Note 105 — PART II. CONTAINING Remarks on some Particulars in a Speech at opening the Budget in April 1776.
Reading edition
The 3 per cents being at this time at 80l. an annuity of 3l. purchased for 75l. would have produced a profit of 5l. Therefore these schemes are of exactly the same value. But they are too narrow; and the subscription this year fell immediately to one per cent. discount. But in the scheme I have proposed this might have been prevented by only offering 4 per cent. for 77l. or 78l. (instead of 75l.) of every 100l.