tain city was $145850; the treasurer was allowed a fee of % for collection, and 10% of the tax was uncollectible: what were the net proceeds of the assessment?

7. The taxable property of a certain city is valued at $87045060, and the rate of tax for school purposes is 5 mills on the dollar: what is the amount of school tax assessed?

SUGGESTION.—Since 51⁄2 mills = .005 of a dollar, the tax assessed =.005 of the property.

8. The valuation of taxable property in a certain county is $35460850, and the rate of tax levied is 25 mills: what will be the net proceeds of the tax, the cost of collection being 3%, and 8% of the tax being uncollectible?

9. When the rate of taxation is 15 mills, what is the amount of tax on A's property, listed at $13560? On B's, listed at $9850.60? On C's, listed at $50060 ?

10. A man's net income is $2750, of which $1354 is by law exempt from taxation: what is his income tax at 5%? At 3%?

11. A man's income is $3570, and the deductions allowed by law amount to $1650: what is his income tax at 5% ?

12. A man pays a tax of 124 mills on his property, listed at $9850, and an income tax of 5% on a net income of $2750: what is his total annual tax?

FORMULAS AND RULES.

264. FORMULAS.-1. Tax property rate %.

265. RULES.-1. To find the amount of tax, Multiply the amount of taxable property by the rate of tax, expressed decimally.

2. To find the rate of tax in mills, Divide the amount of tax by the amount of property, and express the quotient as thousandths. The number of thousandths will be the number of mills.

TAX TABLES.

266. The labor of making out a tax list may be much lessened by using tables giving the tax on convenient amounts of property, at the given rate.

13. Find by the above table the tax on $875.64, at the rate of 15 mills.

CUSTOMS OR DUTIES.

267. Customs are taxes levied by the national govern

ment on imported goods

and the tonnage of ves

sels. Customs are also called Duties.

Ports of Entry for foreign goods are established by law, and at each port of entry there is a Custom House, where customs or duties are collected. The officer in charge of the custom house is called the Collector of Customs, and a list of the rates of duties to be collected, is called a Tariff.

Duties are Specific or Ad Valorem.

268. Specific Duties are customs assessed on the quantity of goods imported, without reference to their value.

In assessing specific duties an allowance is made (1) for waste, called Draft; (2) for the weight of box, cask, etc., called Tare or Tret; (3) for waste of liquids, called Leakage; and (4) for the breaking of bottles, called Breakage. The weight of goods before allowances are made is called Gross Weight, and the weight after all allowances are made is called Net Weight.

269. Ad Valorem Duties are customs assessed on the cost of goods in the country from which they are imported.

The cost of imported goods is shown by an Invoice or Manifest, and when the currency of the country from which goods are im ported has a depreciated value, the amount of depreciation is stated in a consular certificate, attached to the invoice. When the owner or consignee can not exhibit an invoice of goods at the custom house. their value is determined by appraisement.

WRITTEN PROBLEMS.

1. What is the duty, at 5 cts. a pound, on 65 casks of raisins, gross weight 115 lb. each, tare 12%?

2. What is the duty, at 25 cts. a pound, on 1240 chests of tea, gross weight 120 lb. each, tare 10%?

3. What is the duty, at 5 cts. a pound, on 340 sacks of coffee, 250 lb. gross each, tare 5%?

4. What is the duty, at 11⁄2 cts. a pound, on 240 tons of bar iron, draft 5%?

NOTE.-In custom house computations a cwt.= 112 lb.

5. A merchant imported from Havana 225 hogsheads of sugar, 475 lb. gross each, tare 123 %; and 120 hogsheads of molasses, 126 gal. each, leakage 2 %; what was the duty, at 3 cts. a lb. for sugar, and 8 cts. a gal. for molasses?

6. A merchant imported a lot of silks, invoiced at $45360: what was the duty, at 50% ad valorem?

7. A merchant imported 1450 yards of broadcloth, in voiced at $2.15 a yd.; 3240 yards Brussels carpeting, invoiced at $1.60 a yd.; and 480 yards of silk, invoiced at $2.85:_how much was the duty, at 35% for the woolen goods, and 50% for the silk?

8. The duty on 1250 yards of silk, at 40% ad valorem, was $1100: what was the invoice price a yard? For how much a yard must the importer sell the silk to clear 20%?

271. RULES.-1. To find specific duty, Multiply the number, denoting the net quantity of the goods, by the rate per cent., or by the duty on one.

2. To find ad valorem duties, Multiply the invoice price less deductions allowed, by the rate per cent. expressed decimally.

C.Ar.-15.

BANKRUPTCY.

272. A Bankrupt is a person who fails in business and has not property enough to pay all his debts. A bankrupt is also called an Insolvent.

NOTE. The term bankrupt is strictly applicable only to a trader, while the term insolvent applies to any person who is unable to pay his debts.

273. Bankruptcy is a failure in business, with inability to pay all debts.

274. An Assignment is the transfer of the property of a bankrupt to certain persons, called Assignees, in whom it is vested for the benefit of the creditors.

NOTE. It is the duty of assignees to convert the property into money and divide the proceeds, after deducting expenses, among the creditors.

275. The property of a bankrupt or insolvent is called his Assets, and the amount of his indebtedness is called his Liabilities. The assets less the expense of settling are the Net Proceeds.

WRITTEN PROBLEMS.

1. A merchant failed in business, owing $15750, and his assets amount to $10515: what per cent. of his liabilities can he pay, allowing $750 for expense of settling.

$10515-$750

PROCESS.

$9765, net proceeds.

$9765 $15750.62, or 62 %

Since the net proceeds of his assets are but .62 of his liabilities, he can pay but 62%, or 62 cts. on a dollar.

2. In the above case of bankruptcy there are four creditors, whose claims are respectively, $3580, $4635, $5300, and $2235: how much will each receive?

3. Smith, Jones & Co. have become insolvent, owing A $3500, B $1250, C $3750, D $1000, and E $2500; their assets amount to $7150, and the expense of settling will be $550: what per cent. of their liabilities can they pay? What will each creditor receive?