JB/002/199/001

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26 Aug 1800 ++ 2 101
20 Annuity Notes
Abstract</note

<note> advantages Financial
Period III
2
Amount per million
of capital and per
£30,000 of interest
£ £5791:13:4

Profit 1. Profit by reduction of the rate of interest article remaining
from £2:19:0 rate of the first issue, mass of redeemable Government Annuities to
£2:19:0 the rate of the second issue from £2.19.
per cent to £2.7s.5d per Cent.

This was result constitutes the ,del. great and characteristic
profit of this third period: and the passable proportionable amount
of it is nearly the fifth part of the mass of Annuities
remaining at the commencement of this third
period.

The annual rate amount of this branch of profit ) £ s. d
is, upon every each million of remaining of Annuity ) 5971.13.4
Notes
remaining in the hands of individuals — ) £5791 13s 4d
and thereby upon each £30,000 a year of )
interest on 3 per Cents — — — — )

1 Profit by depreciation reduction of 11s.7d. per £100 of )
capital [+] [+] or £3 of interest, of the redeemable part of the National debt, supposing the )
whole to assert>/del> to have continued unredeemed from the present during this ) £2,525,166:13:4
3d period time to the end of this 3d period £50,000 x 436 — £5791:13s:4d x 436 )

2 Deduct profit on the part redeemed during)
period the 1st period (say as before £36,000 000) ) £208,500
£5791:13:4 x 36 — — — £2,316,666 and 5 per cents redeemed

3 Deduct profit by difference of the </add> by reduction of £3 per cents )
interest to £2:19s per cents during the 2d period — — — — £200,000
£2,116,666

4 Deduct profit on the portion redeemed during by reduction of 4 & 5 per Cent
the 2d period to 3 per cent during the 2d period £1,212,000

5 Deduct restitution to the Sinking Fund of
profits by interest and by reduction of (1s per £100 capital)
reduction of interest (11:7 per £100 do) 3 per Cents to £2:19 per cents, and by do
on annuity Notes paper paid off by the
Sinking Fund — restitution to — a quantity not ascertainable
upon cash £400 worth or at the next susceptible of previous calculation —
half yearly, day of payment of interest after
it is brought in

6 remains clear annual profit, during this )
period, by the reduction peculiar to this period supposing
the whole <ad>annual</add> reduction to be effective on the first day )
of the period — — — — )

7 Half of this gives the average amount of the reduction [+] ) [+] and thence of the
and profit, during for each year of the period.