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Art. 20.
10 Annuity notes
Inserendence
unofficial
Compare the plan made of reduction here proposed, with
that pursued in Mr Pelham's time + + Ao 1749 Compare them
in regard as to the three capital points — Dispatch — profit
Dispatch and certainty of success
1. Draft Dispatch. The gro first step taken in the reduction
of that term was the Resolution of the House of Commons
dated 29th Novr 1749. The existing rate of interest was
4 per Cent: the rate to which it was proposed to be
reduced, 3 per Cent. To obtain the requisite consent || Sinclare's Hist. of Revenue. #. III
a sacrifice was made: a price offered: 1 per
cent for one year (£577,034) and 1/2 per cent for 7 years
thereafter (2,016,119) Total £2,593,153.: considerably
more than 2 1/2 million, even after allowance made
for the difference between prompt and periodical payment:
Till Decr1750
Till Decr 1757
577,034
288,019
7
2016,119
577,0342593,153
between 1/22 and 1/23 of the amount of the capital
of the mass of the annuity on which the reduction was
to take place.
By the The reduction taking off
2 years in the instance of the second set of
subscribers, as it were by way of punishment for what was
looked upon as refractiveness,
the terms were
made better to the public
than that first issue,
but to an amount
scarce worth reckoning.
2. Dispatch. The date of the first authoritative step taken was
that of the Resolution of the House of Commons, 29th
Novr 1749. From that to the 28th of Feby then
next ensuing, three months was given to the Annuitants
to consider whether they would accept
of the terms or no: an interval a length of since
an interval was to be upon that plan necessarily allowed chargeable rather
with being not long enough deficiency than excess than too long, not allowing
time enough for Annuitants who might be resident
habitually or casually in America, or the West
or the East Indies.
