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6. A mining corporation, consisting of 30 persons, are taxed $4342.75; their property is assessed for $188000, and cach poll is assessed 62 cents; what per cent. is their tax, and how much must he pay whose share is assessed for $2500, and who pays for 1 poll ? Ans. 2%; $58.125.

7. In a certain county, containing 25482 taxable inhab itants, a tax of $103294.60 is assessed for town, county, and state purposes; a part of this sum is raised by a tax of 30 cents on each poll; the entire valuation of property on the assessment roll is $38260000; what per cent. is the tax, and how much will a person's tax be who pays for 3 polls, and whose property is valued at $9470? Ans. to last, $24.575.

8. The number of polls in a certain school district is 225, and the taxable property $1246093.75; it is proposed to build a union school house at an expense of $10000; if the poll tax be $1.25 a poll, and the cost of collecting be 21 per cent., what will be the tax on a dollar, and how much will be E's tax, who pays for 1 poll, and has property to the amount of $11500? Ans. 8.008, tax on $1; $93.25, E's tax.

9. In a certain district the school was supported by a ratebill; the teacher's wages amounted to $200, the fuel and other expenses to $75.57; the public money received was $98, and the whole number of day's attendance was 3946; A sent 2 pupils 118 days each; how much was his rate bill?

Ans. $10.62.

CUSTOM-HOUSE BUSINESS.

290. Duties, or Customs, are taxes levied on imported goods, for the support of government and the protection of home industry.

291. A Custom-House is an office established by government for the transaction of business relating to duties. 292. A Port of Entry is a seaport town having a custom-house.

Define duties. A custom-house.

293. Tonnage is a tax levied upon a vessel, independent of its cargo, for the privilege of coming into a port of entry. 294. Revenue is the income to government from duties and tonnage.

Dutics are of two kinds-ad valorem and specific.

295. Ad Valorem Duty is a sum computed on the cost of goods in the country from which they were imported. 296. Specific Duty is a sum computed on the weight or measure of goods, without regard to their cost.

29%. An Invoice is a bill of goods imported, showing the quantity and price of each kind.

298. By the New Tariff Act, approved March 2, 1857, all duties taken at the U. S. custom-houses, are ad valorem. In collecting customs, it is the design of government to tax only so much of the merchandise as will be available to the importer in the market. The goods are weighed, measured, gauged, or inspected, in order to ascertain the actual quantity and value received in port; and an allowance is made in every case of waste, loss, or damage.

299. Tare is an allowance of the weight of the package or covering that contains the goods. It is ascertained by actually weighing one or more of the empty boxes, casks, or coverings. In common articles of importation, it is sometimes computed at a certain per cent. previously ascertained by frequent trials.

300. Leakage is an allowance on liquors imported in casks or barrels.

301. Breakage is an allowance on liquors imported in bottles.

Actual leakage or breakage is allowed, there being no fixed or legal rate.

302. Gross Weight or Value is the weight or value of the goods before any allowance has been made.

303. Net Weight or Value is the weight or value after all allowances have been deducted.

Net

Define Tonnage. Revenue. Ad valorem duty. Specific duty. An invoice. Tare. Leakage. Breakage. Gross weight or value. weight or value.

Draft is an allowance for the waste of certain articles, and is made only for statistical purposes; it does not affect the amount of daty. The rates of this allowance are as follows:

On

112 lb.....

.1 lb.

Above 112 lb., and not exceeding 224 lb., 2 lb.

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What is the duty, at 24 per cent., on 50 gross of Londor ale, invoiced at $1.20 per dozen, 21 per cent. being allowed for breakage?

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for breakage, $18, and compute the duty on the remainder.

RULE. Deduct allowances, if necessary, and compute the

duty, at the given rate, on the net value.

In the following examples, the legal rate of duty will be given, according to the Tariff of 1931.

EXAMPLES FOR PRACTICE.

2. What is the duty at 19 per cent. on 224 yards of plaid silk, invoiced at $.95 per yard? Ans. $40.43+.

3. What is the duty at 24 per cent. on 50 barrels of sperm oil, cach containing originally 31 gallons, invoiced at $.54 per gallon, allowing 2 per cent. for leakage? Ans. $200.03+.

4. What is the duty at 15 per cent. on 175 bags of Java coffee, cach containing 115 lbs., valued at 15 cents per pound? Ans. $452.811.

5. John Jones imported from Havana 25 hhds. of W. I. molasses, which was invoiced at 36 cents per gallon; allowing per cent. for leakage, what was the duty at 24%? Ans. $135.399.

Define draft. Give analysis. Rule.

SIMPLE INTEREST.

304. Interest is a sum paid for the use of money. 305. Principal is the sum for the use of which interest

is paid.

306. Rate per cent. per annum is the sum per cent. maid for the use of $100 annually.

30%. Amount is the sum of the principal and interest 308. Simple Interest is the sum paid for the use of the principal only, during the whole time of the loan or credit. 309. Legal Interest is the rate per cent. established by law. It varies in different States, as follows:

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310. Usury is illegal interest, or a greater per cent. than

the legal rate.

CASE I.

311. To find the interest on any sum, at any rate per cent., for years and months.

In percentage, any per cent. of any given number is so many hundredths of that number; but in interest, any rate per cent. is confined to 1 year, and the per cent, to be ob tained of any given number is greater than the rate per cent. per annum if the time be more than 1 year, and less than the rate per cent. per annum if the time be less than 1 year. Thus, the interest on any sum, at any rate per cent., for 3 years 6 months, is 3 times the interest on the same sum for 1 year; and the interest for 3 months is of the interest for 1 year.

1. What is the interest on $75.19 for 3 years 6 months, at 6%?

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ANALYSIS. The interest on $75.19 for 1 yr., at 6 per cent., is .06 of the principal, or $4.5114, and the interest for 3 yr. 6 mo. is 33 times the interest for 1 yr., or $4.5114 × 31, which is $15.789+.

RULE. I. Multiply the principal by the rate per cent., and the product will be the interest for 1 year.

II. Multiply this product by the time in years and frac tions of a year, and the result will be the required interest.

EXAMPLES FOR PRACTICE.

2. What is the interest of $150 for 3 years, at 4 per cent.? Ans. $18.

3. What is the interest of $328 for 2 years, at 7% ? 45.92 4. What is the interest of $125 for 1 year 6 months, at 6%? Ans. $11.25. 5. What is the interest of $200 for 3 years 10 months, at 7 per cent.? Ans. $53.66+. 6. What is the interest of $76.50 for 2 years 2 months, at 5%? Ans. $8.287.

Explain the difference between percentage and interest. Give analysis. Rule.

R.P.

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