To tax $1,286.40

add 2 per cent.

211 polls.

25.728

$1,312.13 amount to be assessed.

$1.20 tax on each poll. 253.20 tax paid by the polls.

117273) 1058.930 (.0090296 tax on $1, about.

G.'s tax is found from the table as follows;

$1,583 G.'s real estate.

275 G.'s personal estate.

$1,858 whole estate.

By the table, the tax on $1,000, is $9.03.

Explanation. The manner of forming this table is very plain; for having obtained the tax on $1, we multiply it by each of the other sums to get the tax which they pay. The table can be enlarged by carrying it up to $10,000, and down to 1 cent, if we choose.

4. In example 3, add 3 per cent. to the amount of the taxes, and then find the tax to be paid by G.; supposing each poll to pay $1.20 as before. Ans. $18.18.

FELLOWSHIP,

OR COMPANY BUSINESS.

LESSON 154.

When two or more persons associate together for the purpose of trade, they are said to enter into partnership, and are called a company or firm. The amount of property that each partner puts into the firm, is called his capital, or stock in trade, and his share of the gain is called his dividend.

SIMPLE FELLOWSHIP.

In Simple Fellowship, the capitals of the different partners are employed during equal times.

What is the manner of forming this table? Can the table be enlarged, and how?

When two or more persons associate together for the purpose of trade, what are they said to do? What are they called? What is the capital, or stock in trade of each partner? His dividend?

How are the capitals of the different partners employed in Simple Fellowship?

1. A. and B. entered into partnership for the purpose of trade; A. put in $1,000, and B. $1,250; after trading 1 year, they found a gain had been made of $945; what was each one's dividend? Ans. A.'s dividend $420, B.'s $525. Explanation. What was the sum put in by both ? As his sum gained $945, what did $1 gain? What did $1,000 gain? 1,250 gain?

To prove Simple Fellowship,

Add together all the shares in the gain or loss, and the sum will evidently be equal to the whole gain or loss, if the work be done right.

2. James Wallace, William Clark, and Samuel Shaw, formed a connection in business under the firm of James Wallace and Co. The capital put in by Wallace was $2,500, by Clark $2,200, and by Shaw $12,000. On settling their business, at the end of 18 months, they found that the profits amounted to $6,500; what was each one's share of this sum?

Ans. Wallace's share $973.05, Clark's $856.29, Shaw's $4,670.66.

3. A. and B. formed a company for trade; A. put in $950, and B. $800; after trading a short time they found a loss had been made of $300; what was each one's share of the loss? Ans. A.'s share $162.86, B.'s $137.14. How much of his capital did A. save? How much of his capital did B. save?

4. A. and B. bought a quantity of land on speculation, B. paying as much as A. They cleared $1,540 by the speculation; what was each one's dividend of the gain ? Ans. A.'s $990, B.'s $550.

5. A gentleman who had 1 son and 2 daughters, left by his will $5,000 to the son, $3,000 to the eldest, and $2,500 to the youngest daughter. At his death it was found that the property remaining, after paying his debts, was $14,950; what part of this sum should each of the children take?

Ans. the son $7,119.05, the eldest daughter $4,271.43, and the youngest daughter $3,559.52.

6. The yearly profits of a cotton factory, valued at $17,000, and owned in 80 shares, amounted to $2,825.16, $275.16 of which it was thought prudent to keep back, to

To prove Simple Fellowship how do we proceed?

meet contingent expenses; the remainder being divided among the owners, what was the amount of the dividend paid to the owner of 2 shares ? Ans. $63.75. 7. If the factory, instead of yielding an income, had cost the proprietors $1,000, what part of this sum would the owner of 2 shares have paid? Ans. $25.

8. 4 merchants, A. B. C. and D., bought a ship for $14,000, of which A. paid $5,000, B. $2,000, C. $3,000, and D. $4.000. During her first voyage she earned $5,600; what was each one's share of the gain? Ans. A.'s share $2,000, B.'s $800, C.'s $1,200, D.'s $1,600.

COMPOUND FELLOWSHIP.

LESSON 155.

In Compound Fellowship the capitals of the different partners are employed during unequal times.

1. A. and B. traded in company; A. had a capital of $400, which was employed 6 months, and B. a capital of $450, which was employed 8 months. They gained $120; what was the share of each ?

Ans. A.'s share $48, B.'s $72. Explanation. How many dollars should A. have employed 1 month, to be equal to the use of $400, 6 months? How many dollars should B. have employed 1 month, to be equal to the use of $450, 8 months? The question now is evidently the same as if we were required to find the share of A. and B. in a gain of $120, if A. had put in $2,400, and B. $3,600, and had continued these sums in trade 1 month.

Therefore, to perform an example in Compound Fellowship,

Consider the product of each partner's capital by the time it was continued in trade, as constituting his capital, and then proceed as in Simple Fellowship.

How are the capitals of the different partners employed in Compound Fellowship?

How do we proceed to obtain the answer to example 1, lesson 155? How then do we perform an example in Compound Fellowship?

To prove Compound Fellowship,

Proceed as in Simple Fellowship.

2. Charles Jones, Henry Adams, and John Stevens formed a company, under the firm of Jones, Adams, and Co., and commenced trade the first of June, on $2,000 put in by Jones; the first of August, Adams put in $3,000, and the first of September, Stevens put in $4,000. At the end of the year their gains amounted to $1,500; what was each partner's share?

Ans. Jones's share $466.67, Adams's $500, Stevens's $533.33.

3. A. and B. formed a partnership the first of January, and put in $3,000 apiece. The first of April, A. put in $1,000 more, and the first of September, B. put in $500 more. At the end of the year they found the whole of their gain to be $2,000; what was each one's dividend?

Ans. A.'s dividend $1,084.34, B.'s $915.66. 4. A. and B. hired a pasture for $36; A. put in 6 cows for .5 of a year, and B. 4 cows for .25 of a year; what should each one pay ? Ans. A. $27, B. $9.

5. A. B. and C. entered into partnership. A. kept his capital in 1 year. B. put in as much as A., and employed it 9 months. C. put in as much as B., and employed it 6 months. They gained $3,000; what was each one's share of the profit?

Ans. A.'s share $1,610.74, B.'s $906.04, C.'s $483.22. Explanation. Consider that A. put in $1.

6. A. and B. traded in company. A.'s capital was $5,000 at the commencement, but at the end of 4 months he took out $3,000, and kept the remainder in the company 6 months longer; B.'s capital was $3,000 at the commencement, but at the end of 5 months he put in $4,000 more, and continued the whole in the company 3 months longer. They found, on settlement, that a loss had been sustained of $1,800; what was each one's share of it?

Ans. A.'s share $847.06, B.'s $952.94.

To prove Compound Fellowship how do we proceed?