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10. One year the tax rate of a city was $2.14 per $100; the next year an economical administration lowered it to $1.90. Find the reduction in taxes on property assessed at $64,500.

11. Find the total state tax raised in the State of New York in a year when the assessed valuation of the property in the state was $7,738,165,640, the tax rate being 154 of a mill per dollar. To facilitate calculation, tax tables are often used.

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12. Find by the table Mr. Butler's tax on property assessed at $9594.

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Tax on $9594 = $16.694 $16.70, to nearest cent.

=

13. Mr. Hall's property is valued at $2504, and his poll tax

is $1. Find his tax by the table.

Find by the table the tax on property valued at:

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Duties or Customs

364. The income for the support of our national government is derived from duties or customs and from internal revenue, which consists chiefly of taxes on spirits, tobacco, etc.

365. The duties are collected at customhouses, which are maintained at ports of entry.

366. Imported goods may be divided into four classes: first, goods admitted free of duty; second, goods subject to an ad valorem duty, that is, a certain per cent of the cost of the goods; third, goods subject to a specific duty, a certain amount per yard, pound, etc., without regard to value; fourth, goods subject to both specific and ad valorem duties.

For example, coffee is admitted free; laces pay an ad valorem duty of 60%; the specific duty on wheat is 25¢ per bushel; and the duty on linen collars is 20% ad valorem and 40 ¢ per dozen.

Before computing specific duties allowance is often made for tare, or the weight of the box, bag, etc.

367. A schedule of duties on merchandise is called a tariff.

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9. The specific duty on cheese is 6¢ per pound. Find the duty on 750 pounds of cheese.

10. The ad valorem duty on jewelry is 60%. Find the duty on a bracelet appraised at $550.

11. Find the duty on 400 boxes of raisins valued at $1.50 a box, each box containing 36 pounds, if the rate is 1 a pound and 35% ad valorem.

12. Find the duty on 25,000 cigars, invoiced at $62.50 per M, weighing on an average 101 ounces per box of 50 cigars. The tariff rate is $4.50 per pound and 25% ad valorem.

13. A merchant imported 80 dozen razors valued at $6_a dozen. He paid a duty of $1.75 a dozen and 20% ad valorem. Transportation cost $4.50. How much did each razor cost him? 14. Find the duty on 600 dozen linen handkerchiefs costing 78. 6d. per dozen at 50% ad valorem.

15. Compute the duty; also the dutiable value :

MANIFEST No. 751.

INVOICED AT Bristol, Eng. June 21, 1906.

INWARD FOREIGN ENTRY OF MERCHANDISE

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16. A shipment of skein silk, costing 2754 francs in Lyons and weighing 324 pounds net, was taxed 40 cents per pound and 15% ad valorem. How much duty was paid on it?

17. A man imported, from Paris, paintings valued at 125,400 francs upon which there was an ad valorem duty of 20%. Freight and insurance charges were $84.50. How much did his paintings cost him?

18. Find the entire cost in this country of 2000 pounds of macaroni bought in Italy for 500 lire, if the duty was 11 per pound and the freight charges were $10.60.

19. A merchant imported cut and stained glass invoiced at 12,440 crowns (20 crowns= $4.052). If the tariff rate was

60% ad valorem, how much duty did he pay?

20. Find the duty on 3250 yards of English wool suiting costing 78. 21d. per yard and weighing 1 pound per yard, at $.44 per pound and 55% ad valorem.

21. If it takes 31 yards of this material to make a suit of clothes, how much does the tariff add to the cost of a suit?

INSURANCE

369. Indemnity against loss or damage is called insurance.

Indemnity against loss of property by fire is called fire insurance; against loss of property at sea, marine insurance; against loss by personal injuries, accident insurance; against loss by sickness, health insurance; against loss by death, life insurance; against loss by injuries to employees, liability insurThere are many other forms of insurance.

ance.

370. The contract or written agreement between the person protected and the insurance company is called the policy, and the amount of indemnity, or "protection," the face of the policy.

371. The price paid for insurance is called the premium. Insurance rates are expressed in per cent, or in cents per $100, or in dollars and cents per $1000.

Property Insurance

372. The principal kinds of property insurance are fire insurance, marine insurance, and such special forms as plate glass insurance, tornado insurance, burglar insurance, credit insurance, etc.

WRITTEN EXERCISES

373. 1. A frame house with a shingle roof was insured for $3500 at 70 per $100 for 1 year. Find the premium.

2. If the roof had been tin, the rate would have been 60¢ per $100. Find the difference in premiums for 10 years.

3. Find the annual premium on a brick dwelling insured for $5000 at 25 per $100.

4. If the rate for 3 years is only twice the annual rate, how much will be saved in 12 years by insuring a house for $5000 in 3-year periods, the annual rate being 25 per $100?

5. If the premium paid for a policy is $9.60 and the rate is 60 per $100, what is the face of the policy?

6. If the premium is $19.50 and the rate is 1%, what is the face of the policy?

7. If the premium on a policy for $3800 is $15.20, what is the rate in cents per $100? in per cent?

8. A house worth $6000, insured for $4500, was damaged to the extent of $5000. Find the owner's loss; also the company's loss.

9. A store insured for $5000 in the Phoenix, $3000 in the Firemen's, and $2000 in the Protective, was damaged by fire to the extent of $4000. Find the loss of each company.

Find

10. A merchant insured his stock of silk for $15,000 for 15 days, and paid 14% of the annual rate, which was 2%. the amount of premium that he paid.

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