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JB/002/545/001

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Completed

280

Annuity

. Grants
II Raw
be continued

nominally (as we shall see) 3 per Cent, is perhaps
the most common: but instances of 2 1/2
per Cent and that in the same way a nominal
rate are not wanting. The real rate
this much may be said in general terms — that itrate is in every instance very considerably less:
though by what precise amount — such are
the nature of the circumstances by which it is
redeemed — it is impossible to say. In some
instances where a nominal 3 per Cent is
allowed, a note has 6 months to run without
any interest, before interest at that rate
is to be paid upon it: so that for the first year
6 months the nominal 3 per Cent amounts
to nothing and for the first twelve months it amounts
to no more than 1 1/2 per cent, nor indeed
correctly speaking to so much. In other
instances the note is payable not on demand
but at a certain number of days —
say one and twenty — after sight: so that
binds the obligation of waiting one and twenty
days and upwards the advantage in respect
of interest is clogged with the trouble of
attendance — or at any rate if the compliance is performed
by letter, with an attendance and a correspondence,
with or without the expence of double
postage.

Metadata:JB/002/545/001

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