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< | <note>280</note> | ||
rate | |||
<note>Annuity <gap/></note> | |||
< | |||
<note><gap/>. Grants<lb/> | |||
II Raw<lb/> | |||
<unclear>be</unclear> continued</note> | |||
<p>nominally (as we shall see) 3 per Cent, is perhaps<lb/> | |||
the most common: but instances of 2 1/2<lb/> | |||
per Cent and that in the same way a nominal<lb/> | |||
rate are not wanting. The real rate<lb/> | |||
<add>this much may be said in general terms — that it</add><del>rate</del> is in every instance <add>very</add> considerably less:<lb/> | |||
though by what precise amount — such are<lb/> | |||
the nature of the circumstances by which it is <lb/> | |||
<unclear>redeemed</unclear> — it is impossible to say. In some<lb/> | |||
instances where a nominal 3 per Cent is<lb/> | |||
allowed, a note has 6 months to run without<lb/> | |||
any interest, before interest at that rate<lb/> | |||
is to be paid upon it: so that for the first <del>year</del><lb/> | |||
6 months the nominal 3 per Cent amounts<lb/> | |||
to nothing and for <add>the first</add> twelve months it amounts<lb/> | |||
to no more than 1 1/2 per cent, nor indeed<lb/> | |||
correctly speaking to so much. In other<lb/> | |||
instances the note is <del><gap/></del> payable not on demand<lb/> | |||
but at a certain number of days —<lb/> | |||
say one and twenty — after sight: so that<lb/> | |||
binds the obligation of waiting one and twenty<lb/> | |||
days and upwards the advantage in respect<lb/> | |||
of interest is clogged with the trouble of <gap/><lb/> | |||
attendance — or <add>at any rate</add> if the compliance is performed<lb/> | |||
by letter, with <del>an</del> attendance and a correspondence,<lb/> | |||
with or without the expence of double<lb/> | |||
postage.</p> | |||
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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.
