JB/002/160/001

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+ 1A Ch. 8. Financial Advantages —

Annuity Notes Ch. 8 Product 1 Branches of profit, from the proposed Paper on the three periods of its existence
The advantages of the financial kind that
may to be expected from the proposed measure will require
to be distinguished in the first place according
to the three periods or stages abovea marked out in the
per regard to the progress of it

Period I. From the opening of the first issue of
Annuity Notes to the arrival of 3 per Cent Stock
Annuities at par.

The heading branches of profit or advantage that may be expected looked for to
accrue in the course or at the conclusion of this
first period may be enumerated stated as follows.

Profit on Sale

1. Profit by the difference between the selling
price of Annuity for which a 7 per Cent Annuity
as secured by an Annuity Note is sold, and the
price at which an Annuity to the same amount
as bought as secured by an entry in the Books
of the Stock Annuities is bought in, with cash
raised by the above sale — in a word Profit by difference
between selling price of Note Annuities and buying
price of Stock: N.B This branch of profit ceases altogether
on the termination of it Period 1. (a)
(a) Note Advantage by taking stock out of the market Reference to Reduction of interest in bettering the terms of

2 - Interest forborne forborne
2. Profit by interest forborne to be received on Annuity Notes.

3.Profit Notes in hand: — Profit by interest of Annuity Notes while received
3. Notes in Hand
by Government in the course of circulation, while kept
in the hands of Government

Notes lost
4.Profit by Notes lost under circumstances which
either do not admitt of or do not call for, compensation.