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+ 1A Annuity Notes
Ch. 8. Financial Advantages —Ch. 8
The advantages of the financial kind that Period 1 1 Branches of profit, derivable from the proposed Paper on the three periods of its existence
may to be expected from the proposed measure will require
to be distinguished in the first place according
to the three periods or stages abovea marked out in the
per regard to the progress of it
Period I. From the opening of the first issue of
Annuity Notes to the arrival of 3 per Cent Stock
Annuities at par.
The heading branches of profit or advantage that may be expected looked for to
accrue in the course or at the conclusion of this
first period may be enumerated stated as follows.
1.Profit on Sale Profit by the difference between the selling
price of Annuity for which a 7 per Cent Annuity
as secured by an Annuity Note is sold, and the
price at which an Annuity to the same amount
as bought as secured by an entry in the Books
of the Stock Annuities is bought in, with cash
raised by the above sale — in a word Profit by difference
between selling price of Note Annuities and buying
price of Stock: N.B This branch of profit ceases altogether
on the termination of it Period 1. (a)(a) Note Advantage by taking stock out of the market Reference to Reduction of interest in bettering the terms of
2. Profit by interest forborne to be received on Annuity Notes.2 - Interest forborne forborne
3.Profit Notes in hand: — Profit by interest of Annuity Notes while received3. Notes in Hand
by Government in the course of circulation, while kept
in the hands of Government
4. Profit by Notes lost under circumstances which4. Notes lost
either do not admitt of or do not call for, compensation.
5. Profit Exchequer Bills: — Profit by reduction of the rate of interest paid by Government
for such moneys as it is in the habit of borrowing
by annual anticipation, whether on account of the service in course .. in a mass
by issue of Exchequer Bills,
or on account of particular Annuities of the service, as misc, viz: by
Navy Bills and other Bills of that class.