EQUATION OF PAYMENTS.

In finding the equated time of payments, for several sums due at different times, any day may be assumed as the one from which we reckon. Thus, if I owe Mr. Wilson $100 to be paid on the 15th of July, $200 on the 15th of August, and $300 on the ninth of September, and we require the mean time of a single payment, it would be most convenient to estimate from the first of July.

From 1st of July to 1st payment 15 days

to 2nd payment 45 days
to 3rd payment 70 days

Hence, the amount will fall due in 52 days from the 1st of July: that is, on the 22nd day of August.

But we may, if we please, demand at what time the payment would be due from the first of June.

Hence the payment becomes due in 821 days from June 1st, or on the 22nd of August-the same as before.

Any day may, therefore be taken as the one from which the mean time is estimated,

Ex. 1. Mr. Jones purchased of Mr. Wilson, on a credit of six months, goods to the following amounts,

15th of January, a bill of $1250.

10th of February, a bill of 1000.

6th of March,

8th of June,

He wishes, on the 1st of July, to give his note for the amount; at what time must it be made payable.

Ans. Sept. 1.

Ex. 2. Mr. Jones bought $2000 worth of goods: he was to pay $800 in five months, $600 in six months, and the remainder in eight months; what will be the time of credit, if he pays the whole amount at a single payment? Ans. 6 mo. 6 days.

Ex. 3. A owes B $200, of which $40 is to be paid in 3 months, $60 in 5 months, and the remainder in 10 months; what is the mean time of payment?

Ans. 7 mos. 3 days,

Ex. 4. Bought several lots of goods, as follows:

A bill of $650, June 6th,
Do. of 890, July 8th,

Do. of 7940, August 1st.

Now if the credit is 6 months, at what time will the whole become due? Ans. Jan. 24th.

Ex. 5. Bought goods to the amount of $1280, to be paid for as follows, viz.: one-fourth in cash, one-fourth in 6 months, one-fourth in 7 months, and the remainder in one year; what is the average time of payment?

Ans. 8 mo. 10 days.

Ex. 6. Mr. Johnson sold, on a credit of 4 months, the following bills of goods,

CUSTOM HOUSE BUSINESS.

Persons who bring goods, or merchandise, into the United States, from foreign countries, are required to pay, at the ports where they are landed, a certain amount on their value, called a Duty. This duty is imposed by the General Government, and must be the same, on the same articles of merchandise, in every part of the United States.

Besides the duties on merchandise, vessels employed in commerce are required, by law, to pay certain sums for the privilege of entering the ports. These sums are large or small in proportion to the size or tonnage of vessels. The moneys arising from duties and tonnage, are called

revenues.

In order to secure the faithful collection of the revenues, the government has established an office in each seaport, called a Custom House, and the officers attached to it, are called Custom House Officers.

In

For the purpose of ascertaining, with certainty, the amount of duties to be paid, it is provided, by law, that the cargoes of vessels employed in foreign commerce, shall be weighed, or gauged, by the Custom house officers. the Custom house weight, or gauge, of merchandise, certain allowances are made on account of the box, cask, bag, &c., which contains the goods; and also on account of leakage and breakage.

Draft is an allowance from the weight of each box in favor of the buyer, for waste, &c. It is always deducted before the tare.

Tare is an allowance made to the buyer for the weight of the hogshead, barrel, box or bag, containing the commodity sold.

Gross Weight is the whole weight of the goods, together with that of the hogshead, barrel, box, bag, &c., which contains them.

Net Weight is what remains after all the deductions are made.