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<head>Art. 20</head> <p> 1 <note> Annuity Notes</note> </p> <p> | <gap/> | Art 20| | [ Immediately upon, or soon after, &c ]<lb/> the arrival of Stock <del>or</del> 3 per cents at par]</p> <!-- the whole remainder of the page is crossed through in pencil --> <p> Whether <del> the reduction</del> to enter upon the proposed<lb/>reduction immediately upon the event in question, or <lb/> <del>t</del> not, will depend <add> in some measure</add> upon the circumstances of the <lb/> times.</p><p> Mean time it is evident that if <add> whenever</add> a second issue<lb/> is opened at a reduced rate, the first issue at<lb/> the original rate must be, or rather will of itself be<lb/> <foreign>ipso facto</foreign> closed: since no one having it in his power<lb/> to purchase an annuity of £3 a year with his <add> for a </add> <lb/>£100, will accept an annuity of no more than <lb/> £2.7.6 a year all other circumstances alike, in<lb/> preference.</p> <p> It seems however by no means improbable<lb/> that immediately upon the arrival of <del>3</del> Stock 3 per<lb/> Cents at par, happen when it may, in peace time<lb/> or in war time <add> (a)</add> <!-- following section marked out in pencil --> ( <add>(a) </add> and thereafter <add> further on</add> <del> we reason</del> <add> Note?</add> may perhaps<lb/> appear for expecting such an event to take<lb/> place in the course of 2 or 3 years notwithstanding the<lb/>continuance of the present war <!-- end of pencil marked section --> matters will be <lb/> found <add> already</add> ripe for the substitution of the reduced rate of<lb/> interest to the original rate.</p> <p> If the supply <add> Although the quantity</add> of the commodity in question were<lb/>still to be receiving an increase, as we know of war <lb/> and war loans state of the demand <add> amount</add> <del> for the art</del> whether<lb/> <del> stationary</del> increasing, stationary or even decline <add> decreasing</add> were<lb/>to be superior to the amount of the supply, <del>still</del> the<lb/> natural consequence is <add> would be</add> an increase in price of the<lb/> commodity and a general disposition to accept a less<lb/> <add> quantity</add></p> | |||
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Art. 20
1 Annuity Notes
| | Art 20| | [ Immediately upon, or soon after, &c ]
the arrival of Stock or 3 per cents at par]
Whether the reduction to enter upon the proposed
reduction immediately upon the event in question, or
t not, will depend in some measure upon the circumstances of the
times.
Mean time it is evident that if whenever a second issue
is opened at a reduced rate, the first issue at
the original rate must be, or rather will of itself be
ipso facto closed: since no one having it in his power
to purchase an annuity of £3 a year with his for a
£100, will accept an annuity of no more than
£2.7.6 a year all other circumstances alike, in
preference.
It seems however by no means improbable
that immediately upon the arrival of 3 Stock 3 per
Cents at par, happen when it may, in peace time
or in war time (a) ( (a) and thereafter further on we reason Note? may perhaps
appear for expecting such an event to take
place in the course of 2 or 3 years notwithstanding the
continuance of the present war matters will be
found already ripe for the substitution of the reduced rate of
interest to the original rate.
If the supply Although the quantity of the commodity in question were
still to be receiving an increase, as we know of war
and war loans state of the demand amount for the art whether
stationary increasing, stationary or even decline decreasing were
to be superior to the amount of the supply, still the
natural consequence is would be an increase in price of the
commodity and a general disposition to accept a less
quantity
