CHAPTER XXVII. DUTIES. 426. Duties, or Customs, are taxes on goods imported from foreign countries, levied for the support of the National Government. 427. A Custom-house is an office established by gov ernment for the collection of duties. A port containing a custom-house is called a Port of Entry. 428. Duties are either Specific or Ad valorem. A Specific Duty is a fixed sum imposed on each ton, pound, yard, gallon, &c., of an imported article, without regard to its cost. An Ad valorem Duty is a percentage on the cost of an imported article in the country from which it was brought. Ad valorem means on the value. 429. An Invoice is a statement in detail of goods shipped, their measure or weight, and cost in the currency of the country from which they were brought. 430. Before computing duties, certain Allowances, or Deductions, are made : Tare is an allowance for the weight of the box, cask, &c., containing the goods; Leakage, for waste of liquids imported in casks; Breakage, for loss of liquids imported in bottles. Tare is estimated either at the rate specified in the invoice accompanying the goods, or according to rates adopted by Act of Congress, differing for different articles. For Leakage 2% is allowed; for Breakage, 10% on beer, ale, and porter, in bottles; 5% on other liquids, a dozen "quart" bottles being estimated to contain 2 gallons. 426. What are Duties, or Customs?-427. What is a Custom-house? What is a Port of Entry?-428. Name the two kinds of duties. What is a Specific Duty? What is an Ad valorem Duty?-429. What is an Invoice?-430. Name and define the allowances made before computing specific duties. How is Tare estimated? How much is allowed for Leakage? How much for Breakage? In stead of computing by these fixed rates, the weight of the box, &c., and the amount lost by leakage and breakage, are sometimes ascertained by actual trial and allowed for accordingly. In these allowances, reject a fraction less than ; reckon or more as 1.-In custom-house computations, allow 112 lb. to a cwt. 431. Gross Weight is the weight of goods, together with that of the box, cask, bag, &c., containing them. Net Weight is the weight of goods after allowances have been deducted. 432. RULES.-I. To find a specific duty, deduct allowances, and multiply the number of tons, pounds, yards, gallons, &c., remaining, by the duty on one ton, pound, yard, gallon, &c. II. To find an ad valorem duty, multiply the invoice value of the goods by the given rate. Duties are required to be paid in gold. 1. What is the duty on a lot of silks, costing in our currency $14056, at 60%? When gold is at a premium of 40%, what sum in currency will pay said duty? Last ans. $11807.04. 2. Imported 75 casks of raisins, weighing 112 lb. cach. The tare being 12%, and the duty 5 cents a pound, what is the duty on the whole in gold? When gold is at 130, what sum in currency will pay it? Last ans. $480.48. 3. Required the duty on 42 barrels of spirits of turpentine, containing 31 gallons each, leakage being allowed, and the rate being 30 cents per gal. Ans. $382.80. 4. At 40% ad valorem, what is the duty on 346 lb. of sewingsilk, bought for $12 a pound? 5. What is the duty on 6 casks of claret, holding 43 gal. each, invoiced at $1 a gal., allowing for leakage, the rate being 50c. a gallon and 25% ad valorem? Ans. $189.75. How are these allowances sometimes determined? How many pounds are allowed to 1 cwt., in custom-house computations ?-431. What is Gross Weight? What is Net Weight?-432. Recite the rules. 6. The duty on tea being 15 cents a pound, what must be paid on 175 chests, each weighing 60 lb., a tare of 6 lb. being allowed on each chest? 7. What is the duty on 12 cases of brandy, containing 1 dozen bottles each, the usual allowance being made for breakage, and the rate being $2 a gal. ? Ans. $62. 8. At 3 cents a pound, what is the duty on 50 bags of coffee, averaging 100 lb. gross weight, tare 2 %? 9. A merchant imported 10 hhd. of sugar averaging 1185 lb., and 8 hhd. of molasses holding 63 gal. each. A tare of 121% is allowed on the sugar, and leakage on the molasses. What is the duty on the whole, the rate on the sugar being 24c. a lb., and on the molasses 5c. a gal.? Ans. $309.85. CHAPTER XXVIII. EQUATION OF PAYMENTS. 433. Equation of Payments is the process of finding when two or more sums due at different times may be paid at once, without loss to debtor or creditor. The time for such payment is called the Equated Time. Ex. 1.-A owes B $1000, of which $100 is due in 2 months, $250 in 4 mo., $350 in 6 mo., and $300 in 9 mo. If A pays the whole sum at one time, how long a credit should he have? 433. What is Equation of Payments? What is meant by the Equated Time? Go through Ex. 1. 434. RULE.-To equate two or more payments, multiply each payment by its time, and divide the sum of the products by the sum of the payments. The times of the several payments must be in the same denomina. tion, and this will be the denomination of the answer. Less than day in the answer is rejected; day or more counts as 1. 435. If the date is required, reckon the equated time forward from the given date. Ex. 2.--July 9, 1866, C becomes indebted to D for a certain sum; is to be paid in 6 months, in 8 mo., and 1 the rest in 12 mo. At what date may he equitably pay the whole? Use the fractions representing the amounts as in Ex. 1. The equated time being 9 months, payment should be made 9 months from July 9, 1866, that is, April 9, 1867. 1. A merchant has the following sums due from a customer: $300 in 2 mo., $800 in 5 mo., and $400 in 10 mo. Find the equated time. Ans. 5 mo. 22 da, 2. E owes F $1200, $200 of it payable in 2 mo., $400 in 5 mo., and the rest in 8 mo. What is the equated time? 3. A trader bought goods, Aug. 1, 1866, to the amount of $2400 for of the bill he was to pay cash; 6 months' credit, and the rest on 10 months. he equitably pay the whole? of it he bought on On what day may Ans. Feb. 6, 1867. The cash payment must be added with the others, but its product is 0. 1 × 0 = 0 4. One person owes another a certain sum, of which is due in 3 mo., in 4 mo., in 5 mo., and the balance in 8 mo. What is the equated time? Ans. 5 mo. 7 da. 5. Jan. 1st, I owe a friend $100 cash; $150, payable Feb. 5; and $300, payable April 10. It being leap year, on what day may I fairly pay the whole at once? Ans. Mar. 5. The Table on p. 156 will assist in finding the number of days. 484. Recite the rule.-485. If the date is required, what must be done? 6. Equate the following payments: $400 due in 15 days, $600 in 20 days; $1000 in 60 days; $350 in 90 days. 7. A farmer, on the 1st of March, bought some land for $1000. He agreed to pay $250 cash; $250 on the 3d of the following May; $250, July 4; and $250, Sept. 15. He prefers paying the whole at once; when should it be? Ans. June 6. At the ex Ex. 8.-Suppose $700 to be due in 6 mo. piration of 3 mo., $100 is paid on account; and at the end of 5 mo., $300. How long after the six months expire should the balance be allowed to stand, in consideration of these prepayments? On the principle applied in Ex. 1, the creditor gets the use of what is equivalent to $1 for 600 mo.; the debtor is, therefore, also entitled to the use of $1 for 600 mo., or $300 (the balance) for 600 mo., or 2 mo. of 100 × 3 = 300 400 600 700-400 300 600 300 = 2 mo. Ans. 436. RULE. When partial payments have been made on a debt before it is due, to find how long the balance should remain unpaid, multiply each payment by the time it was made before falling due, and divide the sum of these products by the balance. 9. A person owes $1000, due in 12 mo. At the end of 3 mo. he pays $100, and one month afterwards $100. How long beyond the 12 mo. should the balance stand? Ans. 2 mo. 4 da. 10. $1496.41 is due in 90 days. 84 days before it falls due, $500 is paid, and 52 days after the first payment $502.50. How long after the 90 days, before the balance of the debt should be paid? Ans. 118 days. 11. A lent B $200 for 8 months, and on another occasion $300 for 6 months. How long should B lend A $800, to balance these favors? Ans. 41 mo. 12. A credit of 6 mo. on $500, one of 4 mo. on $1000, and one of 8 mo. on $400, are equivalent to a credit on how many dollars for 12 mo. ? Ans. $850. Analyze Ex. 8.-436. Recite the rule for finding how long a balance should stand, when partial payments have been made on a debt before it is due. |