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<unclear>be</unclear> continued</note> | <unclear>be</unclear> continued</note> | ||
<p | <p>nominally (as we shall see) 3 per Cent, is perhaps<lb/> | ||
the most common: but instances of 2 1/2<lb/> | the most common: but instances of 2 1/2<lb/> | ||
per Cent and that in the same way a nominal<lb/> | per Cent and that in the same way a nominal<lb/> | ||
rate are not wanting. The real rate<lb/> | rate are not wanting. The real rate<lb/> | ||
<add>this much may be said | <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 | though by what precise amount — such are<lb/> | ||
the nature of the circumstances by which it is <lb/> | the nature of the circumstances by which it is <lb/> | ||
<unclear>redeemed</unclear> — it is impossible to say. In some<lb/> | <unclear>redeemed</unclear> — it is impossible to say. In some<lb/> | ||
instances where a | instances where a nominal 3 per Cent is<lb/> | ||
allowed, a note | allowed, a note has 6 months to run without<lb/> | ||
any interest, before interest at that rate<lb/> | any interest, before interest at that rate<lb/> | ||
is to be paid upon it: so that for the first <del>year</del><lb/> | is to be paid upon it: so that for the first <del>year</del><lb/> | ||
6 months the | 6 months the nominal 3 per Cent amounts<lb/> | ||
to nothing and for <add> | 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/> | to no more than 1 1/2 per cent, nor indeed<lb/> | ||
correctly speaking to so much. In other<lb/> | correctly speaking to so much. In other<lb/> | ||
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.
