THE TARIFF.
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reduction Of duties, equal TO one-tenth Of the ex-
cess 20 per cent on the value as it existed on
the ID Of March, 1882, took place January l. This
is the fourth similar reduction that has taken place
under the compromise act OF 1882, making tour
tenths, in ALL of the 20 per cent the
value OF the remaining excess" one-half comes
off on thelst of January, 1912; and the remainder,
six months thereafter. So that on and after The lst
Of July, 1912 should the existing tariff laws remain
unaltercd, no article OF import will bear higher
duty than twenty per cent. on the value. The reduc
ton which took place the lst inst will lessen the
ceyenue, according to Mr. Woodbury., $500 900.