25. An agent sells 415 barrels of flour, at $6 a barrel, commission 5%, and invests the proceeds in stocks of the Suffolk Bank, Boston, at 171% discount, brokerage 1%; how many shares did he buy?

26. Bought 84 shares in Michigan Southern Railroad, at 7% discount, and sold them at 61% advance; what was my profit, the brokerage in buying and selling being per cent?

27. Bought bonds at 70%, bearing 44% interest; what is the rate of income? Ans. 6%.

28. I invest $2397.50 in Empire Iron Foundry stock, whose shares, worth $50 each, are sold at $43.50, brokerage 1%; what annual income shall I derive, the stock yielding 7%?

29. O. E. Bonney sold $6000 Pacific Railroad 6's at 107, and with a part of the proceeds bought St. Lawrence County bonds at 90, yielding 6% dividends sufficient to give an annual income of $180; how much has he left?

30. What rate of income can be derived from money invested in the stock of a company paying a semi-annual dividend of 5%, purchased at 841%, brokerage 1%?

31. What must I pay for bonds yielding 41% annually, that my investment may pay 6%?

32. What must be paid for stocks paying 5 per cent, that the investment may return 8% ?

33. How much more is $1400 gold worth than $1515 currency, when gold is 112%?

34. A man bought a farm, giving a note for $3400, payable in gold in 5 years; at the expiration of the time gold was 175%: what did his farm cost in currency?

35. I invested $785.40 of currency in gold when it was worth 115%; what amount of gold did I purchase?.

36. How much gold at a premium of 91% can be purchased for $876.90 currency? For $85.50? For $136.80?

37. What is the difference in the value of $800 in gold and $900 in currency, when gold is at a premium of 131%?

TAXES.

541. A Tax is a sum of money assessed upon a person or property, for any public purpose.

542. Property is of two kinds: Real Estate, such as houses and lands; Personal Property, such as merchandise, cash, furniture, ships, notes, bonds, mortgages, etc.

543. Taxes are of two kinds: Property Tax, which is assessed upon taxable property according to its estimated value; Poll Tax, which is a sum assessed without regard to property upon each male citizen liable to taxation.

544. An Assessment Roll is a schedule or list which contains the names and the taxable value of the property of all persons subject to a given tax.

545. The Rate of Property Tax is the rate per cent on the valuation of the property.

546. An Assessor is an officer appointed to prepare the Assessment Roll and apportion to each person his tax.

Method of Apportioning a Tax.

547. 1. The Assessor determines by a personal examination the taxable value of the real estate and personal property of each person subject to the tax, and fills an Assessment Roll, thus:

2. If the amount to be raised on this Assessment Roll is $195, the collector's fees 21%, and the poll tax $1.25 per poll, the Assessor, or party authorized to do so, would proceed to apportion the tax thus :

(1.) Since the collector is paid 21% of the whole tax for collecting, the $195 is 97% of the assessment which must be made. Hence, $195.97 $200, the whole tax.

=

(2.) Since each poll pays $1.25, the 4 polls will pay $5, and the amount which must be assessed on the property is $200 - $5 = $195. (3.) Since $195 are to be assessed on $39000, the whole amount of property, the rate per dollar is $195 $39000 = .005, or 5 mills.

(4.) Multiplying each man's taxable property by .005 will give his property tax, to which we add the poll tax; hence,

(5.) These results are now inserted in the blank under " Amount of Tax," and the Assessment Roll is thus completed ready for the collector.

548. Prepare an Assessment Roll ready for the collector for each of the following:

1. Net tax to be raised $1930, collector's fee 31%, poll tax $2.50 per poll.

Property taxed.—A, real estate $10800, personal property $3200; B, real estate $9600, personal property $5200; C, personal property $4200; D, real estate $12800, personal property $4000; E, real estate $20000, personal property $6200; Polls without property 35.

2. Net tax to be assessed $2387.50, collector's fee 41%, poll tax $1.25 per poll.

Property taxed.—A, real estate $9700, personal property $5000; B, real estate $14600, personal property $5400; C, real estate $8900, personal property $3100; D, real estate $40000, personal property $12000; E, real estate $21600, personal property $3700; Polls without property 11.

DUTIES OR CUSTOMS.

549. Duties or Customs are taxes levied by the government upon imported goods.

550. A Specific Duty is a certain sum imposed upon an article without regard to its value.

551. An Ad Valorem Duty is a per cent assessed upon the value of an article in the country from which it is brought.

552. A Tariff is a schedule giving the rates of duties fixed by law.

553. The following deductions or allowances are made before computing specific duties:

1. Tare.-An allowance for the box, cask, bag, etc., containing the merchandise.

2. Leakage. An allowance for waste of liquors imported in casks or barrels.

3. Breakage.-An allowance for loss of liquors imported in bottles.

554. 1. What is the duty on 420 boxes of raisins, each containing 40 pounds, bought for 8 cents a pound, at 20 per cent ad valorem ?

2. Imported 21 barrels of wine, each containing 31 gallons; 2% being allowed for leakage, what is the duty at 40 cents per gallon?

3. A merchant imported from Havana 100 boxes oranges @ $2.25 per box; 75 hogsheads of molasses, each containing 63 gal., @ 23 cents per gal.; 50 hogsheads of sugar, each containing 340 lb., @ 6 cents per lb. The duty on the molasses was 25%, on the sugar 30%, and on the oranges 20%. What was the duty on the whole?

4. What is the duty on 320 yards of cloth, invoiced at $1.15 per yard, at 20% ad valorem?

5. At 12% ad valorem, what is the duty on 100 barrels of kerosene, invoiced at $.18 a gallon, 2% leakage?

REVIEW AND TEST QUESTIONS.

555. 1. When a fraction is to be divided by a fraction, why can the factors that are common to the denominators of the dividend and divisor be cancelled?

2. How does moving the decimal point one or more places to the left or right affect a number, and why?

3. Show that multiplying by 1000 and subtracting three times the multiplicand from the product is the same as multiplying by 997?

4. Define Base, Percentage, Amount and Difference.

5. When the amount and rate per cent is given to find the base, why add the rate expressed decimally to 1 and divide by the result?

6. Represent the quantities by letters and write a formula for solving each of the following problems (508).

I. Given, the Cost and the Profit, to find the rate per cent profit.

II. Given, the rate per cent profit and the selling price, to find the buying price.

III. Given, the amount of money sent to an agent to
purchase goods and the rate per cent commission,
to find the amount of the purchase.

IV. Given, the rate at which stocks can be purchased, to
find how much can be secured for a given sum.
V. Given, the rate at which stocks can be purchased
and the rate per cent of dividend, to find the rate
per cent of income on the investment.

VI. Given, the premium on gold, to find how much can
be purchased for a given sum in currency.