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<note>Annuity Notes<lb/> | <note><!-- Pencil note -->Annuity Notes<lb/> | ||
SS Circulation<lb/> | SS Circulation<lb/> | ||
indubitable<lb/> | indubitable<lb/> | ||
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Market for Exchequer<lb/> | Market for Exchequer<lb/> | ||
Bills and<lb/> | Bills and<lb/> | ||
other <gap/><lb/> | other <gap/>ribers<lb/> | ||
comprising the floating<lb/> | |||
debt.</note> | debt.</note> | ||
<p>There remain still a number of other Government<lb/> | <p>There remain still a number of other Government<lb/> | ||
Securities <del>by which</del> in the purchase of which<lb/> | Securities <del>by which</del> in the purchase of which<lb/> | ||
temporary sums may be invested so as to yield an<lb/> | temporary sums may be invested so as to yield an<lb/> | ||
interest and a rate of interest higher than that<add> | interest and a rate of interest higher than that<add>the 3 per Cent</add><lb/> | ||
proposed to be proffered by the proposed Annuity<lb/> | proposed to be proffered by the proposed Annuity<lb/> | ||
Notes: I mean Exchequer Bills, Navy Bills, < | Notes: I mean Exchequer Bills, Navy Bills, <unclear>Victualling</unclear> <lb/> | ||
Bills. <add>Transport Bills, and Ordnance | Bills. <add>Transport Bills, and Ordnance Debentures.</add> Ordnance Bills: not to Speak of India<lb/> | ||
Bonds. But by different causes those different<lb/> | Bonds. But by different causes those different<lb/> | ||
sources of temporary income are rendered <del>one</del><lb/> | sources of temporary income are rendered <del>one</del><lb/> | ||
comparatively unsuitable to the convenience of the<lb/> | comparatively unsuitable to the convenience of the<lb/> | ||
<unclear>generality</unclear> of purchasers. One <del>thing they</del> circumstance<lb/> | |||
is common to | is common to them all view that their existence<lb/> | ||
is <del><gap/></del> limited to war time, and thence<add>from whence</add>. Another<lb/> | is <del><gap/></del> limited to war time, and thence<add>from whence</add><lb/> | ||
their continuance<add>duration</add> is constantly precarious. Another<lb/> | |||
circumstance common to them all is that<lb/> | circumstance common to them all is that<lb/> | ||
there is no market for them any where but in <lb/> | there is no market for them any where but in <lb/> | ||
one single place. A third | one single place. A third circumstance of disadvantage<lb/> | ||
belonging <add>applying</add> to them in common is that<lb/> | belonging <add>applying</add> to them in common is that<lb/> | ||
the quantity of them is continually<add>instantly</add> liable to increase,<lb/> | the quantity of them is continually<add>instantly</add> liable to increase,<lb/> | ||
<add>as well as the time of payment to retardation,</add> | <add>as well as the time of payment to retardation,</add> | ||
<del>-crease</del> and thence their | <del>-crease</del> and thence their marketable value to depretiation,<lb/> | ||
to an unknown amount. Exchequer<lb/> | to an unknown amount. Exchequer<lb/> | ||
Bills too are never issued <del>but</del> in<add>for</add> sums less than £100:<lb/> | Bills too are never issued <del>but</del> in<add>for</add> sums less than £100:<lb/> | ||
by which every mass of money less than that considerable<lb/> | by which every mass of money less than that considerable<lb/> | ||
sum is excluded from this branch of the market, and<lb/> | sum is excluded from this branch of the market, and<lb/> | ||
through in amounts of Navy Bills &c there is an<lb/> | through in the amounts of Navy Bills &c there is an<lb/> | ||
indefinite variety in the market, | indefinite variety in the market, yet the <del>sum</del> amount<lb/> | ||
of the sum in | of the sum in each instance is always a matter of<lb/> | ||
accident, and <add>instead of being</add> is not at the purchaser's command <del><gap/></del><lb/> | accident, and <add>instead of being</add> is not at the purchaser's command. <del><gap/></del><lb/> | ||
<del>the command of the</del></p> | <del>the command of the</del></p> | ||
<p>But</p><pb/> | <p>But</p><pb/> | ||
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Annuity Notes
SS Circulation
indubitable
15
-2. from the
Market for Exchequer
Bills and
other ribers
comprising the floating
debt.
There remain still a number of other Government
Securities by which in the purchase of which
temporary sums may be invested so as to yield an
interest and a rate of interest higher than thatthe 3 per Cent
proposed to be proffered by the proposed Annuity
Notes: I mean Exchequer Bills, Navy Bills, Victualling
Bills. Transport Bills, and Ordnance Debentures. Ordnance Bills: not to Speak of India
Bonds. But by different causes those different
sources of temporary income are rendered one
comparatively unsuitable to the convenience of the
generality of purchasers. One thing they circumstance
is common to them all view that their existence
is limited to war time, and thencefrom whence
their continuanceduration is constantly precarious. Another
circumstance common to them all is that
there is no market for them any where but in
one single place. A third circumstance of disadvantage
belonging applying to them in common is that
the quantity of them is continuallyinstantly liable to increase,
as well as the time of payment to retardation,
-crease and thence their marketable value to depretiation,
to an unknown amount. Exchequer
Bills too are never issued but infor sums less than £100:
by which every mass of money less than that considerable
sum is excluded from this branch of the market, and
through in the amounts of Navy Bills &c there is an
indefinite variety in the market, yet the sum amount
of the sum in each instance is always a matter of
accident, and instead of being is not at the purchaser's command.
the command of the
But
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