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#
a sum of $750,000 on the original 15 lakhs, with an additional
$50,000 per annum on the yearly issue. The loss of $3,000,000
would, therefore, at once be reduced to $2,250,000 and in any
case the whole loss of $3,000,000 would not have to be met
immediately. The immediate loss on demonetizing the loan of
subcoin from large holders would only be $1,800,000: and, as
shown under subhead III supra, there would be a sum of
$2,200,000 ready to hand which would more than cover this loss, and would in fact all but cover the full loss of $2,250,000
which would only accrue after the redemption of a total face value of $20,000,000 of subcoin.
It would probably take one year to make the
necessary arrangements with large holders for the demonetization
of their holdings: and it may perhaps take 5 years to buy out
the small holders and so complete the purchase of a face value
of $20,000,000 of subcoin. The demonetization of this sum will
yield a net valueof $17,000,000: ont of which has to be paid a sum of $8,000,000 to small holders plus $1,224,000 (interest
on loan from large holders for 6 years at $204,000 per annum
plus $3,000,000, (loss on demonetization) equals $12,224,000,
At the end of the 6th, year (if not sooner) there would there-
-fore be available a sum of $4,776,000 to deduct from the loan
of $12,000,000 leaving an unredeemed balance of $7,224,000,
from which must be further deducted $750,000 (profit on the new
issue