22 Sept 1800 + 127

d 3 d Assembly Ch x. War War

4 From the profit by raising the price of Stock to Loan

Subscribers must be deducted the loss by raising it to the Sinking

Fund

Were it not for the operation of the Sinking

Fund, the profit on this account would be so much char: but, inasmuch as, to the extent of the

Stock purchased

in the year by that Fund, Government loses exactly as much

as it gains on the Stock sold in that same year in

and by the Loan, the amount of the loss by the

purchase

will be always to be deducted, from that of the sale

profit by the sale:

(a)

(a) Note Illustration (a) Note at bottom of this

page

Profit 1 p on £20,

profit a 20,500,00 Loss a 4,500,000 First year

of

with profit

To

Note to p. 127. (a) Money raised by Loan of

1800. +

+ 39 & 40 G.3. c.22 dated 10 th March 1800 contracted for

2 2 d Feb y

1800. #

Times 22 Feb. 1800. . . . .

}£20,500,000

Deduct Income of the Sinking Funds on the 24 th

of March 1800 exclusive of the dividends on

the Stock

put in the hands of the Commissioners by the Sale of the Land Tax ||

Common's Finance recounts 1800 N o v1

dated 24 March 1800. . . . . }£4,649,870

Remains amount of money on the

which the profit by

of the terms of the loan takes place . . . . }15,850,130

Deduct year's dividend

on the

Stock purchased by Sale of Land Tax as above . . . . } 437,659

++ M r Rose's Brief Examination, p.77. 6 th edit. 1800.

£15,412,471

To this account, some corrections might be made; by observations relative to

dates: but the benefit would not be worth the

trouble.