TAX TABLE.-RATE, 14 MILLS ON $1. 3. What, by the Table, was A's tax; his property valued at $756, he paying for 2 polls? 4. What, by the Table, was B's tax; his property valued at $1243, he paying for 3 polls? Ans. $21.152 5. C's property is valued at $3589, and he pays for 4 polls: what is his tax? Ans. $55.246 AMERICAN DUTIES. ART. 251. DUTY is a tax, levied by the Government on goods imported from a foreign country. NOTE.-Duties are of two kinds, Specific and Ad valorem. A SPECIFIC duty is a fixed sum per tun, gallon, yard, &c., without regard to value. An AD VALOREM duty, (according to value), is a certain per cent. of the cost of the goods in the country from which they were imported. In reckoning duties, deductions are made from the gross weight These are termed, draft, tare, and leakage. or measure. REVIEW.-251. What is duty? Specific duty? Ad valorem? DRAFT is made, that the quantity may hold out when retailed. TARE is an allowance (after deducting the draft), for the weight of the box, cask, &c., containing the goods. GROSS weight is the weight before deducting draft and tare. NET weight is the weight after deducting the draft and tare. LEAKAGE is an allowance of 2 per cent. on all liquors in casks, paying duty by the gallon. Duties are computed on what remains after deducting all allowances. The calculations are an application of percentage. 1. Find the duty on 3 boxes of Sugar, of 100 lb., 182 lb., and 264 lb., at 2 cts. a lb., allowing for draft, and deducting 15 % for tare. Ans. $9.18 First deduct the draft (6 lb.), then 15 per cent. of the remainder for tare, and compute the duty on the last remainder. 2. What the duty, at 20 % ad valorem, on 40 bales of wool, of 400 lb. each, cost, in Spain, 25 cts. a lb., the tare 5% ? Ans. $752.40 3. A merchant imports 75 cases of indigo, gross weight 196 lb. each: allowing 15 % for tare, what the duty at 5 cts. per lb.? Ans. $618.375 XVII. PARTNERSHIP. ART. 252. PARTNERSHIP is an association of persons for the transaction of business: such, is called a firm or house; and each member, a partner. REVIEW.-251. What are the allowances for draft? What is tare? Gross weight? Net weight? Leakage? On what are duties computed ? The CAPITAL, OF STOCK, is the amount of money or property contributed by the firm. The DIVIDEND is the gain or loss shared among the partners. 1. A and B engaged in trade: A's capital was $200; B's, $300; they gained $100: find each partner's share. 500 SOLUTION. The whole capital is $200+ $300-$500. Of this A owns 83, and, therefore, he should have of the gain: 500 3 of the capital, and should have of the gain. Heuce, A's gain will be ĝ of $100 - $10. Bowns 302 I's gain will be of $100-$30.} Ans. 2. A and B form a partnership, with a capital of $300 A's part is $200; B's, $500; they gain $232: what the share of cach? Ans. A's, $87; B's, $145. TO FIND EACII PARTNER'S SHARE Of the gain or loss, when each one's capital is used the same time. Rule. Take such part of the whole gain or loss, as each partner's stock is part of the whole stock. Or, by PROPORTION. As the whole stock is to each partner's stock, so is the whole gain or loss to each partner's gain or loss. PROOF-Add together the several shares; if the work is correct, the sum will equal the whole gain or loss. REM.—1. This rule is applicable, when required to divide a sum into parts having a given ratio to each other; as in Bankruptcy, General Average, &c. 2. Partnerships are generally governed by special agreements, which specify the method of dividing gains or losses. 3. A's stock was $70; B's, $150; C's, $80; they gained $120: what was each man's share of it? Ans. A's, $28; B's, $60; C's, $32. 4. A, B, and C traded together: A put in $200; B, $100; C, $600: they gained $427.26: find each man's share. Ans. A's, $71.21; B's, $142.42; C's, $213.63 What was the gain %? Ans. 35.605 %. 5. Divide $90 among 3 persons, so that the parts shall be to each other as 1, 3, and 5. Ans. $10, $30, and $50. 6. Divide $735.93 among 4men, in the ratio of 2, 3, 5, and 7. Ans. $86.58; $129.87; $216.45; $303.03 7. A person left an estate of $22361, to be divided among 6 children, in the ratio of their ages, which aro 3, 6, 9, 11, 13, and 17 yr.: what are the shares? Ans. $1137; $2274; $3411; 84169; $4927; $6443. 8. Divide $692.23 into 3 parts, that shall be to each other as,, and . Ans. $127.60; $229.68; $334.95 ART. 253. OF BANKRUPTCY. A BANKRUPT is one who fails in business. 9. A man, failing, owes A $175; B, $500; C, $600; D, $210; E, $42.50; F, $20; G, $10; his property is worth $934.50: what will be cach creditor's share? Ans. A's, $105; C's, $360; B's, $300; D's, $126; E's, $25.50; F's, $12.00; G's, $6. NOTE. Such questions may also be solved by finding what can be paid on $1, and multiplying this by each creditor's claim. 10. A man owes. A $234; B, $175; C, $326: his property is worth $492.45: what can he pay on $1; and what will each creditor get? Ans. 67 cts. on $1; A, $156.78; B, $117.25; C $218.42 ART. 254. GENERAL AVERAGE Is the method of apportioning among the owners of a ship and cargo, losses occasioned by casualties at sea. 11. A, B, and C freighted a ship with 108 tuns of wine. A owned 48, B 36, and C 24 tuns; they were obliged to cast 45 tuns overboard: how much of the loss must cach sustain? Ans. A, 20; B, 15; C, 10 tuns. REVIEW.-252. What is partnership? A firm? A partner? The Capital? Dividend? How find cach partner's share of the gain or lccs, Rule? How, by proportion? REM.-To what is this rule applicable? 12. From a ship valued at $10000, with a cargo valued at $15000, there was thrown overboard goods valued at $1125 what % was the general average, and what was the loss of A, whose goods were valued at $2150? Ans. General average, 44%; A's loss, $96.75 What the captain's loss, he owning of the ship? Ans. $168.75 ART. 255. PARTNERSHIP WITH TIME. 1. A and B built a wall for $82; A had 4 men at work 5 days, and B, 3 men 7 days: how should they divide the money? SOLU.-The work of 4 men 5 da. equals the work of 4X5, or 20 men 1 da.; and the work of 3 men 7 da., equals the work of 3X7, or 21 men 1 da.: it is then required to divide $82 into two parts having the same ratio to each other as 20 to 21. Hence, A's part is 20 of $82=$40. B's part is 21 of $82=$42. } Ans. 2. A put in trade $50 for 4 mon.; B, $60 for 5 mon.; they gained $24: what is each man's share? SOLUTION. $50 for 4 mon. equals $50X4=$200 for 1 mon.; and $60 for 5 mon. equals $60×5=$300 for 1 mon. Hence, divide $24 into two parts having the same ratio as 200 to 300. This, (Art. 252), gives A 208 = 2 of $24=$ 9.60 | 500 and B 388 of $24=$14.40 } Ans. Hence, to find each partner's share of the gain or loss, when time is regarded, Multiply each partner's stock by the time it was employed; then take such part of the gain or loss as each partner's product is part of the sum of all the products. OR, by PROPORTION. Multiply each partner's stock by the time employed; then, as the sum of the products is to each partner's product, so is the whole gain or loss to each partner's share. REVIEW.-253. What is a bankrupt? NOTE. How may questions in bankruptcy be solved? 254. What is general average? 255. When time is regarded in partnership, how find each partner's share? |