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3. A merchant failing in trade owes A $ 600, B $760, с $ 840, and D $ 800. The net proceeds of his effects are $ 2275. What dividend does each of his creditors receive?

Ans. A, $ 455; B, $ 576.331; C, $ 637; D, $ 606.663. 4. J. Bonney owes A $ 400, B $ 300, and C $ 1000. His effects are worth $ 600. What sum can he pay each of his creditors ?

5. A manufacturing company becomes insolvent. Its indebtedness amounts to $ 300000. Its assets consist of factory buildings and machinery worth $ 180000, stock worth $ 40000, and bills receivable good for $ 12875. The charges of the court of insolvency and the assignee will amount to 31 per cent. on the amount distributed to the creditors. How much will the company pay on a dollar, and what will be Amos Henderson's dividend on a claim of $ 1360.60 ?

Ans. 75 cents on a dollar; 1020.45.

TAXES.

421. A tax is a sum of money assessed on individuals by government, corporations, societies, districts, &c.

Taxes for government purposes are imposed on property, and in most States on persons.

A poll or capitation tax is one without regard to property, on the person of each male citizen liable by law to assessment. A person thus liable is termed a poll.

422. Immovable property, such as lands, mills, houses, &c., is called real estate. All other property, such as money, notes, mortgages, cattle, shipping, furniture, &c., is called personal property.

423. In assessing taxes, it is necessary to have an inventory of taxable property; and, if a levy on the polls is to be included, there should be also a complete list of taxable polls.

424. The method of assessing taxes, though not precisely the same in all the States, is yet in most of them virtually the

same.

In some of the States, however, the public schools are supported in whole or in part by rate bills; that is, the expenses of the schools, in whole or in part, are apportioned among the inhabitants patronizing the same, according to the number of days of each pupil's attendance.

NOTE. — In Massachusetts one sixth part of the whole sum to be raised is assessed upon the polls; provided the whole poll tax assessed in any one year upon any individual for town, county, and State purposes, except highway taxes, shall not exceed two dollars.

425. To assess a state, county, town, or other tax.

Ex. 1. The inhabitants of a certain town are to be taxed $ 4109. The real estate of the town is valued at $ 493000, and the personal property at $ 177000. There are 506 polls, each of which is to be taxed $ 1.50. What is the tax on each dollar of property? What is J. B. Tewksbury's tax, whose real estate is valued at $3700, and his personal at $ 2300, he paying for 2 polls ?

OPERATION

$ 1.50 X 506 = $ 759, amount assessed on the polls. $ 493000 + $177000 $ 670000, amount of taxable property. $ 4109 $ 759

$ 3350, amount to be assessed on property. $ 3350 ; 670000 $.005, tax to be assessed on each dollar. $ 3700 + $ 2300 = $ 6000, Tewksbury's taxable property. $ 6000 x .005 = $30, Tewksbury's property tax. $1.50 X 2 = $3, Tewksbury's poll tax. $ 30 + 3 = $33, amount of Tewksbury's tax.

RULE. Multiply the tax on each poll by the number of taxable polls; and the product, subtracted from the whole sum to be raised, will give the sum to be raised on the property..

The sum to be raised on property, divided by the whole taxable property, will give the sum to be paid on each dollar of property taxed.

Each man's taxable property, multiplied by the number denoting the sum to be paid on $1, with his poll tax added to the product, will give the amount of his tax.

NOTE. — The operation of assessing taxes may be facilitated by finding the tax on $2,$ 3, &c. at the rate of taxation on $1, before making the assessment on the inhabitants of the town, &c., and arranging the numbers as in the following

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2. What is Samuel Forster's tax, by the above table, whose property, real and personal, is valued at $ 1310, and who pays for 7 polls a tax of $ 1.50 each?

Ans. $ 17.05. 3. What is the tax of a non-resident, having property in the same town, worth $ 415.35 ?

4. A tax of $ 14018.90 is to be levied on a certain city. The property is valued at $ 3506300; and there are 3500 polls, each of which is taxed $1 each. What is the assessment on a dollar, and what is A's tax, who has property worth $29010, and

pays for 2 polls ? Ans. $.003 on $1; A's tax, $ 89.03.

426. To find what sum must be assessed to yield a given net amount.

Ex. 1. What sum must be assessed to yield a net amount of $ 6210, the collectors receiving 2} per cent. commission for collecting ?

Ans. $ 6400.

Since the commission is 21 per $ 6240 ; .975 $ 6400. cent., the net value of each dollar

of assessment will be $ 0.975, and the amount to be assessed to net $ 6210 will therefore be as many dollars as 6240 contains times .975. Hence,

The given net amount divided by 1 decreased by the rate of commission, expressed decimally, will give the amount to be assessed.

OPERATION.

EXAMPLES.

2. What sum must be assessed to net $ 10450, allowing the collector receives 5 per cent. for collecting ? Ans. $ 11000.

3. Allowing the net sum to be raised by a society to be $ 9700, and the allowance for collection to be 3 per cent., what is the gross amount to be assessed, and how much will be the cost of collection ?

Ans. Assessment, $ 10000 ; cost of collection, $ 300. 4. The taxable property in a certain district containing 450 polls is $ 756000. It is proposed to raise $ 18000 for building a union school-house. If the poll tax be limited to $ 1.50 a poll, and the cost of collecting be 3 per cent., what will be the required assessment on a dollar, and how much will be A's tax, who pays for 3 polls, and has property to the amount of $ 15600. Ans. Tax on $ 1, $.0236; A's tax, $ 372.66.

427. To apportion school expenses according to each pupil's attendance, or to make out rate bills.

Ex. 1. The expenses of a certain district school are $ 464, and the aggregate of attendance 9280 days. What is A's tax, who has sent pupils amounting to 157 days?

Since 9280 days' attendance cost $ 464.00 = 9280 $ 0.05

$ 464, 1 day's attendance will cost

as many dollars as 464 contains $ 0.05 X 157 = $ 7.85. times 9280, and 157 days will cost

157 times as much as 1 day. Hence, The whole expenses of the school, less the public money, if any, divided by the number of days' attendance, will give the rate for each day's attendance.

The rate for each day, multiplied by the number of days of attendance of each patron's pupils, will give the amount of his rate bill.

OPERATION

EXAMPLES.

2. If a district expends for a teacher's salary $ 500, for his board $ 150, for repairs of school-house $ 30; the public money being $ 350, and the whole number of days of attendance 5500, what is the rate per day, and what is A's bill, who sends 2 pupils 60 days each, and 1 pupil 30 days ?

Ans. Rate per day, $ 0.06; A's bill, $ 9.00. 3. In a certain district the teacher's wages amounted to $ 150, the fuel cost $ 18.50, the public money received was $ 63.50, and the number of days' attendance was 3000. What was A's rate bill, whose pupils attended 121 days ; and B's, whose pupils attended 173 days?

GENERAL AVERAGE.

428. GENERAL AVERAGE signifies a contribution ratably made to a general loss by the three great mercantile interests, vessel, freight, and cargo, — when, on account of a common peril, one or more of these has been voluntarily sacrificed, in whole or in part, to effect the preservation of the rest.

Jettison is the term applied to the part of the vessel or cargo cast overboard, or otherwise sacrificed, to save the remainder.

429. Particular average means an average to which contribute only “some parts of the property when severed from the whole; as in the case of a boat-load saved from peril by a sacrifice, to which only the boat and its contents contribute.” Practically, it hardly needs to be discriminated from general average, since it is adjusted upon its contributory interest by the application of the same principles.

430. To constitute a valid claim to general average, there are three essentials, all of which must be present: 1. A common peril impending at the time ; 2. A voluntary and premeditated sacrifice of some property for the purpose of saving other property ; 3. The success of the endeavor. (Parsons on Mercantile Law.)

431. In adjusting a general average, the property sacrificed, as well as that saved, is regarded as contributory to the general loss. The entire value of the freight, however, is not contributory; 1 of its value in New York, and of its value in other parts of the United States, being reserved for seamen's wages.

The goods, whether lost, injured, or saved, are valued at the price they would have brought in ready money on the vessel's arriving at her port of destination, unless the average is adjusted at the port of lading, when they are valued at the invoice price.

In compensating for the expenses incurred in repairing damages done to the vessel, only s of the cost is allowed, as in general the new material is į better than the old.

432. To adjust the general average of losses at sea. Ex. 1. The ship America sailed on May 16, 1857, for New

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