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Dorset Richard has posted two annotations/comments since 28 June 2024.

The most recent first…

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Third Reading

About Monday 8 July 1661

Dorset Richard  •  Link

No diary entries for nearly a week? I’m diagnosing a humongous hangover after too much wine at his uncle’s funeral yesterday (Sam having been drowning either his grief or, more likely, his disappointment at not having been left anything substantial).

About Thursday 27 June 1661

Dorset Richard  •  Link

“ I could pay ready money 600l. and the rest by 150l. per annum, to make up as much as will buy 50l. per annum”

I read this as meaning that the seller, his Uncle Robert, wants to get enough money from the sale of the land to get himself an income of £50 per year.

Interest rates then were, from what I’ve been able to find online, around 4% to 5%, so his uncle would be looking to get something in the range £1,000 to £1,250 from Sam for the land, which he could invest and get around £50 per year in interest.

That roughly fits with Sam’s proposal of paying £600 up front and £150 per year until he’s paid the full price; if my figures above are right, it would take him about four years to pay it off, which sounds about right for this sort of informal arrangement.

That makes sense for his uncle as well; he’s getting older and would probably rather have an easy income from interest rather than the hassle of managing land, so rather than thinking directly of the price for the land, he’s thinking of how much interest he wants to get from investing the proceeds.