69. Find the value in Boston of this 60 days' bill of exchange for £ 1344 16 s. 6 d., at the quotation given.

At sight pay this Second of Exchange, first and third of the same tenor and date not paid, to the order of James Frothingham, the sum of thirty-five thousand six hundred forty-two and 100 francs.

Value received, and charge the same to account of

To John Monroe & Co.,

Paris.

Drexel, Morgan & Co.

70. What will this bill of exchange for 35642.5 francs, drawn on Paris, cost in New York at the quoted rate?

OPERATION.

5.131) 35642.5

$6946.16, Ans.

71. What must be paid in Boston for a set of exchange on Hamburg for 552 marks, payable 60 days after sight, at the quoted rate?

OPERATION.

$0.955 × (552÷4)=$131.79, Ans.

(72.)

£2000.

BOSTON, June 19, 1879.

At sight of this first of exchange (second and third unpaid), pay to the order of James Murray, in London, two thousand pounds sterling, value received, and charge the same to my BLAKE BROS. & Co.

account.

To J. S. MORGAN & Co., London.

What is the cost of this bill in United States money, at the quoted rate?

73. Cole and Singleton of New York bought of Roger H. Lyon, a set of exchange, payable at sight, for £975, on Rothschild & Co., London, at 4.88. What was the cost?

74. I wish to pay a debt of £ 800 in Liverpool. Which can I best afford, to buy sovereigns at $ 4.8665 and pay 3% for freight and insurance, or buy a set of exchange at 4.89} ?

75. Find the value in New Orleans, at the quoted rate, of a 60 days' set of exchange on Frankfort, for 1275 marks.

76. Find the value in Philadelphia of a set of exchange, payable at sight, at the quoted rate on Marseilles for 2785 francs.

CUSTOMS.

563. Customs duties are taxes levied by the general government on imported merchandise, to support the government and to protect home industry.

564. At certain places, called ports of entry, customhouses are established by the government, with officers to compute and collect the duties.

565. Goods are said to be entered when an invoice has been properly lodged, and permission obtained to land the goods.

566. All goods brought into the United States from foreign countries must be entered at a port of entry and landed thereat, or at specified ports of delivery.

567. All duties are regulated by government, and are different at different times.

NOTE. To bring in merchandise secretly with intent to defraud the government of duties is called smuggling, and persons so engaged are liable to punishment and to have the goods forfeited.

568. Tonnage is a tax upon the vessel, without reference to its cargo, which must be paid on entry of the vessel. The amount of tonnage depends upon the size of the vessel, being a certain rate a ton of measurement. (See Art. 601.) 569. The income from duties and tonnage is the principal source of revenue to the government.

570. Duties are either ad valorem or specific.

An ad valorem duty is a certain percentage computed on the market value of the goods in the country from which they are imported.

A specific duty is a certain rate a ton, gallon, yard, etc.

NOTE. Some articles are subject to compound duties, that is, to both ad valorem and specific duties.

571. Specific duties are computed only on the actual weight or measure of merchandise; hence certain allowances are made before final adjustment of the duties.

572. Leakage is an allowance for actual deficiency on liquors in casks, paying duty by the gallon.

573. Breakage is an arbitrary allowance of a certain percentage (5 %), which is deducted from the invoice quantity on imported liquors in bottles.

574. Tare is an allowance for the weight of the box, cask, bag, etc.

NOTE.

Draft or Tret, an allowance for waste or refuse, is no longer allowed by the customs law.

575. Gross weight is the weight of the article before any of these allowances are made.

576. Net weight is the weight of the merchandise after all the allowances are made. Duties are computed on net weight.

77. What is the duty at 2 cents a pound on 4796 lbs. Russia iron?

78. What is the duty at 60% on an invoice of silks which cost $7560 in Lyons?

79. The duty on French broadcloth is 50 cents a pound specific and 35% ad valorem. What amount of duties do I pay on an invoice of 19 cases, averaging 328 pounds, and 375 yards to a case, and costing 4 francs a yard? How much must I pay for a bill of exchange to remit for the goods, exchange being at 5.14 How much will the broadcloth cost me a yard if the freight and other charges beside duties are $ 13.50 a case?

80. What is the duty on 9 casks of molasses invoiced at 63 gallons each at 64 cents a gallon, allowing a total leakage of 15 gallons?

81. What is the duty at 2 cents a pound on 250 boxes of figs, weighing 112 pounds each, allowing for tare 15 pounds on each box?

82. The duty on marbles is 50 %. What will be the duty on a case of 50000 marbles, invoiced at 2 marks a thousand? What will they cost me a thousand, exchange being at 0.965, and freight and charges $12.50 ?

83. What will it cost a yard to import 25 cases black cashmere, each case containing 2046 meters 120 centimeters wide, the duty being 40 % ad valorem and 8 cents a square yard, and the invoice price 2.06 francs a (linear) meter, exchange at 5.15, the freight and other charges $ 17 a case?

84. What is the duty on 75 silk umbrellas, invoiced at 8 shillings each, the duty being 60% How much will a bill of exchange for remittance cost, exchange being at 4.88?

ROOTS.

577. Short method of squaring numbers.

992

972: 9942

=

=

=

(991) (991) + 12= 100 × 98 +1

= = 9801.

(97+3) (97 3) + 32 = 100 × 94 + 9=9409.

(994+6) (994 — 6) + 62 = 1000 × 988 +36=988036. 482 = (48 + 2) (48 − 2) + 22= 50 × 46.+4=100 × 23+4=2304.

85. Find by this method the square of 26; 34; 47; 53; 67; 78; 85; 93; 107; 147; 491; 992.

ALGEBRAIC EXPLANATION OF SQUARE ROOT AND CUBE ROOT.

578. The method of explanation of square root in Art. 441, and of cube root in Art. 447 is the geometrical method.

SQUARE ROOT.

579. To explain square root by the algebraic method we find the square of a number, for example 24, as follows:

From this example it can be seen that the square of a number whose figures are tens and units equals

The square of the tens plus twice the product of the tens by the units plus the square of the units.