Average

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AVERAGE. A term used in commerce to signify a contribution made by the owners of the ship, freight and goods, on board, in proportion to their respective interests, towards any particular loss or expense sustained for the general safety of the ship and cargo; to the end that the particular loser may not be a greater sufferer than the owner of the ship and the other owners of goods on board. Marsh. Ins. B. 1, c. 12, s. 7; Code de Com. art. 397; 2 Hov. Supp. to Ves. jr. 407; Poth. Aver. art. Prel.
     2. Average is called general or gross average, because it falls generally upon the whole or gross amount of the ship, freight and cargo; and also to distinguish it from what is often though improperly termed particular average, but which in truth means a particular or partial, and not a general loss; or has no affinity to average properly so called. Besides these there are other small charges, called petty or accustomed averages; such as pilotage, towage, light-money, beaconage, anchorage, bridge toll, quarantine, river charges, signals, instructions, castle money, pier money, digging the ship out of the ice, and the like.
     3. A contribution upon general average can only be claimed in cases where, upon as much deliberate on and consultation between the captain and his officers as the occasion will admit of, it appears that the sacrifice at the time it was made, was absolutely and indispensably necessary for the preservation of the ship and cargo. To entitle the owner of the goods to an average contribution, the loss must evidently conduce to the preservation of the ship and the rest of the cargo; and it must appear that the ship and the rest of the cargo were in fact saved. Show. Ca. Parl. 20. See generally Code de Com. tit. 11 and 12; Park, Ins. c. 6; Marsh. Ins. B. 1, c. 12, s. 7 4 Mass. 548; 6 Mass. 125; 8 Mass. 467; 1 Caines' R. 196; 4 Dall. 459; 2 Binn. 547 4 Binn. 513; 2 Serg. & Rawle, 237, in note; 2 Serg. & Rawle, 229 3 Johns. Cas. 178; 1 Caines' R. 43; 2 Caines' R. 263; Id. 274; 8 Johns. R. 237, 2d edit 9 Johns. R. 9; 11 Johns. R 315 1 Caines' R. 573; 7 Johns R. 412; Wesk. Ins. tit. Average; 2 Barn. & Crest. 811 1 Rob. Adlm. Rep. 293; 2 New Rep. 378 18 Ves. 187; Lex. Mer. Armer. ch. 9; Bac Abr. Merchant, F; Vin. Abr. Contribution and' Average; Stev. on Av.; Ben. on Av.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
The Stochastics indicator is also comprised of Moving Averages. As such, comparing its crosses to those of the Moving Averages will bear a marked similarity and can be interpreted in much the same way for purposes of confirmation.
Predominantly, it can be summarized that the Buy and Hold strategy outperforms the Moving Average timing strategy of quintile individual stock for high volatile portfolios.
The moving average fund also tends to accumulate infeasible quantities of debt and assets.
In the second set of results, we used exponential moving average method.
Hence, to compute cross and auto correlation of Y(t) through a moving average window we propose the following algorithm in the form of distinctive steps as: Steps of the proposed Algorithm i) Find RXX(t) from the knowledge of X(t) using the above three steps described in section 2 (C) ii) the convolution of h(t) with R (t) using eq.
Liquidations increased to $1.64 billion in May, 23 percent higher than the 12-month moving average of $1.33 billion per month.
The dollar index fell 1 percent to 80.33, breaking down through an upward trendline in place since early December and plunging through its 55-day moving average at 80.42.
The four-week moving average of new claims rose for the third straight week, climbing to 347,250 in the week ended February 9 from 335,250 for the previous week.
The current three-month moving average of payroll change declined 55,000 to 42,000 between December and January.
In addition to the index statistics, ESRI and IIB also present a 3-month moving average for each of the component indexes.
But the biggest change for the school's budget was a change in the spending rule from a three-year moving average to a two-year moving average.
Some of the new features include Rainbow, EWMA (exponentially weighted moving average) and Poisson EWMA control charts; box and whisker plot for managers; serial device interfacing that allows two-way I/O using device command strings; viewing of engineering drawings in both JPG and BMP format; and much more.