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<p><!-- pencil -->6 Aug. 1801</p> | |||
<p><head><!-- pencil -->Note to p. 9</head></p> | |||
<p><hi rend="superscript"><!-- pencil -->(a)</hi> During the <del>term</del> period <hi rend="underline">previous</hi> to the commencement<lb/> | |||
of the <hi rend="underline">conversion</hi>, the <del>profit quantity</del> <add>amount</add><lb/> | |||
of the <hi rend="underline">profit</hi> made by the Annuity Note<lb/> | |||
plan, will <add>indeed</add> depend upon the quantity of <add>fresh</add> money<lb/> | |||
brought in to the Government Annuity market<lb/> | |||
for the purchase of those Note Annuities. The<lb/> | |||
price of Stock Annuities purchased with such | |||
money, being given, the amount of the profit<lb/> | |||
will be in equal proportion to the quantity of<lb/> | |||
fresh money so imported. But <hi rend="underline">during the<lb/> | |||
conversion</hi>, the <add>amount of</add> profit will <hi rend="underline">not</hi> depend upon<lb/> | |||
<del><gap/></del> <add>the</add> quantity of such fresh imported money in<lb/> | |||
any degree, <del>no</del> <add>any</add> otherwise than in as far<lb/> | |||
as the conversion of the higher rates of interest<lb/> | |||
into the lowest rate is accelerated by that<lb/> | |||
means: and if the whole conversion should be<lb/> | |||
effected at once, by subscription, (as explained<lb/> | |||
in the note to Art. 20) then, there being<lb/> | |||
no room for such acceleration, no fresh profit<lb/> | |||
can be derived on that account from this source.<lb/> | |||
The only profit, produced <add>in this case</add> by such fresh money,<lb/> | |||
will be that which depends on the acceleration<lb/> | |||
<add>of the arrival of the respective periods</add> of the subsequent reductions, from £2:19s to<lb/> | |||
£2.7,5d per Cent, and so on, by so many<lb/> | |||
successive issues.</p> | |||
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{{Metadata:{{PAGENAME}}}} | {{Metadata:{{PAGENAME}}}}{{Completed}} |
6 Aug. 1801
Note to p. 9
(a) During the term period previous to the commencement
of the conversion, the profit quantity amount
of the profit made by the Annuity Note
plan, will indeed depend upon the quantity of fresh money
brought in to the Government Annuity market
for the purchase of those Note Annuities. The
price of Stock Annuities purchased with such
money, being given, the amount of the profit
will be in equal proportion to the quantity of
fresh money so imported. But during the
conversion, the amount of profit will not depend upon
the quantity of such fresh imported money in
any degree, no any otherwise than in as far
as the conversion of the higher rates of interest
into the lowest rate is accelerated by that
means: and if the whole conversion should be
effected at once, by subscription, (as explained
in the note to Art. 20) then, there being
no room for such acceleration, no fresh profit
can be derived on that account from this source.
The only profit, produced in this case by such fresh money,
will be that which depends on the acceleration
of the arrival of the respective periods of the subsequent reductions, from £2:19s to
£2.7,5d per Cent, and so on, by so many
successive issues.
Identifier: | JB/003/480/001"JB/" can not be assigned to a declared number type with value 3. |
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1801-08-06 |
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003 |
annuity notes |
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480 |
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001 |
note to p. 9 |
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text sheet |
1 |
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recto |
e9 / f117 |
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jeremy bentham |
cw 1799 |
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c. abbit lees |
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1799 |
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1890 |
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