JB/002/194/001

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25 Aug. 1800 10 96
16

12. Profit by fractional reduction of interest where by the from £3 to
£2:19. reduction of interest from 3 per Cent (which is
the rate of interest in the greater part of the
mass of Stock Annuities) and the 1: £2.19:4¾ o
to which the rate of interest yielded by the Annuity
Notes is confined by the obligation of taking commensurable
sums; multiples and sub-multiples of
a farthing, for the amounts of Daily Interest. (a)

This profit results from the conversion of
Stock Annuities into Note Annuities, and corresponds at the proportion
of both, which will be the price throughout the second period, <add>and correspondsthe
affords to the Profit by Sale, of the first period. It amounts
to exactly 1/60th part of the interest at 3
per Cent. It comes in in a manner without design, the difference
being the unavoidable result of the defalcation of a few fractions
which it was necessary to get rid of, in order to leave even and commensurable sums (a)
(a)Note (a) on the paper pinned on at the bottom of this The amount of annual profit on this sum
on each such million of capital capital in Stock Annuities
converted — i: e: on each £30,000 of
interest on the said capital, — is — £500 (b)

Note (a) (b) to p 96

(Ch) To so as much of the mass of Stock Annuities as will
have been either redeem'd relinquished or converted into Note
Annuities in the course of the first period, this £500
per million will of course have been to be added in
the account of this period: but the amount of that portion being uncertain,
it seemed most commodious to defer the rendering
an account of it to this second period, at which
the end of which it will have attained its maximum:
Henceforward as the amount of it will of course annually
decrease, as the amount of the debt is diminished
by the quantum of the Sinking Fund. End of Note (b)

It has already been remarked that, to preserve the
powers of the true Sinking Fund unimpaired, a restitution of this profit
must immediately be made, upon every million of Stock brought in
by the produce and for the purpose of these funds.

Identifier: | JB/002/194/001 "JB/" can not be assigned to a declared number type with value 2.
Date_1	1800-08-25	Marginal Summary Numbering	12, 13a, 13b
Box	002	Main Headings	annuity notes
Folio number	194a "a" can not be assigned to a declared number type with value 194.	Info in main headings field
Image	001	Titles	note (b) to p. 96
Category	text sheet	Number of Pages	1
Recto/Verso	recto	Page Numbering	d10 / f96
Penner	jeremy bentham	Watermarks	<…>m 1798
Marginals	jeremy bentham	Paper Producer	frances wright
Corrections	jeremy bentham	Paper Produced in Year	1798
Notes public		ID Number	933
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