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say one and twenty — after <gap/>: so that<lb/> | say one and twenty — after <gap/>: so that<lb/> | ||
<gap/> the obligation of waiting one and twenty<lb/> | <gap/> the obligation of waiting one and twenty<lb/> | ||
days and upwards the advantage in | days and upwards the advantage in respect<lb/> | ||
of interest is clogged with the | of interest is clogged with the trouble of <gap/><lb/> | ||
attendance — or <add>at any rate</add> if the compliance <unclear>is</unclear> performed<lb/> | |||
by <unclear>letter</unclear>, with <del><gap/></del> | by <unclear>letter</unclear>, with <del><gap/></del> attendance and a correspondence,<lb/> with or without the expence of double<lb/> | ||
postage.</p> | |||
<!-- There are notes in pencil, referring to annuities, in the margins of this page. --> | <!-- There are notes in pencil, referring to annuities, in the margins of this page. --> | ||
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 <unclear>it</unclear is in every instance very considerably less:
though by what <unclear>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 in 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 : so that
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 attendance and a correspondence,
with or without the expence of double
postage.
