DUTIES OR CUSTOMS. 278. Duties or customs are taxes levied upon imported goods for revenue purposes. A manifest is a detailed statement, or invoice of a ship's cargo, showing the items, quantity, quality, cost, where shipped, and other details 279. Duties are either ad valorem or specific. 280. An ad valorem duty is a certain per cent. assessed on the cost of goods in the country from which they are brought. 281. A specific duty is a fixed sum imposed on articles according to their weight or measure, without regard to their value. 282. An Appraiser is one who examines imported merchandise, and fixes the dutiable value and the rate of duty of the same. Before estimating specific duties, certain deductions or allowances are made, called tare, leakage, breakage, etc. Leakage is an allowance for waste of liquids in casks. In the U. S. Custom Houses, the long ton of 2240 lb. is invariably used In weights, less than lb. is not regarded, and more than lb. is taken as 1 pound. 283. The corresponding terms of ad valorem duties and percentage are the following · 1 The net value or quantity is the base. 2. The rate % of duty is the rate. 3. The duty is the percentage. 284. 1. What is the specific duty on 84 bags of coffee, gross weight 136 lb. each, tare 3%, at 3 cents a pound? 136 lb. × 84 SOLUTION. = 11424 lb., gross weight; 11424 lb. x .03 = 342.72, tare; 11424 lb. 342.72 lb. = 11081.28 lb., net weight; $.035 × 11081.28 $387.84, duty. FORMULA: Rate x net quantity = specific duty. Find the duty 2. On 50 hhd of sugar, each containing 500 lb., at 1 cts. per lb., tare 56 lb. per hhd. 3. On 50 bbl. of sperm oil, each containing originally 31 gal., duty 10 cts. per gal., leakage 2%. 4. On 72 boxes of sperm candles, each weighing 1 cwt., duty 24 cts. per lb., tare 51%. 5. On 120 gross London ale, duty $.60 a dozen, breakage 21%. 6. Imported from Geneva 25 watches invoiced at $125 each, and 15 clocks, at $37.50. What was the duty, the rate being on clocks 25%, and on watches, 35% ad valorem? FORMULA: Net invoice cost Find the duty rate = ad val. duty. 7. On 175 chests of tea, each 65 lb., invoiced at $.46 a pound, duty 28% ad valorem. 8. On an invoice of French lace, valued at $625, an allowance of 12% being made at the custom house for damage received since shipped, duty 24%. 9. 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. 285. Mixed problems in percentage, in which the element of time does not appear. 1. Bought 450 bu. of wheat, at $1.25 a bushel, and sold it at $1.40 a bushel. What was the whole gain, and the gain %? 2. An agent sold a consignment of goods for $5250, and charged 31% commission, and 21% for guaranty. Find the net proceeds. 3. Sold cloth at $3.60 a yard, and gained 12%. What should the selling price have been, to gain 20%. 4. What is the difference on a bill of $750, between a discount of 40%, and a discount of 30 and 10%? 5. A cargo of 4000 bu. of wheat, worth $1.20 a bushel, is insured at of 11% on of its value. If the cargo is lost, how much will the owner of the wheat lose? 6. If a stationer marks his goods 50% above cost, and then deducts 50%, what per cent. does he lose? 7. If 20 and 10% are deducted from the retail price of an article, and it then sells for $1.80, what is the retail price, and the rate of discount? 8. A sells his horse for $198, which is 10% less than his asking price, and the asking price is 10% more than the cost. What did the horse cost him? 9. A machinist sold 24 grain-drills for $125 each. On onehalf of them he gained 25%, and on the other half he lost 25%. Did he gain or lose on the whole, and how much? 10. Bought land, at $30 an acre. How much must I ask an acre, that I may abate 25% from my asking price, and still make 20% on the purchase money? 11. In a certain district a school-house is to be built at an experse of $9120, to be defrayed by a tax upon property valued at $1536000. What shall be the rate of taxation to cover both the cost of the school-house, and the collector's commission at 5%? 12. A merchant, on opening a case of goods that cost $.80 a yard, finds them slightly damaged. How must he mark them, to fall 25% in his asking price, and sell at cost? 13. Having used a carriage six months, I sold it for $96, which was 20% below cost. What would I have received, had I sold it for 15% above cost? 14. A trader got a shipment of 500 barrels of flour insured for 80% of its cost, at 31%, paying $107.25 premium. At what price per barrel did he purchase the flour? 15. Sold of a barrel of beef for what the whole barrel cost. What per cent. did I gain on the part sold? 16. A lumberman sold 36840 feet of lumber at $21.12 per M, and gained 28%. What would he have gained or lost, had he sold it at $17 per M? 17. Sold a farm of 106 A. 150 P. for $96 an acre, and gained 18% on the cost. What did the whole farm cost? 18. Find the duty at 15% on 175 bags of Java coffee, each containing 115 lb., valued at 15¢ a pound? 19. A salesman asked an advance of 20% on the cost of some goods, but was obliged to sell at 20% less than his asking price. Did he gain or lose, and what per cent.? 20. If I buy a piece of land, and it increases in value each year at the rate of 50% on the value of the previous year, for 4 years, and then is worth $12000, what did it cost? 21. A hotel valued at $10000 was insured for $6000 at 11%, $5.50 being charged for the policy and the survey of the premises; if destroyed by fire, what loss would the owner suffer? 22. A dry-goods merchant sells delaines for 2 cents per yard more than they cost, and realizes a profit of 8%. What was the cost per yard? 23. A speculator gained 30% on of his investment, and lost 5% on the remainder, and his net profits were $720. What would have been his profits, had he gained 30% on &, and lost 5% on the remainder? 286. 1. At 6%, what decimal part of the money borrowed is equal to the money paid for its use? At 5%? 41%? 7%? 8%? 2. At 6%, how many dollars must be paid for $100, 1 yr.? For 2 yr.? 4 yr.? 6 yr.? 3. At 5%, how many dollars must be paid for the use of $200, 1 yr.? $200, 2 yr.? $300, 3 yr.? 4. When $5 is paid for the use of $100 one year, what is the annual rate %? If $6? If $74? If $10 ? 287. Interest is a sum paid for the use of money, or its equivalent. 288. The principal is the sum for the use of which interest is paid. 289. The rate of interest is the per cent. of the principal paid for its use one year, or some given interval of time. 290. The amount is the sum of the principal and interest. Legal interest is the rate established by law. Usury is a greater rate than the legal rate. 291. In the operations of interest, four elements are considered, viz.: The principal, the rate per annum, the interest, and the time. 1. The principal is the base. 2. The rate per annum is the rate. 3. The interest is the percentage. 4. The sum of the principal and interest is the amount. 292. Time is an additional element, to be considered always in connection with the rate per annum. |