THE THEORY OF INTEREST
shown for coin bonds in §2. The results follow:
Table 12
Rates oj Interest Realized from Dates Named to Maturity or inPerpetuity 5
Rupee *
Gold-
Difference
Exchange onIndia
1865 .
4.3
4.1
.2
Pence perRupee
23.2
1868 .
4.3
4.0
.3
23.0
1870 .
4.3
4.0
.3
23.6
1871 .
4.1
3.8
.3
23.2
1872 .
3.9
3.7
.2
22.6
1873 .
3.9
3.7
.2
22.4
1874 .
3.9
3.8
.1
22.2
1875 .
4.0
3.6
.4
21.9
1876 .
4.1
3.7
.4
20.5
1877 .
4.1
3.7
.4
20.9
1878 .
4.2
3.9
.3
20.2
1879 .
4.4
3.7
.7
19.7
1880 .
4.3
3.6
.7
20.0
1881 .
4.0
3.4
.6
19.9
1882 .
3.9
3.5
.4
19.5
1883 .
4.1
3.4
.7
19.5
1884 .
4.1
3.3
.8
19.5
1885 .
4.1
3.5
.6
18.5
1886 .
4.1
3.5
.6
17.5
1887 .
4.1
3.4
.7
17.2
1888 .
4.1
3.1
1.0
16.5
1889 .
4.1
3.0
1.1
16.5
1890 (1st half).
4.0
3.0
1.0
17.6
1890 (2nd half).
3.9
3.1
.8
19.3
1891 .
3.8
3.1
.7
17.1
1892 .
3.9
3.1
.8
15.3
1893 .
3.9
3.0
.9
15.0
1894 .
3.9
3.0
.9
13.5
1895 .
3.4
2.8
.6
13.4
1896 .
3.3
3.1
.2
14.3
1897 .
3.5
3.1
.4
15.1
1898 .
3.7
3.2
.5
16.0
1899 .
3.6
3.2
.4
16.1
1900 .
3.7
3.4
.3
16.0
1901 .
3.7
3.5
.2
16.0
1902 .
3.6
3.5
.1
16.0
1903 .
3.5
3.5
.0
16.0
1904 .
3.6
3.7
—.1
16.1
1905 .
3.6
3.6
.0
16.1
1906 .
3.6
3.2
.4
16.0
Footnotes to this table are given on page 405.
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