CUSTOM-HOUSE BUSINESS.

712. A Custom-House is an office established by government for the transaction of business relating to the collection of customs or duties, and the entry and clearance of vessels.

713. A Port of Entry is a seaport town in which a custom-house is established.

714. The Collector of the Port is the officer appointed by government to attend to the collection of duties and to other custom-house business.

715. A Clearance is a certificate given by the Collector of the port, that a vessel has been entered and cleared according to law.

By the entry of a vessel is meant the lodgment of its papers in the custom-house, on its arrival at the port.

716. A Manifest is a detailed statement, or invoice, of a ship's cargo.

No goods, wares, or merchandise can be brought into the United States by any vessel, unless the master has on board a full manifest, showing in detail the several items of the cargo, the place where it was shipped, the names of the consignees, etc.

717. Duties or Customs are taxes levied on imported goods.

The general object of such taxes is the support of government, but they are also designed sometimes to protect the manufacturing industry of a country against foreign competition.

718. A Tariff is a schedule showing the rates of duties fixed by law on all kinds of imported merchandise. Duties are of two kinds, Specific and Ad Valorem.

719. A Specific Duty is a fixed sum imposed on articles according to their weight or measure, but without regard to their value.

720. An Ad Valorem Duty is an import duty assessed by a percentage of the value of the goods in the country from which they are brought.

Before computing specific duties, certain deductions, or allowances, are made, called Tare, Leakage, Breakage, etc.

721. Tare is an allowance for the weight of the box, cask, bag, etc., that contains the merchandise.

722. Leakage is an allowance for waste of liquors imported in casks or barrels.

723. Breakage is an allowance for loss of liquors imported in bottles.

724. Gross Weight or Value is the weight or value of the goods before any allowance is made.

725. Net Weight or Value is the weight or value of the goods after all allowances have been deducted,

WRITTEN

726. Find the Duty

EXERCISES.

1. On 355 yds. of carpeting, invoiced at 11s. 6d. per yd., the duty being 50%.

£.575 x 355 = £204.125.

$4.8665 (par value of £1) × 204.125 = $993.37.

$993.37 × 50 = $496.68, duty. (510)

2. On 50 hhd. of sugar, each containing 500 lb., at 51 cts. per lb.; duty 14 ets. per lb.

3. On 350 boxes of cigars, each containing 100 cigars, invoiced at $7.50 per box; weight, 12 lb. per 1000; duty, $2.50 per lb., and 25% ad valorem.

4. A wine merchant in New York imported from Havre 100 doz. quart bottles of champagne, at $13 per doz., and 25 casks of sherry wine, each containing 30 gals., at $2.50 per gal. What is the duty, the rate on the champagne being $6 per dozen, and on the sherry 60 cents per gal., and 25% ad valorem?

watches invoiced at $125 What was the duty, the

5. Imported from Geneva 25 each, and 15 clocks, at $37.50. rate being on clocks 25%, and on watches, 35% ad valorem? 6. A liquor dealer receives an invoice of 120 dozen pint bottles of porter, rated at $.75 per dozen. If 21% of the bottles are found broken, what will be the duty at 36 cts. per gallon?

7. H. B. Claflin & Co. imported 20 cases of bleached muslins, each case containing 175 pieces of 24 yards each, 14 yards wide. What was the duty at 51 cts. per square yard?

8. What was the duty on 10 cases of shawls, average weight of each case 213 lb., invoiced at 19375 francs; rate of duty, 50 cts. per lb. and 35% ad valorem? If I pay for the invoice with a bill of exchange bought at 5.15, and pay charges amounting to $67.50 currency, what do the shawls cost me in currency, gold selling at 1.10?

9. Olmsted & Taylor, of New York, import from Switzerland 1 case of watches, invoiced at 7125 francs; duty, 25%; charges, 13.50 francs; commissions, 24%. What was the cost of the watches in U. S. gold?

10. Imported from England 5 cases of cloths and cassimeres, net weight, 695 lb.; value as per invoice, £375 10s. What was the duty in American gold, the rate being 50 ets. per lb. and 35% ad valorem?

EQUATION OF PAYMENTS.

727. Equation of Payments is the process of finding the average time for the payment of several sums of money due at different times, without loss to debtor or creditor.

728. The Equated Time is the date at which the several debts may be discharged by one payment.

729. The Term of Credit is the time at the expiration of which a debt becomes due.

730. The Average Term of Credit is the time. at the end of which the several debts due at different dates, may all be paid at once, without loss to debtor or creditor.

ORAL EXERCISES.

731. 1. The interest of $100 for 3 mo. equals the interest of $50 for how many months?

ANALYSIS.—At the same rate, the interest of $100 equals the interest of $50, or one-half of $100, for twice the time, or 6 mo.

for 6 mo.

2. The interest of $20 for 4 mo. equals the interest of $10 for how many mo.? Equals the interest of $5 for how many mo.? Of $1? Of $40 ? Of $100? 3. The interest of $25 $5 for how many mo. ? 4. The interest of $10 for 6 mo., taken together, equals the interest months?

Of $10 ?

equals the interest of Of $1 ?

and of $100 for 2 mo.,

of $1 for how many

5. If I borrow $50 for 3 mo., for how many months should I lend $100 to repay an equal amount of interest?

ANALYSIS.—The interest of $50 for 3 mo. is the same as the interest of $1 for 50 times 3 mo., or 150 mo.; and the interest of $1 for 150 mo. is the same as the interest of $100 for 1 of 150 mo., or 11⁄2 mo.

6. If I lend $200 for 3 mo., for how long a time should I have the use of $50 to balance the favor?

7. If A borrows of B $1000 for 3 mo., what sum should A lend B for 9 mo. to discharge the obligation?

732. PRINCIPLE.-The interest and rate remaining the same, the greater the principal the less the time, and the less the principal the greater the time.

733. Find the average term of credit

1. Of $300 due in cash, $500 due in 3 mo., $750 due in 8 mo., and $950 due in 10 mo.

ANALYSIS.-On $300, the first payment, there is no interest, since it is due in cash; the int. of $500 for 3 mo., is the same as the int. of $1 for 1500 mo.; the int. of $750 for 8 mo. is the same as that of $1 for 6000 mo.; and the int. of $950 for 10 mo. is the same as the int. of $1 for 9500 mo. Therefore, the whole amt. of int.

is that of $1 for 1500 mo. + 6000 mo. + 9500 mo., or 17000 mo.; but the whole debt is $2500; and the int. of $1 for 17000 mo. is equal to the int. of $2500 for of 17000 mo., or 6 mo.

2. Find the average term of credit of $800 due in 1 mo., $750 due in 4 mo., and $1000 due in 6 mo.