Conversations On The Principal Subjects Of Political Economy

Paperback | May 12, 2012

byWilliam Elder

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1882 Excerpt: ...the annual interest is transferable. The stock or fund, as it is called, is always salable, but at variant prices. The nominal hundred pounds-worth at one time sold as low as 54 per cent., which raised the interest payable upon the investment nearly equal to 6 per cent. Half a dozen years ago this fund sold at about 93 per cent. Very lately it has been up to 99, and even to par. These more ordinary rates depend in great part upon the rate of interest which money carries in the market. The lowest rate mentioned was occasioned by the threatened insolvency of the exchequer, or its probable necessity for borrowing large sums at a heavy discount during the war with France. P. Do national debts sometimes represent a larger amount than the money received from the lenders? T. Nations have a ruling policy of not paying above a certain nominal rate of annual interest, and when they cannot borrow at that rate, they must take as much less than a hundred for the hundred acknowledged, as will bring the interest upon the sum received up to the current rate. For instances:--Great Britain borrowed in the years 1781, 1782, 1783, and 1794 £43,500,000, for which she issued stocks amounting to £65,248,000, nominally at 3 and 4 per cent., with terminable annuities added. Here was an aggregate of principal debt sold at 33J per cent. discount. On a large amount of loans created in 1812, 1813, 1815, nominally issued as three per cents., she received so much less cash as brought the interest on the money paid into her treasury up to 4J per cent.; and in 1847,1855, and 1856, she issued stocks to the amount of £34,000,000, at 3 per cent., for which she received but £30,315,500--a discount upon the principal of 10.91 per cent., bringing the actual interest up to 3.3...

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1882 Excerpt: ...the annual interest is transferable. The stock or fund, as it is called, is always salable, but at variant prices. The nominal h...

Format:PaperbackDimensions:132 pages, 9.69 × 7.44 × 0.28 inPublished:May 12, 2012Publisher:General Books LLCLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0217700896

ISBN - 13:9780217700894

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