apiece, and retailed them at 37 cents apiece: what per cent. and how much did he make by the operation. 5. A drover bought 175 sheep for $350, and sold them so as to gain 15 per cent.: how much did he sell them for per head? 6. A baker paid $2500 for 480 barrels of flour, and finding it damaged sold it at a loss of 8 per cent.: how much did he sell if for per barrel? 7. A merchant bought 10 pieces of broadcloth, each piece containing 30 yards, for $1400, and retailed the whole at a profit of 20 per cent.: at what price did he sell it per yard? 8. A grocer bought 500 lbs. of butter for $75, and sold it at a loss of 7 per cent.: how much did he get per pound? 9. A merchant bought 12 hogsheads of molasses at 25 cents per gallon: how must he sell it by the gallon in order to gain 20 per cent.; and how much was his profit? 10. A farmer raises 750 bushels of wheat at an expense of $675: how must he sell it per bushel, in order to make 18 per cent.? 11. A provision merchant bought 1500 barrels of pork at $10.25 per barrel, and sold it at a loss of 9 per cent. : how much did he lose, and what did he get per barrel? 12. An inn-keeper bought 150 bushels of oats at 25 cents a bushel, and retailed them at the rate of 12 cents a peck what per cent., and how much did he make on the oats? 13. A miller bought 500 bushels of wheat at 75 cents per bushel: how much must he sell the whole for in order to gain 20 per cent. ? 14. A grocer bought 1630 pounds of tea at 62 cents per pound, and sold it at 10 per cent. loss: how much did he sell it at per pound? 15. A merchant bought a bale of calico prints containing 750 yards, and paid $75: how must he retail it per yard, in order to gain 20 per cent., and how much did he make on a yard? 16. A book-seller purchased 1000 geographies, at 84 cents apiece how must he retail them to gain 20 per cent.? 17. A milliner bought 1200 yards of ribbon at 30 cents per yard: how must she sell it per yard to gain 50 per cent.? 18. A grocer bought 5000 lbs. of sugar for $350, and retailed it at 6 cents per pound: what per cent. loss did he sustain ? 19. A man purchased goods amounting to $1635: what per cent. profit must he gain, in order to make $350 ? 20. A speculator bought 10000 acres of land for $12500, and afterwards sold it at 25 per cent. loss: for how much per acre did he sell it; and how much did he lose by the operation? DUTIES. 271. The term Duty in commerce signifies a sum of money required by Government to be paid on imported goods. Duties are of two kinds, specific and ad valorem. A specific duty is a certain sum imposed on a ton, hundred weight, hogshead, gallon, square yard, foot, &c. without regard to the value of the article. Ad valorem duties are those which are imposed on goods at a certain per cent. on their value or purchase price. OBS. The term ad valorem is a Latin phrase, signifying according to, or upon the value. 272. Before specific duties are imposed, it is customary to make certain deductions called tare, draft, or tret, leakage, &c. Tare, in commerce, is an allowance of a certain QUEST.-271. What are duties in commerce? How many kinds are they? What are specific duties? Ad valorem duties? Obs. What is the meaning of the term ad valorem? 272. What deductions are made before specific duties are imposed? What is tare? Draft or tret? Leakage? number of pounds made for the box, cask, &c., which contains the article under consideration. Draft or Tret is an allowance of a certain per cent. (usually 4 per cent.) on the weight of goods for waste or refuse matter. Leakage is an allowance of a certain per cent. (usually 2 per cent.) for the waste of liquors contained in casks, &c. OBS. 1. All duties, both specific and ad valorem, are regulated by the Government, and have been different at different times and in different countries. 2. The allowance or deductions for draft, tare, leakage, &c. are also different on different articles, and are regulated by law. 3. In buying and selling groceries in large quantities, allowances are sometimes made for draft, tare, leakage, &c. similar to those in reckoning duties. CASE I. Ex. 1. What is the specific duty on 10 pipes of wine, at 15 cents per gallon, reckoning the leakage at 2 per cent.? Suggestion. First deduct the leakage. In 1 pipe there are 2 hogsheads or 126 gallons; in 10 pipes there are 10 times 126, or 1260 gallons. Now 2 per cent. of 1260 gallons, is 1260 ×.02=25.20 gallons; (Art. 225;) and 25.2 gallons subtracted from 1260 gallons leaves 1234.8 for the number of net gallons. Now if the duty on 1 gallon is 15 cents, on 1234.8 gallons it is 1234.8x.15= $185.22, the duty required. Hence, 273. To find the specific duty on any given merchandise. First deduct the legal draft, tare, leakage, &c. from the given quantity of goods; then multiply the remainder by the given duty per gallon, pound, yard, &c., and the product will be the duty required. QUEST.-Obs. How are duties regulated? Are the allowances for draft, tare, &c. the same for all articles? Are allowances ever made in buying and selling groceries for draft, &c.? 273. How are specific duties calculated? 2. What is the specific duty, at 2 cents per pound, on 12 boxes of sugar, weighing 900 lbs. apiece, allowing 20 pounds per box for draft? The draft is 240 pounds. 3. At 3 cents a pound, what is the duty on 25 casks of nails, each weighing 125 lbs. allowing 8 pounds on a cask for tare? 4. At 5 cents a pound, what is the specific duty on 75 boxes of raisins, weighing 60 lbs. apiece, allowing 6 pounds a box for draft? 5. At 4 cents per pound, what is the specific duty on 110 chests of cinnamon, each weighing 230 lbs. allowing 16 lbs. per chest for draft? 6. At 15 cents a pound, what is the specific duty on 300 bags of indigo, allowing 4 per cent. for tret ? CASE II. 7. What is the ad valorem duty at 15 per cent. on an invoice of calico prints, which cost $150 in Liverpool? Suggestion. When duties are imposed upon the actual cost of merchandise, there are of course no deductions to be made; consequently we have only to find 15 per cent. of $150, the amount of the given invoice, or cost of the goods, and it will be the duty required. Thus $150 X.15 $22.50. Ans. Hence, 274. To find the ad valorem duty on any given merchandise. Multiply the given invoice by the given or legal per cent., and the product will be the duty required. (Art. 225.) OBS. 1. An invoice is a written statement of merchandise, with the value or prices of the articles annexed. 2. The law requires that the invoice shall be verified by the owner, QUEST. 274. How are ad valorem duties calculated? Obs. What is an invoice? What does the law require respecting the invoice of imported goods? or one of the owners of the goods, wares, or merchandise, certifying that the invoice annexed contains a true and faithful account of the actual costs thereof, and of all charges thereon, and no other different discount, bounty, or drawback, but such as has been actually allowed on the same; which oath shall be administered by a consul, or commercial agent of the United States, or by some public officer duly authorized to administer oaths in the country where the goods were purchased, and the same shall be duly certified by the said consul, &c. Fraud on the part of the owners, or the consul, &c. who administers the oath, is visited with a heavy penalty.-Laws of United States. 8. What is the ad valorem duty, at 30 per cent., on a box of books invoiced at $250 ? 9. What is the ad valorem duty, at 20 per cent., on a quantity of Java coffee, which cost $356.12? 10. What is the amount of ad valorem duty, at 25 per cent., on a quantity of Turkey carpeting, which cost $526.61 ? 11. What is the duty on a quantity of bombazines, invoiced at $310, at 30 per cent. ? 12. What is the duty on a quantity of beeswax, the invoice of which is $460.25, at 15 per cent.? 13. At 25 per cent., what is the duty on an invoice of bleached linens, amounting to $745.85. 14. At 20 per cent., what is the duty on an invoice of jewelry, to the amount of $4250 ? 15. What is the duty on a bale of goods invoiced at $2500, at 40 per cent.? 16. What is the duty on an invoice of silks, amounting to $5650, at 30 per cent.? 17. What is the duty on a quantity of cutlery, invoiced at $4560, at 33 per cent.? 18. What is the duty on an invoice of broadcloths, which amounts to $8280, at 35 per cent.? 19. What is the duty on an invoice of wines, amounting to $10265, at 35 per cent.? 20. What is the duty on a quantity of cotton fabrics, invoiced at $13637.50, at 33 per cent.? 21. What is the duty on a quantity of ready-made clothing, amounting to $5638.25, at 50 per cent.? |