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# JB/001/072/001

Completed

2
Annuity Notes
Ch. Miscell Effects
continued —

Period III
2
What duration they
on the side of rise

2. It seems natural however to expect, that it
should experience a rise within certain limits.
A £12: 16' Note can never sell for less than
£12: 16': because the worst that can happen to the
Holder in the event of the lot's falling upon him,
is — to receive that money for his note. It
can never sell for so much as £16: because
for that sum the same interest may at any time
be purchased by a man in the New Annuities, after the lot
has fallen upon him, and expelled him from the Old.
Note
The only loss the an Annuitant
will be exposed
to will be the loss of
have paid - viz: when
he causes to be paid off
by lot.

It will however sell for more than £12: 16': - per
£12: 16: and not less would be have been the value
of it if the lot had actually fallen upon it,
and the extra value amounting to the difference
between the rate of interest on the New Annuities
and the rate of interest under the Old Annuities
were gone: but this extra value remains as
yet untouched, though liable to be expunged at any
time upon the falling of the lot. expelling

3
The more rapid
the redemption,
the less the maximum

43. The amount of the this premium upon the Old
Annuities were will be inversely as the rapidity
of the operation whereby these Old Annuities are converted
into the New. for, the amount of
Old Annuities capable of being expelled being given
the greater proportion of that amount is expelled
in a given time, the less the time which the remainder
and each part of the remainder, has to
rise.

Identifier: | JB/001/072/001
"JB/" can not be assigned to a declared number type with value 1.

2-3

001

annuity notes

072

001

text sheet

1

recto

f2

jeremy bentham

<…>m 1798

frances wright

1798

72