2. What is the duty on the above 4 boxes, allowing the same draft, and tare 14 lb. per cwt., at 13 d. sterling per lb. ? Ans. £19 17 s. 81 d. Tax. 524. This is a general tribute imposed on the citizens of a country for the support of its government, and is of two kinds poll and property tax. Poll tax is so called because it is levied on the head of every adult male citizen, without regard to property. Property is taxed at a certain percentage of its amount. 1. Required the tax on an estate worth $17396 at 3 p. c. Ans. $65,231. 2. Required the tax, at the same rate, on £6397 14 s. 6 d. Ans. £23 19 s. 10 d. General Average. 525. When, in distress, the master of a ship, for the general safety, cuts away her masts, throws part of her cargo overboard, enters a port to repair damages, or is at extraordinary expense to get her afloat when stranded, &c., the loss sustained in consequence is, by a general average, equitably proportioned amongst the proprietors of the various interests of said ship, freight, and cargo, which interest must be cleared of all other charges before the average is made. Property lost by being thrown overboard is called jettison, from the French jeter, to throw; and this contributes to the general average, otherwise its owner would not share the general loss. When jettison consists of masts, rigging, spars, &c., a deduction of one-third of the cost of replacing them is made in consequence of the superiority of new articles. Also from the freight contribution a deduction ofis usually made (in N. Y. one-half) for seamen's wages. Ship Clio, New York to Charleston, S. C., grounds on Charleston bar, and lies over to starboard; the master cuts larboard main shrouds and fastenings of deck-load, which being heavy, flies outboard, carrying away starboard bulwarks. The mainmast goes by the board, carrying away mizzen and foretopmast and jib-boom. After clearing wreck, though she does not look very pretty, she behaves well, rights, floats, is towed in by two steamboats, and makes a pretty general average, as follows: Other damage, and premium.... 800,00 Protest, $15. Adjustment of Average, $60................... 75,00 $6775,00 Agent's commission, 5 p. c............. 338,75 Amount to be made good by average $60....... $7113,75 Now the whole loss, divided by the whole amount on which it is levied, will give the rate per dollar. This is shown by the proportion $137225: $1 :: $7113,75: $,05184004 +. Hence each interest, multiplied by ,05184+, will give the amount with which it is charged, thus: The ship (33600 X,05184+) pays.. "freight (2000 X,05184+). J. Phillips (40000 ,05184) pays... $2073,60 cargo (101625,05184 +)........ P. Stuyvesant, 25000... 1296,00 W. Van Twiller, 16450.. 852,77 L. Dow, 15175.... 786,67 $1741,83 103,68 5268,24 $7113,75 SECTION XXVI. EQUATION OF PAYMENTS-AVERAGE OF SALES-PARTNERSHIP-MONEYS-REDUCTION OF CURRENCIES. Equation of Payments. 526. WHEN Several sums become due at different times, we find, by this rule, an equated or mean time for the payment of the whole, so that there may be no loss of interest to the debtor or creditor. Suppose A owes B $60, due in 4 mo. ; $80, due in 6 mo., and $20, due in 8 mo.; what is the equated time for payment of the whole ? The int. of $100 for 1 year is equal to that of $1 for 100 years. Thus, at 6 p. c. the int. of $100 for one year is $6. The int. of $1 is ,06, and (503) the int. of $1 for 100 yrs. is ,06 × 100=$6. In like manner, we might show that the int. of $100 for 2 yrs. is equal to that of $2 for 100 yrs., or of $1 for 200 yrs., &c. Hence it is plain that in multiplying the principal by the time of its credit, we have the int. of $1 for the time specified by the product. We therefore say the int. of $60 for 4 m. — 80" 6 m. the int. of $1 for 240 mo. 20" 8 m. The int. of $160 for equated time-int. of $1 for 880 mo. That is, 160 mult. by equated time 880. Also, as the whole interest is equal to that of $1 for 880 mo., it is plain that $160 will, to gain the same int., require only that time; consequently 18 time required. part of 5 mo., the equated Hence the rule: Multiply each payment by the time of its credit. Divide the sum of the amounts by the sum of the payments; the quotient is the equated time. Average of Sales. 527. To close by one Note, the account of several bills of merchandise bought at various times of credit: Place the payments under each other in the order in which they become due. Equate the whole from the time the first payment is due, reckoning the equated time forward from the time of the first payment. This is the date when the whole falls due; the Note must, therefore, be dated so as to bring the payment to this date. If drawn payable 4, 6, &c. months after date, the Note must be dated back 4, 6, &c. months ac cordingly. Time in days, at which the payments become due. Aug. 4..... .$736 X 0 Sept. 12...... 900 39....... 35100 Nov. 10......... 650 X 98... 63700 Nov. 20.........1144 × 108....... 123552 Dec. 6.........1566 × 124................. 194184 d. by 4996 divide ) 416536 (83 + eq. time. From Aug. 4, reckoning forward 83 days, we find that the whole amount, $4996, becomes due Oct. 26, 1854. The Note to close this account, will therefore run thus: $4996. MARBLEHEAD, June 26, 1854. Four months after date, I promise to pay to the order of Richard Roe, Four thousand, nine hundred and ninety-six dollars, without defalcation, value received. JOHN DOE. Due Oct. 26-29, allowing 3 days, usual grace. 1. A owes B $80, due in 6 mos., $120, due in 8 mos., and $400, due in one year. A, wishing to pay at once, would know the time. Ans. 10 mos., or 10 mos. 12 d. 2. A owes B £30 2 s. 6 d., due in 4 mos. ; £15 8 s. 4 d., due in 6 mos., and £60 3 s. 4 d., due in 9 mos. A, wishing to pay cash down, B allows him 5 p. c. per an. discount; how much does A pay? Ans. £102 13 s. 14 d. + 8499 52249 qr. 522499 3. Find the int. of £102 13 s. 14 d. +8499 mos., at 5 p. c. ? 5 for 7.349 2337 43750 Ans. £31 s. 0 d. +43248. 4. Find the discount of £105 14 s. 2 d., for 7-349 mos., p. c. ? 2537 at 5. A owes B $1000, payable in 8 mos., and pays $250 in 2 mos.; at what time should he pay the remainder? Ans. 8 mos. from time of first payment. in 2 6. A owes B £198, due in 6 mos., of which he pays mos., and at the end of 1 mo. from that time he pays of the remainder; when should he make final payment? Ans. 7mos. from time of second payment. 7. A buys goods to the amount of $1000, at 6 months credit. In 3 mos. he pays $330. Wishing to give two Notes for the balance, one at 5 mos., and the other at 9 mos.; required the amount of each Note. $1000 at 6 mos. 670 at mos. $6000 at 1 mo. 5010 at 1 mo.; that is, 5010 average time in months for balance. 5010 9 } Times of required Notes, the one greater and the other less than the average time. As the average time is fractional, we multiply all the three times by 670. Taking the results, which are proportionate, and averaging these, we have 1020 number corresponding to 5 mos. 2680 1020 :: 670: 255 amount at 5 mos. Proof. 330 @@ 3 mos. = 990 9 mos. 8. A buys goods to the amount of $1200 @ 6 mos., and would give notes for the amount at 3, 5, and 9 mos. As 6 is an ar. mean between 3 and 9, one part at 3 and one at 9 will equal 2 parts at 6. But as the diff. between 5 and 6 is 1, while that between 6 and 9 is 3, the amounts being in |