19. A firm insures its building, valued at $28,000, at $12 per $1000; the first floor contents, valued at $12,000, at $14 per $1000; and the contents of the other floors, valued at $35,000 at $16 per $1000. If the policies are written for of the value in each case, what is the premium on the building and the entire contents?

20. A vessel is insured for $15,000 and its cargo for $9000. What is the premium at %?

Give the premiums on the following policies at the rates named :

NOTE. Other kinds of property insurance, in addition to insurance against fire, are insurance against loss by tornado, by theft, by disaster at sea (called marine insurance), etc. In these the premium is computed as in fire insurance.

50. TAXES

Most of the expenses of towns, cities, counties, and states are met by taxes levied by the proper officers upon the property of the town, city, county, or state.

Property is divided into two classes for taxation:

I. Real Estate, regarded as immovable, as land and buildings, including mines, quarries, forests, railroads, etc.; and II. Personal Property, which is movable.

Besides the property tax, in some states all male citizens over 21 years old are required to pay a poll tax.

The rate of taxation is often stated as a certain number of mills on $1, or as a certain number of cents on $100. Sometimes it is stated as a per cent of the assessed value of the property.

1. Name some things for which the state needs money. Some things for which the county needs money. Name some things for which cities and villages need money.

2. If taxes are 16 mills on $1, what rate per cent are the taxes? How much are the taxes on a valuation of $16,000?

3. At $1.25 on $100 what is the per cent of tax rate? What is the amount of taxes upon property assessed at $16,000?

4. How large a tax on property is assessed in your city or town?

Suppose a town has to raise a certain sum of money for the expenses of the coming year. Officers, called assessors, first estimate the value of the property to be taxed, and then assess each owner in proportion to what he has.

5. If the amount to be raised is $20,000, and the poll tax amounts to $1600, how large a property tax must be assessed?

6. The assessed valuation of the property of a certain town is $200,000. The tax to be raised is $4000. What is the rate of taxation?

7. What shall Mr. Smith pay, who owns $5000 worth of property in the town?

8. My property is assessed at $3000. The tax rate is 11%. What is my tax if I pay a poll tax of $2?

9. The tax to be raised is $15,000. There are 250 polls, that is, male citizens over 21. What must be raised by a

property tax if the poll tax is $2 each?

10. If the tax is $16 on every thousand dollars of the valuation of my property, how large will my tax be if I am assessed for $5000?

Find the tax to be raised on the property under the following conditions:

In the following express the tax rate as (a) mills on $1; (b) cents on $100; (c) dollars on $1000; (d) as a per cent:

25. The valuation of property in a certain town is $2,306,000. The tax to be raised on the property is $39,202. What must the rate be?

26. What will a man's property tax be if he owns $11,500 worth of property in this town?

27. If you live in a town, find the assessed valuation of the property of the town and the tax to be raised. Then find the tax rate.

28. Is property assessed for its full cash value in your town? If not, for about what per cent of its value is it assessed?

29. What is the tax in your town upon property assessed at $15,400? At $5800?

30. Is there a poll tax in your town? If so, how much is it?

51. NATIONAL REVENUES

The people are not taxed directly upon the property they own to support the national government as they are to support state, county, and local governments. The chief sources of income are: (1) tariffs, duties, or customs which are levied upon certain articles imported into the United States from foreign countries; (2) internal revenue taxes which are levied upon certain things made in this country, chiefly upon alcoholic liquors and tobacco products; (3) and an income tax levied upon incomes in excess of certain fixed amounts.

Some goods are on the free list, i.e. not subject to duty. Some goods are subject to an ad valorem duty, which is a per cent of the value of the goods at the place of purchase. Some goods are subject to specific duty, which is a certain amount per pound, per bushel, etc.

And some goods are subject to both duties.

Prior to 1913 there was no income tax, but the tariff rates were higher than under the new law of that year known as the Underwood-Simmons tariff law.

1. Ink and ink powders are subject to an ad valorem duty

of 15 %. Find the duty on ink costing $4000.

2. Olive oil is subject to a specific duty of 20¢ a gallon when bought in large holders. What is the duty on 850 gal. of olive oil?

3. Perfumery, if containing alcohol, is subject to an ad valorem duty of 60 % and a specific duty of 40 a pound. What is the duty on a shipment of perfumery weighing 250 lb. and purchased abroad for $590?

4. The duty on decorated chinaware is 55 %. Find the duty on a set of china dishes costing $18.50 in Germany. If you allow the merchant $15 for expenses, profits, etc., how much must you pay him for these dishes?

5. The duty on imported automobiles is 30 %. What is the duty on a machine costing $4600 in Paris?

6. The duty on hooks and eyes is 15 %. Find the duty on hooks and eyes valued at $20.

7. The duty on watch and clock movements is 30 %. Find the duty on a watch movement costing $8.50 in Europe. 8. The total value of watch and clock movements imported in a recent year was $2,556,635. Find the duty.

9. The duty on feathers, flowers, etc., used for decorations is 60 %. During a recent year the total value of these importations was $11,660,084. Find the duty.

10. The duty on copper wares was reduced by the Underwood-Simmons law from 45% to 20%. This country imported $29,271,540 worth during a recent year. By how much is the duty lessened by the new law upon such an

amount?

11. Ready-made clothing composed of cotton or vegetable fiber is subject to a duty of 30 %. Find the duty on $750 worth of boys' suits.

12. Find the duty on a fur coat costing $95 at a rate of 15 %.