Within a year the new Borough bought a " substantial degree of freedom " from the Manor of Alverton then known as Alverton and Penzance for ?4 plus a perpetual annuity of ? which was last paid in 1936 . to add to the first pier of which was built in 1512.
12.
The elements of the financial revolution rested basically on the financial techniques developed in the Netherlands : the bill of exchange, both foreign and inland, which as a negotiable instrument became part of the medium of exchange; transferable shares in the permanent capital stock of corporations that were traded in an active secondary market; and perpetual annuities issued by a government which made them free of the risk of default.
13.
After his father's death, a compromise was reached in 1536 in which he was named 3rd Admiral of the Indies and renounced all other rights for a perpetual annuity of 10, 000 ducats, the island of Jamaica as a fief, the Dukedom of Veragua leagues in the Province of Veragua on the Isthmus of Panama, and the titles of 1st Duke of Veragua and 1st Marquess of Jamaica and 1st Duke of La Vega.
