Package was a duty formerly charged in the port of London on goods imported or exported by aliens, or by denizens who were the sons of aliens.
The Pagoda was a gold or silver coin current in Hindustan around the end of the 19th century, varying in value between localities.
The Paisas is a coin of Bangladesh. There are 100 Paisas to 1 Taka.
The Para was a small Turkish and Egyptian coin, of copper or copper and silver, forming the fortieth part of a Turkish piastre (grush).
Parlay or parlee was an old American term for to wager money on a horse race, card game etc, and to continue to wager the original stake plus any winnings on subsequent races, hands or plays etc.
The penny is a British coin (formerly of copper, after 1860 of bronze and since 1990 of copper plated steel) and money of account, before decimalisation the twelfth part of a shilling. It was at first a silver coin weighing about 22.5 grains troy, or the two-hundred-and-fortieth part of a Saxon pound. Untill the time of Edward I it was so deeply indented by a cross mark that it could be broken into halves (thence called halfpenny) or quarters (fourthings or farthings). Its weight was steadily decreased untill at last, in the reign of Elizabeth I, it was fixed at 7.74 grains, or the sixty-second part of an ounce of silver. Copper pennies were first coined in 1797, but copper halfpennies and farthings had been in use from 1672. The old Scots penny was only 1/12th of a penny sterling in value, the pound being equal to 20 pennies sterling.
Penny banks were formerly banks which received deposits of amounts as small as one penny. Most of these banks placed their funds in the post-office savings-banks, and their depositors had thus the additional benefit of knowing that their money was safe. So soon as his deposits amount to 1 pound the depositor in a penny bank connected with the post-office was assisted to open a separate account in his own name at the post-office savings-bank; but as no deposit of less than a shilling was received by the post-office he was permitted to pay into the penny bank as before - the limit of such penny bank being 5 pounds. Penny banks existed in most towns throughout Great Britain at the start of the 20th century, and were a great boon to the poorer classes of the community.
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Peppercorn Rent is a nominal rent to be paid on demand. A nominal rent of one peppercorn a year was formerly an expedient for securing acknowledgment of tenancy in cases where houses or lands were let virtually free of rent.
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In economics, a perfect competition is a market structure in which all agents take the market price as given; they cannot alter it because they lack the market power to do so. This implies that there are a large number of firms producing an identical product; perfect entry to and exit from the industry (new firms are able to set up easily); perfect information; and no transport costs. The consequence of these assumptions is that firms will make no excess profit in the long run, since any excess profit in the short run will attract new firms into the market, and the increased supply will drive down the market price, thus eroding the excess profits. Imperfect competition comprises a set of market structures where some or all of these assumptions do not hold; the principal categories arise from monopoly and oligopoly.
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The peseta was the currency of Spain until 2002 when Spain adopted the Euro. The Spanish peseta was divided into 100 centimos.
The peseta was the currency of Equatorial Guinea until 1975.
The peso is the currency of Argentina, Bolivia, Chile, Colombia, Cuba, Dominican Republic, Mexico, Philippines and Uruguay. The first peso was a Spanish coin, coined in both silver and gold, which circulated in Spain and her colonies.
Pet Banks was the name applied to certain American State banks selected by the US Treasury Department as places of deposit for Federal funds withdrawn from the Bank of the United States. This practice was in vogue during the period between 1833 and 1836. The banks were chosen, it was said, not because of fitness, but on the principle of the accepted system of granting bank charters, namely, of party fidelity. This gave rise to competition among the Democratic banks and a wholesale granting of charters, which was followed by speculation and inflation of the currency.
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Peter's pence (also known as Peter-pence or Rome scot) was a papal tax of one penny payable to the see of Rome on the feast of St peter and first collected in England in 740. First the tax was collected from every family, later it was restricted to those families possessing property worth thirty pence a year. The tax was abolished either by Henry VIII or Elizabeth I.
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Pettaquamscut Purchasers was an American land company formed by John Hull, of Pine Tree Shilling fame, in 1660, which bought lands from the Indians about Pettaquamscut Rock, in the Narragansett country. This company was in constant collision with Atherton's company at Wickford.
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A phoenix operation is a questionable business practice in which a company with debts goes into voluntary liquidation and is immediately purchased by the same owners or directors, the unsecured debts being left behind in the process. In essence, a phoenix operation allows the owners of a company to dump the unsecured debts and continue trading without paying for goods and services they have received in the past.
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The Physiocratic System or Agricultural System, in political economy, was upheld in the third quarter of the 18th century and later by a school headed by Francois Quesnay, physician to Louis XV. He had observed the very depressed state of agriculture in France, and ascribed it to the 'mercantile system' introduced under Colbert, which favoured the industry of the cities. According to the physiocratic system the earth is the only source of wealth, and only those whose efforts increase the total amount of the products obtainable from it add to the amount of actual wealth. All other labourers produce nothing which can increase the public wealth, though it is by their means that the agriculturist is enabled to devote himself exclusively to the cultivation of the earth. Hence the unrestricted exercise of all honest occupations is necessary to the wealth of both classes.
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The piastre is a former silver coin used in Spain, and populary called by the English a 'piece of eight' from its being divided into eight silver reals. In America they were known as Spanish dollars
The piastre is a former silver coin used in Egypt and Turkey
The picayune was a small American coin of six and a quarter cents value, current in the USA until 1857. The name was also applied to the Spanish half- real in Florida and Louisiana.
Pin money was formerly a lady's allowance of money for her own personal expenditure. For a long time pin makers were only allowed to sell their pins on January the 1st and 2nd,. It was then that the court ladies and city dames flocked to the depots to buy them; having been first provided with money by their husbands. When pins became cheap and common, the ladies spent their allowance on other fancies, but the term pin money remained in vogue.
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Pine-tree money was coinage minted in Massachusetts, USA during the 17th century, and derives its name from a figure resembling a pine tree stamped on one side. These coins had the value of 12d., 6d. and 3d. pieces, that value being denoted by the figure XII, VI or III stamped upon the reverse.The largest of the coins was known as the Pine Tree Shilling and was issued in 1653. The obverse contained the representation of a pine tree encircled by a grained ring, with the legend Mathosets In.
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Pious fund was the name given to a large sum of money collected by American Jesuits during the 17th century for missionary work among the American Indians of California.
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The pistole was a gold coin formerly used during the 17th and 18th centuries in Spain (where it was a two-escudo piece), France and the neighbouring countries. It was originally a Spanish coin, and was equivalent to half a doubloon.
The Plan of Campaign was a popular name for a system adopted in 1887 by many tenants in Ireland, as a means of forcing rent reductions. Tenants, instead of paying rent to the landlords or their agents, deposited what was by them considered a fair rental into the hands of officials of the National League, who then tendered the reduced amount to the proprietor against a full receipt, paying nothing if the money was not accepted. The plan was proclaimed illegal by government and finally collapsed.
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In law, a pledge or pawn is a species of bailment, being the deposit or placing of goods and chattels, or any other valuable thing of a personal nature, as security for the payment of money borrowed, or the fulfilment of an obligation or promise. If the money is not paid at the time stipulated the pawn may be sold by the pawnee, who may retain enough of the proceeds to pay the debt intended to be secured.
The Plymouth Company was a company formed of Plymouth and Bristol merchants, and also called the North Virginia Company. It was incorporated in 1606, and obtained a charter from James I, with a grant of land between Long Island and Passamaquoddy Bay in north America. This company was the rival of the London company. In May, 1607, two ships were despatched to America bearing a company of colonists commanded by George Popham. An abortive attempt at permanent settlement was made on the Kennebec River, but Popham died and the remaining colonists returned home. The company still continued to exist until its reorganization in 1630 as the New England Company, or Council for New England.
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A poll tax is a tax of so much per head. It was first levied in ancient Athens. In Britain, a poll tax levied by Richard II in 1381 gave rise to the insurrection of Wat Tyler. Charles II raised a similar tax in 1678 which was abolished by William III in 1689. During the 1990s the Thatcher government raised another poll tax, and this was once again so unpopular that it led to wide scale social disobedience and was abolished.
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Poor's Rate was the name given in Britain during the Victorian and Edwardian periods to the taxes raised for the aid or support of the poor.
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A post note was formerly a promissory note payable to order at a specified future date, rather than on demand.
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In America, Postal Currency was a substitute for fractional currency used during the American Civil War, owing to the scarcity of silver. It was invented by General Spinner, United States Treasurer under Abraham Lincoln. Postage stamps were pasted upon the paper used for government securities and representing different sums. These bits of paper were circulated among the clerks of the department, and became for a while the medium of small exchange.
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A postal order (originally known as a money order) is an order issued by a post office for the payment of a specified sum of money to a named payee at a post office. Postal orders are similar to cheques, and can be cashed at any British post office counter and in 47 countries worldwide up to six months after being purchased.
The money order scheme was instituted in 1702 to give safe conveyance of money to soldiers and sailors. At that time it was thought that it was not legal for the post office to undertake money order business, and the system was run as a private venture by six officers of the post office known as 'Clerks of the Roads'. This scheme was terminated six years later, but the money order department continued as a private business in the hands of three post office clerks as 'Stow and Company'. In 1838 the sole remaining partner of this concern was bought out by the Government with a pension of 400 pounds a year, and since then the money-order scheme, now known as postal orders, has been run actually as a post office department.
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The pound is the currency of Egypt, Lebanon and the United Kingdom. The British pound sterling was originally an actual pound weight of silver of 5760 grains of a certain standard of fineness (925 in 1000). The name pound was used as early as 1158 and the pound (in weight) of sterling silver was originally coined into 240 pennies. The silver currency was abolished in 1816 and a gold currency on a monometallic basis established in its place.
Britain first issued pound notes made of paper in 1914 as a consequence of the outbreak of the Great War. The British public, fearful of a crash in the value of their currency, hoarded their gold - Sovereigns - and the Bank of England issued one pound and ten shilling bank notes to replace the Sovereigns, thereby retrieving gold from the public which could then be used by the government on the international markets. The first pound notes were brown in colour, the ten shilling notes were red. However, queues of people formed outside the Bank of England waiting to cash their pound notes and ten shilling notes for gold sovereigns, a move which the Bank of England strongly discouraged stigmatising is as 'unpatriotic'.
The pound was the currency of Cyprus until 2008 when Cyprus adopted the Euro. The Cypriot pound was divided into 1000 mils, until 1983 when Cyprus went decimal and the mil was replaced by the cent, 100 cents making one pound.
Poundage was a duty of so much per pound weight on all imports and exports imposed in 1302 and abolished in 1787.
A prebend is a yearly stipend paid from the funds of an ecclesiastical establishment, as of a cathedral or collegiate church. Prebendary is the person who has a prebend. A simple prebend is restricted to revenue only; a dignitary prebend is one which has a jurisdiction annexed.
A prest was formerly a loan of money made to a monach in an emergency. The term was also used to describe wages paid in advance, and later was used to describe the payment made to a soldier or sailor when he enlisted.
In popular terminiology, prestation is the payment of what is due. The payment may be made in terms of money or in service. In anthropology, a prestation is a gift, payment, or service that forms part of some traditional function in a society.
Profit is the gain resulting to the owner of capital from its employment in buying and selling, in manufacturing, or in any commercial undertaking. Net profit is the difference in favour of a seller between the selling price of commodities and the original cost after deducting all charges. The rate of profit is the proportion which the amount of profit derived from an undertaking bears to the capital employed in it. Profit and loss is the gain or loss arising from goods bought or sold, or from any other contingency. In book-keeping both gains and losses are titled profit and loss, but the distinction is made by placing the former on the creditor side, and the latter on the debtor side.
Profit-sharing is that system of conducting private businesses under which the workers or employees receive, in addition to their wages or salaries, a fixed proportion of the profits. It is claimed that this system tends to decrease waste, while giving the workmen a more immediate personal interest in their work.
In economics protection is a term applied to an artificial advantage conferred by a government or legislature on articles of home production, either by means of bounties or (more commonly) by duties imposed on the same or similar articles introduced from abroad. Such duties may be simply protective, that is, such as to favour articles of home production in competition with those imported; or prohibitory, that is, such aa to exclude foreign competition altogether.
After the American War of Independence, the Federal Government of America found great difficulty in regulating the enormous tracts of public lands, which had been acquired through purchase and conquest from the Indians and by the cessions of the various States of their outlying territories. In 1787 the price of public land was 66.6 cents per acre, and large tracts north of the Ohio were disposed of. Unauthorized entries were frequently made, however, and force had to be used for dislodgment.
In 1790 Hamilton proposed that the public lands should be set apart in townships ten miles square, and disposed of to suit different classes of purchasers on a credit basis. The rectangular system was in fact adopted in 1796. Up to the year 1800 all sales had been made from the territory now included in Ohio and amounted to 1,484,047 acres. In 1800 local registers were established. The credit basis of sale caused numerous purchases, but payment was slow and in discouragingly small amounts, while the debtors constantly cried for relief. The States, too, claimed a share in the profits.
Upon the question of ceding public lands to new States, Henry Clay prepared for the land committee a report reviewing the history of the public lands and concluding that it was inexpedient either to reduce the price of the lands or to cede them to the new States. In 1835 speculation in public lands became popular, owing to the inflated condition of the currency, which proved injurious to the public interests. In 1836 Jackson issued his 'specie circular'. It was not until in 1840 that the right of pre-emption was accorded to settlers. By 1850 it became common to make grants of lands to States, corporations and individuals for public improvements, such as railroads and canals. In 1862 the homestead laws, granting free settlement on public lands, tended greatly to simplify matters and to promote real settlement.
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The Pula is the currency of Botswana. One Pula is equal to 100 thebes.
Purveyance was formerly in England the exercise by officials called purveyors of the royal prerogative, involving a right of preemption, by which the king was authorized to buy provisions and necessaries for the use of his household at an appraised value, in preference to all his subjects, and even without the consent of the owner; it included the right of impressing horses and carriages, etc, for the use of the sovereign. It was also practised by many of the great English nobles. It led to much oppression and many exactions, and a number of statutes were passed to prevent them.