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# JB/001/003/001

Completed

II. Hypothetical Profit,Type larger on the same score by Sale of an equal quantity 7
of Note Annuities in the same circumstances, and
consequent purchase of Stock.

Profit at the same score by an equal quantity of Note Annuities sold & Stock bought in with the money

1. £4472,500 At 2:19 per Cent, £442,7500 a}
year — say in round numbers (as before) at 3 per} £
cent £450,000 a yearNote Annuities would have produced} £15,000,000
in money - - - - }

2. With this £15,000,000, Stocks bring as before} 48
26

at 56,(56) the quan amount of Stock bought}(6) note (6) in p.135
and taken out of the market would have} £ (7)
48

been £26,178,000 - say in round numbers - - } £26,000,000 (7) Note (7) in p.136.

3. Twenty six per Cent 61

£24,590,1163

3. Twenty six per Cent upon £20,500,000, as before. £

makes profit in respect of by bettering the terms of the loan - - - }5,300,000 £5,300 000

15)20 500 000 (1,366,666
15
53
95
100
8

This beingis evidently too much: though the exact amount 8
Profit in the same score per Million worth of Note Annuities sold compared with Profit on d on Sale of Land Tax to an equal amount in value -about double.

of the excess can not be given without a calculation that
would occupy more time and space than would be worth
bestowing. and there nor proThis being<add>rather</add>too much, and it being natural enough
that the supposition of £15,000,000 worth of this paper issued
should appear excessive, let us substitute, to the above
quantityies of Land Tax and Annuity Note paper sold,
a fifteenth part of each the amount, and the account will bedividing the other quantity
as follows: in the (Type larger same manner by the result will be as follows: -
(. Profit (on this Note) by Sale of Note Annuities and consequent purchase of Stock.)

1. £29,500 £30,000 a year in Note Annuities at £100 }
for every £2.19s. produces, in money } £1,000,000 }
£1, 016,666 in round say in round numbers} 2, 083,333

2. Stock bought in with the £1,000,000 therewith at 48, £2,083,333 } £2,000,000
say in round numbers - - - - Printer This and the next paragraph in the next page to be transposed.

3. Rise thereby produced ----- 2 per Cent}

4. Two per Cent on the amount of the Loan (viz)
£20,500,000, as before) givesmakes profit by Annuity Note paper, in respect of the} £410,000 (9) (9 Note (9) in p.136.
terms of the Loan, by sale of the Annuity Note paper

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Identifier: | JB/001/003/001
"JB/" can not be assigned to a declared number type with value 1.

7-8

001

annuity notes

003

001

text sheet

1

recto

f130

jeremy bentham

1798 a<…>

frances wright

1798

3