EQUATION OF PAYMENTS. In finding the equated time of payments, for several sums due at different times, any day may be assumed as the one from which we reckon. Thus, if I owe Mr. Wilson $100 to be paid on the 15th of July, $200 on the 15th of August, and $300 on the ninth of September, and we require the mean time of a single payment, it would be mo convenient to estimate from the first of July. From 1st of July to 1st payment 15 days to 2nd payment 45 days Hence, the amount will fall due in 52 days from the 1st of July: that is, on the 22nd day of August. But we may, if we please, demand at what time the payment would be due from the first of June. From June 1st to 1st payment 45 days "2nd payment 75 days Hence the payment becomes due in 821 days from June 1st, or on the 22nd of August-the same as before. Any day may, therefore be taken as the one from which the mean time is estimated. Ex. 1. Mr. Jones purchased of Mr. Wilson, on a credit of six months, goods to the following amounts, 15th of January, a bill of $1250. 10th of February, a bill of 1000. He wishes, on the 1st of July, to give his note for the amount; at what time must it be made payable. Ans. Sept. 1. Ex. 2. Mr. Jones bought $2000 worth of goods: he was to pay $800 in five months, $600 in six months, and the remainder in eight months; what will be the time of credit, if he pays the whole amount at a single payment? Ans. 6 mo. 6 days. Ex. 3. A owes B $200, of which $40 is to be paid in 3 months, $60 in 5 months, and the remainder in 10 months; what is the mean time of payment? Ans. 7 mos. 3 days. Ex. 4. Bought several lots of goods, as follows: A bill of $650, June 6th, Now if the credit is 6 months, at what time will the whole become due? Ans. Jan. 24th. Ex. 5. Bought goods to the amount of $1280, to be paid for as follows, viz.: one-fourth in cash, one-fourth in 6 months, one-fourth in 7 months, and the remainder in one year; what is the average time of payment? Ans. 8 mo. 10 days. Ex. 6. Mr. Johnson sold, on a credit of 4 months, the following bills of goods, CUSTOM HOUSE BUSINESS. Persons who bring goods, or merchandise, into the United States, from foreign countries, are required to pay, at the ports where they are landed, a certain amount on their value, called a Duty. This duty is imposed by the General Government, and must be the same, on the same articles of merchandise, in every part of the United States. Besides the duties on merchandise, vessels employed in commerce are required, by law, to pay certain sums for the privilege of entering the ports. These sums are large or small in proportion to the size or tonnage of vessels. The moneys arising from duties and tonnage, are called revenues, In order to secure the faithful collection of the revenues, the government has established an office in each seaport, called a Custom House, and the officers attached to it, are called Custom House Officers. For the purpose of ascertaining, with certainty, the amount of duties to be paid, it is provided, by law, that the cargoes of vessels employed in foreign commerce, shall be weighed, or gauged, by the Custom house officers. In the Custom house weight, or gauge, of merchandise, certain allowances are made on account of the box, cask, bag, &c., which contains the goods; and also on account of leakage and breakage. Draft is an allowance from the weight of each box in favor of the buyer, for waste, &c. It is always deducted before the tare. Tare is an allowance made to the buyer for the weight of the hogshead, barrel, box or bag, containing the commodity sold. Gross Weight is the whole weight of the goods, together with that of the hogshead, barrel, box, bag, &c., which contains them. Net Weight is what remains after all the deductions are made. 66 The following is the allowance for draft On a single box, weighing 1 cwt., or 112 lbs., above 1 cwt., and under 1 lb 2 cwt., 2 lb 3 cwt., 3 lb. It should be borne in mind, that the tare is reckoned after the draft has been allowed. In computing the tare, any remainder which is less than half a pound, is omitted; but when it is over half a pound it is reckoned as a pound. The following table shows the rates of tare. Sugar in casks, (except loaf,) Sugar in bags or mats, Sugar-candy in boxes, Cheese in hampers or baskets, Cheese in boxes, Candles in boxes, Chocolate in boxes, Cotton in bales, Cotton in ceroons, Glauber salts in casks, Nails in casks, . Pepper in casks, Pepper in bales, Pepper in bags, Soap in boxes, Twine in bales, Liquor in casks, (for leakage,) All other liquors in bottles, Or the importer may have them counted, and pay duty on the actual amount. The common size bottles are estimated, at the custom house, to contain 23 gallons per dozen. If the tare on any merchandise is stated in the invoice, or bill, the importer may have it allowed at the time of making his entry. The consent of the collector is necessary. EXAMPLES. 1. What is the net weight of 80 hogsheads of sugar, the gross weight of each hogshead being 8 cwt. 3 qrs. Duties paid on goods imported into the United States, are either specific, or ad valorem.. A specific duty is fixed at a certain sum on goods, as so much per square yard, per hundred weight, per hogshead, or per gallon. An ad valorem duty, is such a per cent. on the actual cost of the goods in the country from which they are imported. Thus an ad valorem duty of 15 per cent. on English cloths, is a duty of 15 per cent. on the cost of cloths imported from England. It should be observed, that all allowances on account of draft, tare, &c., are made before the amount of duties is computed. THE END. |