RULE.-I. To find ad valorem duties, multiply the invoiced cost of the goods by the given rate of duty.

II. To find specific duties, first deduct the allowances, and then compute the duty on the remainder.

3. Find the duty at 60%, on 150 yd. of silk, invoiced at $2.50 per yard. Ans. $225. 4. What is the duty at 30%, on 40 barrels of molasses, each containing 31 gallons, invoiced at 45¢ per gallon, allowing 11% for leakage? Ans. $167.55. 5. A man bought two boxes of sugar valued, respectively, at $97.50, and $120. What was the duty at 25% ad valorem ? Ans. $54.38.

6. An importer receives an invoice of 60 dozen bottles of porter, rated at $1.50 per dozen. If 3% of the bottles are broken, what will be the duty at 35%? Ans. $30.56. 7. What is the duty at 20%, on 75 boxes of bananas, at $5.25 per box, allowing 2% tare? Ans. $77.18.

8. The duty at 40%, on an importation of Rhine wine, was $320; what was the invoice of the wine? Ans. $800.

9. Mr. Price received an invoice of 800 tons of iron, costing $90 a ton. What is the duty at $6 per ton specific, and 50% ad valorem ? Ans. $40800. 10. What is the duty at 20%, on 70 chests of tea, each containing 74 lb. invoiced at 834 per lb., tare being 7 lb. per chest? Ans. $778.54. 11. A merchant imported 300 bbl. of ale, each containing 36 gallons, invoiced at 25 cents a gallon; what was the duty at 20%, allowing 2% for leakage? Ans. $529.20. 12. Find the duty at 25%, on 12 dozen silver watches invoiced at $102 per dozen, 20 watches having been broken. Ans. $263.50.

13. How much duty must I pay at 50 cents a lb., and 35%, on an invoice of 712 lb. of woolen cloth, valued at £416 168. ($4.86 = £1) ? Ans. $1065.95. 14. Find the duty at 20%, on an importation from Canada of 64960 pounds of hay, invoiced at $15 per long ton. Ans. $87.

15. If the duty on certain glass plates is 40 cents per square foot, what will be the duty on 420 boxes, each containing 40 plates, and each plate being 24 in. by 30 in.? Ans. $33600.

16. An importation of tobacco, invoiced at $2160, cost me $3039.50, after paying the duties and $15.50 for freight; what was the rate of duty? Ans. 40%.

17. After allowing 3% for breakage, a merchant paid $9166.50 duty at 60%, on an importation of 3500 bottles of champagne; what was the invoice price per bottle? Ans. $4.50.

18. Find the duty at 204 per yard and 30% ad valorem, on 2000 yards of carpet invoiced at 904 yer yard.

19. What is the duty on a shipment of goods weighing 4500 lb., and valued at $20000, at 404 per lb. and 30% ad valorem ?

20. What is the entire duty on the following: 3000 lb. raisins at 24 per lb.; $350 worth of oranges at 20% ad valorem; 2000 boxes lemons at 35¢ per box; and 125 chests of tea, each containing 80 pounds invoiced at 40¢ per pound, at 30% ad valorem ?

21. Find the duty on 850 pounds of tobacco valued at 804 per pound, at 50 per pound and 25% ad

em.

What amount of duty must I pay on 80 hogsof sugar, each hogshead weighing 650 pounds, at ound, tare being 50 lb. per hogshead?

INSURANCE.

68. Insurance is a contract by which one party engages to indemnify another for loss or damage.

69. There are two kinds of insurance: viz., insurance on property, and insurance on life.

70. The Insurer is the party assuming the risk. The party protected is called the Insured or Assured. 71. The Policy is the written contract binding the parties concerned.

72. The Premium is the money paid for the insurance. It is reckoned at a certain rate per cent. on the amount insured. The difference between the amount insured and the premium is termed the Sum Covered.

CASE I.

73. To find the premium, when the amount insured and the rate are given.

1. Mr. Brownson insured his store for $8640 at 21%; what amount of premium does he pay?

OPERATION.

$8640

.021

$216.00, premium.

SOLUTION. The premium is equal to 21% of the amount insured. Hence, .023 times $8640 $216.00, the premium.

=

RULE. To find the premium, multiply the amount insured by the rate.

WRITTEN EXERCISES.

2. What is the premium for insuring a house and furniture for $9660 at 3% ?

Ans. $72.45.

3. What premium is to be paid on a policy of $14000 at 11% ? Ans. $175. 4. What is the charge for effecting an insurance of $15870 at 31%, on a vessel and cargo, cost of policy being $1.75? Ans. $530.75. 5. Insured a factory valued at $16000 for of its value, at 13%; what premium did I pay? Ans. $210.

6. Mr. Parsons insured his house for $4000, at 13%, and his furniture for $300 at 1%; what was the premium?

7. A cargo of 32000 bushels of wheat at $1.15 per bu., has been insured for of its value, at 21%; what is the premium? Ans. $469.20. 8. What is the premium for 3 years on a policy of $6000 at 3% each year? Ans. $540. 9. A merchant insured 2000 barrels of pork, worth $16.00 a barrel, for of its value, at 1%; what was the premium? Ans. $120.

10. Find the premium on a $3000 policy dated June 1, 1882, and expiring December 1, 1882, annual rate being 3%. Ans. $11.25.

CASE II.

74. To find the amount insured, when the rate and the premium are given.

1. A gentleman paid a premium of $270 for having his factory insured at 33%; what was the amount of the insurance?

OPERATION.

$270.031 $8100

SOLUTION. As the rate of premium is 31%, and as .03 times the amount insured equals the premium, $270,

therefore $270.031 = $8100, the amount insured.

RULE.-To find the amount insured, divide the premium by the rate.

2. If $66 were paid for an insurance of merchandise, at 14%, what was the amount insured? Ans. $4950. 3. The premium for insuring of the value of a factory, at 21%, was $150; what was the value of the factory? Ans. $8400. 4. A man paid $750 for insuring a saw-mill, at 74%; what was the value of the mill ? Ans. $10000. 5. What is the value of a house and furniture, for insuring which a man pays a premium of $161, at 13% ? Ans. $9200.

6. The cargo of a vessel consisting of 7000 bushels of corn, worth 56 cents a bushel, is insured at 31% on & of its value; if the vessel be lost, how much will the owners of the corn lose? Ans. $1082.90.

7. A merchant has his store valued at $83450, insured at 21%. If it were destroyed by fire, what would be the actual loss of the insurance company?

Ans. $81572.38.

8. An insurance company took a risk of $25000 for a premium of $125; what was the rate of insurance?

SOLUTION.-The rate of insurance

=

$125 $25000 = %.

9. I effected an insurance of $3960 on my factory, paying $68.35, including $4.00 as the cost of the policy; what was the rate of insurance ? Ans. 15%.

10. The Manhattan Insurance Company took a risk at 34%, and re-issued of it in another company at 2%. The premium received exceeded the premium paid by $40; what was the amount of the risk? Ans. $2400.

11. Mr. Ryan insured his store and stock for of its value, at 2%, and paid $380; if destroyed by fire, what will be his actual loss? Ans. $11780.