof, he must bear the loss, unless the error be occasioned by a mistake in the invoice, or letter of advice.

The owner bears the loss of goods seized when attempted to be smuggled by his orders; but the factor complying with an unlawful order is liable in such penalties as the laws exact.

If a factor saves the duty of goods due to a foreign prince, he shall have the benefit; for, if detected, he bears the loss.

If a factor sells goods bought by his employer's orders for his own advantage, the employer may recover the benefit, and the factor shall be amerced for the same.

If a factor receives bad money in payment, he bears the loss; but if the value of the money be lessened by the government, the employer bears the loss. A factor is not liable for goods spoiled, robbed, or destroyed by fire.

If a factor receives counterfeit jewels from his employer, and sells them, the employer is liable to indemnify him for any penalties he may incur.

If a factor be ordered to make insurance, and neglect it, and the subject be lost, he is liable to make it good, providing he had effects in his hands.

If a factor buys goods for his employer, his bargain shall be binding on the employer.

In case of a factor's insolvency, the owner may reclaim his goods; and, if they be sold on trust, the owner (and not the factor's creditors) shall recover payment of the debts.

**Factor**, in multiplication, a name given to the multiplier and multiplicand, because they constitute the product. See **Arithmetic**.

**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 $2\frac{1}{2}$ per cent.; on lead, and some other articles, 2 per cent.; in Italy, $2\frac{1}{2}$ per cent.; in France, Holland, Spain, Portugal, Hamburg, and Dantzig, 2 per cent.; in Turkey, 3 per cent.; in North America, 5 per cent. on sales, and 5 per cent. on returns; in the West Indies, 8 per cent. for commission and storage. In some places, it is customary for the factors to ensure the debts for an additional allowance, generally $1\frac{1}{2}$ 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. There are also English factories established at Hamburg, Peterburgh, Dantzig, and in Holland; all endowed with certain privileges.

**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 seldom seen.—The word is pure Latin; being a diminutive of *fax*, "torch;" and supposed to be here applied from their appearing and disappearing by turns.

**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 of this court is styled master of the faculties, and 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**.

**Faeces**, in Chemistry, the gross matter, or sediment, that settles at the bottom after distillation, fermentation, and the like.—The feces of wine are commonly called **Lees**.

**Faeces**, in Medicine, the excrements voided by stool. See **Excrement**.

**Faeculent**, 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 faeculent, 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 30 miles east of Bologna. E. Long. 12. 38. and N. Lat. 44. 30.

**Faenza**, a city of Romagna in Italy with a bishop's see. It is an ancient place, and has undergone various revolutions. The river Amona washes its walls, and passes between the city and the suburbs, which are joined by a stone bridge defended by two good towers. The city is remarkable for its earthen ware, which is the best in all Italy.

**Faernus, Gabriel**, a native of Cremona in Italy, was an excellent Latin poet and critic of the 16th century. He was so skilled in all parts of polite literature, that the cardinal de Medicis, afterward Pope Pius IV., was particularly fond of him. He was the author of some Latin elegies; of 100 Latin fables, selected from the ancients, written in iambic verse; and of several pieces of criticism, as *Censura emendationum Livianarum*, *De Metris Comicis*, &c. He was remarkably happy in deciphering manuscripts, and restoring ancient authors to their purity; he took such pains with Terence in particular, that Bentley has adopted all his notes in the edition he gave of that writer. He died at Rome in 1561; and Thuanus, who wrote his *elegy*, says that the learned world was greatly obliged to him; yet had been still more so, if, instead of suppressing the then unknown fables of Phædrus, for fear of lessening the value of his own Latin fables, written in imitation of Ælop, he had been content with imitating them. M. Perrault, however, who translated Faernus's fables into French, has defended him from this imputation, by affirming that the first MS. of Phædrus's fables, found in the dust of an old library, was not discovered till about 30 years after Faernus's death.

**Fagara, Ironwood**, a genus of plants belonging to the tetrandria clas, and in the natural method ranking under the 43rd order, Dumosa. See **Botany Index**.

**Fage, Raimond de la**, an excellent designer and engraver, highly esteemed by Carlo Maratti, was born at Toulouse in 1648. He applied himself to designing, through inclination, in spite of his parents; and had no matter nor any affluence; but his superior talents supplied the want of them, and he became one of the best designers in Europe; his performances on li- centious subjects are the most esteemed. It is reported of this artist, that he never made use of money, but contracted debts; and when the accounts were brought him, he made some design upon the back of the bills, and bid the owners sell the drawings to connoisseurs for the amount, by which they were generally great gainers. Several of those drawings are yet in the cabinets of the curious. He led a loofer, depraved life; and his repeated debaucheries put an end to it at the age of 42.