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+ Art: 20 2
is purely and largely in favour of the Annuitant, so
much so as to cover that the advantages resulting from it is more than a compensation for the disadvantage
of the defalcation. + [+] [+] If at, at 100; at 101, or 102. See According to the state of
public opinion, the number <add> of Annuitants</add> will take place at a period
Of the mass of Annuities thus periodically
somewhat earlier or somewhat later: but at some sooner or later
discharged, a part would have disposed of their
it can not but take place. If the Note Annuity form be
Annuities had the matter been left to their choice
regarded as neither better nor worse than the Note Annuity
form the change will not take place till the proposition
between the demand for Annuities in exchange for money in exchange for Annuities is such as were had it not been for the forced redemption to the amount in question would raised the price by that time to 101: if the change is regarded as disadvantageous to the amount of 1 per Cent, not till the proportion state of the market is such as would have raised the price to 102.
True it is, they Among any every such groupe of Annuitants thus
forcibly expelled, there will always be a certain
proportion (it is true) who at the time of the expulsion were
desirous of disposing of their Annuities, and would
have done so, had the matter been left to their
choice. But, by another article of the supposition,
there will be at the same time another parcel group
equal in respect of the desirous of purchasing a
mass of Annuities equal at the least to that
which is thus wished to be disposed of: otherwise
the price of the article would not be at par, which
it is supposed to be: therefore, setting the one against the one demand against
the other of these two opposite demands, the other the whole amount
of the mass of Annuities paid off at or above par
may be set down as so much taken from a set of proprietors,
who will not part with such their property
if they can obtain it find means of preserving it in another form
on terms equally advantageous. on equal or not much
inferior terms. but will accept of it in the proposed
new shape.