texts: I have good news for you, Mr. Cosgrove.  The firm of Bracegirdle and Chatwick, in the city of London, are prepared to lend you 20,000 pounds, pledged against your interest in the Edric mines.  They will redeem the encumbrances against the property, which amount to some 10,000 pounds, and take a twenty- year working lease on the mines. They will lend you the 20,000 pounds against the lease income, which they will apply to the loan as it comes in, and they will make a charge of 18% per annum interest on the outstanding loan balance.
labels: Mr. Newcombe, I have made some difficult loans during the past few years, at very onerous terms, but 18% a year interest seems very stiff indeed.