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   and materials of any description whatsoever, also on the Stibsidy to be paid by the Government in the sum of two thousand pounds a year for a period of ten years.
   B.  All right for that, and what interest would your bonds yield ?
   D.  Our calculations have been laid down on a four per cent interest, which is paying enough for ai loan of this kind. M * '
   B.  Money is very scarse nowadays, you know ; there are foreign government securities (i) on the market yielding three and a half, even four per cent and quite safe ; I think therefore you will have to raise the rate to four and a half at least, if you choose to secure a ready subscription. In how many years and by what means would the debt be extinguished ?
   1).  Our chief accountant (2) has laid down a sinking scheme (3), which, I think, would
   (1) Securities  Nella sua forma plurale (da Security) questo nome vale ad indicare titoli finanziari di qualunque natura : azioni, obbligazioni, buoni, ecc.
   (2) Accountant  Professionista o impiegato contabile  Public accountant - Pubblico liquidatore - Chief accountant -
   Capo contabile.
   (3) Dal sanificato generico del verbo to Sink a diminuire a poco a poco » quello tecnico di ammortizzare, quindi : Sinking funi- fondo di ammorlibazione e Sinking scheme -progetto di ammorti\\a\ione.
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   answer pretty well. According to such, the debt would be paid off (1) in twenty five years, the drawings (2) taking place every five years, to extinguish just one) fifth of the whole issue each time.
   B.  You do not intend, I presume, to reimburse the bonds at exactly their nominal value, do you ?
   D.  Of course not; the bondholders will get a premium of one shilling in the pound on reimbursement of their capital.
   B.  This also may be acceptable. And now my dear Mr. Pluck, allow me to ask you two more questions on points directly interesting whomsoever may be the contractor for the loan, that is:
   At what price below the nominal value would the Company intend to place the bonds with a contractor for the bulk, and whether
   (1) To pay off, pay out o in fullo. Queste diverse locuzioni corrispondono a Saldare, cioè pagare completamente.
   (2) Diconsi drawings le estrazioni, per mezzo delle quali viene comunemente ammortizzato un debito pubblico o di società.