Note 103 — PART II. CONTAINING Remarks on some Particulars in a Speech at opening the Budget in April 1776.
Reading edition
The 3 per cents just before this loan were at 69l. and, consequently, 5 per cent. interest, (or 3l. per ann. for 60l.) would have afforded subscribers a profit of 9l. for every 60l. advanced. The long annuity was worth, as the stocks then stood, 21 years purchase, and the short annuity, 13 years purchase. Upon the whole loan, therefore, the profit would have been 3 per cent.