According to the table, a healthy man who is 42 years old next birthday, by paying the Massachusetts Hospital Insurance Company $ 1.31, would secure to his family, heirs, or to whom

soever he desires, $ 100, should he die in one year, and in the same proportion for a larger sum. And if he would obtain a life insurance of the Girard Life Insurance Annuity and Trust Company, he must pay annually $3.40. The New York Life Insurance Company has a schedule of rates like that of the Girard Company, given in the table.

454. To compute the premium of life insurance for any given amount.

Ex. 1. What premium will the Massachusetts Hospital Life Insurance Company require for the insurance of a life one year for $1728, the person being thirty years of age next birthday? Ans. $17.45.

By the table we find the premium on $100 to be $ 1.01. Therefore $18-0

=

the premium on $1 for one year, and $1728 .0101 premium on $ 1728 for the same time. Hence,

$ .0101

Compute the premium on the sum to be insured at a rate proportionate to the given premium on $ 100.

EXAMPLES.

2. What amount of premium must S. C. Kendall pay annually to the Massachusetts Hospital Life Insurance Company, to effect an insurance on his life for 7 years for $8000, his age being 33 years? Ans. $91.20.

age,

3. Robert Vaux, 60 years of wishes to engage in a very profitable speculation; and being obliged to borrow the necessary funds, he effects an insurance on his life for 7 years, for $78000, at the office of the Girard Life Insurance Company. Required the amount of the annual premium. Ans. $3829.80.

4. What will be the yearly premium for insuring a person's life, who is 15 years old, for $2000 for 7 years, at the New York Life Insurance Company?

5. A gentleman 45 years of age, being bound on a long and dangerous voyage, and wishing to secure a competence for his family, obtains an insurance for life of the Girard Life Insurance Company, for $12000. By an act of Providence he dies in the third year. What is the net gain to his family? Ans. $10657.20.

6. Richard Sears, 50 years old, effects an insurance for life for $5000, for which he pays an annual premium of $4.60 on each $100 insured. If he should die at the age of 80 years, how much less will be the amount of insurance than the payments, allowing the latter to be without interest? Ans. $ 1900.

7. A gentleman, 56 years old, gets his life insured for $4000, at the office of the Kentucky Mutual Life Insurance Company, by paying an annual premium of $5.20 on each $100 insured; and dies at the age of 60 years. Reckoning interest on his payments at simple interest, what is gained by the insurance? Ans. $3043.20.

8. Alexander Murray, 28 years of age, effects an insurance on his life for $10000, at the office of the Massachusetts Hospital Life Insurance Company. If the company loan the premium at 6 per cent. compound interest, and he should die at the age of 39 years, just after paying the premium, who will gain by the insurance? Ans. The insured gains $ 6626.01.

CUSTOM-HOUSE BUSINESS.

455. DUTIES or customs are sums of money required by government to be paid on imported goods.

Ports of entry are ports into which merchandise may be imported, or from which it may be exported.

At each port of entry is an establishment, called a customhouse, at which certain officers, appointed by government, attend to the collection of the duties.

456. Duties are either specific or ad valorem.

A specific duty is a certain sum paid on a ton, hundredweight, yard, gallon, &c., without regard to the cost of the article.

An ad valorem duty is a certain percentage paid on the actual cost of the goods in the country from which they are imported.

NOTE. As evidence of the cost value of merchandise subject to duties, the importer, owner, or consignee is required to produce an invoice or manifest, if one has been received, made out in the currency of the place or country whence imported, and containing a true statement of the actual cost of such goods in such foreign currency. When the currency of a place has a depreciated value compared with that of the United States, it is necessary that a consular certificate showing the rate of depreciation should be attached to the invoice. When, however, an invoice has not been received, the fact must be testified to under oath, and then the imported articles will be entered at an appraised value.

457. Under the tariff of 1861, duties are specific on some articles; and on others, either ad valorem, or specific and ad valorem.

458. ALLOWANCES are deductions required to be made before estimating the duties, on account of the weight of the cask, box, bag, &c. in which an article is imported, or on account of breakage, leakage, waste, or other damage.

Tare is the allowance made for the weight of the cask, box, &c. containing the commodity.

Draft is the allowance made for waste in the weighing of goods.

Leakage is the allowance made for waste on liquids imported

in casks.

Gross weight is the weight of the commodity together with the cask, box, bag, &c. containing it.

Net weight is what remains after all allowances have been made.

459. No allowances for tare, draft, breakage, &c. are applicable to imports subject to ad valorem duties, except actual tare, or weight of a cask or box, and actual drainage, leakage, or damage. The collector may cause these to be ascertained, when he has any doubt as to what they are.

NOTE. When the tariff laws of the United States require the collection of specific duties, the allowance for draft is on 112lb., 1lb.; above 112 lb. and not exceeding 224lb., 2lb.; above 224lb. and not exceeding 3361b., 3lb.; above 8361b. and not exceeding 1120lb., 4lb.; above 1120lb. and not exceeding 2016lb., 7lb.; above 2016lb., 91b. The allowance for tare is deducted after the draft has been deducted. The allowance for breakage is 10 per cent. on all beer and porter in bottles; and 5 per cent. on all other liquors imported in bottles; and a dozen bottles of common size are estimated to contain 23 gallons. The allowance for leakage is 2 per cent. on liquors imported in casks. In making the allowances for tare or leakage, a fraction, when equal to, or greater than, one half, is reckoned 1; when less, it is omitted.

Specific duties are calculated by deducting all allowances to be made from the given quantity of merchandise, and multiplying the remainder by the duty on a unit of the given quantity.

460. To calculate ad valorem duties.

Ex. 1. What is the duty on 2565lb. of sugar, invoiced at $256.50, at 24 per cent. ad valorem? Ans. $61.56.

RULE. Find the percentage on the invoiced value of the goods, at the given rate of tariff, and the result will be the ad valorem duty.

NOTE 1. - Other questions in ad valorem duties beside those requiring the finding of the amount of duty are likewise solved by some one of the rules in percentage.

NOTE 2. In custom-house calculations 2240lb. are considered a ton, and 112lb. a hundred-weight.

EXAMPLES.

2. What is the duty at 8 per cent. on an importation of books invoiced at $4350? Ans. $348.00. 3. Required the duty at 19 per cent. on 7890 pounds of cordage, invoiced at 15 cents per pound. Ans. $224.865.

4. What is the duty at 24 per cent. on an invoice of woollen goods, which cost in London 986£., the pound sterling being valued at $4.84? Ans. $1145.3376.

5. $112.50 duty is paid on an importation of window-glass whose invoice value was $750. What was the rate per cent. of duty?

6. Robinson & Brother of New York have imported wines from Havre, invoiced as follows: 60 baskets Champagne at 70 francs per basket; 36 baskets port at 35 francs per basket; 50 casks of sherry, each 31 gallons, at 4 francs per gallon. The allowance for breakage on the wine in baskets is 5 per cent.; and the actual waste of that in casks is 1 gallon to a cask. Required the duties at 30 per cent., allowing the value of a franc to be 18 cents. Ans. $624.2346.

7. Paid $53.76 duties, at the rate of 8 per cent., on 60 casks of raisins, after the deduction of 12lb. to a cask for tare. Allowing the gross weight of each cask of raisins to have been 112lb., what was their invoice value per pound?

Ans. 11 cents.