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17

Period 4
Profit in respect
of Exchequer Bills
The rate of interest will not
not be higher than that
of the closed issue
if as high

2:19:9
2:7:5
17:11
11:7
6.4

Profit in respect of Exchequer Bills, will, at
this period, if not before be so far fixed, as not to exceed be
at grea any but more likely fall short of
that the rate of interest upon the temporary loans
will never be greater higher, and more likely lower,
than that of the closed issue. For the premium
although the reduced rate of the New issue should not be if
the by the expelled Annuities of the closed issue,
and although the open issue rate of issue spread
nor even by any sum of the customers for the Note paper
with a view to circulation, yet, for the reasons already just
given with reference regard to Period 3d the premium given for the paper
of the closed issue will may notwithstanding be considerable:
the more so as the drop from the rate given by
the closed issue (the 2d issue) £2 : 7 : 5 £1:9:6 to the rate viz: 17s 11d
given by the third issue, ( being the Issue that remains open till the very
close of this fourth issue period is so great: ^ Between these [+]
2d issue £2:7:5:
3d issue £1:9:6:
difference, 17s.11d:
the drop from the
first issue to the second.
the low amounts in question, a profit sufficient to draw purchasers
for Exchequer Bills can not but find room
to place itself: and the interest on Exchequer
Bills during this period may be expected to
be considerably less than £2.7.5.

End of Chapter

Chap. IX. Financial