Note 26 — PART IV. OF PUBLIC CREDIT.

This may seem a high valuation, and is, in fact, far beyond what any of those annuities sold for: but as the interest of money cannot be estimated, for a constancy, at more than 3 per cent. and that probably the best lives were chosen, the value to government of such annuities may well be estimated at 20 years purchase. By De Moivre’s tables, annuities for the most favourable ages, interest being at 3 per cent. are valued at 19.87 years purchase; and his valuations are generally allowed not to be too high.