the Company was allowed to value this new stock at a par value of £100 per share. Every £1,000 to be loaned would thus add ten shares to the Company’s accounts. But the money that would actually fund that loan would come from selling shares at whatever the market would bear. So if Exchange Alley quoted prices over par, the Company would pocket the difference—in essence, enjoying the same windfall offered to those being enticed to swap their lottery annuities for shares.
