Commission merchant

“ A factor, from his being commissioned or authorized to act for his principal, and especially if allowed a commission, or a certain rate per cent, of the value of the goods bought or sold, is called a commission merchant. ”

“ I am citing this case not to say that it is a subject for public control nor even to assert that the merchant's commission is intrinsically too great, but only to illustrate the disadvantage in which the farmer often finds himself; and the farmer may even have no escape from this disadvantage, for all the merchants within his market region may agree to sell his produce only on such terms, and he may be obliged to accept these terms or not to sell his wares. ”

“ Constantly, on our way, we were beset by men, who wanted to guide us and act as intermediaries in trade. These fellows hang around the bazaars and make a living in two ways; they get a fee from the stranger and a commission from the merchant, and the commission is generally the most important of the two. It makes little difference whether you take them as interpreters, or hire a dragoman from the hotel; both will have a commission, and sometimes the dragoman is worse than the regular frequenter of the bazaars. ”

“ What buys land, will buy every thing the land produces; and what buys the product of land, will buy [Pg 193] all other goods whether home or foreign. if wine is brought from France, the merchant designs to lay out his money on goods, at interest, or on land: the commission does not receive silver money, so he cannot have a bond from the commission, unless he give the value in paper; and many of the landed men won’t take silver for their goods or lands, having occasion for paper to pay the commission. ”

“ Further, we will and grant that a certain loyal and discreet man resident in London be assigned as justice for the said merchants, before whom they may specially plead and speedily recover their debts, if the sheriffs and mayors do not full and speedy justice for them from day to day, and that a commission be made thereon granted out of the present charter to the merchants aforesaid, to wit, of the things which shall be tried between merchants and merchants according to the Law Merchant. ”

“ The bill of sale of September 30th is in itself insufficient as a memorandum, as not signed by the defendant, or by any one authorized by him to sign it for him.
A. Neither Mason nor Rien had any express authority from the defendant to sign for him, and their position gave them no implied authority to do so.
Commission merchants stand upon a different footing from brokers and auctioneers; being agents for one party only, they can only bind their principals. ”

“ The commission is hereby empowered and directed to prevent persons, partnerships, or corporations, except banks, and common carriers subject to the acts to regulate commerce, from using unfair methods of competition in commerce. ”

“ When goods are charged out, the bills are payable to the commission house, and so, as far as the customer is concerned, the commission house is the principal in the transaction. In many cases certain modified arrangements are made, but in most instances the business is conducted as herein described, and it may fairly be said that the bulk of the dry goods of all kinds produced in the United States finds its way into the market through commission house channels. ”

“ The experience of a commission house is an asset, which saves many mistakes. Their experts have a wide range of information covering American and European competition, and details such as suitable patterns, correct packing, etc. The commission house may have its capital tied up for six months in transactions, or did prior to the more general use of the trade acceptance, while the manufacturer might receive cash for his goods. For small people this method of sales has many advantages, especially when first launching into export trade. ”

“ It is the policy of most cotton mills, and certainly of those making plain goods, to run steadily all the year round, and thus the commission agent, whether he has secured advance orders on the goods or not, has constantly flowing into his hands an assured stream of merchandise which must eventually, when sold, pay him a commission. ”

“ The usual commission for the purchase and shipment of goods is two and a half per centum, and is the same on all description of produce.
“The American trade, with few exceptions, is conducted either by partners or agents of houses at home; consequently brokers are never employed to buy produce, and no brokerage is paid. When foreign.
354 COMMERCE.
goods are sold at auction, the commission paid is one per cent. ”

“ If the Congress shall deem it expedient to undertake the colossal task of providing, by administrative commission, similar to the Interstate Commerce Commission, for the regulation of all interstate and foreign commerce, including the control of prices, he will be a bold man who challenges the constitutional validity of such an effort, whatever may be said as to its wisdom. ”

“ We know that there is no commerce which is not, or may not at any moment become, interstate commerce. When the first Commission was appointed we scrutinized the list to see whether the men deserved confidence. This winter we have been told that there is only one man on the Commission who is fit and competent to be there. ”

“ It is difficult to state concisely what will constitute such an interest that the principal cannot terminate the relation, but it may be said to be some ownership or right in the matter dealt with, such that the agent may deal with it in his own name, and not a mere benefit to be obtained from the performance of the contract of agency, as a commission to be realized from sales. ”

“ Barbour in 1877, when it was established that whatever might be the custom of the trade a commission agent was not entitled to make a profit over his commission on the various processes, such as handling and packing, which are a necessary part of the exporter’s work. A good deal of business is done, however, for South America and other markets in which the goods are bought for delivery in the Manchester warehouse, all charges for packing, &c., and carriage being extra. ”

“ On the due performance of his duties the factor is entitled to his commission, which is usually a percentage on the value of the goods sold or bought by him on account of his principal, regulated in amount by, the usages of each business. Sometimes the factor makes himself personally responsible for the solvency of the persons with whom he deals, in order that his principal may avoid the risk entailed by the usual trade credit. ”

“ The customer knows that the correspondent is not selling the stocks to him, or buying stocks from him, but is merely taking his orders for transmission. Hence, the correspondent's charge to the customer for his services is properly called a commission. The customer does not direct the correspondent from whom he is to purchase, or to whom he is to sell, as the latter is at liberty to purchase from or sell to the defendant, or elsewhere, as he chooses. ”

“ We have before us an act of congress authorizing the interstate commerce commission to summon witnesses, and to require the production of books, papers, tariffs, contracts, agreements, and documents relating to the matter under investigation. ”

“ This is undoubtedly a much more satisfactory plan than the export house, because the prices to wholesalers will be lower and the volume of business will consequently be greater. Agents are of two classes:
(a) ⁠Those who work on a commission basis, some of whom are ready to undertake a full or partial guarantee of accounts for a corresponding additional commission. ”

“ It seems to be the contention of the company that, since 85 per cent. of the business done on the side track is interstate commerce, the power to order its establishment or abandonment is vested in the Interstate Commerce Commission, and that the state commission is without authority in the premises. ”

“ The Board of Governors shall establish the above-mentioned fees, commissions and
charges for services offered by the Exchange, subject to Commission approval,
recognizing that the continued operating and development needs of the Exchange
shall be taken into consideration, but that accumulation of unnecessary surplus
funds is to be avoided. ”

“ The tradesman sells on commission, as we say, receiving the goods from the manufacturer, the farmer, or the State, and paying only for what are sold at the end of each year, reserving to himself one-twenty-fourth of the price. ”

“ The merchants did not at all relish the royal commission, for they knew, as any born trader would, that it must be extremely bad for trade to rush out and seize customers by the scruff of their necks while they were in the midst of their shopping. ”

“ And be it further enacted, That the secretary of the Treasury be, and he is hereby authorized, with the approbation of the President of the United States, to employ an agent or agents, for the purpose of obtaining subscriptions to the loan authorized by this act, or of selling any part of the stock to be created by virtue thereof. A commission not exceeding one quarter of one per cent. ”

“ The law should be so framed as to give to the Interstate Commerce Commission power to pass upon the future issue of securities, while ample means should be provided to enable the Commission, whenever in its judgment it is necessary, to make a physical valuation of any railroad. ”

“ Justice BLACK concurs in the judgment and opinion of the Court, except that he thinks the Commission's order should expressly except from its prohibitions differentials which merely make allowances for differences in the cost of manufacture, sale, or delivery, or which are made in good faith to meet an equally low price of a competitor. ”

“ If the consignee sells the goods, then he, of course, [Pg 291] must turn over the price to the consignor less such commission as he takes, or if the transaction was not on commission, then the consignee must pay to the consignor the price it was bargained the consignor should receive. ”

“ The commission men are essential in making the sales without which the flow of the current would be obstructed, and this, whether they are made to packers or dealers. The dealers are essential to the sales to the stock farmers and feeders. The sales are not in this aspect merely local transactions. ”

“ At expiration of franchise, and failure of Commission and Company to agree as to its renewal, the Commission have the right to purchase such of the Company's tracks as are on the embankment forming a part of the structure. ”

“ Commission rules prohibit any 'member, allied member, member firm or member corporation' from making 'a proposition for the transaction of business at less than the minimum rates of commission.' Before a member is allowed trading privileges he must sign a pledge to abide by the constitution and rules of the Exchange, and any member or allied member adjudged guilty of violating the constitution or a rule may be suspended or expelled by the Board of Governors. ”

“ If a commission agent has sold at a lower price or bought at a higher price than the price designated by his principal and the commission agent bears the difference, the sales or purchase shall be binding upon the principal. ”

“ The act enabling his Majesty to appoint Commissioners of the Customs to reside in America, has also been read in the House. (6) It declares an intention to facilitate the trade of America, of which we cannot have any great hopes, from the tenor of the commission. In general, innovations are dangerous; the unnecessary increase of Crown Officers is most certainly so. These gentlemen are authorized to appoint as many as they shall think proper, without limitation. ”

“ When the commission agent becomes aware of, after having taken over the subject-matter of sale through a commission agency, the fact that there is damage or defect in the goods, or there is a fear of decomposition or decay of the goods, or commercial circumstances which show decline of commodity prices, he shall without delay dispatch a notice thereof to his principal. ”

“ It is resisted by them, in the first instance, under the impression that they are merely agents, and ought not to be considered as brokers more than many other persons, who, under the name of tailors, merchants, and tradesmen, act by commission in the purchase and sale of goods.”
With these ideas Mr. Baily contested the right, not, as those who knew him will readily credit, from narrow views or confined notions, but because he believed he was supporting a principle founded in justice. ”

“ One of the most important phases of marketing reform is the regulation of commission dealers. Many farmers commonly ship their produce to commission dealers in the city. These dealers are supposed to sell this produce and to return to the farmer the money thus secured, minus a small commission. In many instances these middlemen return to the farmer smaller sums than market conditions entitle the farmer to. At the same time, commission dealers often add an excessive amount to the price which they in turn ask of retailers and consumers. ”

“ Under the Articles of Confederation there had been a treasury board of
several commissioners, and a superintendent of finance. The new
arrangement, making one man responsible, was a great improvement. A law
was passed forbidding the Secretary of the Treasury to be concerned in
trade or commerce, that is, to be a merchant. ”

“ Willing them out of their respective societies to present unto his Majesty the names of fower of their most knowing active men (of whom, when his Majesty shall have chosen two and unto this number of merchants added some other able and well experienced persons, dignified also with the presence and assistance of some of his Majesty's Privy Council) All those to be by his Matie appointed constituted and authoried by commission under the Great Seal as a Standing Committee, to enquire into and rectify all things tending to the Advancement of Trade and Commerce ”