ISBN: 9781130413540

RareBooksClub. Paperback. New. This item is printed on demand. Paperback. 52 pages. Dimensions: 9.7in. x 7.4in. x 0.1in.This historic book may have numerous typos and missing text. Purc… More...

RareBooksClub. Paperback. New. This item is printed on demand. Paperback. 52 pages. Dimensions: 9.7in. x 7.4in. x 0.1in.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. 1873 Excerpt: . . . directed by the Act of 1844, was 14 millions. The profit on that amount was estimated-- At 3 percent, per annum 420, 000 From this profit the following deductions were to bo made--Cost of circulation 117, 000 Commission 1. to other banks issuing) 24 000 Bank of England notes J Stamp Office (composition for duty) 60, 000 Payment for charter 120, 000 321, 000 Leaving for profit 99, 000 If the profit were assumed as, above, at 3. per cent 420, 000 A deduction made from it of 45. per cent, would I have been J Leaving for profit 105, 000 The close approximation of these figures led me to think that this was the basis of the calculations followed. The rate of 25s. per cent, appeared to me to have been based on the following calculation: -- From the payments stated as above 321, 000 There was probably deducted in making the calculation--The cost of the circulation 117, 000 And the commission to other banks 24, 000 141, 000 Leaving the payments for the charter and the 1 composition to the Stamp Office J As a tax of 255. per cent, on an assumed profit of 420, 000. would have amounted to 175, 000. , it does not seem improbable that Mr. Gladstone may have taken the 180, 000. paid by the Bank of England for the two heads above-mentioned, as the ground for proposing this charge. It is evident, however, that even this reduced charge of 25s. per cent. was too high a proportion to levy on the issne of country bankers, -who have no exclusive privileges like the Bank of England, and that therefore the payment for the charter should have been 1 ft out of the account. If this were deducted, the rate of duty on the country issue, to correspond with the 60, 000. paid by the Bank of England to the Stamp Office, would be below 10s. per cen. . . This item ships from La Vergne,TN., RareBooksClub<