5. A man insures his house, worth $5500, at 11%; his barn, worth $3300, at 1%; and his furniture, worth $1500, at 11% : what was his total premium? Ans. $118.621.

6. A dealer buys 1500 bu. of wheat at $1.10 per bushel, and insures it at $1.20 per bushel at 24% if destroyed by fire, what is his gain? Ans. $105.

7. A stock of goods worth $6000, and insured at 21%, was damaged 65% what did the company have to pay above the premium? Ans. $3810.

:

8. A block of buildings worth $150000 is insured for & of its value in three companies; the first takes a risk at %; the second a risk at %; and the third, the remainder at % what was the premium? Ans. $717.19-.

9. If the block named in the last problem should be damaged by fire to the extent of $75000, how much insurance money would each company have to pay?

Ans. 1st, $15000; 2d, $18750; 3d, $41250. 10. An insurance company took a risk on a vessel for $100000 at %, but deeming the risk too great reinsured $60000 at 7% what was the amount received more than paid? Ans. $225.

11. Paid $54 to insure property valued at $3600: what was the rate?

Ans. 11%.

Ans. 13%.

12. Paid $78.75 to insure my store for $4500: what was the rate? 13. If I pay $150 for insuring $8000 worth of goods, what is the rate? Ans. 17%. 14. If I pay $234 to insure a house worth $5200, what is the rate? Ans. 41%. 15. If a person 33 yr. of age pay $123.90 annual premium on a life-insurance policy of $5000, what is the rate?

Ans. 2338%.

16. If the cost of insuring a property at 21% is $60.75, what is the value of the property?

Ans. $2700.

17. If at 21% my premium is $88.75, what is the value of

the property insured?

Ans. $3550.

18. The premium at 3% is $378: what is the value of the property insured? Ans. $12600. 19. At what must a property worth $1950 be insured at 21% so as to include premium in case of loss? Ans. $2000. $2000.

SUGGESTION.-1950.97

20. A dealer stores 9700 bu. of wheat worth $1.20 a bushel; he insures it at 3%, so as to cover premium and loss: what was the amount insured for? Ans. $12000.

SECTION VI.

TAXES.

185. A Tax is a sum of money assessed on the property or income of an individual for the support of the government or for other public purposes.

186. A Poll Tax, called also a capitation tax, is a tax on every male citizen 21 years of age or upward, without regard to his property.

187. A Property Tax is assessed on property according to its estimated value.

188. Property is of two kinds-Real Estate and Personal Property.

189. Real Estate is fixed property-such as houses, lands, etc.

190. Personal Property is movable property, and consists of stocks, watches, furniture, cattle, etc.

191. An Assessor is an officer appointed to estimate the value of property, prepare the assessment rolls and apportion the taxes.

192. An Assessment Roll is a list containing the names of all persons in the district liable to taxation, together with the valuation of each one's property.

193. A Tax-Rate is the rate per cent. of the valuation of the property of a district.

WRITTEN PROBLEMS.

1. The tax-rate in a district is 11% what is B's tax if his property is valued at $2500? Ans. $37.50. 2. Mr. Smith's property is valued at $1600; he pays a polltax of $1, and the tax-rate is 23 mills on the dollar: what is his tax? Ans. $37.80. 3. My house is assessed at $1500, a vacant lot at $300, and my watch at $50; my occupation is valued at $200, and the tax-rate for school purposes is 13% what is my tax?

Ans. $26.65.

4. The property of a town is valued at $2500000; a tax of $28000 is necessary to support the public schools: what is the rate? Ans. 1%.

5. A school board find it necessary to raise a tax of $2750; the assessed value of property is $210000. If a tax-rate of 1% is to be adopted, what will be the surplus tax raised? Ans. $190.

6. It is necessary to raise a tax of $3200 on an assessed valuation of $180000: what is the rate if $140 is the amount of poll-tax? Ans. .017.

7. In a district in which the property is valued at $950000 a tax of $33250 is raised: what is the rate, and how much tax does A pay, whose property is assessed at $15370?

Ans. Rate, 31%; A's tax, $537.95.

8. In a district whose valuation was fixed at $640000 a tax of $8960 is raised: what is B's property worth if he pay a tax of $102.90? Ans. $7350.

9. In a city whose valuation is $6748950, the tax-rate is fixed at 31%%; the collector is paid 14% for collection: what is the net amount collected, and what are the collector's fees? Ans. Amt., $239317.77; fees, $3644.43+.

10. A tax of $2910 is to be raised in a town whose valuation is $175600: what is the rate if there are 276 polls at $1 each, and what is B's tax, who owns a house valued at $1200, a watch worth $50, and pays 1 poll?

Ans. Rate, 11%; B's tax, $19.75.

SECTION VII.

CUSTOMS, OR DUTIES.

194. Customs, or Duties, is the name given to taxes which are levied on goods exported or imported.

In the United States this tax is levied on imported goods only.

195. Certain towns are designated by the government as places for exportation and importation. These are called Ports of Entry, and in each of these ports there is established a Custom-House, where these duties are assessed and collected. The officer appointed to take charge of the custom-house is called the Collector of Customs or Collector of the Port.

196. Duties are of two kinds-Specific and Ad Valorem. 197. A Specific Duty is one laid on an article without reference to its value. An Ad-Valorem Duty is a percentage on the cost of an article where purchased.

198. An Invoice, or Manifest, is an inventory or list of goods, setting forth their cost at the place from which they are imported.

199. A Tonnage Duty or Tax is a tax laid on the vessel with regard to its cargo for the privilege of entering port.

200. In specific duties certain allowances are made, called Draft, Tare, Leakage, Breakage, etc.

201. Draft is an allowance made for waste, so that goods may be of full measure when retailed.

202. Tare is an allowance made for the weight of the box, cask, etc., containing the goods.

203. Leakage is an allowance made for the waste of liquids imported in casks or barrels.

204. Breakage is an allowance for the loss of liquids imported in bottles.

205. Gross weight or quantity is the weight or quantity before allowance is made.

206. Net weight or quantity is the weight or quantity after the allowances have been deducted.

WRITTEN PROBLEMS.

1. What is the duty on 644 yd. of silk, worth $1.20 a yard, at 40% ?

Ans. $309.12.

SOLUTION.

644 × $1.20 $772.80

Let the pupil explain, and form the rule.

40% of $772.80.40 $772.80= $309.12.

2. What is the duty at 30% on 60 pieces of satin, each piece containing 48 yd., at $1.80 a yard? Ans. $1571.40. 3. A merchant imported 25 cases of cloth containing 24 pieces each, with 45 yd. in a piece, and worth $1.13 a yard : what was the duty at 28% ? Ans. $8542.80.

4. What is the duty on 80 hhd. and 20 gal. of syrup, worth Ans. $379.50.

60 cts. a gallon, duty at 12% ?

5. A merchant imported 1250 yd. of silk worth $2.75 a yard, 1640 yd. of cloth at $2.05 a yard, and 1080 yd. of cassimere at $1.85 a yard: what is the total duty if he pays 32% on woollen and 45% on silk goods? Ans. $3262.07+.

6. What is the duty on 12 casks of wine containing 42 gal. each, invoiced at $1.30 per gallon, at 311%, leakage 5% ? Ans. $196.07

7. A dealer imported 120 doz. champagne, invoiced at $23 a dozen, breakage 121%: what was the duty at 22% ?

Ans. $531.30. 8. A grocer imports 540 bags of coffee, gross weight 160 lb. each, tare 31%, invoiced at 9 cents a pound: what was the duty at 15% ? Ans. $1125.576.

9. A paid $184.80 duty on 50 bbl. of sugar weighing 220 lb. each, gross, tare 4%, invoiced at 5 cents a pound: what was the rate? Ans. 35%.

10. A wine-merchant imported 60 casks of wine, 54 gal. each, invoiced at $1.80 a gallon; transportation, 25 cents a gallon; cartage, $8.50; leakage, 5%; and duty 20% what was the entire cost? Ans. $7758.58.