,this etext was prepared by ,nigel ,lacey1 ,leicestershire1 ,,uk4 ,transcriber's ,notes3 ,i have used the ,,uk pound symbol 77 in this e-text as it appears in the original4 ,it looks like an ,l with a crossbar4 ,i am uncertain whether this symbol will be supported on all systems and fonts that this text file ends being viewed with4 ,my apologies if this applies to you4 ,i have endeavoured to retain the original table formatting1 rather than to reformat the tables in alignment with the text4 ,however1 as several of the tables were in landscape orientation in the original1 this has necessarily resulted in some very long lines in the tables 7up to #acj characters in some cases74 ,finally1 as ,i checked the transcription process certain errors in the tables came to light4 ,rather than correct these errors1 as they are an integral part of the original1 the ones that ,i noted are marked with underscores 774 ,note that underscores are also used to mark italicised passages in the original text4 ,everybody's ,guide to ,money ,matters ,with a description of the various invest- ments chiefly dealt in on the stock exchange1 and the mode of dealing therein also ,some account of the pitfalls prepared for the unwary1 and suggestions to the cautious investor4 by ,william ,cotton1 ,f4,s4,a4 ,late treasurer of the county of ,devon1 author of ,an ,elizabethan ,guild1 ,gleanings from ,records1 ,the ,bank ,manager1 etc4 ,originator of the postal order system4 ,london #ahih4 ,,preface4 ,,the ,author1 emboldened by a ,banking expe- rience of over forty years1 offers this little work to the public in the hope that1 elementary though it be1 it may prove acceptable to many persons of both sexes4 ,the work has been prepared chiefly for the use of women1 a vast proportion of whom are brought up in utter ignorance of money matters in the simplest form1 though otherwise they may be highly accomplished4 ,the subject1 it must be allowed1 is not a fasci- nating one1 but there are periods in the lives of most persons when some knowledge of money matters may be useful and even necessary4 ,w4,c4 ,,contents4 ,,page ,,chap4 ,i4 - ,what is ,money8 - ,what to do with it - ,how to open a ,bank ,account - ,how to draw ,cheques 4 4 4 #a ,,chap4 ,,ii4 - ,how to ,deposit ,money at ,interest - ,the ,bank ,pass ,book - ,the ,advantages of a ,bank ,account 4 #ac ,,chap4 ,,iii4 - ,london ,banks and ,banking - ,bill of ,exchange - ,deposits - ,scotch and ,irish ,banks 4 4 4 4 4 4 4 #bj ,,chap4 ,,iv4 - ,investments - ,what are ,securities - ,mortgages - ,the ,funds - ,the ,national ,debt - ,stocks and ,shares - ,dividends1 how ,payable 4 4 4 4 4 4 4 4 4 4 4 4 #bf ,,chap4 ,v4 - ,british ,government ,funds - ,the ,different ,debts - ,terminable ,annuities - ,loans ,guaranteed by ,govern- ment - ,dividends1 how to ,receive them - ,automatic ,re- investment of ,dividends 4 4 4 4 4 4 4 4 4 4 4 4 #ce ,,chap4 ,,vi4 - ,government ,annuities1 how to ,purchase - ,when ,payable - ,tables - ,insurance ,office ,annuities - ,tables - ,indian ,government ,stocks 4 4 4 4 4 4 4 4 4 4 4 #da ,,chap4 ,,vii4 - ,loans to ,corporations1 c4 - ,colonial ,govern- ment ,securities - ,inscribed ,stocks and ,bonds - ,list of ,inscribed ,stocks - ,bonds and ,coupons - ,foreign ,govern- ment ,stocks - ,caution in ,investing - ,railways - ,the ,different ,stocks and their ,relative ,values - ,the ,war- rants for ,interest and ,dividends - ,indian ,railway ,stocks - ,american ,railways - ,foreign ,railways - ,banks - ,as an ,investment - ,colonial and ,foreign ,corporation ,stocks - ,canals and ,docks - ,gas - ,electric ,lighting1 ,telegraph and ,telephone - ,water ,works - ,breweries - ,industrial ,companies - ,financial1 ,land and ,investment ,companies - ,financial ,trusts - ,insurance ,companies - ,steamship ,companies - ,mines 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 #ee ,,chap4 ,,viii4 - ,the ,stock ,exchange - ,brokers and ,jobbers - ,how ,business is ,done - ,contango and ,backwarda- tion - ,bulls and ,bears - ,boom and ,slump - ,settlement - ,risk in ,keeping ,convertible ,bonds - ,brokers - ,traps and ,snares - ,good ,companies and ,bad - ,advertising ,swindles - ,gold ,mines - ,a ,typical ,case - ,exploration ,companies 4 4 4 4 4 4 4 4 4 4 4 4 4 #gi ,,chap4 ,,ix4 - ,life ,insurance - ,its ,advantages - ,mutual and ,joint ,stock ,companies - ,choice of ,office - ,form of ,pro- posal - ,examination - ,premiums1 how ,payable - ,examples of ,advantage - ,various ,modes of ,insuring - ,bonuses - ,how ,applied - ,endowment ,insurance - ,non-profitable ,policies - ,settlement ,policies - ,endowment of ,children - ,insurance of ,joint ,lives - ,insurance on ,longest of ,two ,lives - ,surrenders - ,fire ,insurance - ,farm ,stock - ,other ,insurances 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 #aja ,,chap4 ,x4 - ,a ,building ,society1 ,mode of ,doing ,business - ,how to ,obtain a ,share1 and ,table of ,payments - ,how to ,withdraw1 and ,table - ,borrowers - ,how to ,build a ,house - ,table of ,payments - ,how ,profits are made - ,the ,weak ,points of ,societies ,badly ,conducted - ,what ,leads to ,collapse - ,necessity for ,choosing ,directors of ,standing and ,character - ,necessity for ,efficient ,audit of ,ac- counts 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 #abb ,,chap4 ,,xi4 - ,the ,post ,office ,savings ,bank - ,mode of ,depo- siting - ,opening an ,account - ,convenience and ,precau- tions - ,limit in ,amounts - ,withdrawal - ,payment to ,representatives - ,government ,annuities1 c4 - ,advan- tages the ,post ,office ,offers 4 4 4 4 4 4 4 4 4 #acd ,,appendix4 ,table of ,interest on ,investments 4 4 4 4 4 4 4 4 4 4 4 #adb ,examples of ,business ,communications - ,sending ,money by ,post 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 #adc ,requiring ,money 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 #adc ,acknowledging ,receipt 4 4 4 4 4 4 4 4 4 4 4 4 4 #add ,transfer to ,deposit ,account 4 4 4 4 4 4 4 4 4 4 #add ,arranging ,cheques to be ,honored by ,another ,bank #ade ,request for ,passport and ,circular ,notes 4 4 4 4 #ade ,ordering ,letter of ,credit 4 4 4 4 4 4 4 4 4 4 4 #adf ,remitting in this ,country 4 4 4 4 4 4 4 4 4 4 4 #adf ,lodging ,securities at ,bank 4 4 4 4 4 4 4 4 4 4 #adg ,order to ,receive ,dividends 4 4 4 4 4 4 4 4 4 4 #adg ,ordering ,investments 4 4 4 4 4 4 4 4 4 4 4 4 4 #adh ,,everybody',s ,,guide ,,to ,,money ,,matters4 ,,chapter ,i4 ,,easy ,,steps ,,to ,,money ,,matters4 ,,money is the medium by which we may acquire from others1 who are willing to part with them1 such things as we may desire4 ,the price of an article is the value set upon it by the possessor1 as represented by an expressed sum in money4 ,the price of some things are arbitrarily fixed by law or custom1 such as stamps1 professional fees1 duties1 c4 ,the standard of value in this country is gold1 and it is as against gold1 represented by coins of different denominations1 that the value of all commodities is estimated4 ,the authorised coins of the ,united ,kingdom consist of the following pieces3- ,,gold4 ,five-sovereign piece1 equal to ,five pounds4 ,two-sovereign piece1 equal to ,two pounds4 ,one-sovereign piece1 equal to ,one pound4 ,half-sovereign piece1 equal to ,half-a-pound4 ,,silver4 ,a crown1 or five-shilling piece1 equal to one- fourth of a sovereign4 ,double-fiorin1 or four-shilling piece1 equal to one-fifth of a sovereign4 ,half-a-crown1 or two shillings and sixpence1 equal to one-eighth of a sovereign4 ,florin1 or two-shilling piece1 equal to one- tenth of a sovereign4 ,shilling piece1 equal to one-twentieth of a sovereign4 ,sixpenny piece1 one-half of a shilling4 ,threepenny piece1 one-half of a sixpence4 ,,bronze4 ,a penny1 equal to one-twelfth of a shilling4 ,halfpenny1 equal to one-half of a penny4 ,farthing1 one-fourth of a penny4 ,in writing or speaking of sums of money the expression takes the form of pounds1 shillings1 and pence2 for example1 ,twenty-one pounds five shillings and nine pence4 ,sometimes the word sterling is added1 meaning genuine or standard coin of the realm4 ,in accounts the figures are placed in three parallel columns under the heading of s4 d4 for pounds1 s4 for shillings1 and d4 for pence1 from ,libri1 solidi1 and denarii1 the ,latin equivalents for these values4 s4 d4 #ba #e #i ,another form of money1 if it may be so termed1 is the ,bank note4 ,this is simply a promise to pay1 on demand1 the amount repre- sented on the note1 in gold or some legal tender4 ,the most common in use are #e notes1 but there are others of different denominations1 such as #aj1 #bj1 #ej1 #ajj1 c4 ,some country banks still issue these notes1 but they are by law restricted from issuing beyond a certain amount fixed by the ,bank ,act of #ahdd4 ,no new bank can issue notes1 and those which have the privi- lege are gradually relinquishing it1 so that in course of time there will be only one bank entitled to issue notes1 and that is the ,bank of ,england4 ,the notes of country banks1 other than the ,bank of ,england1 are not a legal tender2 that is1 it is not compulsory on anyone to accept them in payment of a debt4 ,the ,bank of ,england is the oldest joint-stock bank in the country1 and although1 in its consti- tution1 it does not differ materially from other joint-stock banks1 yet1 being the agent of the ,british ,government in all money matters1 and possessing other exclusive privileges1 it is looked upon as one of the enduring institutions of the country499 799 ,see ,joint-,stock ,banks1 p4 #fh47 ,amongst other privileges it enjoys is the authority to issue promissory notes to a certain extent1 representing respectively sums of #e1 #aj1 #bj1 #ej1 #ajj1 #bjj1 #ejj1 and #a1jjj4 ,these ,bank of ,england notes1 as they are termed1 are absolutely convertible1 that is to say1 the bank is legally bound to exchange them for gold at all times when demanded2 and a cer- tain amount of gold has always1 by law1 to be kept in stock for the purpose4 ,moreover1 the tender of ,bank of ,england notes1 the same as with gold1 in payment of a debt1 cannot1 in this country1 legally be refused4 ,no one1 however1 can be compelled to give change2 that is to say1 if you owe a person #d #aes41 you are bound in strict law to pay him that exact sum4 ,you cannot offer him a five-pound note and insist upon his giving you #es4 change1 though1 as a matter of courtesy and convenience1 payments are constantly accepted in that form4 ,it must be obvious that these ,bank of ,eng- land notes are a great convenience1 and even a necessity to the public1 as it would be quite impossible to carry on the enormous business of the country if such a cumbersome medium as gold coins was the only legal way of paying debt4 ,nevertheless1 gold coin of proper weight is a legal tender to any amount4 ,silver is not a legal tender for sums over two pounds1 nor bronze for sums over one shilling4 ,but even with bank-notes the requirements of business are not fully satisfied1 as there is always the risk of their being lost or stolen4 ,to avoid this risk1 and to provide facilities for buying and selling1 with the complications inci- dent thereto1 and the passing of money from one hand to another1 an intermediary agency is required1 and that agency is to be found in the banking companies4 ,in nearly every town1 having a pretence to the name1 in the ,united ,kingdom1 will be found a branch bank of some establishment of more or less repute1 and those who are fortunate enough to possess money will do well to take advantage of such an agency for their money matters1 having1 of course1 first ascertained that the standing of the company is such that they may do so with safety and confi- dence4 ,as a first step we give an example of what is occurring daily in hundreds of cases4 ,miss ,jane ,smith is a lady who has been brought up without the slightest instruction in business matters1 indeed has rather plumed her- self on the idea of being quite above such things4 ,suddenly she finds herself dependent upon others for guidance and advice4 ,she would like to act for herself if she only knew how to do so safely1 being of a somewhat suspicious temperament and mistrustful of advice from friends or acquaint- ances4 ,even the highly respectable lawyer1 who has handed her a packet of documents and #ejj in cash 7a legacy from her uncle71 with much sage counsel1 she is not quite sure about1 for she has imbibed the idea from her youth that lawyers are not always to be trusted4 ,the packet of documents in the tin box as they came to her is set aside in a safe place for the moment1 but the bank-notes and gold are a matter of serious concern to her4 ,she fears to carry them about her person lest she should lose them1 or be robbed1 and feels sure that if kept in the house they will attract any burglars that may be in the neighbourhood4 ,the best thing ,miss ,smith can do is to go to one of the neighbouring banks of repute - say the ,blankshire ,bank - and ask them to help her out of the difficulty4 ,she has an interview with the ,manager or ,cashier1 tells her story1 and is advised to leave the money at the bank and have an account opened in her name4 ,this course she consents to adopt1 and hands over the #ejj1 requesting some acknowledgment that she has done so1 in common terms1 something to show for it4 ,many banks provide and require their cus- tomers to use paying-in slips1 that is1 printed forms specifying the payments made to the bank under the head of cheques1 notes1 gold1 and silver4 ,a form is handed in with each payment1 and the initials of the cashier placed against the amount noted on the counterfoil1 which is re- tained by the customer4 ,in addition to this ,miss ,smith will be pre- sented with what is called a pass-book - a book passing between the bank and herself1 now become a customer - in which she will find it stated in the briefest business manner1 that the ,blankshire ,bank is ,dr4 7debtor7 to1 or owes1 ,miss ,jane ,smith #ejj4 ,she will be told that portions of this money may be drawn out from time to time as she may need it1 but this can only be done by cheques1 or forms of request to the bank to pay out the amount desired499 ,these forms1 provided by the bank1 are printed1 blank spaces being left to be filled up in writing1 and they are made up in books of various sizes1 each form bearing a penny stamp4 ,the customer pays for the book according to the number of stamps it contains1 but no more4 ,miss ,smith buys a cheque-book1 and1 opening it1 finds the following form in print3- 799 ,the practice with some people of writing cheques on plain paper is discountenanced by bankers1 and is to be condemned47 ---------------------------------------- ----------------- ,no4 #ajija4 ,no4 #ajija4 #ahi #ahi ,to the ,blankshire ,banking ,company1 ,blanktown4 ,pay to or bearer the sum of ---------------------------------------- ----------------- ,she then recollects that she has no money to go on with1 and asks to have #aj of the #ejj she has left in the bank4 ,the cashier offers to fill up the blank spaces in her first cheque1 making corresponding entries in the counterfoil1 and having done so asks her to sign it at the foot4 ,it then appears as follows3- ---------------------------------------- ----------------- ,no4 #ajija4 ,no4 #ajija4 ,march,i1 #ahih ,march ,i1 #ahih ,to the ,blankshire ,banking ,company1 ,blanktown4 ,self ,pay to ,self or bearer the sum of ,ten,pounds #aj #aj ,jane,smith ---------------------------------------- ----------------- ,the cheque is detached from the counterfoil at the dotted line1 and is retained by the cashier1 who hands over #aj to the lady together with the book containing the remaining cheques4 ,oh6 ,i had quite forgotten - ,i owe ,miss ,tucker1 the milliner1 #bc #ajs4 ,will the cashier please to let me have #bc #ajs4 to pay her with4 ,miss ,smith is told that there is no need of incurring the risk of carrying the money through the streets1 as a cheque in favour of ,miss ,tucker will equally answer the purpose2 and again he fills up the blank spaces in a second cheque1 which appears thus3- ---------------------------------------- ----------------- ,no4 #ajijb4 ,no4 #ajijb4 6 6 ,march,i1 #ahih 6 6 ,march ,i1 #ahih ,to the ,blank6hir6 ,banking ,company1 6,bla6ktown4 6 6 order ,j4,s4 ,miss,tucker ,pay to ,miss,tucker or 6 6 the sum of ,twenty-threepounds#aj_/- 6 6 #bcaj_/- #bcaj_/-6 6 ,jane,smith 6 6 ---------------------------------------- ----------------- ,you see1 says the cashier1 ,i have struck out the word 'bearer' and substituted the word 'order4' ,this will oblige ,miss ,tucker to sign her name on the back of the cheque 7technically1 to 'endorse it'7 before it can be paid4 ,your initials are required to confirm the alteration499 ,i have also drawn parallel lines across the cheque1 which makes it what is termed 'a crossed cheque1' and a crossed cheque cannot be cashed direct1 but must be paid into an account at a bank4 ,so you see you will have the signature of ,miss ,tucker1 proving that she has been paid her bill by means of this cheque2 and it is obvious that by crossing the cheque1 should it be lost and made an improper use of1 there would be no difficulty in tracing through whose hands it passed4 799 ,banks also issue cheques with the word order printed instead of bearer47 ,miss ,smith soon learns that all her trades- men's bills may be paid in the same way1 with- out going to the bank to draw the money1 and with the advantage that the cheque is not only a proof of payment1 but that she has also a record of her accounts in the bank pass-book4 ,it may here be mentioned that should a banker cash a cheque with a forged endorsement1 he is not responsible1 and the loss falls on the drawer of the cheque499 ,the crossing of a cheque1 how- ever1 necessitating its being paid to a bank account1 would facilitate the discovery of the culprit4 ,an additional security is given to a crossed cheque if it bears the words not nego- tiable written underneath the crossing4 ,this means that it cannot legally be used as a means of payment to a third party4 ,in the event of such a cheque going wrong1 the loss would fall upon a bank negotiating it for a customer4 ,the bank could be called upon to make good the amount to the payee4 799 ,if1 however1 he pays a cheque with a forged signature he is responsible1 as he is supposed to know the handwriting of his own customer47 ,it is illegal to post-date a cheque1 the reason being that bills of exchange1 which are obliga- tions to pay money at a future date1 bear a much higher stamp duty than cheques4 ,it would1 therefore1 be a fraud upon the revenue to make cheques do duty for bills of exchange4 ,,chapter ,,ii4 ,,the ,,bank ,,account4 ,,the manner in which ,miss ,smith had left her money on what is termed a current account at the ,bank is convenient to herself and profitable to the ,blankshire ,bank1 for they have the use of it free1 paying nothing for that use in the way of interest4 ,she will have other money coming to her in the shape of rents1 and the interest on money invested1 as represented in those documents in the tin box - all which money can be handed over to the ,bank in the same way that the #ejj was4 ,there is1 however1 no reason why she should leave so much lying idle without obtaining any interest upon it4 ,she will reckon up how much she will require for1 say1 the next six months1 for house expenses and personal use1 and also how much1 on the other hand1 she will be paid in rents or interest1 and will then find that there will be a sum of2 at least1 say1 #cjj over and above all she desires to spend4 ,if she is wise1 she will draw out this sum by cheque from her current account and have it placed on a deposit account4 ,in this case the bank will give her a deposit receipt or interest note1 somewhat in this form3- ---------------------------------------- ----------------- ,no4 #bcige #bfth ,june1 #ahig4 ,blankshire ,bank1 ,blanktown4 ,,received from ,miss ,jane ,smith the sum of ,three ,hundred ,pounds1 to be accounted for with interest at #b4e per cent per annum1 on #ad days' notice of withdrawl4 ,entered - ,j4 ,hill ,t4 ,dale1 ,manager4 ---------------------------------------- ----------------- 7and1 written across the receipt ,not transferable7 ,if the money is at any time wanted in a hurry1 banks do not insist upon notice being given to withdraw1 but deduct the days of notice from the time the interest note has run4 ,for instance1 if the money has been deposited for #ahd days1 the #ad days of notice will be deducted and interest allowed on #agj days only4 ,these receipts or notes are not transferable1 and the repayment of the principal or the interest must be applied for by the owner either personally or by letter4 ,money may be deposited in a bank in two names and be repayable to both conjointly1 by either separately1 or to the survivor of the two4 ,the bank will require a form to be signed by both parties1 specifying the manner in which it is desired that the money may be deposited4 ,by giving directions1 too1 the principal may be retained in the name of one person and the interest paid to another4 ,some banks adopt the plan of book deposits1 that is1 the amount paid in is entered in a pass-book1 and the interest credited half yearly4 ,this may go on accumu- lating1 or it can be drawn out in one sum only1 not as in the case of a current account by cheques of various amounts4 ,having thus established relations between ,miss ,smith and her bankers1 let us see at the end1 say1 of a month1 the state of her pass-book1 premising that in the meantime she has received and paid into the bank some moneys1 and also signed and sent cheques to some of her trades- men3- ---------------------------------------- ---------------------------------------- ,,the ,,blankshire ,,bank4 ,,blanktown1 ,dr4 to ,miss ,jane ,smith4 of ,blanktown4 ,cr4 ---------------------------------------- ------------------------------------ #ahig s4d4#ahig s4d4 ,june#bd ,to ,cash 4 4 #ejj #j #j;,june#bd ,by ,self 4 4 #aj #j #j ,july #h ,dividend ,consols #aa #d #f ,tucker 4 4 #bcaj #j #bc ,rent from ,cook #bdaj #j #bf ,deposit receipt #cjj #j #j #be ,g4,w4,r4 dividend #cj #j #j;,july #a ,figges 4 4 #h #c #d #c ,jones 4 4 #eaj #j #bd ,self 4 4 #aj #j #j ,total #efe #ads4 #f;d4 ,total #ceg #cs4 #d;d4 ---------------------------------------- ---------------------------------------- ,by the entries in the pass-book it will be per- ceived that #efe #ads4 #f;d4 has been paid into the bank1 as appears on the left-hand page1 and that #ceg #cs4 #d;d4 has been drawn out1 as appears on the right-hand page4 ,the balance or difference between the two1 amounting to #bjh #aas4 #b;d41 remains to the credit of ,miss ,smith4 ,in this comfortable state of things we will leave ,miss ,smith1 who can now claim to consult her banker in matters of business4 ,he will be able to offer her facilities in various ways4 ,he will hold for her1 in safe custody1 any deeds or securities2 and whilst she is absent from home will take charge of her plate or valu- ables1 free of all expense4 ,if she is travelling about the country he will arrange so that her cheques on the ,blankshire ,bank may be cashed at any other bank in the kingdom4 ,if she has occasion for it he will send money on her account to some other person's credit at any bank in the kingdom or the civilised world4 ,if she desires to travel abroad1 he will obtain a passport for her and provide her with circular notes1 which may be turned into money at any place she is likely to visit4 ,he will buy and sell stocks1 shares1 annuities1 c41 for her1 and collect dividends1 interest1 coupons1 c41 payable anywhere at home or abroad4 ,he will cheerfully advise her on all matters connected with money1 and it will be quite the exception if she does not1 in all things1 find him a safe and prudent counsellor4 ,as a rule1 no charge is made by a bank for keeping an account1 provided the balance1 that is1 the amount of money they hold for the cus- tomer - technically the credit balance - is not persistently small4 ,if it were always under #ej that would be considered small1 but if only occa- sionally below that figure1 and sometimes above #bjj for any time1 it would generally be exempt from charge4 ,when a charge is made for keeping an account which is not remunerative or free from trouble1 it does not amount to much1 and is fairly earned4 ,if an advance of money is required for a tem- porary purpose1 the bank will often lend the money by allowing the account to be overdrawn1 that is1 the balance in the pass-book will appear as due to the bank instead of from the bank for the sum required from time to time4 ,this is sometimes convenient when the advance is only required for a short time as avoiding the necessity for disturbing any investment which otherwise would have to be sold4 ,as a rule1 however 7though exceptions are made where the customer is absolutely to be depended upon71 the bank would desire some security to be deposited4 ,this may take the form of a sufficient portion in value of stocks or shares in which the customer has invested1 or sometimes the personal guar- antee of one or two responsible persons is accepted4 ,this is quite regular business1 and the interest usually charged is fair and reason- able4 ,,chapter ,,iii4 ,,london ,,banks ,,and ,,banking4 ,,the private banks now doing business in ,london are few in number4 ,the tendency of late years has been to transform these banks into ,limited ,liability ,companies1 or to amal- gamate with companies of this character4 ,it looks as though1 in course of time1 private banks will altogether cease to exist1 the joint-stock banks being better adapted to modern require- ments4 ,the private banks do not invite deposit1 and interest on accounts is not allowed4 ,they look to the average balance on each account to compensate for the trouble and expense of keeping it1 with a considerable margin for profit4 ,they require that not less than a certain fixed sum shall be the minimum balance of a customer's account1 but1 of course1 the larger the balance the better for the banker4 ,the balance in some cases may be very large where the bank has a wealthy connection1 it being a boast with some rich persons that they have never less than #aj1jjj1 or even #bj1jjj at their bankers4 ,the money so left in the banker's hands is lent out1 or invested in various ways1 and all that he receives in the shape of interest1 after paying the expenses of his estab- lishment1 is clear profit4 ,in short1 the #ejj a year which the customer might obtain if he in- vested the #bj1jjj he leaves at the bank1 goes to the banker4 ,at the head of the joint-stock banks of ,london is the ,bank of ,england1 which1 like the private banks1 do not take deposits upon which interest is allowed1 but rely upon the cash at their dis- posal in their customers' accounts for their profits4 ,in all other respects their mode of transacting business is much the same as that of other joint-stock banks4 ,accounts may be opened by merchants and traders1 and by private individuals of known respectability1 and no par- ticular sum is required to be lodged upon open- ing the account4 ,formerly cheques were not allowed to be drawn for a less sum than #aj1 but now there is no restriction as to the amount4 ,the profits of the bank are chiefly made by dis- counting bills of exchange1 which is done to an enormous extent4 ,a bill of exchange is an in- strument by which a party who is owed money by another party1 and accords to him the benefit of delay in payment1 for a fixed period1 draws on him in a form of order to that effect4 ,for instance1 the firm of ,bullion ,co4 have sold to ,john ,robinson certain goods1 which need not be specified1 as the principle applies in all cases1 whether it be bankers1 merchants1 or traders1 and for all transactions where one party is indebted to another4 ,the form drawn by ,bullion ,co4 on ,john ,robinson1 which requires to be stamped according to the amount1 would be as follows3- ---------------------------------------- ----------------- ,due #ast ,nov4 ------------ #ejj ,london1 #bith ,aug41 #aihg4 ,,three months after date pay to our order the sum of ,five ,hundred ,pounds for value received4 ,to ,mr4 ,john ,robinson1 ,bullion ,co4 ,merchant1 ,liverpool4 ---------------------------------------- ----------------- 7,written across3 ,accepted payable at the ,bank of ,london4 ,j4 ,robinson4 7 ,the acceptance of the obligation by ,john ,robinson is written across the face of the docu- ment1 and he makes it payable1 as most bills are for convenience1 at a ,london bank1 pre- sumably the ,london agent of his own bankers at ,liverpool4 ,payment becomes due three months after date1 with three days of grace added according to custom4 ,probably ,bullion ,co4 would find this #ejj1 if in cash1 useful in their business1 and supposing the parties to be of good repute1 they can readily convert it by discounting this bill at their bankers or at a bill broker1 who1 deducting a small amount in the shape of discount1 will hand over the balance to the firm1 or carry it to the credit of his account4 ,it is this discount that constitutes the profit to the banker1 and the rate varies according to the value of money1 whether it is plentiful or scarce4 ,the rate of discount is supposed to be regu- lated by the ,bank of ,england1 and the bank rate1 which is arbitrarily fixed by the directors1 is moved up and down 7sometimes for other reasons than the value of money71 and is sup- posed to be the rate of discount for bills of the best description4 ,it is found in practice1 however1 that when there is an abundance of money seek- ing employment1 bills are discounted at lower rates4 ,the ,bank of ,england make purchases and sales of ,british or ,foreign securities1 and divi- dends on stocks will be received and placed to account4 ,exchequer bills1 bonds1 railway deben- tures1 or any other securities may be deposited1 and the interest1 when payable1 will be received and placed to a customer's account free of charge4 ,cash boxes 7contents unknown71 plate chests1 and deed and security boxes are also received for customers for safety1 free of charge1 and all other banking facilities conceded1 as are given by the ,blankshire ,bank4 ,the other joint-stock banks of ,london trans- act their business in all respects in the same manner as the ,bank of ,england4 ,in addition they invite money on deposit1 allowing interest on the same4 ,sums of money lodged on deposit1 and they may be by persons who are not other- wise customers1 are not carried to a customer's account1 but1 as in the case of the ,blankshire ,bank1 are placed on a special form of receipt which is changed for a new one when the in- terest or any part of the principal is withdrawn4 ,the rate of interest allowed by the ,blankshire ,bank1 and by the country banks generally1 is a fixed one1 but that of the ,london banks is regulated by the value of money1 and fluctuates from time to time1 notice being given by adver- tisement in the ,london newspapers of any change in the rate4 ,deposits are received by the ,london bankers at call1 that is1 payment may be required on demand2 or at an arranged term of notice of repayment4 ,the rate of in- terest on money at call is less than where notice is required1 and the longer the period of notice the higher the rate of interest4 ,in ,scotland there are no private banks1 and in ,ireland only two4 ,the joint-stock banks are numerous1 and their mode of business is practi- cally the same as in ,england1 indeed the ,english system is founded on that practised by the ,scotch many years before the joint-stock bank was general in ,england4 ,,chapter ,,iv4 ,,investments4 ,,going back to the parcel of securities which ,miss ,smith received from her lawyer1 we will presume that they represent safe investments of various kinds4 ,it will be prudent1 however1 to ask her banker to examine them to see if any1 in his judgment1 might be sold with advantage 7either on account of doubtful character or ex- ceptionally high price71 and the money invested elsewhere4 ,this business the bank will transact for her2 and in the matter of investment1 in addition to using her own common sense as to the nature of the securities in which she should place her money1 she should seek the advice of her banker1 and rely very much upon his opinion4 ,the undertakings in which the public are in- vited to invest their money are so numerous1 and the prospects of success so speciously asserted1 in good and bad alike1 that it is necessary to be extremely cautious in accepting any state- ments of the kind without rigid examination and proof of their being true and genuine4 ,other- wise the investment or purchase becomes a speculation1 and1 more than likely1 will only end in disaster4 ,the term securities applies both to the concerns in which investments are made and to the deeds and documents which represent the investments4 ,thus a mortgage or a mortgage deed is a security4 ,the ,government ,funds1 stocks and shares in all companies1 bonds1 foreign and otherwise1 ,corporation ,stocks1 c41 are all termed securities4 ,a convertible se- curity is one which may be sold in the open market1 there being no restriction upon the persons who may hold it4 ,we will now endeavour to put before the reader some account of the various securities in which the public invest their money accord- ing to individual choice1 and which 7with the exception of mortgage on real property-land or houses7 may be bought and sold in the stock- market through the agency of a banker or broker4 ,quotations of the market price of these securities may be found in the ,stock ,exchange list1 which is published daily1 and can be seen at most bankers' offices4 ,many of them are also quoted in the daily newspapers4 ,,mortgages4 ,to invest money upon mortgage is to lend it to a person who has house or landed property1 and desires to borrow money at a certain speci- fied rate of interest4 ,the title deeds of the property are deposited with the lender of the money1 together with a mortgage deed1 which describes1 in full detail1 the terms which may have been agreed upon4 ,the interest is usually made payable half- yearly1 and in the event of its payment not being kept up1 or the lender desiring the return of his money1 the principal sum can be called up1 the lender giving six months' notice of his intention to do so4 ,if the borrower fails to pay1 a process of law has to be instituted1 called a foreclosure suit1 which1 if successful1 transfers the absolute ownership of the property into the hands of the lender1 so that he can receive the rents as his own1 or1 if he pleases1 sell the property under legal authority4 ,in view of such a contingency the value of the property should considerably exceed the amount of the money advanced1 so as not only to cover the principal sum1 but also any arrears of interest1 together with law costs and expenses4 ,the usual pro- portion of an advance on mortgage is two-thirds of the ascertained value of the property1 but there might be circumstances which would war- rant some variation in the proportion4 ,the mortgage deed should be prepared by the lender's own solicitor1 who would see that the property had a good title and use all the pre- cautions necessary in transactions of this kind to guard against fraud and loss2 and in many cases a professional valuation of the property would be desirable1 as a preliminary1 before the advance is entertained at all4 ,cases have been known where fraudulent per- sons have borrowed money on mortgages of property conveyed to themselves1 but as to which they were trustees only for others4 ,the lenders or mortgagees have1 in such cases1 no alternative but to give up the deeds and submit to the loss of their money4 ,debentures are a form of mortgage applicable to the raising of money by a corporation or joint-stock company4 ,the company mortgages its property for a certain sum1 too large for a single person to advance1 so it is divided up into even amounts of1 say1 #ajj1 the money being secured by de- benture bonds1 bearing interest at a fixed rate1 and being saleable in the stock markets4 ,,the ,,funds4 ,what are the ,funds8 ,the writer has been asked this question over and over again1 though it seems scarcely credible that1 in these days1 any person of ordinary intelligence should be ignorant of the meaning of the term4 ,unfor- tunately these things are not usually taught in our schools4 ,the ,funds1 generally speaking1 is the term applied to the ,national ,debt of ,great ,britain1 the money borrowed by the ,government from the people1 chiefly for the purpose of carrying on the great wars at the beginning of the present century4 ,for these loans as much as #e per cent4 has in former years been paid1 but at present #b #c_/d is the rate payable on the great bulk of the debt4 ,the year after the ,battle of ,waterloo the ,national ,debt amounted to nine hundred mil- lions of money2 at the present time it amounts to about five hundred and seventy millions1 and is steadily diminishing4 ,this being the case1 there is of course no need of further borrowing at present1 but the loans outstanding - any por- tion of them - may be bought and sold in the market2 that is1 any lender may transfer all or any part of his loan to some other person1 and as there are1 daily1 hundreds and thousands of individuals wanting to buy or to sell1 there is no difficulty whatever1 through the medium of the ,stock ,exchange1 in arranging so that a person can obtain1 or dispose of1 the exact amount of stock he desires4 ,the chief method by which the ,national ,debt is reduced is described under the head of ,terminable ,annuities4 ,,stocks ,,and ,,shares4 ,the stock of an institution or company is a fixed sum forming the capital upon which the concern is carried on1 or it is the fixed sum bor- rowed for certain purposes4 ,any quantity of stock may be purchased1 but shares1 which represent the capital of a company1 can only be purchased in whole numbers4 ,the nominal or face value of stocks and shares by no means necessarily represents their market value2 in fact it is the exception that they should do so4 ,the market price is con- tinually fluctuating4 ,thus1 if the price of a given stock is quoted in the lists and news- papers at #aaj1 it means that for every #ajj of such stock #aj additional has to be paid1 and the stock is said to be at #aj premium4 ,if1 on the other hand1 it is quoted at #ij1 it means that #ajj of such stock can be purchased for #ij1 and the stock is said to stand at a discount of #aj4 ,the interest in either case is of course calculated on the face value1 that is1 #ajj4 ,this applies to all kinds of stock on the same principle1 the prices varying according to the esteem in which they are held1 or1 in other words1 the credit they have with the moneyed world4 ,the shares of companies1 which are only purchasable in whole numbers1 are of various denominations1 or face values2 and again these face values by no means represent the market value4 ,shares of #e each 7nominal value7 may be quoted as selling at #f1 which would be #a pre- mium1 but the dividend or interest would be calculated on #e4 ,on the other hand1 a #e share quoted at #d would be #a discount1 but the dividend or interest would still be calculated on the face value of #e4 ,in very many cases the whole of the nominal value of a share is not called up1 i4e41 is not re- quired to be immediately paid4 ,thus a #e share may have only #c paid upon it1 leaving a lia- bility of #b1 which the holder may at any time be called upon to pay1 whether convenient or not4 ,this should always be borne in mind when purchasing shares of any kind1 as the neglect of this precaution has often involved holders in serious difficulties1 from being called upon to pay up when least able to do so4 ,the dividend on shares of this kind is calcu- lated only on the amount paid up4 ,,dividends4 ,a dividend is the sum apportioned periodi- cally1 in the shape of profit or interest1 to holders of stocks and shares4 ,it may be a fixed sum according to the rate of interest1 as in the case of the ,funds1 ,colonial ,stocks1 c41 or a varying sum according to the profits made1 as in the case of railway shares and those of other companies4 ,the dividends on the ,funds and some ,colonial ,stocks are paid quarterly1 at the beginning of ,january1 ,april1 ,july1 and ,october4 ,a month prior to the date of payment the stocks are marked ex-div41 meaning that any purchase effected after the #ast ,december1 #ast ,march1 #ast ,june1 and #ast ,september1 would not carry that quarter's dividend1 as it is held in favour of the person whose name is registered on the books on those dates4 ,the interest dependent upon the shares or stocks of companies is usually paid half-yearly1 after the periodical meeting1 when the accounts are presented and the profits declared4 ,a cer- tain date is fixed when these shares and stocks are saleable ex-div4 or ex-interest4 ,,chapter ,v4 ,,british ,,government ,,funds4 ,,the safest of all investments are those repre- sented by the ,national ,debt of this country1 but the rate of interest or annual income derivable therefrom is small4 ,the debt is nominally divided into three parts3- ,the ,funded ,debt1 the ,unfunded ,debt1 ,terminable ,annuities4 ,the ,funded ,debt 7#a7 is permanent2 it is repre- sented by ,consols yielding interest at the rate of #b #a_/b per cent4 per annum1 or #b #ajs4 a year for every #ajj of stock4 ,the ,government is not under obligation to redeem the principal at any fixed time1 but power is reserved to pay off the loan at par 7that is at the rate of #ajj for every #ajj stock1 irrespective of its then selling value7 in the year #aije4 ,another debt of compara- tively small amount1 bearing interest at #b #c_/d per cent4 per annum1 may also be paid off at par in #aije4 ,the great bulk of the ,national ,debt1 amount- ing to over five hundred millions sterling1 is1 represented by what1 in ,stock ,exchange par- lance1 is known as ,goschen's ,consols1 so called from the ,chancellor of the ,exchequer of that name1 to whom is due the conversion of the old three per cents41 in the year #ahhh4 ,this stock bears interest at the rate of #b #c_/d per cent4 per annum until the year #aijc2 from that date it is to be reduced to #b #a_/b per cent4 until #aibc1 when the principal may be paid off at par4 ,there is yet another fixed debt of about forty millions sterling called ,local ,loans ,stock1 being money borrowed by the ,government for the purpose of making advances to ,corporations for local works4 ,this stock may be redeemed at par in #aiab4 ,the ,unfunded ,debt 7#b7 consists of loans to the ,government for temporary purposes4 ,these loans are for various periods varying from seven days to as many years4 ,they are represented by ,exchequer ,bills1 ,exchequer ,bonds and ,trea- sury ,bills1 which bear interest1 according to the value of money at the time they are issued1 from day to day4 ,due notice is given when a loan is to be paid off or renewed1 and interest ceases on the day named for redemption4 ,,terminable ,,annuities4 ,terminable ,annuities 7#c7 may be regarded as a ,sinking ,fund1 or means by which a con- siderable portion of the ,national ,debt is paid off every year and ,the ,funds proportionately reduced4 ,thus the ,government is empowered to give an annuity for a certain number of years in ex- change for permanent stock in the ,funds4 ,for instance1 a holder of #a1jjj #b #c_/d per cent4 stock is receiving #bg #ajs4 a year in the shape of interest4 ,the ,government offers to pay double the amount of interest or #ee1 if the #a1jjj stock is trans- ferred to them1 and to continue this #ee a year for twenty years and no longer4 ,at the expiration of that period the interest ceases and the principal sum of #a1jjj is struck off the ,national ,debt1 which is in consequence reduced by that sum4 ,,loans - ,,the ,,interest ,,on ,,which ,,is ,,guaran- ,,teed ,,by ,,the ,,british ,,government4 ,these consist of loans to the ,government of ,canada for railway purposes1 upon which #d per cent4 per annum is guaranteed4 ,also loans to the ,colonies of ,jamaica at #d per cent4 and ,mauri- tius at #c per cent41 to the ,egyptian ,government at #c per cent4 and to the ,turkish ,government at #d per cent42 in this latter case the ,french ,government joins in the guarantee4 ,these are all perfectly safe investments1 so far as the interest or income derived is concerned1 but there appears to be no arrangement for the redemption of the loans4 ,the large loans to the ,government of ,india at #c #a_/b and #c per cent41 repayable in #aica and #aidh1 are guaranteed by the ,secretary of ,state for ,india1 practically the ,british ,government4 ,any amount may be invested in the above stocks and annuities through the medium of either a banker through his broker1 or by a broker direct4 ,the broker's charge for trans- acting in ,consols is #be4 #f;d4 7#a_/h7 per cent4 on the amount invested1 but provincial bankers make a further small charge for guaranteeing the busi- ness1 that is1 they protect their customer from any loss that may arise owing to the failure of the broker to carry out the contract4 ,the dividends1 interest1 or annuity derivable from these investments1 may be received by personal application of the holder at the ,bank of ,england on certain fixed days1 or on signing a printed form furnished on application by the ,bank of ,england1 per post1 they will send from time to time without further notice a warrant or order for the amount due1 which warrant or order may be paid into a bank account1 or1 on a proper introduction1 cashed at any bank or post office4 ,the simplest plan1 however1 may be to give your banker a ,power of ,attorney to receive the divi- dends from time to time and place the amount to the credit of your account4 ,income tax is deducted from all dividends2 but if a person is not liable to such tax1 by reason of the total income coming within the ,exemption ,clause1 the amount can be recovered through a surveyor of taxes1 as to which the banker would give all the information required 79974 7997 ,such information may also be found in detail in a little handy book1 ,income ,tax1 and how to get it ,refunded4 #as4 #f;d4 ,pub- lished by ,messrs4 ,effingham1 ,wilson ,co4 ,the stock of the ,bank of ,england1 which may be purchased in any amount1 the same as ,consols1 is a favourite investment with some1 but the price is so high that the income to be derived therefrom is no more1 and sometimes even less1 than from the ,funds4 ,,automatic ,,re-,,investment ,,of ,,dividends4 ,holders of stock in the ,funds who are not desirous of receiving their dividends1 but prefer to have them added half-yearly to the capital sum without further action on their part1 are granted facilities by which this may be done automatically1 on application to the ,bank of ,england4 ,the instructions apply to amounts of stock of less than #a1jjj only4 ,these facilities are also extended to holders of ,metropolitan ,consolidated ,stocks1 and to the ,india #c per cent4 and #c #a_/b per cent4 stocks4 ,,chapter ,,vi4 ,,government ,,annuities4 ,,the ,commissioners for the ,reduction of the ,national ,debt1 under the authority of ,parlia- ment1 grant annuities either on single lives1 or on two lives and the life of the survivor1 or on the joint continuance of two lives1 such annui- ties to commence immediately4 ,in the case of single lives1 the annuity may be made to com- mence at a future period1 and the consideration for it may be paid by the purchaser annually in sums of money not less than #e1 but in case of default in keeping up the annual instalments1 all the annual payments previously made are forfeited1 and all right to the annuity is ex- tinguished4 ,payment for an annuity is made by the transfer of #b #a_/b per cent4 ,consols1 or money of equi- valent value1 at the price of the stock on the day of the transaction4 ,the tables 7see p4#dd7 show the annuity which #ajj of #b #a_/b per cent4 stock will purchase1 to con- tinue during the life of a nominee at the re- spective ages and according to the prices of #b #a_/b per cent4 stock therein stated4 ,it will be seen that in the case of money being paid for the purchase of the annuity1 the higher the price of ,consols the dearer will be the purchase4 ,thus1 a female buying an annuity at the age of fifty1 amounting to #e #ais4 #h;d4 per annum1 and ,consols being at par1 or #ajj1 would1 if she paid for it in money1 have to expend #ajj4 ,but suppose ,consols to be at #ajh 7as they are at present7 she would have to pay #ajh for the same annuity4 ,tables relating to annuities on joint lives and to deferred annuities may be obtained at the ,national ,debt ,office1 #ai1 ,old ,jewry1 ,london1 by application direct1 or through a bank4 ,no person under the age of fifteen can be ap- pointed the nominee for any life annuity4 ,life annuities are payable quarterly at the ,national ,debt ,office1 in the form of a warrant on the ,bank of ,england1 either on personal demand1 or through a bank by ,power of ,attor- ney2 or they can be transmitted to the pro- prietor by post4 ,the fixed dates are the fifth of ,january1 the fifth of ,april1 the fifth of ,july1 and the fifth of ,october in each year4 ,the first quarterly payment of annuities will become due as follows1 namely3 ,on annuities purchased between the first of ,december and the last day of ,february1 on the fifth of ,april next following the day of purchase4 ,between the first of ,march and the last day of ,may1 on the fifth of ,july next following4 ,between the first of ,june and the last day of ,august1 on the fifth of ,october next following4 ,between the first of ,september and the last day of ,november1 on the fifth of ,january next following4 ,no sum less than #ajj of stock or money can be received in the first instance1 but it may be added to subsequently in sums of not less than #bj4 ,upon the expiration of any life annuity a sum equal to one-fourth of the annuity 7over and above all quarterly arrears thereof7 will be paid to the representatives of the annuitant1 if claimed within two years after such expiration4 ,very heavy penalties attach to persons making false statements or declarations in respect of the purchase of an annuity4 ,per ,acts #aj ,geo4 ,,iv41 cap4 #bd1 and #ea and #eb ,vic4 cap #ae4 ------------------------- ,,table showing the ,,annuity1 continuing during the ,life of any person of the following ,ages1 which #ajj ,,stock in the #b #a_/b ,,per ,,cent4 ,,bank ,,annuities will purchase4 ---------------------------------------- ---------------------------------------- ------------- ,when the price of ,when the price of ,when the price of #ajj of #b #a_/b per #ajj of #b #a_/b per #ajj of #b #a_/b per ,age cent4 ,stock exclusive cent4 ,stock exclusive cent4 ,stock exclusive ,age of the of accrued dividend of accrued dividend of accrued dividend of the ,nominee lies between lies between lies between ,nominee #id #ae #i and #ie #ac #aa4ie #ac #aa and #if #ab #e4if #ab #e and #ig #aa #c4 ---------------------------------------- ----------------------------- ,male4 ,female4 ,male4 ,female4 ,male4 ,female4 ---------------------------------------- ---------------------------------------- s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 #ae #d #a #b #c #ae #c #d #a #g #c #ae #g #d #b #j #c #ae #aa #ae #af #d #a #aj #c #ae #i #d #b #c #c #af #a #d #b #h #c #af #f #af #ag #d #b #g #c #af #d #d #c #j #c #af #h #d #c #e #c #ag #a #ag #ah #d #c #d #c #af #aa #d #c #i #c #ag #c #d #d #c #c #ag #h #ah #ai #d #d #b #c #ag #f #d #d #g #c #ag #aa #d #e #j #c #ah #c #ai #bj #d #d #aa #c #ah #b #d #e #e #c #ah #f #d #e #aj #c #ah #aa #bj #ba #d #e #i #c #ah #i #d #f #b #c #ai #b #d #f #h #c #ai #g #ba #bb #d #f #g #c #ai #e #d #g #a #c #ai #aj #d #g #f #d #j #c #bb #bc #d #g #f #d #j #a #d #g #aa #d #j #f #d #h #e #d #j #aa #bc #bd #d #h #d #d #j #aj #d #h #aj #d #a #c #d #i #d #d #a #h #bd #be #d #i #c #d #a #f #d #i #i #d #b #j #d #aj #c #d #b #e #be #bf #d #aj #c #d #b #d #d #aj #i #d #b #i #d #aa #c #d #c #b #bf #bg #d #aa #c #d #c #a #d #aa #i #d #c #f #d #ab #c #d #d #j #bg #bh #d #ab #c #d #c #aa #d #ab #i #d #d #d #d #ac #c #d #d #aj #bh #bi #d #ac #c #d #d #i #d #ac #aj #d #e #b #d #ad #d #d #e #h #bi #cj #d #ad #d #d #e #g #d #ad #aa #d #f #a #d #ae #e #d #f #g #cj #ca #d #ae #f #d #f #f #d #af #j #d #g #j #d #af #g #d #g #f #ca #cb #d #af #g #d #g #f #d #ag #b #d #h #j #d #ag #i #d #h #f #cb #cc #d #ag #aj #d #h #f #d #ah #e #d #i #j #d #ai #j #d #i #f #cc #cd #d #ai #j #d #i #f #d #ai #g #d #aj #j #e #j #c #d #aj #f #cd #ce #e #j #d #d #aj #g #e #j #aa #d #aa #a #e #a #f #d #aa #h #ce #cf #e #a #h #d #aa #i #e #b #c #d #ab #c #e #b #aa #d #ab #i #cf #cg #e #c #j #d #ab #aa #e #c #h #d #ac #e #e #d #c #d #ad #j #cg #ch #e #d #e #d #ad #b #e #e #a #d #ad #h #e #e #i #d #ae #c #ch #ci #e #e #aa #d #ae #e #e #f #g #d #af #j #e #g #c #d #af #g #ci #dj #e #g #f #d #af #aj #e #h #b #d #ag #e #e #h #aj #d #ah #j #dj #da #e #i #a #d #ah #c #e #i #i #d #ah #aj #e #aj #f #d #ai #e #da #db #e #aj #i #d #ai #i #e #aa #f #e #j #d #e #ab #b #e #a #j #db #dc #e #ab #f #e #a #d #e #ac #c #e #b #j #e #ad #j #e #b #g #dc #dd #e #ad #e #e #c #j #e #ae #a #e #c #h #e #ae #aa #e #d #d #dd #de #e #af #d #e #d #aj #e #ag #a #e #e #f #e #ag #aj #e #f #b #de #df #e #ah #d #e #f #i #e #ai #a #e #g #e #e #ai #aa #e #h #b #df #dg #f #j #f #e #h #i #f #a #c #e #i #f #f #b #a #e #aj #b #dg #dh #f #b #i #e #aj #aa #f #c #g #e #aa #h #f #d #e #e #ab #e #dh #di #f #e #b #e #ac #c #f #f #j #e #ad #j #f #f #aa #e #ad #i #di #ej #f #g #h #e #ae #g #f #h #g #e #af #e #f #i #e #e #ag #b #ej #ea #f #aj #e #e #ah #a #f #aa #c #e #ah #aa #f #ab #b #e #ai #i #ea #eb #f #ac #c #f #j #i #f #ad #b #f #a #g #f #ae #b #f #b #e #eb #ec #f #af #d #f #c #g #f #ag #d #f #d #e #f #ah #d #f #e #d #ec #ed #f #ai #h #f #f #g #g #j #h #f #g #f #g #a #h #f #h #e #ed #ee #g #c #b #f #i #aj #g #d #c #f #aj #h #g #e #c #f #aa #h #ee #ef #g #g #j #f #ac #c #g #h #a #f #ad #b #g #i #b #f #ae #b #ef #eg #g #aa #b #f #ag #j #g #ab #c #f #ag #aa #g #ac #e #f #ah #aa #eg #eh #g #ae #h #g #j #aa #g #af #aj #g #a #aa #g #ah #j #g #b #aa #eh #ei #h #j #g #g #e #a #h #a #i #g #f #b #h #c #j #g #g #c #ei #fj #h #e #aj #g #i #f #h #g #j #g #aj #h #h #h #d #g #aa #i #fj #fa #h #aa #c #g #ad #d #h #ab #g #g #ae #f #h #ac #aa #g #af #h #fa #fb #h #af #aa #g #ai #e #h #ah #c #h #j #g #h #ai #h #h #a #aj #fb #fc #i #c #j #h #d #aj #i #d #e #h #f #a #i #e #aj #h #g #d #fc #fd #i #i #e #h #aj #h #i #aj #aa #h #ab #j #i #ab #e #h #ac #d #fd #fe #i #af #c #h #ag #b #i #ag #aj #h #ah #f #i #ai #e #h #ai #aa #fe #ff #aj #c #f #i #d #a #aj #e #a #i #e #f #aj #f #h #i #g #j #ff #fg #aj #aa #j #i #aa #h #aj #ab #h #i #ac #b #aj #ad #e #i #ad #h #fg #fh #aj #ai #j #i #ai #i #aa #j #i #aj #a #d #aa #b #g #aj #b #aa #fh #fi #aa #g #h #aj #h #d #aa #i #f #aj #aj #j #aa #aa #d #aj #aa #h #fi #gj #aa #ag #j #aj #ag #e #aa #ah #aa #aj #ai #a #ab #j #aa #aa #j #aa #gj #ga #ab #f #aa #aa #f #h #ab #i #j #aa #h #f #ab #aa #j #aa #aj #e #ga #gb #ab #ag #h #aa #af #e #ab #ai #aj #aa #ah #d #ac #b #j #ab #j #d #gb #gc #ac #i #j #ab #f #i #ac #aa #c #ab #h #i #ac #ac #f #ab #aj #aj #gc #gd #ad #j #i #ab #ag #h #ad #c #a #ab #ai #aj #ad #e #f #ac #b #j #gd #ge #ad #ac #j #ac #i #d #ad #ae #f #ac #aa #g #ad #ah #j #ac #ac #aj #ge #gf #ae #f #b #ad #a #i #ae #h #i #ad #d #a #ae #aa #e #ad #f #f #gf #gg #ae #ai #h #ad #ae #j #af #b #e #ad #ag #f #af #e #b #ae #j #j #gg #gh #af #ad #j #ae #i #j #af #af #aj #ae #aa #h #af #ai #i #ae #ad #d #gh #gi #ag #i #c #af #d #j #ag #ab #c #af #f #aj #ag #ae #d #af #i #g #gi #hj #ah #e #d #af #ai #aj #ah #h #f #ag #b #i #ah #aa #i #ag #e #i #hj ---------------------------------------- ---------------------------------------- ------------- ,per ,acts #aj ,geo4 ,,iv41 cap4 #bd1 and #ea and #eb ,vic4 cap #ae4 ------------------------- ,,table showing the ,,annuity1 continuing during the ,life of any person of the following ,ages1 which #ajj ,,stock in the #b #a_/b ,,per ,,cent4 ,,bank ,,annuities will purchase4 ---------------------------------------- ---------------------------------------- ------------- ,when the price of ,when the price of ,when the price of #ajj of #b #a_/b per #ajj of #b #a_/b per #ajj of #b #a_/b per ,age cent4 ,stock exclusive cent4 ,stock exclusive cent4 ,stock exclusive ,age of the of accrued dividend of accrued dividend of accrued dividend of the ,nominee lies between lies between is above ,nominee #ig #aa #c and #ih #aj #f4 #ih #aj #f and #ii #aj #a4 #ii #aj #a4 ---------------------------------------- ----------------------------- ,male4 ,female4 ,male4 ,female4 ,male4 ,female4 ---------------------------------------- ---------------------------------------- s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 #ae #d #b #e #c #af #d #d #b #aj #c #af #h #d #c #c #c #ag #j #ae #af #d #c #a #c #af #aj #d #c #g #c #ag #c #d #d #j #c #ag #g #af #ag #d #c #aa #c #ag #e #d #d #d #c #ag #aj #d #d #i #c #ah #c #ag #ah #d #d #h #c #ah #j #d #e #a #c #ah #e #d #e #g #c #ah #aj #ah #ai #d #e #f #c #ah #h #d #e #aa #c #ai #a #d #f #e #c #ai #f #ai #bj #d #f #c #c #ai #d #d #f #i #c #ai #h #d #g #c #d #j #a #bj #ba #d #g #b #d #j #j #d #g #g #d #j #e #d #h #a #d #j #aj #ba #bb #d #h #j #d #j #h #d #h #f #d #a #a #d #i #j #d #a #f #bb #bc #d #h #aa #d #a #d #d #i #e #d #a #i #d #i #aa #d #b #c #bc #bd #d #i #aj #d #b #a #d #aj #d #d #b #f #d #aj #aj #d #c #j #bd #be #d #aj #i #d #b #aj #d #aa #d #d #c #c #d #aa #aj #d #c #i #be #bf #d #aa #i #d #c #g #d #ab #c #d #d #a #d #ab #aj #d #d #f #bf #bg #d #ab #i #d #d #c #d #ac #d #d #d #aa #d #ac #aj #d #e #d #bg #bh #d #ac #aj #d #e #c #d #ad #d #d #e #i #d #ad #aa #d #f #c #bh #bi #d #ad #aa #d #f #b #d #ae #f #d #f #g #d #af #j #d #g #a #bi #cj #d #af #j #d #g #j #d #af #g #d #g #f #d #ag #b #d #h #j #cj #ca #d #ag #b #d #h #j #d #ag #i #d #h #f #d #ah #d #d #i #j #ca #cb #d #ah #d #d #i #j #d #ah #aa #d #i #f #d #ai #f #d #aj #j #cb #cc #d #ai #g #d #aj #j #e #j #b #d #aj #f #e #j #aj #d #aa #a #cc #cd #e #j #aj #d #aa #a #e #a #f #d #aa #g #e #b #a #d #ab #b #cd #ce #e #b #b #d #ab #b #e #b #aj #d #ab #i #e #c #e #d #ac #d #ce #cf #e #c #f #d #ac #d #e #d #b #d #ac #aa #e #d #aj #d #ad #f #cf #cg #e #d #aa #d #ad #g #e #e #g #d #ae #b #e #f #d #d #ae #i #cg #ch #e #f #e #d #ae #aj #e #g #a #d #af #e #e #g #aj #d #ag #j #ch #ci #e #g #aa #d #ag #b #e #h #h #d #ag #i #eai #d #d #ah #e #ci #dj #e #i #f #d #ah #g #e #aj #c #d #ai #b #e #aa #j #d #ai #aj #dj #da #e #aa #c #e #j #a #e #aa #aa #e #j #h #e #ab #h #e #a #d #da #db #e #ab #aa #e #a #h #e #ac #h #e #b #c #e #ad #f #e #c #j #db #dc #e #ad #i #e #c #c #e #ae #f #e #d #j #e #af #d #e #d #h #dc #dd #e #af #h #e #e #j #e #ag #f #e #e #i #e #ah #c #e #f #e #dd #de #e #ah #h #e #f #aa #eaa #f #e #g #g #f #j #d #e #h #d #de #df #f #j #i #e #h #aj #f #a #g #e #i #g #f #b #e #e #aj #d #df #dg #f #c #j #e #aj #aa #f #c #aj #e #aa #h #f #d #h #e #ab #f #dg #dh #f #e #c #e #ac #b #f #f #b #e #ac #aa #f #g #a #e #ad #i #dh #di #f #g #i #e #ae #f #f #h #h #e #af #d #f #i #g #e #ag #a #di #ej #f #aj #d #e #ah #j #f #aa #d #e #ah #aj #f #ab #c #e #ai #h #ej #ea #f #ac #b #f #f #f #f #ad #a #f #a #e #f #ae #a #f #b #c #ea #eb #f #af #a #f #c #c #f #ag #a #f #d #b #f #ah #a #f #e #j #eb #ec #f #ai #d #f #f #b #g #j #d #f #g #a #g #a #e #f #h #j #ec #ed #g #b #h #f #i #d #g #c #i #f #aj #c #g #d #aj #f #aa #b #ed #ee #g #f #d #f #ab #g #g #g #e #f #ac #f #g #h #g #f #ad #f #ee #ef #g #aj #c #f #af #b #g #aa #e #f #ag #b #g #ab #g #f #ah #b #ef #eg #g #ad #f #g #j #j #g #ae #i #g #a #j #g #af #aa #g #b #a #eg #eh #g #ai #b #g #d #j #h #j #e #g #e #a #h #a #h #g #f #b #eh #ei #h #d #c #g #h #d #h #e #f #g #i #f #h #f #aj #g #aj #g #ei #fj #h #i #g #g #ab #aa #h #aj #aa #g #ad #a #h #ab #d #g #ae #c #fj #fa #h #ae #c #g #ag #aj #h #af #g #g #ai #a #h #ah #j #h #j #d #fa #fb #i #a #j #h #c #a #i #b #f #h #d #d #i #d #j #h #e #h #fb #fc #i #g #c #h #h #h #i #h #i #h #aj #j #i #aj #d #h #aa #d #fc #fd #i #ac #aa #h #ad #h #i #ae #f #h #af #a #i #ag #a #h #ag #f #fd #fe #aj #a #j #i #a #d #aj #b #g #i #b #i #aj #d #d #i #d #c #fe #ff #aj #h #e #i #h #f #aj #aj #a #i #aj #j #aj #aa #aj #i #aa #f #ff #fg #aj #af #b #i #af #c #aj #ag #aa #i #ag #aj #aj #ai #i #i #ai #f #fg #fh #aa #d #e #aj #d #g #aa #f #c #aj #f #c #aa #h #b #aj #g #aa #fh #fi #aa #ac #c #aj #ac #e #aa #ae #c #aj #ae #b #aa #ag #b #aj #ag #j #fi #gj #ab #b #aa #aa #b #i #ab #d #aa #aa #d #g #ab #g #j #aa #f #f #gj #ga #ab #ac #b #aa #ab #d #ab #ae #d #aa #ad #c #ab #ag #f #aa #af #c #ga #gb #ac #d #b #ab #b #d #ac #f #e #ab #d #e #ac #h #i #ab #f #f #gb #gc #ac #ae #aj #ab #ac #j #ac #ah #b #ab #ae #a #ad #j #g #ab #ag #d #gc #gd #ad #g #aa #ac #d #b #ad #aj #e #ac #f #e #ad #ac #j #ac #h #i #gd #ge #ae #j #g #ac #af #b #ae #c #b #ac #ah #g #ae #e #aj #ad #a #j #ge #gf #ae #ad #a #ad #h #aa #ae #af #aj #ad #aa #f #ae #ai #g #ad #ad #j #gf #gg #af #h #j #ae #b #g #agaj #aa #ae #e #c #af #ac #aj #ae #g #aa #gg #gh #ag #b #h #ae #ag #j #ag #e #i #ae #ai #aj #ag #h #aj #af #b #h #gh #gi #ag #ah #e #af #ab #f #ah #a #h #af #ae #e #ah #d #aj #af #ah #e #gi #hj #ah #ae #j #ag #h #aj #ah #ah #d #ag #aa #aa #ai #a #i #ag #ae #j #hj ---------------------------------------- ---------------------------------------- ------------- ,,insurance ,,office ,,annuities4 ,some of the ,insurance ,offices grant imme- diate annuities4 ,of course1 in purchasing a life annuity from an ,insurance ,office1 it is necessary to ensure as far as is humanly possible that an annuity will be paid for life4 ,this not only de- pends upon the present solvency of the company1 but upon that solvency being maintained4 ,there is not much difficulty1 however1 in selecting from amongst the numerous well-established companies1 with proper advice1 one that will answer every requirement4 ,the following table shows the amount of an annuity granted by the undermentioned companies for every #ajj paid4 ,the age last birthday is that upon which the pay- ment is based1 and the initial letters ,m4 and ,f4 indicate the rates for male and female lives4 ,the ages quoted range from #ej to #gj years1 but the terms for purchasing an annuity at any age can be obtained at the ,insurance ,office4 ,by a few companies1 distinguished thus 7671 the proportionate amount of annuity is payable to the day of death4 ---------------------------------------- ---------------------------------------- --------------------- ,office ,age #ej ,age #eb ,age #ee ,age #eh ,age #fj ,age #fb ,age #fe ,age #gj ---------------------------------------- ---------------------------------------- --------- s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 6,british ,empire ,mutual ,m #g #d #f #g #aj #b #h #j #b #h #ab #aj #i #c #b #i #ad #faj #ad #dab #af #d,m ,f #f #ab #j #f #ag #j #g #f #b #g #ag #d #h #f #b #h #af #b #i #ad #daa #ae #aj;,f ,caledonian ,m #g #f #b #g #ab #j #h #b #h #h #af #j #i #g #j #i #ai #baa #j #jac #e #aj,m ,f #f #aa #h #f #ag #j #g #f #b #g #ag #aa #h #g #j #h #ae #g #i #ac #ajaa #ad #aa;,f ,city of ,glasgow ,m #g #e #f #g #aa #f #h #b #j #h #ae #f #i #f #f #i #ah #faj #ai #jac #d #f,m ,f #f #ab #f #f #ag #f #g #g #e #g #ag #i #h #f #g #h #af #j #i #ad #ajaa #ad #g;,f ,eagle ,m #g #e #aj #g #aa #f #h #a #aj #h #ae #j #i #e #h #i #ag #faj #ah #jac #a #d,m ,f #f #ab #aj #f #ah #b #g #g #f #g #ai #b #h #h #d #h #ah #h #i #ag #fab #j #d;,f ,economic ,m #g #e #f #g #aa #f #h #a #aj #h #ae #d #i #f #d #i #ah #daj #ai #hac #d #aj,m ,f #f #ab #d #f #ag #h #g #g #d #g #ai #b #h #h #d #h #ai #j #i #ah #dab #b #h;,f ,edinburgh ,m #g #d #f #g #aj #f #h #a #d #h #ad #aj #i #f #b #i #ah #faa #j #jab #ai #f,m ,f #f #aa #b #f #af #h #g #f #f #g #ah #f #h #h #j #h #ah #aj #i #ah #faa #ag #h;,f 6,english and ,scottish ,m #g #aj #j #g #af #h #h #f #aj #h #ai #j #i #aj #baj #b #haa #c #bac #f #d,m ,law ,f #f #ab #d #f #ag #d #g #g #d #g #ai #d #h #h #f #h #ah #aj #i #ah #daa #ai #j;,f 6,friends' ,provident ,m #f #ae #d #g #j #aj #g #aj #d #h #a #h #h #aj #g #i #j #i #i #ah #ajaa #ah #f,m ,f #f #e #h #f #aj #i #f #ai #aa #g #aa #a #g #ai #aa #h #i #aa #i #g #aaa #d #g;,f ,general ,m #g #d #h #g #aa #aj #h #c #aj #h #ag #d #i #g #b #i #ah #haa #b #jac #h #f,m ,f #f #ac #d #f #ah #aj #g #i #b #h #a #b #h #aj #j #h #ai #f #i #ae #haa #aj #aj;,f 6,gresham #f #ah #e #g #d #j #g #ad #a #h #f #g #h #af #h #i #g #aaaj #h #aab #ab #aa 6,guardian ,m #f #ai #d #g #e #d #g #ae #h #h #i #j #h #ai #h #i #aa #faj #a #bab #ae #aj,m ,f #f #f #f #f #aa #aj #g #a #f #g #ac #b #h #b #d #h #ab #aj #i #aa #haa #ad #h;,f 6,hand-in-,hand ,m #g #c #d #g #i #d #h #j #j #h #ac #d #i #d #b #i #af #baj #ag #jac #a #d,m ,f #f #aj #b #f #ae #h #g #e #d #g #ag #b #h #f #f #h #ag #j #i #af #baa #ai #aj;,f ,law ,union and ,crown ,m #g #b #h #g #h #d #g #ah #aj #h #ab #j #i #b #h #i #ad #haj #ae #fac #j #b,m ,f #f #i #aj #f #ae #b #g #d #h #g #ae #aj #h #d #aj #h #ae #b #i #ad #baa #ag #f;,f 6,legal and ,general ,m #g #b #j #g #g #f #h #ah #f #h #ac #h #i #e #b #i #ag #faj #ag #aj -- ,m ,f #f #g #aj #f #ac #j #g #b #j #g #ac #j #h #a #aj #h #ab #b #i #f #h -- ,f ,life ,association of ,m #g #f #j #g #ab #j #h #b #h #h #af #j #i #g #j #i #ai #baa #j #fac #d #h,m ,scotland ,f #f #ab #aj #f #ah #b #g #g #aj #g #ai #h #h #i #j #h #ai #aj #i #ai #bab #b #f;,f ,liverpool and ,london ,m #g #d #d #g #aj #f #h #a #d #h #ae #j #i #f #d #i #ai #jaa #j #ajac #g #h,m and ,globe ,f #f #aj #aj #f #af #f #g #f #d #g #ah #d #h #h #j #h #ai #j #i #ai #jab #d #aj;,f ,london1 ,edinburgh1 ,m #h #e #j #h #aa #j #i #a #h #i #ae #daj #f #haj #ai #bab #a #bad #g #aj,m and ,glasgow ,f #g #aa #j #g #af #f #h #f #b #h #ah #d #i #h #j #i #ah #ajaj #ah #hac #d #aj;,f ,marine and ,general ,m #f #ag #c #g #c #c #g #ac #c #h #e #j #h #ad #i #i #g #jaj #aj #jab #ab #j,m ,mutual ,f #f #d #c #f #i #f #f #ah #i #g #aj #f #g #ai #f #h #i #f #i #h #caa #aj #f;,f ,national ,life ,m #g #aa #c #g #ag #c #h #g #aa #i #a #e #i #ab #gaj #d #ajaa #f #eac #ab #c,m ,f #f #ag #i #g #c #c #g #ac #j #h #d #aa #h #ad #d #i #e #baj #d #iab #i #aj;,f ,national ,provident ,m #f #ae #d #g #j #aj #g #aj #d #h #a #h #h #aj #f #i #j #h #i #ah #ajaa #ah #f,m ,f #f #e #h #f #aj #h #f #ai #aj #g #aa #j #g #ai #aj #h #i #aj #i #g #jaa #d #f;,f ,north ,british and ,m #g #e #d #g #aa #d #h #a #aj #h #ae #b #i #f #b #i #ah #baj #ai #dac #d #f,m ,mercantile ,f #f #ab #b #f #ag #f #g #g #b #g #ai #j #h #h #b #h #ah #aj #i #ah #bab #b #f;,f 6,northern ,m #g #a #h #g #g #j #g #af #f #h #h #h #h #ah #f #i #i #daj #h #fab #h #h,m ,f #f #i #f #f #ad #d #g #c #j #g #ac #aj #h #b #b #h #aa #aj #i #i #baa #i #j;,f 6,pearl ,m #g #i #d #g #ae #h #h #f #aj #i #j #d #i #aa #jaj #c #baa #d #fac #aj #f,m ,f #g #c #b #g #i #d #h #j #b #h #ac #j #i #c #j #i #ad #faj #ad #fab #ag #f;,f ,positive ,m #g #j #j #g #h #j #h #j #j #h #ae #j #i #e #j #i #ai #jaa #j #jac #e #j,m ,f #f #aj #j #f #af #j #g #e #j #h #j #j #h #aj #j #i #j #j #i #ae #jaa #ae #j;,f 6,provident ,clerks' ,m #f #ae #aj #g #a #f #g #aa #i #h #d #i #h #ae #a #i #f #iaj #f #ajab #i #e,m ,f #f #c #c #f #h #g #f #ag #aj #g #i #a #g #ah #a #h #h #e #i #g #jaa #h #g;,f ,prudential ,m #f #af #f #g #b #f #g #ac #f #h #g #j #h #ah #j #i #aj #faa #ab #jab #ag #j,m ,f #f #c #j #f #i #j #f #ai #j #g #aa #j #h #j #f #h #aa #j #i #aa #jaa #ae #j;,f 6,rock ,m #g #e #j #g #aa #b #h #b #b #h #af #b #i #g #iaj #j #eaa #b #aaac #d #b,m ,f #f #aa #d #f #ag #j #g #f #aa #g #ai #d #h #i #j #i #j #baj #j #fab #a #c;,f ,royal ,m #f #ab #g #f #ah #aa #g #i #e #h #a #h #h #aa #b #i #b #baj #a #ajab #a #j,m ,f #f #e #c #f #aa #j #g #j #g #g #aa #c #g #ai #f #h #h #h #i #e #jaj #ag #i;,f ,royal ,exchange ,m #f #af #aa #g #b #i #g #ac #j #h #e #aa #h #af #f #i #h #aaj #h #eab #aa #c,m ,f #f #d #c #f #i #f #f #ah #aa #g #aj #e #g #ai #e #h #i #h #i #h #caa #aj #g;,f ,scottish ,amicable ,m #g #j #g #g #f #b #g #af #e #h #i #b #h #ai #d #i #aa #aaj #aa #ajab #ae #g,m ,f #f #g #h #f #ac #b #g #b #h #g #ac #i #h #b #e #h #ab #i #i #ab #jaa #ad #a;,f ,scottish ,life ,m #g #g #f #g #ac #f #h #d #d #h #ag #aj #i #i #jaj #a #baa #b #hac #h #f,m ,f #f #ac #f #f #ai #j #g #h #h #h #j #h #h #aj #j #i #j #haj #j #jab #b #f;,f ,scottish ,metropolitan ,m #g #aj #aj #g #ah #j #h #i #d #i #b #j #i #aa #haj #c #faa #e #hac #aa #aa,m ,f #f #ab #i #f #ag #i #g #f #h #g #ag #f #h #f #a #h #af #c #i #ad #faa #ae #h;,f ,scottish ,provident ,m #g #b #h #g #h #e #g #ah #i #h #aa #aa #i #b #h #i #ad #faj #ae #cab #af #aj,m ,f #f #i #h #f #ae #j #g #d #d #g #ae #aa #h #e #a #h #ae #f #i #ad #eaa #ad #c;,f 6,scottish ,widows' ,fnd4 ,m #f #h #j #f #ac #d #g #b #b #g #ab #aj #h #a #j #h #aj #f #i #g #ajaa #h #f,m ,f #f #b #f #f #g #f #f #af #j #g #f #b #g #ad #j #h #c #b #h #ai #ajaj #ah #f;,f ,standard ,m #f #ai #d #g #e #j #g #ae #a #h #g #aj #h #ah #e #i #aj #jaj #aj #cab #g #i,m ,f #f #i #h #f #ae #j #g #d #d #g #af #j #h #e #a #h #ae #f #i #ad #eaa #g #a;,f ,star ,m #g #c #i #g #aj #f #h #b #a #h #ae #h #i #e #e #i #af #gaj #ag #bac #j #a,m ,f #f #ad #d #f #ai #aa #g #i #f #h #j #aa #h #i #aa #i #j #a #i #ah #faa #ae #h;,f ,sun 7of ,india7 ,m #g #e #aj #g #ab #j #h #b #aj #h #af #h #i #h #jaj #j #daa #b #bac #h #h,m ,f #f #ab #f #f #ah #j #g #g #aj #h #j #j #h #i #h #i #j #haj #j #fab #f #j;,f ,united ,kingdom ,m #f #ae #j #g #j #f #g #aj #c #h #b #f #h #ae #aa #i #c #caj #j #cab #a #j,m ,temperance ,f #f #b #aa #f #h #j #f #af #aa #g #f #e #g #af #d #h #f #j #i #c #daa #b #c;,f ,yorkshire ,m #g #a #b #g #g #f #g #ah #j #h #aj #d #i #j #j #i #aa #faj #aa #jab #ae #j,m ,f #f #h #j #f #ac #f #g #b #j #g #ab #f #h #b #f #h #ac #f #i #ab #jaa #ab #j;,f ---------------------------------------- ---------------------------------------- --------- ,post ,office 7,govt47 ,m #f #ac #d #f #ai #b #g #i #aj #h #c #b #h #ad #j #i #f #jaj #f #ajab #aj #aj,m ,anns4 ,f #f #j #f #f #f #j #f #ae #h #g #g #f #g #af #h #h #g #d #i #f #daa #i #f;,f ---------------------------------------- ---------------------------------------- --------- ,equitable1 ,u4 ,states ,m #g #aj #j #g #ae #i #h #f #b #h #ai #c #i #i #ajaj #a #iaa #a #hab #ag #aa,m ,mutual1 ,new ,york ,f #f #af #i #g #b #a #g #aa #f #h #c #a #h #ab #a #i #b #haj #j #iaa #ag #h;,f ,new ,york ---------------------------------------- ---------------------------------------- --------------------- ,,indian ,,government ,,stocks4 ,these stocks stand as high in the estimation of the public as the ,british ,government ,funds4 ,they consist of loans raised in this country for the use of the ,indian ,government and are two in number1 bearing interest respectively at the rate of #c and #c #a_/b per cent4 ,there is also what is termed a ,rupee ,paper ,loan1 raised in ,india at #c #a_/b per cent4 per annum4 ,the interest is paid in the currency of the coun- try1 which is the rupee1 and that coin being worth only a little more than half its nominal value in this country1 the investor in this stock would receive in the shape of interest little more than half the #c #ajs4 a year4 ,the price of the stock in the market is consequently in the same proportion1 and at the present moment is about #fb for every #ajj stock4 ,,chapter ,,vii4 ,,loans ,,to ,,corporations ,,and ,,counties ,,of ,,the ,,united ,,kingdom4 ,,these are loans raised by boroughs and coun- ties1 and other authorities in this country1 for local purposes1 upon the security of the rates or other assured income4 ,before the money is borrowed the consent of the ,local ,government ,board is necessary to make the loan legal1 and evidence is required that the resources of the borrowers are ample to meet their obligations4 ,on most of these stocks the rate of interest is #c per cent41 though there are some few at #c #a_/b per cent4 ,the principal is redeemable at fixed dates1 or by a sinking fund1 that is1 by setting aside so much a year to pay off the loan at a fixed time1 or as opportunity offers4 ,for instance1 in times when money is scarce or dear there is a proba- bility of these stocks falling below their par value1 and the ,sinking ,fund is then used to buy the stock in the market4 ,thus the ,corporation may be able in effect to pay off a loan of #ajj for #ij or #ie1 whatever the price may be1 and so gain the amount of the difference4 ,investments in securities of this kind may be considered absolutely safe1 although certainly there is the contingent risk of a town1 after bor- rowing up to its full powers1 drifting into decay from the loss of its staple trade1 and so finding itself unable to meet its obligations4 ,the in- vestor should1 however1 find no difficulty in discovering where such a contingency would be possible4 ,the interest on these loans is usually sent direct to the stock-holders1 by means of an order on a bank4 ,,colonial ,,government ,,securities4 ,loans made to the various ,colonies of ,great ,britain have always been a favourite mode of investing money1 as they command a better rate of interest1 at least they have done so in the past1 although the confidence which the ,colonies have succeeded in inspiring now enables them to borrow money at a low rate of interest4 ,at the same time the old stocks have advanced to a very considerable premium4 ,experience has shown that1 so far1 the invest- ment has been a safe one1 although great fluc- tuations have from time to time taken place in the value of some of the stocks1 owing to a check in prosperity1 depression of trade1 or diminished confidence in the stability of the ,colony from various causes4 ,these transient clouds have1 however1 in time1 passed away1 and confidence has again been established4 ,the investor should be able readily to distin- guish between those ,colonies which are perma- nently settled and not likely to be seriously affected by any passing crisis1 and others in a less fortunate or advanced position4 ,and he would do well1 if adversity should at any time overtake a ,colony1 and so send down the value of its stock1 to avoid selling out in a panic1 but to consider whether the circumstances are such that the crisis may pass off at no distant date1 and confidence be restored4 ,it should be remem- bered that there are always speculators who1 at such times1 endeavour to intensify a crisis1 in order that prices may be forced down1 and that they may be thereby enabled to acquire stocks at low prices from timid holders4 ,there are two modes of investing in these securities1 #a4 ,inscribed or ,registered ,stock4 #b4 ,bonds4 ,in the case of ,inscribed or ,registered ,stock1 any amount can be invested1 and the same is registered in the books of the ,bank of ,england or elsewhere1 in the name of the investor1 in the same way as the ,government ,funds4 ,the divi- dend or interest is sent to the owner's address by an order payable at a bank1 half-yearly or quarterly1 as the case may be1 or it may1 on written instructions being sent to the agents1 be transmitted to the credit of the account of the holder at his own bankers periodically4 ,this is by far the best plan2 it saves trouble and risk1 and1 for the matter of that1 something in postage4 ,it is1 moreover1 the method much preferred by the agents themselves1 and it involves no additional expense4 ,the following is a list of the ,inscribed ,stocks of the ,colonial ,governments1 with an example of the way in which the market price1 which of course varies almost from day to day1 is quoted3- ,,colonial ,,government ,,inscribed ,,stocks4 ---------------------------------------- ---------------------------------------- ---------------------------------------- --------- #a #b #c #d #e #f #g #h ---------------------------------------- ---------------------------------------- ---------------------------------------- --- #ajj1jjj #ajj1jjj #a ,mar4 #a ,sept4 #d ,aug4 #d ,antigua #d ,inscribed ,stock #aiai-dd #aae - #aag #cge1jjj #cge1jjjae ,mar4 #ae ,sept4 #ag ,aug4 #c #a_/b;,barbados #c #a_/b ,inscribed ,stock #aibe-db #aji - #aaa #a1abj1jjj #ifi1idj #a ,jan4 #a ,july #af ,dec4 #c ,british ,columbia 7,province of7 #c ,insc4 ,stock #aida #aja - #ajc -- #aid1ejjae ,jan4 #ae ,july #af ,dec4 #d ,british ,guiana #d ,inscribed #aice #aah - #abj #g1eje1hjj #g1eje1hjj #a ,may #a ,nov4 #ai ,oct4 #d ,canada #d ,stock ,registered #aijd-d-f-h #aje - #aaa #c1ige1fad #c1ige1fad #a ,jan4 #a ,july #ae ,dec4 #d ,do4 #d ,reduced 7late #e7 ,registered #aiaj #aji - #aaa #d1eej1cjj #d1eej1cjj #a ,june ,dec4 #af ,nov4 #c #a_/b ,do4 #c #a_/b ,stock ,registered #aiji-cd #ajg - #aji #c1dca1gjj #c1dca1gjj #a ,jan4 ,july #ae ,dec4 #d ,do4 #d ,loan for #d1jjj1jjj #aiaj-ce #aaj - #aab #aj1ici1hcd #i1igh1jba #c ,do4 #c ,stock ,registered #aich #ajb - #ajd #c1jjj1jjj #b1aae1aeb #a ,june #a ,dec4 #af ,nov4 #d ,cape of ,good ,hope #d ,stock ,registered #aiag-bc #aag - #aai #c1gfi1dfe #c1gfi1dfe #d ,do4 7,loan of #ahhc7 ,inscribed #aibc #aai - #aba #i1iig1eff #i1iig1effae ,apl4 #ae ,oct4 #b ,oct4 #d ,do4 #d ,consolidated ,stk4 ,ins4 #aiaf-cf #aaf - #aah -- #e1aed1bgb #a ,jan4 #a ,july #af ,dec4 #c #a_/b ,do4 #c #a_/b ,consolidated ,ins4 ,stk4 #aibi-di #aae - #aag #a1jgf1ajj #a1jgj1ajjae ,feb4 #ae ,aug4 #af ,jan4 #d ,ceylon #d ,inscribed ,stock #aicd #abc - #abe #a1dej1jjj #a1dej1jjj #a ,may #a ,nov4 #b ,oct4 #c ,do4 #c ,inscribed ,stock #aidj #ajd - #ajf #abc1fgj #abc1fgjae ,may #ae ,nov4 #af ,oct4 #d ,grenada #d ,inscribed ,stock #aiag-db #aae - #aag #cda1hjj #cda1hjjae ,april #ae ,oct4 #af ,sept4#c #a_/b;,hong ,kong #c #a_/b ,inscribed ,stock #aiah-dc #ajg - #aaj -- #a1jhf1bdaaf ,feb4 #af ,aug4 #af ,jan4 #d ,jamaica #d ,inscribed ,stock #aicd #abj - #abb #dhj1gdi #dhj1gei #a ,feb4 #a ,aug4 #b ,jan4 #d ,mauritius #d ,inscribed ,stock #aicg #aba - #abc -- #bhb1dhaae ,may #ae ,nov4 #af ,oct4 #d ,natal #d ,consolidated ,stock1 ,inscribed #aibg #abj - #abb #c1jbf1ddd #c1jbf1ddd #a ,april #a ,oct4 #a ,sept4 #d ,do4 do4 do4 #aicg #abc - #abe #c1gad1iag #c1gad1iag #a ,june #a ,oct4 #c ,nov4 #c #a_/b ,do4 #c #a_/b ,inscribed ,stock #aiad-ci #ajg4e-ajh4e #cbj1jjj #cbj1jjj #a ,jan4 #a ,july #af ,dec4 #d ,newfoundland ,inscribed #aiac-ch #aji - #aaa #eej1jjj #eej1jjj #d ,do4 #d ,inscribed ,stock #aice #aaj - #aab #bjj1jjj #bjj1jjj #d ,do4 #d ,consolidated ,stock ,inscribed #aicf #aaj - #aab #i1fhf1cjj #i1fhf1cjj #a ,jan4 #a ,july #b ,dec4 #d ,new ,south ,wales ,stock1 ,inscribed #aicc #abj - #abb #af1ejj1jjjaf1ejj1jjj #a ,april #a ,oct4 #b ,sept4#c #a_/b ,do4 #c #a_/b ,stock1 ,inscribed #aibd #aaj - #aaa -- #ab1hbf1bjj #a ,mar4 #a ,sept4 #e ,aug4 #c #a_/b ,do4 #c #a_/b ,stock1 ,inscribed #aiah #aji - #aaj #d1jjj1jjj #d1jjj1jjj #a ,april #a ,oct4 #b ,sept4 #c ,do4 #c ,inscribed ,stock #aice #aja4e-ajb4e #bi1aej1cjbbi1aej1cjb #a ,may #a ,nov4 #b ,oct4 #d ,new ,zealand #d ,consolidated ,stock ,inscribed #aibi #aae - #aaf #e1ifj1ehh #e1ifj1ehh #a ,jan4 #a ,july #b ,dec4 #c #a_/b ,do4 #c #a_/b ,stock #aidj #aje4e-ajf4e #a1ebg1jjj #a1ebf1fbj #a ,april #a ,oct4 #b ,sept4 #c ,do4 #c ,inscribed #aide #ajj4e-aja4e #aj1hff1ijjaj1hff1ijj #a ,jan4 #a ,july #b ,dec4 #d ,queensland ,stock ,inscribed #aiae-bd #aac - #aae #h1eaf1gcd #h1eaf1gcd #c #a_/b ,do4 #c #a_/b ,inscribed #aiba-d-cj #aje4e-ajf4e #a1bej1jjj #a1bej1jjj #c #a_/b ,do4 #c #a_/b do4 #aide #ajg4e-ajh4e #he1dij #he1dhjae ,feb4 #ae ,aug4 #af ,jan4 #d ,st4 ,lucia #d ,inscribed ,stock #aiai-dd #aab - #aad #g1gba1jjj #g1gba1jjj #a ,april #a ,oct4 #aa ,sept4 #d ,s4 ,australia 7,loans of #ahhb-c-d-e-f-g7 ,reg4 #aiaf-cf #aab - #aad #b1hej1gac #b1eag1hjj #a ,jan4 #a ,july #ad ,dec4 #c #a_/b ,do4 #c #a_/b ,inscribed ,stock ,registered #aici #aaa - #aac #hci1ejj #hci1ejj #c ,do4 #c do4 do4 #aiaf-bf #ig4e- #ih4e #c1edf1ejj #c1edf1ejj #a ,jan4 #a ,july #af ,dec4 #c #a_/b,tasmanian #c #a_/b ,inscribed ,stock #aibj-dj #ajf - #ajh #a1jjj1jjj #a1jjj1jjj #d ,do4 #d do4 #aibj-dj #aad - #aaf #ajj1jjj #ajj1jjjae ,mar4 #ae ,sept4 #ag ,aug4 #d ,trinidad #d ,inscribed ,stock #aiag-db #aad - #aaf #c1cfe1cjj #c1cfe1cjj #a ,jan4 #a ,july #af ,dec4 #d ,victoria #d ,railway ,loan1 #ahha1 ,inscrib4 ,stock #aijg #ajf - #ajh #i1ceh1bjj #i1ceh1bjj #a ,april #a ,oct4 #af ,sept4 #d ,do4 ,loans of #ahhb-c-d1 ,inscrib4 ,stock #aijh-ac-ai #ajg - #aac #f1jjj1jjj #f1jjj1jjj #a ,jan4 #a ,july #af ,dec4 #d ,do4 ,loan of #ahhe1 ,inscribed ,stock #aibj #aab - #aad #ab1jjj1jjjab1jjj1jjj #c #a_/b ,do4 #c #a_/b ,inscribed ,stock #aiba-c-f #ajd4e-aje4e #b1ajg1jjj #b1ajg1jjj #d ,do4 #d ,inscribed ,stock #aiaa-bf #ajh - #aaj #ifa1bgg #ifa1bggae ,jan4 #ae ,july #af ,dec4 #d ,western ,australia #d ,inscribed ,stock #aicd #aba - #abc #a1hgf1jjj #a1hgf1jjjae ,april #ae ,oct4 #b ,oct4 #d ,do4 #d ,inscribed ,stock #aiaa-ca #aab - #aad #gej1jjj #gej1jjj #a ,may #a ,nov4 #af ,oct4 #c #a_/b ,do4 #c #a_/b ,inscribed ,stock #aiae-ce #aaj - #aab #gej1jjj #gej1jjj #c ,do4 #c ,inscribed ,stock #aiae-ce #ih - #ii ---------------------------------------- ---------------------------------------- ---------------------------------------- --------- ,the numbered columns are explained as follows3- #a4 ,the amount of ,loan authorized to be raised4 #e4 ,the rate of interest on the ,loan4 #b4 ,the amount actually owing4 #f4 ,the name of the country borrowing4 #c4 ,when the interest is payable4 #g4 ,when the ,loan is re-payable - thus #aiai or #aidd4 #d4 ,when ex interest4 #h4 ,the price for every #ajj of stock4 ,colonial ,government ,bonds1 the other form of investment1 are paper or parchment docu- ments1 on which are printed all details of the par- ticular loan taken up by the ,colony1 the nature of the ,security the lender has in advancing his money1 the rate of interest1 and when and how the principal is to be repaid4 ,these bonds are payable to bearer1 and pass from hand to hand without any formal transfer1 so that as much care is necessary in safe-keeping them1 as with bank-notes4 ,attached to these bonds are little coupons or slips of paper1 each one representing a half or quarter year's in- terest1 from the date of purchase to the time when the principal is to be paid off4 ,the coupon bears the name of the bank or agency where it may be cashed1 and any banker will negotiate it4 ,of course1 only the coupon for the interest actually due on the date indicated on the face must be cut off4 ,,foreign ,,government ,,stocks4 ,these represent money borrowed by various foreign countries on the security of their credit or solvency1 and the loans stand to them in the same relationship as the ,british ,government ,funds do to this country4 ,the debts are chiefly repre- sented by bonds1 the same as ,colonial ,govern- ment ,bonds1 and with coupons attached1 which1 whether payable in ,england or their own country1 are collected by bankers in the same manner4 ,such ,european ,states as ,germany1 ,france1 ,russia1 ,denmark1 ,sweden1 and ,italy1 always enjoy good credit1 and they may be con- sidered responsible for their financial engage- ments4 ,in the case of ,italy1 however1 it must be remembered that the ,italian income-tax1 amounting to #bj per cent41 is deducted from the interest1 which has also to bear the ,english income-tax1 whatever at the time it may be4 ,when investing in ,colonial or ,foreign bonds1 especial care is necessary in observing the con- ditions of re-payment4 ,sometimes it is at the option of the borrower1 but usually at a certain specified date4 ,neglect of this precaution may lead to an investor purchasing at a premium1 and sooner than expected being paid off at par4 ,some of these loans1 too1 are paid off by annual instalments1 lots being drawn to deter- mine the bonds to be redeemed4 ,if the bonds1 therefore1 have been bought at a premium1 there is always the risk of their being drawn for pay- ment and paid off at par4 ,on the other hand1 if the bonds are bought at a discount1 there is no danger of loss2 and a profit will be realised should they be drawn for payment4 ,for instance1 a #ajj bond is purchased at #d premium1 costing #ajd4 ,if the bond is paid off at par1 or #ajj1 there is obviously a loss of #d2 but if the bond is purchased at #d discount1 cost- ing #if1 it is equally obvious that1 if paid off at par1 there would be a gain of #d4 ,,railways4 ,next to the ,british ,government ,funds1 by far the largest amount of money is invested in ,eng- lish railways4 ,first in order of safety1 as an investment1 is the debenture stock of a railway company4 ,this is the first charge on the rail- way1 and holders of the stock are paid the in- terest thereon in priority to all other stocks4 ,in the event of the failure of the company they must also be fully satisfied as to principal and interest before any one else can receive a penny4 ,any amount of stock1 odd or even1 may be pur- chased through a banker or broker1 and war- rants for the interest are forwarded half-yearly to the address of the registered holder4 ,the debenture stocks of good ,english railways com- mand a high premium1 and the investment1 therefore1 though undoubtedly safe1 does not yield much in the way of interest4 ,guaran- teed stocks are of various kinds and rank -- some on the same level as1 and others next in order to1 debenture stocks4 ,in some cases the interest is guaranteed by another railway4 ,before investing in these stocks the nature of the guarantee should be ascertained and its value taken into consideration4 ,preference stocks and shares come next in rank as an invest- ment4 ,the interest on these is fixed at a cer- tain rate per cent41 and1 after satisfying the preceding stocks1 must be paid in full2 or if there is not sufficient profit in the year to pay in full1 then as much as means will allow4 ,but any deficiency cannot be carried on to the next year1 and so it is lost to the holders4 ,there are several degrees of ,preference stock1 some taking precedence of others as to interest2 a first preference may be as good as debenture stock1 whilst the last preference of the same railway company may be no better than ordinary stock4 ,preference stock may be purchased in any amount in the market1 and the interest war- rants are sent half-yearly to the registered holders4 ,ordinary stocks depend on the profits for the year for the interest they yield1 and thus afford a wide field for speculation4 ,the stocks of the great ,english lines may be relied upon as a good investment1 the profits being steady and sufficient to assure a fair amount of interest after satisfying the prior claims of debenture and preference stocks4 ,ordinary stock may also be purchased in any amount1 and the warrants for interest are sent half-yearly to registered holders of stock4 ,in all cases railway warrants of every kind will1 upon written request to the secretary of the railway company1 be forwarded periodically to the bankers of the holder of the stock for the credit of his or her account4 ,,indian ,,railway ,,stocks4 ,these are a favourite investment with the ,british public4 ,they consist of ,debenture1 ,guaranteed1 and ,ordinary stocks4 ,the ,deben- ture stocks are similar to those of ,british rail- ways1 and are a first charge on the undertaking4 ,the ,guaranteed stocks are those upon which there is an undertaking by the ,secretary of ,state for ,india that the interest shall not be less at any time than they are stated to bear2 any deficiency in the earnings being made up by the ,government4 ,should the earnings be more than sufficient to pay the stated interest1 the surplus is divided between the ,government and the railway company4 ,annuities may be purchased in some of these railways1 that is to say1 by paying1 we will assume1 #cj as the market price1 an annuity of #a a year will be granted for a certain number of years4 ,in dealing with these it is necessary to ascertain when the annuity ceases1 or the investor1 hav- ing sunk the capital sum1 may cease to receive any income therefrom when least expected4 ,warrants for interest on these stocks are periodically sent to registered holders4 ,,american ,,railways4 ,the stocks and shares of ,canadian and ,american railways offer a more remunerative return than ,english railways1 as they may be purchased at much lower prices4 ,they are subject1 however1 to speculative influences of many sorts1 and can hardly be recommended for safe permanent investment4 ,no venture should certainly be made in these stocks without full knowledge of the position and prospects of the railway company and the contingencies to which it may be subject4 ,any banker would obtain for a customer all the in- formation that could be afforded in regard to these stocks1 and indicate their market value as an investment1 apart from the fictitious value induced by speculators1 and the manoeuvres of syndicates and wire-pullers4 ,,foreign ,,railways4 ,the capital of foreign railways consists of obligations1 stocks1 and shares4 ,the obligations are in the form of bonds1 being a first charge on the railway4 ,the bonds vary in amount1 but chiefly represent #ajj and #bj1 and they bear a certain rate of interest4 ,some of the ,conti- nental railways may offer a fair investment in this way1 but great care is required in the selection4 ,the stocks and shares of some of the ,south ,american railways command a high premium1 but of the whole number quoted in the official list the large majority show a heavy decline on the original value1 many indeed being valueless4 ,these stocks are highly speculative and subject to be affected by political convulsions and other contingencies1 which make them undesirable as an investment4 ,,banks4 ,a joint-stock bank is composed of a number of proprietors who hold the shares which make up the capital of the bank1 and to the nominal amount of these shares their liability is limited4 ,the whole of this amount1 however1 is not paid up1 but only sufficient for the working re- quirements of the bank1 the remainder being held in reserve for contingencies4 ,let us take1 for instance1 the ,london and ,westminster ,bank1 which has the largest capital of all the joint- stock banks4 ,the capital amounts to #ad1jjj1jjj1 made up of #adj1jjj shares of #ajj each4 ,only #bj of this #ajj is paid up1 leaving a liability of #hj on every share4 ,a joint-stock bank is governed by a board of directors1 elected by the shareholders2 and managers and other officers are appointed by the board to conduct the business4 ,many of these banks1 besides having a head establish- ment in ,london1 have branches all over the country4 ,every joint-stock bank is compelled by law to publish its accounts so as to show its position1 and these accounts are presented to a yearly or half-yearly meeting of the shareholders for approval4 ,the ,british ,colonies have a good many joint- stock banks1 with agencies in ,london4 ,by a ,permissive ,act passed in #ahbe the shareholders in most of these are liable for double the amount of their shares4 ,the profits of banking have been1 in times past1 very large1 and the original shareholders of the older banks have reaped the advantage thereof1 but bank shares of good repute are not now to be obtained except at a high premium4 ,the dividends are sent half-yearly to the ad- dress of the shareholders1 and they are not liable to income-tax1 as the bank pays this4 ,any one entitled to exemption from income-tax can claim from the surveyor of taxes the amount the bank has paid in respect of the dividend1 on a certifi- cate from the bank to that effect499 99 ,see ,note1 p4#ci4 ,individuals of a timorous disposition1 if they value their peace of mind1 would do well to avoid investing their money in bank shares4 ,there are banks whose position and stability are above suspicion1 and which return handsome dividends to their shareholders2 but there have been cases of banks1 enjoying unlimited confi- dence1 which have unexpectedly collapsed and overwhelmed their shareholders in ruin4 ,the nervous person1 therefore1 who could not read of the collapse of a bank without a fearful appre- hension that his own would be the next to go1 had better be content with a smaller rate of in- terest and a tranquil mind therewith4 ,the more sanguine investor who desires a good rate of interest for his money1 and has a contempt for contingencies1 should at least have some know- ledge of accounts1 and be able to form some estimate of the position of a bank from the annual balance-sheet1 and should carefully ascertain what immediate contingent liability he would be subject to in the event of collapse4 ,,colonial ,,and ,,foreign ,,corporation ,,stocks4 ,these represent money borrowed by munici- palities and trusts in ,colonial and foreign towns1 and the security offered consists of rates and revenues from the various undertakings1 such as harbours1 gas1 and water-works1 city improve- ments1 c41 in which the loans are invested4 ,the loans are mostly represented by bonds1 to which coupons are attached for interest1 and are repayable at a certain specified date4 ,although they do not command the high credit of ,british ,corporation loans1 yet some of the ,colonial towns are in fair repute as an investment1 and the rate of interest is high enough to tempt a large amount of money from this country4 ,towns of some size in our ,colonies1 and thoroughly settled1 may be relied upon to carry out their obligations1 but mushroom cities and foreign places liable to political fluctuations should be looked upon with suspicion4 ,,canals ,,and ,,docks4 ,these offer but a limited area for investment4 ,they were formerly very popular with the ,british investor1 but rival interests and labour troubles have affected the confidence in which they were held1 and the ordinary stocks are mostly at a considerable discount4 ,gas and electric lighting companies1 trams and omnibus companies1 telegraphs1 telephones1 water-works1 c41 must all be judged by the localities which they serve and the amount of business they are likely to command4 ,as per- manent investments it should be considered whether they are likely to suffer by supersession or opposition1 and if they are managed by a trustworthy competent board of directors4 ,,breweries4 ,among the numerous commercial undertak- ings offering for investment1 brewery companies form a class of themselves1 and1 with few excep- tions1 the ,english companies appear to have done well1 and the shares of the best of them stand at a high premium4 ,properly managed and dealing in an article of universal consump- tion1 brewery companies ought to be a trust- worthy investment3 but they are liable to much fluctuation4 ,the shares of one of the leading concerns1 which now stand at about #aej for the #ajj share1 were only four years ago as low as #bh1 and at the same time only half the interest was paid on the preference shares4 ,american brewery companies are liable to be manipulated by cliques and syndicates1 and should be avoided as an investment4 ,,commercial ,,and ,,industrial ,,companies4 ,speaking generally1 taking shares in this class of property is like purchasing tickets in a lottery in which the prizes are not numerous4 ,it may fairly be said that at least three-quarters of these companies are formed for the purpose of relieving private owners of concerns which were on the verge of failure through some cause or another4 ,it would be palpably foolish for a man or a firm doing a prosperous business to give it up into other hands1 unless such a price could be obtained for it as would be almost ruinous to the purchaser4 ,true it is that in the remaining quarter may be found perfectly legitimate un- dertakings formed into companies1 owing to the death of the owner1 deficient capital1 or some other valid reason4 ,some of these flourish and take root1 others are prosperous for a time and gradually die out4 ,after a time it will be found that few remain which could be recommended for a permanent investment2 and much informa- tion has to be sought and acquired before the venture should be made4 ,there are1 of course1 many persons who have the means of acquiring reliable information about a company1 and are able to form a sound opinion as to its prospects1 but the information is derived from personal knowledge and not from kind friends or from public prints1 which are not always to be trusted4 ,these persons purchase shares either for investment or as a speculation -- in this latter case with a know- ledge or1 at all events1 a safe presumption that they will go to a premium1 that is1 rise in value to considerably more than their nominal amount1 either from their own merits1 or from an active demand for them on the part of the public1 or by artificial stimulation4 ,the holders know pretty well when the highest price has been reached1 and then sell out with great advantage to them- selves4 ,it is often at that moment that the tyro is recommended to buy1 or is seized with a desire to have a share in so good a concern1 and parts with his money4 ,the knowing speculator has taken his profit1 and sees with grim satisfaction the shares gradually declining in value1 until they arrive at the position of more than one- third of existing companies which are now quoted at a discount4 ,,financial ,,land ,,and ,,investment ,,companies4 ,these companies are mostly formed for the purpose of employing their capital in the ,colonies1 where money commands a higher rate of interest1 and can be more profitably employed than in this country4 ,some of the older concerns have been suc- cessful1 but of the whole number of existing companies at least one-half1 judging from the price of their shares1 have been failures4 ,the difficulty with these concerns would seem to be the want of direct control1 their business having chiefly to be conducted by agents who often consider their own interests before their employers'4 ,some of these companies appear to have advanced large sums of money on the security of land which they can neither sell nor let1 and which has been abandoned by the borrower4 ,,financial ,,trusts4 ,the shares in these trusts were at one time much sought after as an investment4 ,the ostensible business of a trust company is to purchase shares and stocks of other concerns at favourable opportunities1 and to invest widely in foreign and other companies offering good dividends1 so as to average a high rate of inter- est4 ,they are divided into debenture stock1 preferred stock1 and deferred stock4 ,the latter has its share of the profits after the others have been satisfied1 and at present three-fourths of the companies now doing business have their deferred shares at a discount4 ,the financial collapse in ,argentine1 some years since1 very seriously affected most of these concerns1 and it is doubtful1 in view of the risky nature of the business1 whether they will ever come into favour again4 ,,insurance ,,companies4 ,under the head of ,life1 ,fire1 and ,marine ,insurance1 these companies1 as a class1 have been more steadily successful than others4 ,most of these concerns are making large profits1 and their shares command a high premium2 so high1 indeed1 that an investment at current prices yields but a moderate rate of interest4 ,the risks undertaken by insurance offices are enor- mous in extent1 but the law of average by which they are conducted is so accurate that1 taken in the long run1 and with sufficient business main- tained1 misfortune is almost impossible4 ,in all cases1 however1 so little is called up of the nominal amount of their shares1 that a very large liability attaches to them4 ,,steamship ,,companies4 ,judging from the prices of the shares in these companies1 they have not been very successful as a whole1 and it would appear that a ,govern- ment subsidy for mail or other service is almost necessary to make them profitable4 ,,mines4 ,speculation in shares of mining companies has of late years been indulged in to an enor- mous extent1 and large fortunes have been made and much money lost4 ,as a rule the prizes have been secured by those behind the scenes1 and the public have not had the opportunity of participating until the price of shares had reached a figure which was almost prohibitory4 ,as an investment mining shares1 even of the best1 are not to be recommended4 ,mines are apt to get worked out when the source of income fails and there is an end to the concern4 ,more- over1 hundreds of companies are promoted which have a specious appearance on the prospectus1 and are puffed in every imaginable way1 when they have not an ounce of ore or a yard of ground to call their own4 ,of course1 there are genuine undertakings which answer well and yield large profits1 but it is extremely difficult to discriminate between the good and the bad1 and the best after all are but a speculation4 ,,chapter ,,viii4 ,,the ,,stock ,,exchange4 ,,the ,stock ,exchange is a market for the sale and purchase of all kinds of securities4 ,the buildings1 wherein business is transacted1 occupy a triangular plot of ground near the ,bank of ,england1 and comprise the ,hall where the various markets are held1 and other rooms and offices for the use of the numerous officials4 ,there are #b1ejj members1 and the management is vested in a ,committee selected from their number4 ,admission to membership is open to any person not engaged in another business1 and who is properly proposed and seconded2 but very strict regulations and guarantees are enforced before entry1 so as to exclude any one whose circumstances and character will not bear the strictest investigation4 ,the hours of busi- ness are eleven to four o'clock on all days except ,saturday1 when they are until two o'clock4 ,the members of the house are divided into ,jobbers and ,brokers1 the former being dealers in stocks and shares4 ,it is contrary to practice for brokers to deal with brokers1 and all trans- actions are between brokers and jobbers4 ,what are known as markets are groups of jobbers distributed about the house1 each group having its own particular dealings1 one in ,government ,stocks1 another in ,english rail- ways1 a third in ,foreign securities1 and so on4 ,a broker having received an order from a customer to sell #a1jjj ,great ,eastern ,railway ,stock1 would go to the ,english railway group and inquire of a jobber the price or quotation for ,great ,easterns1 without disclosing whether he wants to buy or to sell4 ,the jobber replies1 #aae #a_/d to #aae #a_/b2 whereupon the broker says1 ,i sell at #aae #a_/d1 when the bargain is completed1 without any memorandum or written contract1 the verbal communication being alone in use1 and the jobber is bound by it4 ,it will be observed that the lower price1 #aae #a_/d1 is accepted by the broker on behalf of his customer1 as a sale is always effected at the lowest quotation1 and a purchase at the highest4 ,another broker pre- sently goes to the jobber and asks the same question receiving the same reply1 #aae #a_/d to #aae #a_/b the broker says1 ,i buy of you at #aae #a_/b1 being the highest quotation4 ,the difference of #es4 between the sale and the purchase is the ,job- ber's profit4 ,the broker charges his customer his own commission or brokerage on the trans- action1 which ranges from #bs4 #f;d4 per cent4 on the ,government and ,colonial ,stocks up to #ajs4 per cent4 on railway stocks4 ,this is the elementary stage of the business of the ,stock ,exchange1 but the variety of the securities dealt in1 under constantly changing circumstances1 the number of transactions1 and the amount of money changing hands1 involve intricate accounts and arrangements1 which need not be particularised here4 ,accounts are settled fort- nightly1 the precise dates being fixed some time before by the ,committee of the house4 ,many speculators1 however1 especially those who have bought stocks and shares with the expectation that they will speedily rise in price1 do not find it convenient to pay the purchase- money on the appointed settling day2 so pay- ment may1 by arrangement1 be carried over to the next settling day4 ,for the accommodation a certain charge1 which is called contango1 is made1 the amount varying with the value of money and the quality of the stock4 ,back- wardation1 on the other hand1 is a commission paid in order to postpone the delivery of stocks or shares which a speculator contracts to sell1 but which he never possessed4 ,he is a specu- lator for the fall1 hoping by the delay to be able to purchase the same stocks and shares at a less price than he bargained to sell them for1 and so make a profit out of the transaction4 ,specu- lations for a rise are known on the ,stock ,exchange as ,bulls1 and their object is by every manner of means to get the prices of the stocks they are dealing in pushed up as much as possible4 ,speculators for a fall are called ,bears1 and they are equally anxious to send prices down4 ,so sensitive is the stock market that prices are easily affected2 the rumoured prospect of an important dividend from a rail- way company will at once probably influence the price of its shares1 whilst a report of a disastrous accident will have the contrary effect4 ,a boom in the money market is a cheerful desire on the part of the speculative public to be purchasers at advancing prices1 and this betokens good business for the brokers and jobbers4 ,a boom in any particular stock is a buoyancy in prices1 caused by some favourable rumour1 whether founded or unfounded1 more often the latter1 and set agoing in the interest of persons who desire to get rid of surplus stock4 ,a boom in railway shares is often brought about by increased traffic receipts2 a boom in mining shares is caused by one or two com- panies having produced more gold this month than last2 and a boom in foreign stocks is due to the settlement of some political or other difficulty1 c41 c4 ,a slump is just the reverse1 being an unaccountable depression which sometimes fastens upon the specula- tive world1 and betrays distrust in everything4 ,unless this feeling is checked in time it degenerates into panic1 when prices fall to a ruinously low figure4 ,each fortnightly settlement includes three days -- the first being continuation or con tango day1 when all transactions of a specula- tive description are arranged to be carried over to the next settlement day4 ,the second is the ticket day1 when the names of purchasers and sellers are handed over4 ,the third is pay-day when all amounts or balances due for stocks bought or sold are paid or received4 ,the great bulk of business being purely speculative1 the first day is the busiest2 after noon on that day all new transactions entered into are for settle- ment at the next account day1 unless otherwise specially arranged4 ,any sums of money may be invested in1 or any particular amount of stock purchased of1 the ,government ,funds1 through a broker or banker1 and there is practically no limit to the quantity that may be held4 ,in the books of the ,bank of ,england an account is opened1 and the name1 address1 and description of the investor care- fully registered4 ,a memorandum is given of the transaction1 but it is of value only as such1 not being in the nature of a certificate or receipt1 and it is not required to be given up or produced in the event of a sale or transfer of the stock or any portion of it4 ,accounts may be opened in one1 two1 three1 or four names1 but not more1 and four different accounts may be open at the same time in the same name or names1 but they must be distinguished as accounts ,a1 ,b1 ,c1 and ,d4 ,in order to sell stock the holder may attend at the ,bank of ,england himself accompanied by his broker1 and then and there have the transfer made and the money paid4 ,but this would be unusual and held to imply mistrust1 without perhaps occasion for it4 ,the safest plan is for the holder to instruct his bankers to carry out the transaction1 and give them a ,power of ,attorney to enable them to do so4 ,a special form of power is provided by the ,bank of ,eng- land1 the cost of which is #aas4 #f;d4 ,the ,inscribed or ,registered ,stocks of most of the ,colonial ,governments are dealt with in the same way1 as well as ,indian stocks and the stocks of many of our larger towns4 ,the account of an investor may be added to or diminished at any time with- out difficulty or delay4 ,the stocks and shares of railway and other companies may be purchased through a broker or banker1 and the holder passes them over to a buyer by a formal deed of transfer4 ,the purchaser's name1 address1 and description are carefully registered in the books of the company1 and he has then accepted all the responsibilities that may attach to the shares4 ,for instance1 the shares he has bought may be only partly paid up4 ,the shares in railway companies are usually paid up in full1 but it may so happen in an issue of new shares that they are paid up by periodical instalments2 in which case what has already been paid is known as scrip1 and retains that name until developed into fully-paid shares4 ,a company formed of #bj shares may have called up only #e on each1 and with no intention of demanding more1 yet the holder is liable for #ae on every share he holds1 and before he invests his money he should be careful to ascertain the full extent of his liability4 ,some little time after the transfer of the stock or shares has been completed1 a certificate will be issued by the company1 giving full particulars of the holding1 and this certificate must be care- fully preserved1 as it will be required to be given up before all or any portion of the property can be sold4 ,the ,colonial1 foreign1 and other bonds payable to the bearer1 which have been pre- viously described1 are purchasable through a broker or banker1 and handed over without any transfer or other formality4 ,bonds of this description should be left in the safe custody of a banker1 who would cut off and collect the interest coupons attached1 as they became due4 ,as an example of the hazard incurred by keeping securities of this kind in one's own house1 the writer remembers a case where a gentleman was examining in a room of his house1 by the light of a candle1 some bonds which he afterwards locked up in an iron safe4 ,it was dark outside and the blind was drawn up1 so that any one from the garden could see all that was going on in the room4 ,next morning the empty safe was found in the grounds and the contents had been carried off4 ,all the par- ticulars of the bonds were at once telegraphed to the ,stock ,exchange1 the ,london banks1 and the ,police authorities4 ,some months afterwards the bonds turned up in the hands of a banker in ,london1 who had received them from an agent abroad4 ,an action was brought by the original owner for their recovery1 but it was of no avail1 as the securities had come into the hands of the banker in the course of regular business1 and so the loser could get no redress and1 moreover1 had to pay a large amount in costs4 ,the broker1 who is a member of the ,stock ,exchange1 from the precautions taken on his admission1 should be a responsible person1 whom it would be safe to entrust with any business which might be put into his hands4 ,his deal- ings1 however1 are chiefly on behalf of the bankers and outside brokers1 acting for them- selves and the public4 ,there are numerous outside brokers 7that is1 brokers who are not members of the ,stock ,exchange7 in ,london and all over the country4 ,in every profession there are some doubtful members1 and stock- broking has its fair share1 but with ordinary vigilance on the part of their customers1 well- established brokers will carry out their com- missions faithfully and reasonably4 ,as to the advice1 however1 a broker may have to offer in the way of investments1 it must be remembered that he is no more than mortal1 and would at times be prone to submit such securities as he him- self1 on behalf of a client1 would most desire to dispose of4 ,in this way1 too1 the country broker is liable to be pressed by his ,london agent to get rid of particular stocks or shares which hang heavy on hand4 ,however1 bearing this well in mind1 an investor may gain much useful infor- mation from his broker1 although for sound advice his banker is to be preferred4 ,members of the ,stock ,exchange are not allowed to advertise themselves or their firms1 but most of the daily newspapers in ,london have an agent in the house1 either a jobber or broker1 who furnishes to his principal for publi- cation a daily report of the state of the markets and the current prices of the day1 which in that way reach the eye of the public4 ,it may be assumed that in the better class of journals the information thus afforded is perfectly trust- worthy1 although some years since one of the leading newspapers was imposed upon by its agent1 who took advantage of his position to manipulate certain matters for his own ends4 ,less scrupulous publications1 however1 are freely made use of to influence the public1 to cry up or prejudice the markets and particular concerns4 ,the provincial broker1 as a rule1 limits his ad- vertisement to the name and address of his firm1 with a quotation of the prices of a few of the stocks mostly dealt in1 and monthly1 or quar- terly1 sends an extended list to his customers4 ,the outside broker who advertises himself freely in the newspapers1 as well as by pamphlets and circulars1 is to be avoided4 ,he will invite you to participate in his system -- always an in- fallible one -- of operating4 ,he will suggest options1 put and call1 the cover system1 and other devices by which the inexperienced may be mystified and beguiled into losing their money4 ,however astute a man may consider himself1 experience proves that1 with amateurs1 this kind of gambling is sure to result in loss4 ,an ingenious mode of practising on the cre- dulity of the public may be noticed in some financial publications4 ,an editorial notice or subsidised paragraph will be inserted in the paper1 extolling the merits and predicting the certain success of some concern which it is desired to bolster up or to foist upon the public4 ,this is done in such a way that the reader is expected to believe that it is the genuine ex- pression of a truthful opinion by the editor1 who has obtained his information from unimpeach- able sources4 ,of course1 this peculiar kind of advertisement has to be paid for1 but it has its advantages to the advertiser1 for it can 7for a consideration7 be quoted by the country papers as unbiassed news1 and attention called to it in a money article or leaderette4 ,the pamphlets issued by the advertising outside broker are sometimes amusingly artless in the endeavour to sell shares and attract custom4 ,on the first page will be found some paragraphs setting forth the merits and prospects of certain named companies1 and advising the reader to buy shares in them without a day's delay1 as a con- siderable and speedy rise in value is assured4 ,one may be permitted to wonder why the broker and all his friends do not rush in and secure every share that is to be had4 ,at the end of the paper the reason will be discovered2 in every one of the concerns referred to shares are offered for sale1 which cannot be got rid of in the regular market4 ,it must be inferred that some credulous persons are taken in by this transparent artifice1 or it would not be so con- stantly practised4 ,the object of these publica- tions is chiefly to puff up doubtful securities1 in the hope that some fatuous speculator may be tempted to buy4 ,it is delightful when two of these gentry fall out and expose each other's knavery4 ,the reader is assured that ,codlin's his friend1 not ,short2 the latter is denounced as a fraud and retaliates1 but no action for libel is brought1 because both know that on either side the imputation is justifiable4 ,it may excite surprise in some who are favoured with circulars and prospectuses which are1 through the ,post ,office1 sown broadcast over the whole country1 how the name and address of a comparatively obscure individual should be known4 ,prospectus and circular distributing is a business conducted on a regular system4 ,when it is desired to invite subscrip- tions to float some new company or to bolster up some concern1 the share lists of the same sort of companies already in existence are drawn upon for names and addresses2 and court directories also furnish a wide field for operations4 ,at the present time the rage appears to have set in for forming limited liability companies out of private industrial concerns or trading firms4 ,most of these companies1 we are told by an authority1 are brought out under the same auspices -- that is they are started and floated by a skilled personage known as a promoter4 ,the stereotyped prospectus must now be familiar to most people1 and the public respond freely to the invitation to subscribe for shares1 without consideration or inquiry4 ,the prospectus is usually replete with statistics1 showing the suc- cess which has attended the business whilst in private hands1 and the enormous profits made2 and one is apt to wonder why they did not keep it to themselves1 instead of inviting the public to share in the gains4 ,but there are good com- panies and bad companies1 and it is to be feared that the latter largely preponderate4 ,a good company may have a genuine reason for its existence1 such as the desire of a last surviving partner to retire from active life1 or the growth of the business to such an extent that more capital is required than could be obtained from a private person1 or upon some other equally valid ground4 ,a bad company is often the make-shift to save a decaying firm from insol- vency1 or to dispose of a business at a price quite out of proportion to its real value4 ,the prospectus affords no opportunity of discrimi- nating what is genuine and likely to succeed from what is false and sure to fail4 ,if1 as it has been said1 eighty per cent4 of companies floated sooner or later go to the wall1 then1 indeed1 inquiry and much circumspection are needed before entering upon a speculation of the kind4 ,it must be said1 however1 that many companies formed from trading concerns have become well established and profitable1 and if permanency could be relied upon1 they furnish a field for lucrative investments4 ,those adventures which are unduly pressed upon the notice of the public should be regarded with suspicion4 ,if a thing is really good in itself1 it will not require much persuasion to commend itself2 and if bad1 no purchased laudation will make it better4 ,a subtle mode of advertising is just now coming into vogue1 which1 though expensive1 will for a time be successful4 ,there need be no reflection on the companies which adopt it1 though calcu- lated to beguile the innocent and confiding in- vestor4 ,a leaf or two introduced in some of our illustrated papers1 in no wise differing in the printing from the remainder of the publica- tion1 and appearing as though it formed part of the regular pabulum offered to the public4 ,this leaf or leaves contain well-executed pic- tures of the works and machinery and other interesting objects connected with the industry of a company to which it is desired to call attention1 and a descriptive account is given of its magnitude and success4 ,to the casual reader all this would appear to be a matter of public interest1 offered to the public as part of the regular business of the paper1 but it is only an ingenious form of advertisement and has to be paid for as such1 but that is of no consequence if the effect is produced1 of a rise in the price of the shares4 ,there are some companies whose shares are quoted at such enormous premiums1 and which pay such high dividends1 that the investor is sorely tempted to embark in similar undertakings1 apparently1 that are brought be- fore the public4 ,but these prosperous concerns are in most cases first taken up by a syndicate -- that is1 a certain limited number of persons behind the scenes -- who finance and float the company1 and when success has been attained1 the public are granted the privilege of purchas- ing shares -- but at such a price as the syndicate choses to put upon them1 and1 not seldom1 that is the highest they ever attain4 ,this is particu- larly the case with mining companies1 the successful ones having certainly only benefited the few4 ,this syndicate system has given rise to a bogus imitation1 which1 however1 appears to have met with but limited success4 ,circulars in lithographed writing1 marked private and con- fidential1 and implying a friendly interest in those addressed1 are sent to persons whose names are obtained in the manner already indi- cated4 ,an invitation is given them to join a syndicate about to be formed to float a certain company1 the profits arising from the operation being certain and enormous4 ,again1 if it be such an excellent and certain venture1 why offer a share to an entire stranger8 ,these circulars are very speciously worded1 and there is an air of candour about them likely to allure4 ,anyone foolish enough to subscribe would probably1 after an interval1 be informed that owing to un- foreseen circumstances the adventure had turned out a failure1 and that all the money had gone in expenses4 ,successful gold mines have yielded large fortunes to their proprietors1 but it must be remembered that mines have but a limited existence1 and once they are worked out the money invested in them is lost2 for when they cease to yield ore there is nothing more to be obtained from them4 ,promiscuous dealing in mine shares is nothing more or less than gambling1 or taking part in a lottery in which the blanks are overwhelming and the prizes next to nothing4 ,if an enterprise has in it any degree of soundness or promise1 there are plenty of the knowing ones ready to step in and take all the advantages to be gained2 it is the des- perate ventures and unscrupulous swindles that the public are mostly pressed to support -- only to lose their money4 ,it is to be hoped that the dupes are at length awake to the pit-falls dug for them by the mining company promoter and speculator1 whose seductive paragraphs are everywhere in evidence in the advertising sheets of the day4 ,a typical example -- and not a fictitious one -- of hundreds of knavish concerns foisted on the public may be quoted4 ,a certain company1 of which no prospectus has been issued1 nor of which anything is publicly known1 appears in the mining lists4 ,one day1 a paragraph in a financial paper reports that the agent for the mines1 on the spot1 has cabled that the promise of success exceeds all expectations1 that samples of ore1 yielding three ounces to the ton1 have been found1 and that the necessary machinery must be sent out at once4 ,this is followed up by an editorial leaderette 7of course1 paid for71 in which the writer expresses surprise that the shares of so promising an enterprise should be at so low a price1 and predicting a rapid advance when the work is further developed4 ,these notices effect their purpose to the extent of rais- ing the quotations of the shares a few shillings1 but this is not enough for the promoter2 a cir- cular is next issued1 in the usual way1 to the effect that the directors have been fortunate enough to secure additional property near their own1 which furnishes wood and water1 so essential to the proper development of the mine1 and including1 moreover1 alluvial pits abounding in gold4 ,an elaborate lithographed sketch of the property1 with mines at work and a steam-engine1 accom- panies the circular1 and the whole presents an appearance of real business4 ,the next move is the statutory meeting of the shareholders1 which1 however1 is very sparsely attended1 as the vic- tims are chiefly people residing in the country1 who do not care to incur the expense of a journey to ,london4 ,the man who presides at the meet- ing1 an outside broker1 begins a speech by apologising for the absence of the chairman of the company 7of whom the shareholders hear for the first time71 and then goes on to describe with tedious detail the technical working of the mine1 the stopes and veins1 and bunches of gold that there are1 and the stamps1 machinery1 c41 that there are to be4 ,he describes what has been done in the alluvial pits1 and the prospect of wealth to be drawn therefrom as beyond the dreams of avarice1 and winds up with warm con- gratulation of the proprietors on the valuable property they possess4 ,whether he has over- done his part or something prejudicial to the company leaks out1 the shares which had changed hands at #ajs4 gradually drop to #es4 ,then a circular goes the round in which some member of the ring of knaves invites the public to join a syndicate to buy up five thousand of these shares which he has1 through peculiar circum- stances1 been able to secure the refusal of at #ds4 a share4 ,a special meeting of the shareholders is next called1 when it is announced that more capital is required1 and that it will be necessary to pay up the one shilling per share which still remains outstanding4 ,a last desperate effort to get rid of the shares at any price is then resorted to before the call of one shilling per share becomes payable1 and some thousands are offered at one shilling and sixpence each4 ,after the time has expired for paying the call1 a last circular is issued1 intimating briefly that the eminent engineer1 who has originally given such a glowing account of the mine1 now reports that there is no present indication of gold on the property1 but that possibly some might be found if they dug deep enough6 ,the name of the company has disappeared from the mining share list1 and it will be heard of no more4 ,it is doubtful if there ever was any property1 or engineer1 or board of directors1 or1 in fact1 anything more than the outside broker and his confederates4 ,of the bona fide speculative undertakings in ,south ,africa and ,australia1 the exploration and finance companies1 or some few of them1 have made the largest profits4 ,their system1 broadly speaking1 is to acquire certain tracts of land in a gold-bearing district1 and then let small portions on lease to different subsidiary companies1 which have been floated to develop gold or whatever else these portions may con- tain4 ,the price paid to the parent company is made up of2 perhaps1 one half in cash and the other in the shares of the new concern4 ,an im- mediate profit accrues from the payment in cash1 and there is a wide field for further gains if the operations of the subsidiary companies are suc- cessful4 ,but in this1 as in all speculative enter- prises1 the prizes have been few and the blanks many4 ,,chapter ,,ix4 ,,life ,,insurance4 ,,ladies do not take advantage of the system of life insurance to the extent one would expect1 seeing the benefits it is capable of conferring upon themselves and their belongings2 and as their indifference is no doubt1 in many cases1 owing to a want of knowledge of the subject1 a chapter thereon may be useful4 ,life insurance is an admirable system1 devised1 in all its ramifications1 to provide against loss or damage through the various contingencies to which human nature is subject4 ,a simple life insurance is that by which a person may leave behind him a sum of money for the benefit of those who1 during his life1 have been dependent upon him4 ,for example1 a husband1 whose income is entirely derived from his own exertions1 desires to make some pro- vision for his wife and children in the event of his dying before them4 ,at the age of thirty he may1 by paying #be a year to an ,insurance ,office1 secure at his death1 whenever it may happen1 #a1jjj1 for the benefit of his wife or chil- dren1 or as he may direct by his will4 ,in a way insurance is a kind of savings bank1 but impos- ing an obligation on the part of the depositor to save a certain sum every year4 ,in the case of the bank1 the savings are optional1 and cease at death2 whereas by insurance1 the return of a large sum is the result of the death of the com- pulsory depositor4 ,if a person put by #be every year and invested that sum in the ,government ,funds at #b #a_/b per cent41 or deposited the same sum annually in a bank1 at the same rate of interest1 it would take him twenty-eight years to accumu- late #a1jjj1 if he lived so long2 whereas by an insurance on his life for the same amount1 if he died a week after the first payment of #be had been made1 the #a1jjj insured would be paid to his representatives4 ,it might be said that if the person lived longer than the term of twenty- eight years and went on saving the #be every year1 he would in the end accumulate more than #a1jjj4 ,this1 however1 is met by insuring in such manner that the insurance carries profits1 that is1 additions made by the gains of the office from time to time4 ,if insurance be made in this manner1 for which a slightly higher rate of pre- mium is paid1 it will be found that1 however long a person might live1 more would accrue at death by insurance than by saving4 ,there are in active existence so many insur- ance companies of good repute and undoubted stability that no difficulty need be experienced in making a judicious selection4 ,of course1 the intelligent insurer would prefer an office whose system would best suit his own requirements4 ,there are two kinds of ,insurance ,companies1 one known as a ,mutual office1 in which all the profits which may be earned are periodically added to the amount insured1 the other in the form of a ,joint-,stock ,company1 in which a small proportion of the profits are distributed amongst the ,shareholders and the remainder added to the ,insurances4 ,the ,mutual ,office dividing the whole of its profits amongst the insured would appear to be the more advantageous of the two1 and undoubtedly it is1 all other things being equal2 but insurances may be effected which do not share in the profits1 at lower rate of pre- mium1 and in that case one system is as good as the other4 ,the intending insurer would do well to obtain the prospectuses of several offices1 which he can easily do by writing for them direct to the head office or by applying to the several agents of the companies who abound in all towns2 and carefully compare one with another4 ,it will be found1 perhaps1 that one office charges a less annual premium for an in- surance than another1 but this may be compen- sated for by the latter declaring larger profits1 or giving advantages in other ways4 ,for instance1 a certain ,mutual office charges for an insur- ance of #a1jjj1 on the death of a person begin- ning to insure at the age of thirty1 a pre- mium of #bf #afs4 #h;d4 per annum1 whereas a certain ,joint-,stock ,company's demand is only #bd #ads4 #c;d42 but the advantages offered by the former in the shape of larger bonuses1 though deferred1 are greater1 while the benefit of a less annual payment is of course immediate4 ,where the insurance is effected at the same age and for the same amount1 but with no other benefit or profit prospectively than the bare amount1 the premium in the former case is #ba #ds4 #b;d41 and in the latter #ba #aes4 #aj;d4 ,there are good offices1 however1 where the premium charged is less than this4 ,there is at least one office which insures upon what is called the half-credit system4 ,one-half the usual premium is paid for a certain term of years1 and thereafter the full premium is charged4 ,this may be useful in a case where a person wishes to insure while young and the premiums are low1 and at the same time is desir- ous of deferring the full payment until his income is so improved that he can better afford it4 ,this system is carried still further by an in- surer only paying half the premium during his lifetime1 the other half being accumulated until his death1 and then1 with interest added1 de- ducted from the amount payable in respect of the insurance policy4 ,having chosen the insurance office or com- pany which best suits his purpose1 the proposer applies to its nearest agent and makes known his desire to insure his life4 ,a form containing printed queries somewhat like the following 7though offices differ somewhat in details7 will be placed before him and the blank spaces filled in either by the agent or himself4 ---------------------------------------- ---------------------------------------- ---------------------------------------- --------- ,,proposal ,,for ,,life ,,assurance ---------------------------------------- ---------------------------------------- ---------------------------------------- ------- ,full ,name ,profession or ,occupation #a4 ,life proposed to be ,assured ,business ,address ,residence ,married or ,single ---------------------------------------- ---------------------------------------- ---------------------------------- #b4 ,age next ,birthday years4 ,born at on the day of in the year #ah 7,evidence to be produced47 ---------------------------------------- ---------------------------------------- ---------------------------------- #c4 ,has he resided out of ,europe8 ,if so1 where1 and for what period8 ---------------------------------------- ---------------------------------------- ---------------------------------- #d4 ,is he1 and has he always been1 of sober and temperate habits8 ---------------------------------------- ---------------------------------------- ---------------------------------- #e4 ,has he had any serious illness or disease tending to shorten life8 ---------------------------------------- ---------------------------------------- ---------------------------------- #f4 ,has any near relative died of any hereditary disease8 ---------------------------------------- ---------------------------------------- ---------------------------------- #g4 7#a7 ,has a proposal to effect an ,assurance on his life ever been declined8 7#b7 ,or accepted at more than the ordinary rate8 7#c7 ,if so1 on how many occasions1 and when1 and by what office or offices8 ---------------------------------------- ---------------------------------------- ---------------------------------- #h4 ,is there any other circumstance which ought to be communicated in order to enable the ,company to judge fairly of the risk8 ---------------------------------------- ---------------------------------------- ---------------------------------- ,if the ,name person has #i4 7#a7 ,who is his usual ,medical ,attendant8 ,residence never ,has known him years4 required 7#b7 ,when was he last in professional atten- ,date of ,attendance ,medical ,ailment attendance1 ---------------------------------------- ---------------------------------------- ---------------------------------- the fact #ast ,friend4 #bnd ,friend4 should be 7if necessary3 see marginal note to stated1 and #aj4 ,mention an intimate friend1 who is not in- ,question47 reference terested in this ,assurance1 to be referred ,name given to to for information as to health and habits ,residence ,,two friends1 of life ,profession or in answer to ,occupation ,question #aj4 ,has known him years ,has known him years4 ---------------------------------------- ---------------------------------------- ---------------------------------- ,if the ,name ,proposal be #aa4 ,name1 c41 of the person in whose favour ,profession or ,occupation upon the the ,assurance is to be effected8 ,business ,address person's own ,residence life these ---------------------------------------- ---------------------------------------- ---------------------------------- enquiries #ab4 ,is the pecuniary interest in the ,life to be need not be ,assured1 which is the object of this answered4 ,assurance1 to the full amount thereof8 ---------------------------------------- ---------------------------------------- ---------------------------------------- ------- ,sum to be ,assured ,with or without ,profits8 ,is the ,policy to be for ,life8 ,are the premiums to be payable ,yearly8 ,i do hereby declare that the above statements are true1 and that this ,proposal and ,declaration shall be the basis of the contract for effecting the above-mentioned ,assurance1 which ,assurance is also conditional on the accuracy1 in all respects1 of the statement for the ,medial ,officer1 made1 or to be made1 by the person whose life is proposed for ,assurance4 ,date ,signature of the ,person in whose favour the ,assur- ,witness ance is to be effected4 ,address and ,occupation ---------------------------------------- ---------------------------------------- ---------------------------------------- --------- ,the proposer has now to undergo one other formality1 disagreeable no doubt1 but absolutely necessary1 and that is the medical examination4 ,this is done by the medical officer of the com- pany who has to certify that the proposer is free from any defect likely to shorten his natural life1 and that he is sound in wind and limb4 ,defi- ciency in the number of the latter is1 however1 not considered unsoundness1 as a person with one arm1 or one leg1 or one eye may be just as good a life and therefore equally eligible for insurance with him who is perfect4 ,all the en- quiries in the form are made by the ,office and the expenses 7including the doctor's fee7 paid by the ,company4 ,if the proposal is accepted1 the proposer is informed of the fact and then pays his first pre- mium in advance1 it may be a year's1 or half-a- year's1 or a quarter year's1 at his own option1 and he then becomes 7subject to the rules of the particular company7 the insured4 ,a few days subsequently a life policy will be sent to the insured4 ,this is a document setting forth1 in full1 the terms of the agreement between the ,company and the insured1 and must be care- fully kept1 in such wise that it may readily be discovered by the person for whose benefit it is ultimately intended4 ,the writer once found amongst some old papers a life policy in the name of a man who had been dead for many years4 ,on enquiry at the office it was found that the amount which was payable at his death had1 by some neglect1 never been claimed4 ,the company of course at once paid the money1 and a needy sister was very much benefited4 ,thirty days' grace are usually allowed for subsequent payments of premium4 ,it is custo- mary for insurance offices to forward to each policy holder a reminder1 from one to four weeks before the periodical payments for premium become due1 but the absence of any such notice will not be accepted as an excuse for non-pay- ment1 and if the premium be not paid before the thirty days' grace allowed have expired1 the policy becomes void4 ,it may1 however1 be re- vived upon paying a fine and producing a medical certificate of health4 ,should the proposal be declined the fact will be notified to the proposer1 but he will not be informed of the reason4 ,proposals are rejected because of something wrong being discovered by the medical examiner1 or because of intemperate habits1 or that the history of his near relations in regard to health and longevity is unfavour- able2 anything in short that indicated that the proposer will not1 in all probability1 live as long as a healthy man is expected to live is enough reason for declining to insure his life4 ,insurances may be effected for a limited period1 say for one1 three1 or five years1 at about one half the premium charged for the whole term of life4 ,if the insured dies within the period1 the amount of the policy is paid1 but the insurance ends with the periods of time agreed upon4 ,this class of insurance is useful in many ways4 ,for example3 ,a person with a certain income for life is desir- ous of borrowing #ejj1 to be repaid by annual instalments4 ,there would be no difficulty in finding a lender1 provided he could be sure of repayment2 and this could be secured in this manner -- the borrower would assign to the lender #ajj a year of income for five years for the gra- dual discharge of the loan2 the borrower's life would also be insured for five years and the ,policy assigned to the lender4 ,if the borrower lived for five years the loan would be paid out of the income4 ,in the event of his death1 it would be paid by means of the insurance money4 ,another example3 a child aged seventeen is entitled to a fortune1 large or small1 at the age of twenty-one1 but meanwhile is wholly depen- dent on its mother who has only an annuity for her life4 ,should the mother die before the child becomes of age the latter would be left without the means of subsistence4 ,in such a case the prudent mother would insure her own life for the four years which must elapse before the child could come into the fortune1 for such a sum as would keep it from want1 so that in case the mother died the insurance money would provide the means of living4 ,the premium charged on this class of insurance is moderate2 about #b #fs4 for a person aged fifty2 and the outlay by the mother could be subsequently repaid when the child was in a position to do so4 ,there are other special modes of insurance to prevent loss or damage in cases of remote risk2 indeed almost any chance of loss through the possibility of something improbable occurring may be guarded against by insurance4 ,for instance1 a lady aged forty-five has been married for twenty years and has had no children4 ,if she has a son her property will descend to him2 if she dies childless it passes to a nephew4 ,the chance of the lady having a son is extremely remote but still there is a possibility1 and it is against loss by this possibility happening that the nephew takes out a policy of insurance for any reasonable amount1 the premium charged being surprisingly small and payable in one sum down4 ,,bonuses4 ,it has been mentioned in a previous page that insurance has the advantage over the savings bank1 no matter how long a person may live1 and this is brought about by the operation of ,bonuses1 so called4 ,these are the whole pro- fits in the case of a ,mutual ,company1 and the larger proportion of the profits in the case of a ,joint-,stock ,company1 which are distributed amongst the policy holders4 ,at the end of every five years1 in some cases seven1 a valuation is made of all the property of the ,company and on the other hand is ascertained what the company is liable for1 present and prospective4 ,the difference between the two constitutes the sur- plus or profits1 assuming of course that the assets preponderate4 ,this seems at first sight to be a very simple process1 but in reality the most intricate calculations are necessary to arrive at mathematical accuracy2 but this needs no further notice here4 ,the bonus being declared1 it may be dealt with in various ways4 #a4 -- ,it may be added to the amount insured1 and so payable at death4 #b4 -- ,it may be commuted for an immediate payment in cash4 7,in this case the amount will1 of course1 be less than in ,no4 #a47 #c4 -- ,it may be applied in a permanent reduc- tion of the future annual premiums1 or a proportionately larger reduction of these for the next five or seven years1 and in other ways4 ,most offices granting every reason- able facility for applying profits in any way the insured may consider desirable4 ,endowment ,insurance4 -- ,this is a class of insurance by which an insurer may receive the amount of a policy himself during his life1 at an age to be fixed at the time the insurance is effected4 ,should he die before reaching the age specified1 the money is payable to his represen- tatives4 ,it may also be so arranged that instead of receiving the money at a certain age1 he may be paid a fixed sum annually for the rest of his life thereafter4 ,for example -- a person at the age of thirty may insure #a1jjj to be paid to him on attain- ing the age of sixty4 ,the annual premiums for insurances of this kind vary with different offices2 but they can be effected at the age named1 at about #bh #ajs4 for the #a1jjj4 ,if the person died before attaining the specified age1 the money would be paid to his representatives2 if he sur- vived1 he could either receive the #a1jjj1 or be granted an annuity for the remainder of his life of #ib a year4 ,in the case of females the annuity would be #hc only1 as they are supposed to live longer than males4 ,non-forfeitable ,policies4 -- ,this plan provides for the continuance of insurance upon the life of a policy holder should the insured from any cause be unable to keep up his premiums4 ,the prin- ciple of this scheme ensures that1 in considera- tion of the premiums already paid1 a policy for a certain amount -- less of course than that named in the original policy1 which would be cancelled -- would be granted freed from all future pay- ments in respect of premiums1 and the insurance money of the new policy would be payable at death4 ,for example -- a person insures his life for #a1jjj at the age of thirty1 the annual pre- mium on which would be #be a year4 ,at the age of forty he finds himself unable any longer to pay the annual premium1 but to avoid the loss of the #bej which he has paid during the ten years1 he will surrender the old policy for #a1jjj and will be granted a new one1 say for half the amount1 payable at death1 and he will not be called upon to pay any further premiums4 ,settlement ,policies4 -- ,this class of policy is issued under the ,married ,women's ,property ,act 7#ahhb71 whereby a trust can be created for the benefit of a wife or children of an insured person1 the trustee being the ,insurance ,com- pany4 ,the advantage of this is that such a policy does not constitute a part of the husband's estate or become subject to his debts1 either whilst living or at his death1 so that in the latter event the money is paid to the widow or children direct for their own use4 ,a policy of this kind1 if necessity should arise1 could also be exchanged for a non-forfeitable policy in the manner before pointed out4 ,endowments for ,children4 -- ,a parent1 by paying a premium of about #e #es4 annually1 can secure to a child aged six a sum of #ajj1 on its attain- ing the age of twenty-one4 ,should the child die before reaching that age1 the money paid in pre- miums is not lost1 for it is all returned to the parent without deduction4 ,by this means a marriage portion or outfit for a girl1 or a start in business for a boy can be provided to any amount that may be desired4 ,insurance on ,joint ,lives is another mode of insurance1 very useful in particular cases4 ,for example3 a mother aged fifty has an income1 for her life and no longer1 of #cjj a year1 and she has a daughter aged twenty1 who has no means of her own1 present or prospective1 being entirely dependent on her mother4 ,the joint lives are insured for1 say1 #b1jjj1 which would cost in premium #ajj a year2 the insurance money to be paid at the death of the first of the two4 ,if the daughter died first the mother would get back1 by the insurance money1 possibly more than she had paid in premiums4 ,if the mother died first1 say at the age of seventy1 by that time the daughter would have attained the age of forty1 and the #b1jjj would be paid to her4 ,with the money she might1 if she so pleased1 buy an annuity for life of #aaj a year4 ,insurance on the ,longest of ,two ,lives1 payable on the death of the survivor1 is useful in cases where land or house property is held on lease1 so that there may be no pecuniary loss when the lease expires4 ,the rate of premium is in this case naturally less than where the insurance is to be paid on the earlier of the two deaths4 ,,surrenders4 ,if from any cause it is desired to give up a policy and discontinue paying any more pre- miums1 the offices will pay to the insured what is called the surrender value of the policy1 at the same time cancelling it and all its conditions4 ,this surrender value may be roughly calculated at about #dj per cent4 of the premiums paid1 in a case were bonuses have been added to a policy1 and about #cc per cent4 of the premiums paid in a case where the bonuses have not been so applied4 ,for example3 a person has paid #be a year in premiums for ten years -- in all #bej -- on a policy for #a1jjj1 to which has been added #fj in the shape of bonuses4 ,the surrender value in such a case would be #ajj4 ,but if the insured had taken his bonuses in cash1 or his policy did not carry profits1 then the surrender value would be #hb #ajs4 only4 ,any insurance office will lend the insured1 on the security of the policy1 an amount of money not exceeding the surrender value1 and the rate of interest is usually moderate4 ,in this case there would be no necessity to abandon the policy1 which would be kept alive and increased by added bonuses as before4 ,,fire ,,insurance4 ,this is a distinct branch of insurance business1 the object being to compensate a person in case of pecuniary loss through the accidental burning of his property4 ,by paying annually a com- paratively small amount in the shape of pre- mium1 a person may insure that in case of the destruction by fire of such of his goods as may be specified in a fire policy1 issued by the ,insur- ance ,company1 he will be recouped their value4 ,nearly all the ,fire ,insurance offices are agreed in charging a certain rate of premium1 which is called the tariff rate4 ,for dwelling-houses built of brick or stone with slate or tile roof1 the rate is only #as4 #f;d4 for every #ajj4 ,for more hazard- ous buildings such as thatched houses1 ware- houses1 inns1 shops1 c41 the rates are higher1 according to the nature of the risk4 ,household furniture and the other contents of a brick or stone house can be insured at various rates1 or they may be included in one insurance with the house1 when the rate would be #bs4 per cent4 for the whole4 ,it should be remembered that there is a limit1 usually of #e per cent41 of the whole sum so in- sured1 placed on any one work of art which may be destroyed4 ,for instance1 a picture valued at #bjj maybe burnt in a house which1 with the contents1 is insured for #b1jjj ,if the picture were alone destroyed1 the office would only compensate to the extent of #ajj1 being #e per cent4 on the #b1jjj1 the total amount of the insurance4 ,any particular picture or work of art may1 however1 be specially insured by itself4 ,insurances should never be made for a greater sum than the value of the property insured1 as it would be paying more premium for no purpose4 ,the offices take good care that they pay no more than the actual value of the property destroyed1 which they have the means of ascertaining with some degree of accuracy4 ,it has been found necessary to subject the insurance of farming stock to special conditions4 ,a farmer having stock of the value1 say1 of #a1jjj1 might reason in this way3 ,my ricks1 implements1 crops1 c41 are situated widely apart1 and it is difficult to imagine that all could be consumed in one and the same fire2 therefore1 ,i will insure the whole stock for #ejj only1 then ,i shall have to pay only half the amount in the premium ,i should be liable for in case ,i insured to the full value4 ,the offices are1 however1 quite alive to this kind of reasoning1 and frustrate the intention by inserting what is called the average clause in the policy1 the effect of which is that in the event of a claim being made for loss by fire1 only one half of the value would be made because only one half of the value of the stock was insured4 ,live stock1 however1 may be separately insured without the average clause1 and animals killed by lightning are paid for if insured against loss by fire4 ,there are other offices which insure against loss by special contingencies1 such as damage to glass houses1 and cattle1 and garden produce1 by hailstorms2 destruction of boilers by explosion1 of plate glass1 and from accident or disease affecting cattle4 ,there are companies1 too1 which insure against accidents sustained by rail1 road1 or water1 guaranteeing a specified sum in case of death1 and compensation in case of injury4 ,also societies which take the place of sureties and guarantee an insurer against loss or default by anyone in his employ2 and companies which undertake to make good any loss arising from burglary or larceny4 ,in all cases1 of course1 the liability of the office is limited to a certain declared amount4 ,,chapter ,x4 ,,building ,,societies4 ,,the main object of a ,building ,society is to aid a man to become proprietor of his own dwelling4 ,this can be accomplished by means of the society in two different ways3- #a1 by depositing with the society periodical money savings until1 with the interest allowed1 enough has been accumu- lated to buy a house2 #b1 by borrowing from the society a sufficient sum to purchase a house and repaying the loan1 with interest1 by instal- ments spread over a term of years4 ,a person desiring to become a depositor must qualify for membership of the society by paying an entrance fee of2 say1 #bs4 #f;d4 ,he then takes up a share and1 by paying periodical instalments according to the tables1 he becomes entitled at the end of the appointed time to receive #ajj4 ,the same applies proportionately to a half share of #ej or to a quarter share of #be4 ,for example1 as regards the whole share1 a person paying #acs4 a month regularly to the society is entitled1 at the end of ten years1 to be repaid a lump sum of #ajj1 and any bonus added thereto which the profits of the society may afford4 ,if the term be fifteen years1 then1 to secure #ajj1 he will have to pay only #gs4 #g;d4 every month1 and if twenty-one years1 then a monthly payment of #ds4 #g;d4 ,the terms vary in different societies1 but those quoted have been adopted by an exist- ing institution of repute4 ,if the term of ten years is selected1 the depositor will have saved and paid to the society 7with added interest7 #gh in all2 if the term of fifteen years is chosen he will have paid #fh #es4 in all2 and if twenty-one years be adopted1 #eg #aes4 ,in either case1 at the end of the term he has selected1 the depositor will be paid back #ajj4 ,thus any one taking a share for #ajj1 and keeping up the instalments for twenty-one years1 will in the end have paid only #eg #aes4 for it -- the difference being met by the interest paid by borrowers from the society4 ,the following table shows particulars of other terms and the monthly subscription payable3- ---------------------------------------- ------- ,term ,monthly ,sub- ,term ,monthly ,sub- of scription for a of scription for a ,years4 #ajj share4 ,years4 #ajj share4 ---------------------------------------- -- s4 d4 s4 d4 #c #b #ab #aj #ac #j #i #a #d #a #ah #h #ad #j #h #d #e #a #aj #b #ae #j #g #g #f #a #d #f #af #j #f #aa #g #a #j #f #ag #j #f #d #h #j #ag #f #ah #j #e #aj #i #j #ae #b #ai #j #e #d #aj #j #ac #j #bj #j #e #j #aa #j #aa #h #ba #j #d #g #ab #j #aj #f ---------------------------------------- ------- ,after the first year a depositor may1 if desirous1 withdraw1 on giving one month's notice1 the full amount he has paid1 with interest1 to the date when the subscription ceases4 ,this prevents the possibility of any loss arising to a depositor in the event of his being unable to keep up his instalments1 or desiring from any cause to with- draw from the society4 ,it may1 however1 in case of a loss of confidence1 operate seriously against the society1 by the sudden withdrawal of de- posits4 ,the following table shows the amount that could be claimed1 in respect of the monthly subscriptions paid1 at the end of the several years of membership4 ,,showing ,,the ,,amount ,,withdrawable ,,at ,,the ,,end ,,of ,,each ,,year ,,for ,,the ,,respective ,,monthly ,,subscriptions ,,stated ,,in ,,the ,,above ,,table4 ---------------------------------------- ---------------------------------------- ---------------------------------------- ,at the s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 end of #b #ab #aj #a #ah #h #a #aj #b #a #d #f #a #j #f #ags4 #f;d4 #aes4 #b;d4 #acs4 #aas4 #h;d4 #ajs4 #f;d4 ,year of per per per per per per per per per per ,mem- month1 month1 month1 month1 month1 month1 month1 month1 month1 month1 bership4 #c years4 #d years4 #e years4 #f years4 #g years4 #h years4 #i years4 #aj years4 #aa years4 #ab years4 ---------------------------------------- ---------------------------------------- ---------------------------- s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 #ast #ca #ad #j #bc #d #j #ah #b #j #ad #ad #j #ab #f #j #aj #aj #j #i #b #j #g #af #j #g #j #j #f #f #j #bnd #fd #ai #j #dg #aa #j #cg #b #j #cj #b #h #be #d #b #ba #aj #f #ah #ac #a #ae #ai #i #ad #g #j #ab #ah #c #crd #ajj #j #j #gc #b #j #eg #a #b #df #f #aj #ch #ae #f #cc #b #j #bh #ac #i #bd #aa #i #bb #a #d #ai #ag #b #dth -- #ajj #j #j #gh #j #b #fc #g #b #ec #j #b #de #e #a #ci #d #e #cc #ab #d #cj #c #e #bg #c #j #eth -- -- #ajj #j #j #ha #d #f #fg #ai #b #eh #j #d #ej #e #h #dc #a #aa #ch #ac #g #cd #af #b #fth -- -- -- #ajj #j #j #hc #ac #b #ga #h #d #fa #ag #aa #ec #a #a #dg #ab #c #db #ag #j #gth -- -- -- -- #ajj #j #j #he #i #i #gd #a #aj #fc #aj #a #ef #ai #aj #ea #e #aj #hth -- -- -- -- -- #ajj #j #j #hf #ag #aa #gd #i #g #ff #af #aj #fj #c #a #ith -- -- -- -- -- -- #ajj #j #j #hf #j #a #gg #c #h #fi #i #c #ajth -- -- -- -- -- -- -- #ajj #j #j #hh #j #aj #gi #d #i #aath -- -- -- -- -- -- -- -- #ajj #j #j #hi #i #aa #abth -- -- -- -- -- -- -- -- -- #ajj #j #j #acth -- -- -- -- -- -- -- -- -- -- #adth -- -- -- -- -- -- -- -- -- -- #aeth -- -- -- -- -- -- -- -- -- -- #afth -- -- -- -- -- -- -- -- -- -- #agth -- -- -- -- -- -- -- -- -- -- #ahth -- -- -- -- -- -- -- -- -- -- #aith -- -- -- -- -- -- -- -- -- -- #bjth -- -- -- -- -- -- -- -- -- -- #bast -- -- -- -- -- -- -- -- -- -- ---------------------------------------- ---------------------------------------- ---------------------------------------- ---------------------------------------- ---------------------------------------- ----------------------------- ,at the end of #is4 #a;d4 #hs4 #d;d4 #gs4 #g;d4 #fs4 #aa;d4 #fs4 #d;d4 #es4 #aj;d4 #es4 #d;d4 #es4 #ds4 #g;d4 ,year of per per per per per per per per per ,mem- month1 month1 month1 month1 month1 month1 month1 month1 month1 bership4 #ac years4 #ad years4 #ae years4 #af years4 #ag years4 #ah years4 #ai years4 #bj years4 #ba years4 ---------------------------------------- ---------------------------------------- ------------------ s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 #ast #e #i #j #e #j #j #d #aa #j #d #c #j #c #af #j #c #aj #j #c #d #j #c #j #j #b #ae #j #bnd #aa #c #e #aj #e #j #i #f #e #h #aj #b #g #ae #aj #g #c #e #f #aa #c #f #c #j #e #ab #i #crd #ag #c #h #ae #ae #b #ad #f #h #ac #a #e #aa #ai #g #aa #j #e #aj #a #i #i #i #a #h #ac #e #dth #bc #i #i #ba #aa #j #ai #aa #aj #ag #ag #e #af #g #g #ae #a #e #ac #ae #aj #ab #ah #g #aa #ag #a #eth #cj #b #c #bg #ab #f #be #b #c #bb #ah #c #bj #ai #aa #ai #f #e #ag #ac #h #af #aa #f #ae #c #aa #fth #cg #a #e #cd #j #c #cj #ah #c #bh #d #j #be #af #aa #bc #ae #h #ba #ae #d #bj #h #a #ah #ad #a #gth #de #d #b #dj #ad #b #cg #j #j #cc #ae #c #cj #ah #i #bh #i #c #bf #a #a #bd #h #f #bb #g #aj #hth #ec #ah #i #di #h #c #dd #ah #j #dj #ai #aj #cf #e #h #cc #g #h #cj #aa #a #bh #ab #aa #bf #e #b #ith #fb #b #d #ef #ag #h #ea #ac #aj #dg #c #h #dc #c #e #ci #ad #aj #ce #e #h #cd #b #g #cj #f #e #ajth #gj #ac #e #fd #ad #f #eh #af #e #ec #ac #h #di #b #g #de #d #e #da #g #e #ch #af #h #cd #aa #i #aath #gi #ac #a #gb #ai #d #ff #f #c #fj #aj #c #ee #g #i #ej #ai #h #df #ab #aj #dc #ae #g #dj #a #e #abth #hi #a #i #ha #ab #d #gd #c #e #fg #ac #h #fa #ai #a #eg #j #e #eb #c #e #dh #ai #e #dd #af #e #acth #ajj #j #j #ij #af #h #hb #h #e #ge #d #b #fh #ag #j #fc #g #e #eg #ai #g #ed #aj #j #di #af #c #adth -- #ajj #j #j #ia #a #i #hc #b #e #gf #a #aj #gj #j #h #fd #a #f #fj #j #j #ee #a #a #aeth -- -- #ajj #j #j #ia #h #e #hc #ac #aa #gg #j #gj #i #g #fe #ah #h #fj #aa #a #afth -- -- -- #ajj #j #j #ia #h #e #hd #g #h #gg #d #j #gb #c #e #ff #f #h #agth -- -- -- -- #ajj #j #j #ib #a #aj #hd #e #c #gh #ad #e #gb #h #j #ahth -- -- -- -- -- #ajj #j #j #ia #ac #f #he #aa #aa #gh #ae #e #aith -- -- -- -- -- -- #ajj #j #j #ib #af #d #he #i #b #bjth -- -- -- -- -- -- -- #ajj #j #j #ib #i #h #bast -- -- -- -- -- -- -- -- #ajj #j #j ---------------------------------------- ---------------------------------------- ----------------------------- ,for example1 the depositor of #acs4 a month for a ten years' term1 if he desired to withdraw his savings at the end of six years1 would be entitled to #ec #as4 #a;d42 the depositor of #gs4 #g;d4 a month for fifteen years could claim1 at the end of the ninth year1 #ea #acs4 #aj;d42 and the depositor of #ds4 #g;d4 a month for twenty-one years could get back #dd #afs4 #e;d4 at the expiration of the twelfth year4 ,in each case the earnings of the depositor would have been increased by the interest added4 ,,borrowers4 ,a member desiring to effect an immediate purchase of a house or property may borrow the money required by depositing the title deeds with the society as security1 and repaying the loan by instalments1 monthly or quarterly4 ,or if he elect to build a house himself2 he deposits the deeds of the land with the society and takes up a loan by instalments as the work proceeds4 ,in this case an architect or surveyor would have to give a certificate from time to time to the effect that so much money could be advanced upon the work actually done2 and the repayment of the loan would only begin when the house was finished4 ,the following table shows the repayments required1 including interest for each #ajj advanced3- ---------------------------------------- ---- ,term of years4 ,monthly4 ,quarterly4 ---------------------------------------- s4 d4 s4 d4 #a #h #ad #j #bf #d #f #b #d #aj #j #ac #aa #d #c #c #c #j #i #i #aa #d #b #h #i #g #g #j #e #b #j #c #f #a #d #f #a #ad #g #e #d #c #g #a #aj #f #d #ab #j #h #a #g #f #d #b #aa #i #a #e #b #c #ae #aa #aj #a #c #e #c #aj #g #aa #a #a #aa #c #f #a #ab #a #j #h #c #b #d #ac #j #ai #h #b #ai #d #ad #j #ah #i #b #af #f #ae #j #ah #j #b #ad #c #af #j #ag #d #b #ab #c #ag #j #af #i #b #aj #f #ah #j #af #b #b #h #i #ai #j #ae #h #b #g #c #bj #j #ae #c #b #f #j #ba #j #ad #aa #b #e #j ---------------------------------------- ---- ,and in like proportion for larger or smaller loans4 ,in many societies it is a common practice to ballot amongst the members for the right to receive an advance 7sometimes without carrying interest7 which right may be transferred1 for a consideration1 to some other member4 ,by this table it will be seen that a person borrowing #ajj for ten years would have to repay the amount by monthly instalments of #a #cs4 #e;d41 or by quarterly instalments of #c #ajs4 #g;d41 and if borrowing for a term of twenty-one years1 then by monthly instalments of #ads4 #aa;d41 or quarterly of #b #es4 ,now1 if we refer to the depositor's table of rates1 we shall find that he has1 for a ten years' term1 paid to the society #gh1 and received back #ajj2 thus receiving from the society #bb 7the difference7 for the use of the money1 plus the interest added4 ,on the other hand1 a borrower of #ajj for the same term pays back1 beyond the capital sum of #ajj1 as much as #dj #bs4 in interest4 ,thus there is a difference of #ah #bs4 between the interest received by the depositor and that paid by the borrower4 ,this constitutes the gross gain of the society on these trans- actions1 but out of it has to be paid the expenses of the office1 salaries of officials1 and a reserve provided for bad debts1 c4 ,the social and moral utility of societies estab- lished for the direct purpose of aiding a man to become proprietor of his dwelling-house is obvi- ous1 and the above calculations seem to show that a society conducted on the plan represented would earn an ample margin of profit for all contingencies4 ,doubtless the greater number of the existing building societies1 including the one whose figures have been quoted1 are conducted in a safe and legitimate manner1 but there have been1 and may still be1 exceptions4 ,as an inducement to join a building society1 people are told that they have to pay1 on the instalment system1 the same as though they paid the rent of a house1 and in a few years will become the owner4 ,a man who has paid for three or four years only what he would have paid for rent1 would have very little hesitation in throwing up his contract with the society1 if the locality became objectionable to him or the in- evitable repairs of a cheap house were more than he could bear4 ,the money borrowed is lent chiefly upon the security of small suburban houses1 a kind of property always in course of depreciation1 and it may be that the society would have returned upon its hands a number of houses in a bad state of repair and in a dete- riorating locality4 ,the instalments having ceased and the houses void1 the property becomes a profitless burden upon the society and a probable ultimate loss4 ,when jerry builders are large customers of a building society and have some influence1 direct or indirect1 with its ,board of ,directors1 the evil is greatly aggravated4 ,whole streets are built with borrowed money1 on specu- lation until1 perhaps1 there are twice as many houses as can possibly be let4 ,the society1 to protect itself1 is bound to con- tinue advancing until it is drawn completely into the net and finds itself encumbered with a lot of unsaleable and useless property4 ,to stave off the evil day when all things must be disclosed to the trusting member1 financing is restored to1 money raised on direct deposit1 and advances obtained from banks4 ,the money thus raised tides the society over their difficulties for a time1 but it may be that some rumour or report influ- ences members and depositors to withdraw their money1 and eventually the coffers are empty and the end arrives4 ,unhappily1 in the collapse of more than one building society during the last few years there have been revealed frauds and dishonesty of the most flagrant character1 and hundreds of trusting investors of the industrial classes have been ruined through the machinations of scoundrels1 some of whom posed as philanthropists and ultra righteous members of society4 ,to protect the interests of members and depositors1 only men of unimpeachable character and business ability should be elected ,directors of a building society1 and the audit ought to be of the strictest char- acter4 ,the balance-sheet should present details of the securities upon which the advances are made1 and the auditors should certify that they have examined the deeds and identified them as representing the property described in the balance-sheet4 ,generally speaking1 the auditors appointed by the members are not lawyers1 and have not the necessary skill for verifying the documents relating to the property1 indeed they are not expected to do so4 ,one of the auditors should certainly be legally qualified to ascertain that the securities of the society do represent the properties set forth in the balance-sheet1 and he should give a certificate to that effect4 ,if this course were insisted upon1 such scandals as have been brought to light could hardly be repeated1 where one set of deeds was made to do duty for the assets of three distinct societies1 each man- aged by the same ,board of ,directors2 and the case in which the deeds of abandoned or destroyed property were palmed off upon the auditors to represent securities which had practically no existence4 ,the industrial classes are less careful than those above them in seeing to the safety of their investments1 and some legislation seems to be called for to prevent their hard-earned savings being frittered away by bad management or rank dishonesty4 ,,chapter ,,xi4 ,,the ,,post ,,office ,,savings ,,bank4 ,,this institution offers a most admirable1 con- venient1 and secure depository for the savings of the industrial classes and of others4 ,its value to the thrifty and timid investor is incalculable1 for here he may rest satisfied that he has abso- lute security1 and the system is so hedged about with safeguards that it is difficult to discover any means by which loss can be sustained4 ,the interest allowed is not high1 but reasonable enough when the perfect security and the facili- ties offered are taken into consideration4 ,money may be deposited by any person over seven years of age1 and by anyone on behalf of children under seven4 ,also by married women1 and with this advantage1 that such deposits1 unless and until the contrary is proved1 are deemed to be the property of such married woman2 moreover1 the fact that any deposit is standing in the name of a married woman being prima facie evidence that she is entitled to draw the same without the consent of her husband4 ,deposits may be made by two or more per- sons1 provided no one of them has any other account in a ,savings ,bank1 and by one person as trustee for another person4 ,on opening an account a person has to sign a declaration to the effect that he takes no personal benefit from any other account in the ,post ,office ,savings ,bank or in a ,trustee ,savings ,bank1 and should this declaration not be true all sums so deposited will be liable to forfeiture4 ,any person opening an account1 that is1 de- positing money with a ,post ,office ,savings ,bank1 will receive a book in which the amount is entered1 and the signature of the ,postmaster and stamp of the office affixed to the entry4 ,in addition to this he will receive from the depart- ment in ,london1 a few days after1 a receipt for the amount4 ,once in each year1 on the anni- versary of the day on which his first deposit was made1 the depositor should forward his book to the ,controller of ,savings ,banks1 ,london1 in order that it may be compared with the books of the department in ,london1 and that the in- terest may be inserted in it4 ,a depositor may add to his deposits at1 and withdraw the whole or any part of them from1 any ,post ,office in the ,united ,kingdom without change of deposit- book4 ,it will thus be obvious that all deposit accounts1 although operated upon through the branch post office1 are really kept at the ,savings ,bank ,department in ,london1 and depositors are so kept in touch with the department that complete protection is afforded them4 ,any sum from one shilling upwards 7but excluding pence7 may be deposited1 subject to certain limits4 ,these limits are #ej a year1 that is1 no more than #ej will be received on deposit in any one year1 but any withdrawals during the year may be re-deposited once1 and once only4 ,no more than #bjj in all can be held on behalf of a depositor4 ,the reason for these limits apparently is that the bank was created for the encouragement of saving habits in1 and providing a secure place for1 the money of thrifty people of small means1 and not for investment of the capital of the wealthy4 ,interest at #b #ajs4 per cent4 per annum1 which is at the rate of sixpence a year1 or one halfpenny a month1 for each com- plete pound1 is allowed on ordinary deposits and added to the principal2 but when1 by the addi- tion of interest or from any other cause1 the deposit is raised to above #bjj1 interest is allowed on #bjj only1 and the excess over that sum1 when it amounts to #e1 is applied to the purchase of ,government ,stock1 unless the de- positor desires otherwise4 ,when a person has #bjj to the credit of his deposit account1 he cannot make any further addition thereto1 but the ,post ,office will invest this sum1 or any part of it1 for the depositor in ,government ,stock1 and he can then continue paying in money to his account as before until the sum again reaches #bjj4 ,no more than #bjj ,government ,stock can be purchased in any one year1 and the total amount of stock standing in a depositor's ac- count at any one time must not exceed #ejj4 ,the dividends or interest on any ,government ,stock is credited periodically to the holder's ordinary deposit account4 ,when a depositor wishes to withdraw the whole or any part of his money1 he has to fill up and forward to the ,savings ,bank ,department in ,london1 a notice of withdrawal1 and a form for the purpose may be obtained at any ,post ,office ,savings ,bank4 ,he will then receive by post a warrant1 on pre- sentation of which1 at any branch ,post ,office he may have selected1 payment will be made4 ,pay- ment by a warrant may be made to another person on behalf of the depositor1 provided the latter signs a form of authority for the purpose1 which form may be obtained at any ,post ,office ,savings ,bank4 ,a depositor of the age of sixteen and upwards may nominate any person to receive any sum 7not exceeding #ajj7 due to such depositor at his death4 ,every nomination must be in writing on the proper form1 which may be obtained from the ,controller of the ,savings ,bank ,department1 in ,london1 to whom the nomination must be sent during the depositor's life-time4 ,where1 at the time of the depositor's death1 the amount standing to his credit exceeds #ajj1 it will be necessary1 in order to obtain payment1 that probate of his will1 if any1 or letters of administration 7if he has died intestate71 should be obtained in the usual manner4 ,where the whole amount standing to the credit of a depositor at the time of his death1 inclusive of ,government ,stock1 does not exceed #ajj1 in default of a nomination1 or probate1 or letters of administration1 payment may be made3- ,to any person who has paid the funeral expenses of the depositor2 ,to creditors of the depositor2 ,to the widow or widower of the depositor2 ,to the persons entitled to the effects of the deceased according to the ,statute of ,distribution4 ,to any other person establishing1 to the satisfaction of the ,postmaster ,general1 a claim in accordance with the ,statutes and ,regulations relating to the ,post ,office ,savings ,bank4 ,the salient points of the ,post ,office ,savings ,bank have been placed before the reader1 but in connection with the system there is another organization1 for the purpose of purchasing ,government ,annuities and effecting ,life ,insur- ance1 of so varied and elaborate a character that every possible requirement seems to be provided for4 ,the ,post ,office ,guide1 which is pub- lished quarterly1 contains voluminous tables and explanations in respect of this organization1 and full details and clear directions for the guidance of the public in regard to the ,savings ,bank4 ,the growing success which attends these several institutions is an unmistakable indica- tion of the value set upon them by the people4 ,the prudent and thrifty have not been slow to take advantage of the benefits they offer1 not the least of which are the freedom from doubt and anxiety they enjoy as to the safety of their money1 and the certainty felt that1 though other concerns may fall and involve their victims in ruin1 here there is absolute and permanent security4 ,,appendix ,,table ,,of ,,interest ,,on ,,investments4 ,showing how the rate of interest actually received varies according to the amount paid for the ,stock4 ,example4 -- ,if a purchaser gives #hh for #ajj #f stock1 he will find that the rate of interest on the sum invested is #f #afs4 #f;d41 being the amount in the column headed #f1 opposite to #hh in the first column4 ---------------------------------------- ------------------------------ ,price per #c #d #d #a_/b #e #e #a_/b #f #g #ajj4 pr4 ct4 pr4 ct4 pr4 ct4 pr4 ct4 pr4 ct4 pr4 ct4 pr4 ct4 ---------------------------------------- --------------------- s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 #abe #b #h #j #c #d #j #c #ab #j #d #j #j #d #h #j #d #af #j #e #ab #j #abj #b #aj #j #c #f #h #c #ae #j #d #c #d #d #aa #h #e #j #j #e #af #h #aae #b #ab #b #c #i #g #c #ah #c #d #g #j #d #ae #h #e #d #d #f #a #i #aaj #b #ad #f #c #ab #i #d #a #i #d #aj #aa #e #j #j #e #i #j #f #g #c #aje #b #ag #b #c #f #b #d #e #i #d #ae #c #e #d #i #e #ad #d #f #ac #d #ih #c #a #c #d #a #h #d #ab #aj #e #b #j #e #ab #b #f #b #f #g #b #aj #if #c #b #f #d #c #d #d #ac #i #e #d #b #e #ad #d #f #e #j #g #e #aj #id #c #c #i #d #e #j #d #ae #g #e #f #d #e #ag #j #f #g #f #g #h #aj #ib #c #e #c #d #g #j #d #ag #aj #e #h #i #e #ai #g #f #aj #f #g #ab #c #ij #c #f #h #d #h #aj #e #j #j #e #aa #a #f #b #c #f #ac #d #g #ae #g #hh #c #h #c #d #aj #aj #e #b #d #e #ac #g #f #e #j #f #af #f #g #ai #j #hf #c #i #i #d #ac #j #e #d #g #e #af #c #f #g #aa #f #ai #f #h #b #i #hd #c #aa #f #d #ae #d #e #g #c #e #ai #a #f #aa #j #g #c #j #h #f #i #hb #c #ac #a #d #ag #f #e #i #g #f #b #j #f #ad #b #g #f #c #h #aj #g #hj #c #ae #j #e #j #j #e #g #f #f #e #j #f #ag #f #g #aj #j #h #ae #j #gh #c #ag #f #e #b #aj #e #ae #h #f #h #g #g #a #f #g #ad #c #i #j #j #gf #c #ah #aj #e #e #b #e #ah #d #f #aa #f #g #d #g #g #ag #h #i #c #aa #gd #d #a #j #e #h #j #f #a #f #f #ae #j #g #h #f #h #b #j #i #i #j #gb #d #c #d #e #aa #a #f #e #j #f #ah #aa #g #ab #i #h #f #h #i #ad #e #gj #d #e #i #e #ad #c #f #h #g #g #b #aj #g #ag #f #h #ad #caj #j #j #fh #d #h #a #e #ag #f #f #ab #b #g #g #j #h #a #i #h #af #caj #e #i #ff #d #aj #j #f #j #j #f #ae #j #g #aj #j #h #e #j #i #j #jaj #aj #j #fd #d #ac #i #f #e #j #g #j #h #g #af #c #h #aa #aj #i #g #faj #ah #i #fb #d #af #i #f #i #j #g #e #a #h #a #c #h #ag #d #i #ac #faa #e #i #fj #e #j #j #f #ac #d #g #aj #j #h #f #h #i #c #daj #j #jaa #ac #d #eh #e #c #e #f #ag #aj #g #ae #a #h #ab #d #i #i #gaj #f #ajab #a #d #ef #e #g #a #g #b #aj #h #j #h #h #ah #f #i #af #daj #ad #cab #aj #j #ed #e #aa #i #g #h #j #h #f 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------------------------------ ,,examples ,,of ,,business ,,communications4 ,,correspondence4 7,sending ,money by ,post47 ,address ,date ,the ,manager1 ,blankshire ,bank4 ,sir1 ,please place the amount of the enclosed cheques and notes to the credit of my account and acknowledge receipt to ,yours faithfully ,,jane ,,smith4 ,cheque #bj #j #j ,notes #de #j #j ------- #fe #j #j 7,requiring ,money47 ,address ,date ,the ,manager1 ,blankshire ,bank4 ,sir1 ,i shall be obliged by your sending me under registered cover to the above address #ae in #e ,bank of ,england notes for which ,i enclose my cheque4 ,yours faithfully ,,jane ,,smith4 ,blanktown4 7,acknowledging ,receipt47 ,address ,date ,the ,manager1 ,blankshire ,bank4 ,sir1 ,i have to acknowledge with thanks the receipt of #ae in bank notes4 ,yours faithfully ,,jane ,,smith4 ,blanktown4 7,transfer to ,deposit ,account7 ,address ,date ,the ,manager1 ,blankshire ,bank4 ,sir1 ,i shall be obliged by your transferring #cjj from my current account to a deposit account and forwarding me the receipt4 ,i enclose a cheque for the amount4 ,yours faithfully ,,jane ,,smith4 ,blanktown4 7,arranging for ,cheque to be ,honoured by ,another ,bank47 ,address ,date ,the ,manager1 ,blankshire ,bank4 ,sir1 ,i shall be obliged if you will advise your ,branch 7or some other ,bank7 at ,liverpool to pay me #bj on application4 ,yours faithfully ,,jane ,,smith4 ,blanktown4 7,request for ,passport and ,circular ,notes47 ,address ,date ,the ,manager1 ,blankshire ,bank4 ,sir1 ,i propose during the next two or three months to travel on the ,continent accompanied by my niece1 ,miss ,lucy ,smith1 and my maid1 ,jane ,parker4 ,will you kindly obtain a passport for us and also forward me #ajj in circular notes1 for which ,i enclose my cheque4 ,yours faithfully ,,jane ,,smith4 ,blanktown4 7,ordering ,letter of ,credit to ,remit47 ,address ,date ,the ,manager1 ,blankshire ,bank4 ,sir1 ,i desire to send #abj to ,john ,smith1 residing near ,winnipeg1 in ,north ,america2 and shall be obliged if you will send me the necessary form to remit to him so that he may obtain the money without difficulty or delay4 ,yours faithfully ,,jane ,,smith4 ,n4,b4 -- ,remittances in this way can be sent to almost every town in the civilised world4 7,remitting in this ,country47 ,address ,date ,the ,manager1 ,blankshire ,bank4 ,sir1 ,i shall be obliged by your advising your ,branch ,bank 7or some other ,bank7 in ,leeds1 to pay ,george ,jones on application the sum of #ed1 for which ,i enclose a cheque and a specimen of ,mr4 ,jones's signature4 ,yours faithfully ,,jane ,,smith4 ,blanktown4 7,lodging ,securities at ,bank47 ,address ,date ,the ,manager1 ,blankshire ,bank4 ,sir1 ,i shall be obliged by your taking charge for me of some securities which you will find specified on the other side1 and hold them for safe custody4 ,please also cut off and collect the coupons attached to the ,bonds and place the amounts from time to time1 as they fall due1 to the credit of my account4 ,yours faithfully ,,jane ,,smith4 ,blanktown4 7,order to ,receive ,dividends47 ,address ,date ,the ,manager1 ,blankshire ,bank4 ,sir1 ,i am desirous that the dividends or interest in my stock shall be paid to the bank direct for the credit of my account4 ,kindly send me the proper form or order for my sig- nature4 ,yours faithfully ,,jane ,,smith4 ,blanktown4 7,ordering ,investments47 ,address ,date ,the ,manager1 ,blankshire ,bank4 ,sir1 ,please purchase on my account #ejj stock #b #c_/d per cent4 ,consols at the market price1 and send me an account of the same when ,i will forward my cheque in payment4 ,yours faithfully ,,jane ,,smith4 ,blanktown4 ,or ,please purchase #ejj ,preference 7stating which stock7 ,stock in the ,great ,blankshire ,railway1 at a price not exceeding #aej per cent41 in my name1 and send me the account for the same1 when ,i will forward my cheque for the cost4 ,yours faithfully ,,jane ,,smith4 ,the same form can of course be adapted for selling out1 by substituting sell for purchase1 writing less for not exceeding1 and omitting the line as to forwarding the cheque4