,?is etext 0 prep>$ by ,nigel ,lacey1 ,leice/]%ire1 ,,uk4 ,transcrib]'s ,notes3 ,i h us$ ! ,,uk p\nd symbol 77 9 ?is e-text z x appe>s 9 ! orig9al4 ,x looks l an ,l ) a crossb>4 ,i am unc]ta9 :e!r ?is symbol w be support$ on all sy/ems & fonts t ?is text file ends be+ view$ )4 ,my apologies if ?is applies to y4 ,i h endeav\r$ to reta9 ! orig9al table =matt+1 r ?an to re=mat ! tables 9 alignm5t ) ! text4 ,h[ev]1 z sev]al ( ! tables 7 9 l&scape ori5tation 9 ! orig9al1 ?is has necess>ily result$ 9 "s v long l9es 9 ! tables 7up to #acj *>act]s 9 "s cases74 ,f9ally1 z ,i *eck$ ! transcription process c]ta9 errors 9 ! tables came to light4 ,r ?an correct ^! errors1 z !y are an integral "p ( ! orig9al1 ! ones t ,i not$ are m>k$ ) und]scores 774 ,note t und]scores are also us$ to m>k italicis$ passages 9 ! orig9al text4 ,ev]ybody's ,guide to ,money ,matt]s ,) a description ( ! v>i\s inve/- m5ts *iefly dealt 9 on ! /ock ex*ange1 & ! mode ( deal+ !re9 also ,"s acc\nt ( ! pitfalls prep>$ = ! unw>y1 & sugge/ions to ! cauti\s inve/or4 by ,william ,cotton1 ,f4,s4,a4 ,late treasur] ( ! c\nty ( ,devon1 au?or ( ,an ,elizabe?an ,guild1 ,glean+s f ,records1 ,! ,bank ,manag]1 etc4 ,orig9ator ( ! po/al ord] sy/em4 ,london #ahih4 ,,preface4 ,,! ,au?or1 embold5$ by a ,bank+ expe- ri5ce ( ov] =ty ye>s1 (f]s ?is little "w to ! public 9 ! hope t1 elem5t>y ?\gh x be1 x may prove acceptable to _m p]sons ( bo? sexes4 ,! "w has be5 prep>$ *iefly = ! use ( wom51 a va/ proportion ( :om are br\ght up 9 utt] ignorance ( money matt]s 9 ! simple/ =m1 ?\gh o!rwise !y may be highly accompli%$4 ,! subject1 x mu/ be all[$1 is n a fasci- nat+ "o1 b !re are p]iods 9 ! lives ( mo/ p]sons :5 "s k ( money matt]s may be useful & ev5 necess>y4 ,w4,c4 ,,cont5ts4 ,,page ,,*ap4 ,i4 - ,:at is ,money8 - ,:at to d ) x - ,h[ to op5 a ,bank ,acc\nt - ,h[ to draw ,*eques 4 4 4 #a ,,*ap4 ,,ii4 - ,h[ to ,deposit ,money at ,int]e/ - ,! ,bank ,pass ,book - ,! ,advantages ( a ,bank ,acc\nt 4 #ac ,,*ap4 ,,iii4 - ,london ,banks & ,bank+ - ,bill ( ,ex*ange - ,deposits - ,scot* & ,iri% ,banks 4 4 4 4 4 4 4 #bj ,,*ap4 ,,iv4 - ,inve/m5ts - ,:at are ,securities - ,mortgages - ,! ,funds - ,! ,national ,debt - ,/ocks & ,%>es - ,divid5ds1 h[ ,payable 4 4 4 4 4 4 4 4 4 4 4 4 #bf ,,*ap4 ,v4 - ,briti% ,gov]nm5t ,funds - ,! ,diff]5t ,debts - ,t]m9able ,annuities - ,loans ,gu>ante$ by ,gov]n- m5t - ,divid5ds1 h[ to ,receive !m - ,automatic ,re- inve/m5t ( ,divid5ds 4 4 4 4 4 4 4 4 4 4 4 4 #ce ,,*ap4 ,,vi4 - ,gov]nm5t ,annuities1 h[ to ,pur*ase - ,:5 ,payable - ,tables - ,insurance ,(fice ,annuities - ,tables - ,indian ,gov]nm5t ,/ocks 4 4 4 4 4 4 4 4 4 4 4 #da ,,*ap4 ,,vii4 - ,loans to ,corporations1 c4 - ,colonial ,gov]n- m5t ,securities - ,inscrib$ ,/ocks & ,bonds - ,li/ ( ,inscrib$ ,/ocks - ,bonds & ,c\pons - ,=eign ,gov]n- m5t ,/ocks - ,caution 9 ,inve/+ - ,railways - ,! ,diff]5t ,/ocks & _! ,relative ,values - ,! ,w>- rants = ,int]e/ & ,divid5ds - ,indian ,railway ,/ocks - ,am]ican ,railways - ,=eign ,railways - ,banks - ,z an ,inve/m5t - ,colonial & ,=eign ,corporation ,/ocks - ,canals & ,docks - ,gas - ,electric ,light+1 ,telegraph & ,telephone - ,wat] ,works - ,brew]ies - ,indu/rial ,companies - ,f9ancial1 ,l& & ,inve/m5t ,companies - ,f9ancial ,tru/s - ,insurance ,companies - ,/eam%ip ,companies - ,m9es 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 #ee ,,*ap4 ,,viii4 - ,! ,/ock ,ex*ange - ,brok]s & ,jobb]s - ,h[ ,bus9ess is ,done - ,contango & ,backw>da- tion - ,bulls & ,be>s - ,boom & ,slump - ,settlem5t - ,risk 9 ,keep+ ,conv]tible ,bonds - ,brok]s - ,traps & ,sn>es - ,good ,companies & ,bad - ,adv]tis+ ,sw9dles - ,gold ,m9es - ,a ,typical ,case - ,exploration ,companies 4 4 4 4 4 4 4 4 4 4 4 4 4 #gi ,,*ap4 ,,ix4 - ,life ,insurance - ,its ,advantages - ,mutual & ,jo9t ,/ock ,companies - ,*oice ( ,(fice - ,=m ( ,pro- posal - ,exam9ation - ,premiums1 h[ ,payable - ,examples ( ,advantage - ,v>i\s ,modes ( ,insur+ - ,bonuses - ,h[ ,appli$ - ,end[m5t ,insurance - ,non-pr(itable ,policies - ,settlem5t ,policies - ,end[m5t ( ,*ildr5 - ,insurance ( ,jo9t ,lives - ,insurance on ,longe/ ( ,two ,lives - ,surr5d]s - ,fire ,insurance - ,f>m ,/ock - ,o!r ,insurances 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 #aja ,,*ap4 ,x4 - ,a ,build+ ,society1 ,mode ( ,do+ ,bus9ess - ,h[ to ,obta9 a ,%>e1 & ,table ( ,paym5ts - ,h[ to ,)draw1 & ,table - ,borr[]s - ,h[ to ,build a ,h\se - ,table ( ,paym5ts - ,h[ ,pr(its are made - ,! ,weak ,po9ts ( ,societies ,badly ,conduct$ - ,:at ,leads to ,collapse - ,necessity = ,*oos+ ,directors ( ,/&+ & ,"* - ,necessity = ,effici5t ,audit ( ,ac- c\nts 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 #abb ,,*ap4 ,,xi4 - ,! ,po/ ,(fice ,sav+s ,bank - ,mode ( ,depo- sit+ - ,op5+ an ,acc\nt - ,conv5i5ce & ,precau- tions - ,limit 9 ,am\nts - ,)drawal - ,paym5t to ,repres5tatives - ,gov]nm5t ,annuities1 c4 - ,advan- tages ! ,po/ ,(fice ,(f]s 4 4 4 4 4 4 4 4 4 #acd ,,app5dix4 ,table ( ,int]e/ on ,inve/m5ts 4 4 4 4 4 4 4 4 4 4 4 #adb ,examples ( ,bus9ess ,communications - ,s5d+ ,money by ,po/ 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 #adc ,requir+ ,money 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 #adc ,ackn[l$g+ ,receipt 4 4 4 4 4 4 4 4 4 4 4 4 4 #add ,transf] to ,deposit ,acc\nt 4 4 4 4 4 4 4 4 4 4 #add ,arrang+ ,*eques to be ,honor$ by ,ano!r ,bank #ade ,reque/ = ,passport & ,circul> ,notes 4 4 4 4 #ade ,ord]+ ,lett] ( ,cr$it 4 4 4 4 4 4 4 4 4 4 4 #adf ,remitt+ 9 ?is ,c\ntry 4 4 4 4 4 4 4 4 4 4 4 #adf ,lodg+ ,securities at ,bank 4 4 4 4 4 4 4 4 4 4 #adg ,ord] to ,receive ,divid5ds 4 4 4 4 4 4 4 4 4 4 #adg ,ord]+ ,inve/m5ts 4 4 4 4 4 4 4 4 4 4 4 4 4 #adh ,,ev]ybody',s ,,guide ,,to ,,money ,,matt]s4 ,,*apt] ,i4 ,,easy ,,/eps ,,to ,,money ,,matt]s4 ,,money is ! m$ium by :i* we may acquire f o!rs1 :o are will+ to "p ) !m1 su* ?+s z we may desire4 ,! price ( an article is ! value set ^u x by ! possessor1 z repres5t$ by an express$ sum 9 money4 ,! price ( "s ?+s are arbitr>ily fix$ by law or cu/om1 su* z /amps1 pr(essional fees1 duties1 c4 ,! /&>d ( value 9 ?is c\ntry is gold1 & x is z aga9/ gold1 repres5t$ by co9s ( diff]5t d5om9ations1 t ! value ( all commodities is e/imat$4 ,! au?oris$ co9s ( ! ,unit$ ,k+dom consi/ ( ! foll[+ pieces3- ,,gold4 ,five-sov]eign piece1 equal to ,five p\nds4 ,two-sov]eign piece1 equal to ,two p\nds4 ,"o-sov]eign piece1 equal to ,"o p\nd4 ,half-sov]eign piece1 equal to ,half-a-p\nd4 ,,silv]4 ,a cr[n1 or five-%ill+ piece1 equal to "o- f\r? ( a sov]eign4 ,d\ble-fior91 or f\r-%ill+ piece1 equal to "o-fif? ( a sov]eign4 ,half-a-cr[n1 or two %ill+s & sixp5ce1 equal to "o-eigh? ( a sov]eign4 ,flor91 or two-%ill+ piece1 equal to "o- t5? ( a sov]eign4 ,%ill+ piece1 equal to "o-tw5tie? ( a sov]eign4 ,sixp5ny piece1 "o-half ( a %ill+4 ,?reep5ny piece1 "o-half ( a sixp5ce4 ,,bronze4 ,a p5ny1 equal to "o-twelf? ( a %ill+4 ,halfp5ny1 equal to "o-half ( a p5ny4 ,f>?+1 "o-f\r? ( a p5ny4 ,9 writ+ or speak+ ( sums ( money ! expression takes ! =m ( p\nds1 %ill+s1 & p5ce2 = example1 ,tw5ty-"o p\nds five %ill+s & n9e p5ce4 ,sometimes ! ^w /]l+ is add$1 mean+ g5u9e or /&>d co9 ( ! realm4 ,9 acc\nts ! figures are plac$ 9 ?ree p>allel columns "u ! head+ ( s4 d4 = p\nds1 s4 = %ill+s1 & d4 = p5ce1 f ,libri1 solidi1 & d5>ii1 ! ,lat9 equival5ts = ^! values4 s4 d4 #ba #e #i ,ano!r =m ( money1 if x may be s t]m$1 is ! ,bank note4 ,?is is simply a promise to pay1 on dem&1 ! am\nt repre- s5t$ on ! note1 9 gold or "s legal t5d]4 ,! mo/ common 9 use are #e notes1 b !re are o!rs ( diff]5t d5om9ations1 su* z #aj1 #bj1 #ej1 #ajj1 c4 ,"s c\ntry banks /ill issue ^! notes1 b !y are by law re/rict$ f issu+ beyond a c]ta9 am\nt fix$ by ! ,bank ,act ( #ahdd4 ,no new bank c issue notes1 & ^? :i* h ! privi- lege are gradually rel9qui%+ x1 s t 9 c\rse ( "t !re w be only "o bank entitl$ to issue notes1 & t is ! ,bank ( ,engl&4 ,! notes ( c\ntry banks1 o!r ?an ! ,bank ( ,engl&1 are n a legal t5d]2 t is1 x is n compulsory on anyone to accept !m 9 paym5t ( a debt4 ,! ,bank ( ,engl& is ! olde/ jo9t-/ock bank 9 ! c\ntry1 & al?\gh1 9 its con/i- tution1 x does n diff] mat]ially f o!r jo9t-/ock banks1 yet1 be+ ! ag5t ( ! ,briti% ,gov]nm5t 9 all money matt]s1 & possess+ o!r exclusive privileges1 x is look$ ^u z "o ( ! endur+ in/itutions ( ! c\ntry499 799 ,see ,jo9t-,/ock ,banks1 p4 #fh47 ,among/ o!r privileges x enjoys is ! au?ority to issue promissory notes to a c]ta9 ext5t1 repres5t+ respectively sums ( #e1 #aj1 #bj1 #ej1 #ajj1 #bjj1 #ejj1 & #a1jjj4 ,^! ,bank ( ,engl& notes1 z !y are t]m$1 are absolutely conv]tible1 t is to say1 ! bank is legally b\nd to ex*ange !m = gold at all times :5 dem&$2 & a c]- ta9 am\nt ( gold has always1 by law1 to be kept 9 /ock = ! purpose4 ,moreov]1 ! t5d] ( ,bank ( ,engl& notes1 ! same z ) gold1 9 paym5t ( a debt1 _c1 9 ?is c\ntry1 legally be refus$4 ,no "o1 h[ev]1 c be compell$ to give *ange2 t is to say1 if y owe a p]son #d #aes41 y are b\nd 9 /rict law to pay him t exact sum4 ,y _c (f] him a five-p\nd note & insi/ ^u 8 giv+ y #es4 *ange1 ?\gh1 z a matt] ( c\rtesy & conv5i5ce1 paym5ts are con/antly accept$ 9 t =m4 ,x mu/ be obvi\s t ^! ,bank ( ,eng- l& notes are a great conv5i5ce1 & ev5 a necessity to ! public1 z x w\ld be q impossible to c>ry on ! enorm\s bus9ess ( ! c\ntry if su* a cumb]some m$ium z gold co9s 0 ! only legal way ( pay+ debt4 ,nev]!less1 gold co9 ( prop] weight is a legal t5d] to any am\nt4 ,silv] is n a legal t5d] = sums ov] two p\nds1 nor bronze = sums ov] "o %ill+4 ,b ev5 ) bank-notes ! requirem5ts ( bus9ess are n fully satisfi$1 z !re is always ! risk ( _! be+ lo/ or /ol54 ,to avoid ?is risk1 & to provide facilities = buy+ & sell+1 ) ! complications inci- d5t !reto1 & ! pass+ ( money f "o h& to ano!r1 an int]m$i>y ag5cy is requir$1 & t ag5cy is to be f\nd 9 ! bank+ companies4 ,9 ne>ly e t[n1 hav+ a pret5ce to ! "n1 9 ! ,unit$ ,k+dom1 w be f\nd a bran* bank ( "s e/abli%m5t ( m or less repute1 & ^? :o are =tunate en\gh to possess money w d well to take advantage ( su* an ag5cy = _! money matt]s1 hav+1 ( c\rse1 fir/ asc]ta9$ t ! /&+ ( ! company is su* t !y may d s ) safety & confi- d5ce4 ,z a fir/ /ep we give an example ( :at is occurr+ daily 9 hundr$s ( cases4 ,miss ,jane ,smi? is a lady :o has be5 br\ght up )\t ! slighte/ in/ruction 9 bus9ess matt]s1 inde$ has r plum$ h]- self on ! idea ( be+ q above su* ?+s4 ,sudd5ly %e f9ds h]self dep5d5t ^u o!rs = guidance & advice4 ,%e w\ld l to act = h]self if %e only knew h[ to d s safely1 be+ ( a some:at suspici\s temp]am5t & mi/ru/ful ( advice f fri5ds or acqua9t- ances4 ,ev5 ! highly respectable lawy]1 :o has h&$ h] a packet ( docum5ts & #ejj 9 ca% 7a legacy f h] uncle71 ) mu* sage c\nsel1 %e is n q sure ab\t1 = %e has imbib$ ! idea f h] y\? t lawy]s are n always to be tru/$4 ,! packet ( docum5ts 9 ! t9 box z !y came to h] is set aside 9 a safe place = ! mom5t1 b ! bank-notes & gold are a matt] ( s]i\s conc]n to h]4 ,%e fe>s to c>ry !m ab\t h] p]son le/ %e %\ld lose !m1 or be robb$1 & feels sure t if kept 9 ! h\se !y w attract any burgl>s t may be 9 ! neighb\rhood4 ,! be/ ?+ ,miss ,smi? c d is to g to "o ( ! neighb\r+ banks ( repute - say ! ,blank%ire ,bank - & ask !m to help h] out ( ! difficulty4 ,%e has an int]view ) ! ,manag] or ,ca%i]1 tells h] /ory1 & is advis$ to leave ! money at ! bank & h an acc\nt op5$ 9 h] "n4 ,?is c\rse %e cons5ts to adopt1 & h&s ov] ! #ejj1 reque/+ "s ackn[l$gm5t t %e has done s1 9 common t]ms1 some?+ to %[ = x4 ,_m banks provide & require _! cus- tom]s to use pay+-9 slips1 t is1 pr9t$ =ms specify+ ! paym5ts made to ! bank "u ! head ( *eques1 notes1 gold1 & silv]4 ,a =m is h&$ 9 ) ea* paym5t1 & ! initials ( ! ca%i] plac$ aga9/ ! am\nt not$ on ! c\nt]foil1 :i* is re- ta9$ by ! cu/om]4 ,9 addition to ?is ,miss ,smi? w be pre- s5t$ ) :at is call$ a pass-book - a book pass+ betwe5 ! bank & h]self1 n[ become a cu/om] - 9 :i* %e w f9d x /at$ 9 ! briefe/ bus9ess mann]1 t ! ,blank%ire ,bank is ,dr4 7debtor7 to1 or owes1 ,miss ,jane ,smi? #ejj4 ,%e w be told t portions ( ?is money may be drawn out f "t to "t z %e may ne$ x1 b ?is c only be done by *eques1 or =ms ( reque/ to ! bank to pay out ! am\nt desir$499 ,^! =ms1 provid$ by ! bank1 are pr9t$1 blank spaces be+ left to be fill$ up 9 writ+1 & !y are made up 9 books ( v>i\s sizes1 ea* =m be>+ a p5ny /amp4 ,! cu/om] pays = ! book accord+ to ! numb] ( /amps x conta9s1 b no m4 ,miss ,smi? buys a *eque-book1 &1 op5+ x1 f9ds ! foll[+ =m 9 pr9t3- 799 ,! practice ) "s p ( writ+ *eques on pla9 pap] is disc\nt5anc$ by bank]s1 & is to be condemn$47 ---------------------------------------- ----------------- ,no4 #ajija4 ,no4 #ajija4 #ahi #ahi ,to ! ,blank%ire ,bank+ ,company1 ,blankt[n4 ,pay to or be>] ! sum ( ---------------------------------------- ----------------- ,%e !n recollects t %e has no money to g on )1 & asks to h #aj ( ! #ejj %e has left 9 ! bank4 ,! ca%i] (f]s to fill up ! blank spaces 9 h] fir/ *eque1 mak+ correspond+ entries 9 ! c\nt]foil1 & hav+ done s asks h] to sign x at ! foot4 ,x !n appe>s z foll[s3- ---------------------------------------- ----------------- ,no4 #ajija4 ,no4 #ajija4 ,m>*,i1 #ahih ,m>* ,i1 #ahih ,to ! ,blank%ire ,bank+ ,company1 ,blankt[n4 ,self ,pay to ,self or be>] ! sum ( ,t5,p\nds #aj #aj ,jane,smi? ---------------------------------------- ----------------- ,! *eque is deta*$ f ! c\nt]foil at ! dott$ l9e1 & is reta9$ by ! ca%i]1 :o h&s ov] #aj to ! lady toge!r ) ! book conta9+ ! rema9+ *eques4 ,oh6 ,i _h q =gott5 - ,i owe ,miss ,tuck]1 ! mill9]1 #bc #ajs4 ,w ! ca%i] please to let me h #bc #ajs4 to pay h] )4 ,miss ,smi? is told t !re is no ne$ ( incurr+ ! risk ( c>ry+ ! money ?r\gh ! /reets1 z a *eque 9 fav\r ( ,miss ,tuck] w equally answ] ! purpose2 & aga9 he fills up ! blank spaces 9 a second *eque1 :i* appe>s ?us3- ---------------------------------------- ----------------- ,no4 #ajijb4 ,no4 #ajijb4 6 6 ,m>*,i1 #ahih 6 6 ,m>* ,i1 #ahih ,to ! ,blank6hir6 ,bank+ ,company1 6,bla6kt[n4 6 6 ord] ,j4,s4 ,miss,tuck] ,pay to ,miss,tuck] or 6 6 ! sum ( ,tw5ty-?reep\nds#aj_/- 6 6 #bcaj_/- #bcaj_/-6 6 ,jane,smi? 6 6 ---------------------------------------- ----------------- ,y see1 says ! ca%i]1 ,i h /ruck out ! ^w 'be>]' & sub/itut$ ! ^w 'ord]4' ,?is w oblige ,miss ,tuck] to sign h] "n on ! back ( ! *eque 7te*nically1 to 'endorse x'7 be=e x c be paid4 ,y\r initials are requir$ to confirm ! alt]ation499 ,i h also drawn p>allel l9es across ! *eque1 :i* makes x :at is t]m$ 'a cross$ *eque1' & a cross$ *eque _c be ca%$ direct1 b mu/ be paid into an acc\nt at a bank4 ,s y see y w h ! signature ( ,miss ,tuck]1 prov+ t %e has be5 paid h] bill by means ( ?is *eque2 & x is obvi\s t by cross+ ! *eque1 %\ld x be lo/ & made an improp] use (1 !re w\ld be no difficulty 9 trac+ ?r\gh ^: h&s x pass$4 799 ,banks also issue *eques ) ! ^w ord] pr9t$ in/ead ( be>]47 ,miss ,smi? soon le>ns t all h] trades- m5's bills may be paid 9 ! same way1 )- out go+ to ! bank to draw ! money1 & ) ! advantage t ! *eque is n only a pro( ( paym5t1 b t %e has also a record ( h] acc\nts 9 ! bank pass-book4 ,x may "h be m5tion$ t %\ld a bank] ca% a *eque ) a =g$ endorsem5t1 he is n responsible1 & ! loss falls on ! draw] ( ! *eque499 ,! cross+ ( a *eque1 h[- ev]1 necessitat+ its be+ paid to a bank acc\nt1 w\ld facilitate ! discov]y ( ! culprit4 ,an additional security is giv5 to a cross$ *eque if x be>s ! words n nego- tiable writt5 und]nea? ! cross+4 ,?is means t x _c legally be us$ z a means ( paym5t to a ?ird p>ty4 ,9 ! ev5t ( su* a *eque go+ wrong1 ! loss w\ld fall ^u a bank negotiat+ x = a cu/om]4 ,! bank c\ld be call$ ^u to make good ! am\nt to ! payee4 799 ,if1 h[ev]1 he pays a *eque ) a =g$ signature he is responsible1 z he is suppos$ to "k ! h&writ+ ( 8 own cu/om]47 ,x is illegal to po/-date a *eque1 ! reason be+ t bills ( ex*ange1 :i* are obliga- tions to pay money at a future date1 be> a mu* high] /amp duty ?an *eques4 ,x w\ld1 !re=e1 be a fraud ^u ! rev5ue to make *eques d duty = bills ( ex*ange4 ,,*apt] ,,ii4 ,,! ,,bank ,,acc\nt4 ,,! mann] 9 :i* ,miss ,smi? _h left h] money on :at is t]m$ a curr5t acc\nt at ! ,bank is conv5i5t to h]self & pr(itable to ! ,blank%ire ,bank1 = !y h ! use ( x free1 pay+ no?+ = t use 9 ! way ( int]e/4 ,%e w h o!r money com+ to h] 9 ! %ape ( r5ts1 & ! int]e/ on money inve/$1 z repres5t$ 9 ^? docum5ts 9 ! t9 box - all :i* money c be h&$ ov] to ! ,bank 9 ! same way t ! #ejj 04 ,!re is1 h[ev]1 no reason :y %e %\ld leave s mu* ly+ idle )\t obta9+ any int]e/ ^u x4 ,%e w reckon up h[ mu* %e w require =1 say1 ! next six mon?s1 = h\se exp5ses & p]sonal use1 & also h[ mu*1 on ! o!r h&1 %e w be paid 9 r5ts or int]e/1 & w !n f9d t !re w be a sum (2 at lea/1 say1 #cjj ov] & above all %e desires to sp5d4 ,if %e is wise1 %e w draw out ?is sum by *eque f h] curr5t acc\nt & h x plac$ on a deposit acc\nt4 ,9 ?is case ! bank w give h] a deposit receipt or int]e/ note1 some:at 9 ?is =m3- ---------------------------------------- ----------------- ,no4 #bcige #bf? ,june1 #ahig4 ,blank%ire ,bank1 ,blankt[n4 ,,receiv$ f ,miss ,jane ,smi? ! sum ( ,?ree ,hundr$ ,p\nds1 to be acc\nt$ = ) int]e/ at #b4e p] c5t p] annum1 on #ad days' notice ( )drawl4 ,ent]$ - ,j4 ,hill ,t4 ,dale1 ,manag]4 ---------------------------------------- ----------------- 7&1 writt5 across ! receipt ,n transf]able7 ,if ! money is at any "t want$ 9 a hurry1 banks d n insi/ ^u notice be+ giv5 to )draw1 b d$uct ! days ( notice f ! "t ! int]e/ note has run4 ,= in/ance1 if ! money has be5 deposit$ = #ahd days1 ! #ad days ( notice w be d$uct$ & int]e/ all[$ on #agj days only4 ,^! receipts or notes are n transf]able1 & ! repaym5t ( ! pr9cipal or ! int]e/ mu/ be appli$ = by ! own] ei!r p]sonally or by lett]4 ,money may be deposit$ 9 a bank 9 two names & be repayable to bo? conjo9tly1 by ei!r sep>ately1 or to ! survivor ( ! two4 ,! bank w require a =m to be sign$ by bo? p>ties1 specify+ ! mann] 9 :i* x is desir$ t ! money may be deposit$4 ,by giv+ directions1 too1 ! pr9cipal may be reta9$ 9 ! "n ( "o p]son & ! int]e/ paid to ano!r4 ,"s banks adopt ! plan ( book deposits1 t is1 ! am\nt paid 9 is ent]$ 9 a pass-book1 & ! int]e/ cr$it$ half ye>ly4 ,?is may g on accumu- lat+1 or x c be drawn out 9 "o sum only1 n z 9 ! case ( a curr5t acc\nt by *eques ( v>i\s am\nts4 ,hav+ ?us e/abli%$ relations betwe5 ,miss ,smi? & h] bank]s1 let u see at ! end1 say1 ( a mon?1 ! /ate ( h] pass-book1 premis+ t 9 ! meantime %e has receiv$ & paid into ! bank "s moneys1 & also sign$ & s5t *eques to "s ( h] trades- m53- ---------------------------------------- ---------------------------------------- ,,! ,,blank%ire ,,bank4 ,,blankt[n1 ,dr4 to ,miss ,jane ,smi?4 ( ,blankt[n4 ,cr4 ---------------------------------------- ------------------------------------ #ahig s4d4#ahig s4d4 ,june#bd ,to ,ca% 4 4 #ejj #j #j;,june#bd ,by ,self 4 4 #aj #j #j ,july #h ,divid5d ,consols #aa #d #f ,tuck] 4 4 #bcaj #j #bc ,r5t f ,cook #bdaj #j #bf ,deposit receipt #cjj #j #j #be ,g4,w4,r4 divid5d #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 ! entries 9 ! pass-book x w be p]- ceiv$ t #efe #ads4 #f;d4 has be5 paid into ! bank1 z appe>s on ! left-h& page1 & t #ceg #cs4 #d;d4 has be5 drawn out1 z appe>s on ! "r-h& page4 ,! balance or diff]5ce betwe5 ! two1 am\nt+ to #bjh #aas4 #b;d41 rema9s to ! cr$it ( ,miss ,smi?4 ,9 ?is com=table /ate ( ?+s we w leave ,miss ,smi?1 :o c n[ claim to consult h] bank] 9 matt]s ( bus9ess4 ,he w be able to (f] h] facilities 9 v>i\s ways4 ,he w hold = h]1 9 safe cu/ody1 any de$s or securities2 & :il/ %e is abs5t f home w take *>ge ( h] plate or valu- ables1 free ( all exp5se4 ,if %e is travell+ ab\t ! c\ntry he w arrange s t h] *eques on ! ,blank%ire ,bank may be ca%$ at any o!r bank 9 ! k+dom4 ,if %e has occasion = x he w s5d money on h] acc\nt to "s o!r p]son's cr$it at any bank 9 ! k+dom or ! civilis$ _w4 ,if %e desires to travel abroad1 he w obta9 a passport = h] & provide h] ) circul> notes1 :i* may be turn$ into money at any place %e is likely to visit4 ,he w buy & sell /ocks1 %>es1 annuities1 c41 = h]1 & collect divid5ds1 int]e/1 c\pons1 c41 payable any:]e at home or abroad4 ,he w *e]fully advise h] on all matt]s connect$ ) money1 & x w be q ! exception if %e does n1 9 all ?+s1 f9d him a safe & prud5t c\nsellor4 ,z a rule1 no *>ge is made by a bank = keep+ an acc\nt1 provid$ ! balance1 t is1 ! am\nt ( money !y hold = ! cus- tom] - te*nically ! cr$it balance - is n p]si/5tly small4 ,if x 7 always "u #ej t w\ld be consid]$ small1 b if only occa- sionally bel[ t figure1 & sometimes above #bjj = any "t1 x w\ld g5]ally be exempt f *>ge4 ,:5 a *>ge is made = keep+ an acc\nt :i* is n remun]ative or free f tr\ble1 x does n am\nt to mu*1 & is fairly e>n$4 ,if an advance ( money is requir$ = a tem- por>y purpose1 ! bank w (t5 l5d ! money by all[+ ! acc\nt to be ov]drawn1 t is1 ! balance 9 ! pass-book w appe> z due to ! bank in/ead ( f ! bank = ! sum requir$ f "t to "t4 ,?is is sometimes conv5i5t :5 ! advance is only requir$ = a %ort "t z avoid+ ! necessity = di/urb+ any inve/m5t :i* o!rwise w\ld h to be sold4 ,z a rule1 h[ev] 7?\gh exceptions are made :]e ! cu/om] is absolutely to be dep5d$ ^u71 ! bank w\ld desire "s security to be deposit$4 ,?is may take ! =m ( a suffici5t portion 9 value ( /ocks or %>es 9 :i* ! cu/om] has inve/$1 or sometimes ! p]sonal gu>- antee ( "o or two responsible p]sons is accept$4 ,?is is q regul> bus9ess1 & ! int]e/ usually *>g$ is fair & reason- able4 ,,*apt] ,,iii4 ,,london ,,banks ,,& ,,bank+4 ,,! private banks n[ do+ bus9ess 9 ,london are few 9 numb]4 ,! t5d5cy ( late ye>s has be5 to trans=m ^! banks into ,limit$ ,liability ,companies1 or to amal- gamate ) companies ( ?is "*4 ,x looks z ?\gh1 9 c\rse ( "t1 private banks w altoge!r cease to exi/1 ! jo9t-/ock banks be+ bett] adapt$ to mod]n require- m5ts4 ,! private banks d n invite deposit1 & int]e/ on acc\nts is n all[$4 ,!y look to ! av]age balance on ea* acc\nt to comp5sate = ! tr\ble & exp5se ( keep+ x1 ) a consid]able m>g9 = pr(it4 ,!y require t n less ?an a c]ta9 fix$ sum %all be ! m9imum balance ( a cu/om]'s acc\nt1 b1 ( c\rse1 ! l>g] ! balance ! bett] = ! bank]4 ,! balance 9 "s cases may be v l>ge :]e ! bank has a weal?y connection1 x be+ a boa/ ) "s ri* p]sons t !y h nev] less ?an #aj1jjj1 or ev5 #bj1jjj at _! bank]s4 ,! money s left 9 ! bank]'s h&s is l5t out1 or inve/$ 9 v>i\s ways1 & all t he receives 9 ! %ape ( int]e/1 aft] pay+ ! exp5ses ( 8 e/ab- li%m5t1 is cle> pr(it4 ,9 %ort1 ! #ejj a ye> :i* ! cu/om] might obta9 if he 9- ve/$ ! #bj1jjj he leaves at ! bank1 goes to ! bank]4 ,at ! head ( ! jo9t-/ock banks ( ,london is ! ,bank ( ,engl&1 :i*1 l ! private banks1 d n take deposits ^u :i* int]e/ is all[$1 b rely ^u ! ca% at _! dis- posal 9 _! cu/om]s' acc\nts = _! pr(its4 ,9 all o!r respects _! mode ( transact+ bus9ess is mu* ! same z t ( o!r jo9t-/ock banks4 ,acc\nts may be op5$ by m]*ants & trad]s1 & by private individuals ( kn[n respectability1 & no p>- ticul> sum is requir$ to be lodg$ ^u op5- + ! acc\nt4 ,=m]ly *eques 7 n all[$ to be drawn = a less sum ?an #aj1 b n[ !re is no re/riction z to ! am\nt4 ,! pr(its ( ! bank are *iefly made by dis- c\nt+ bills ( ex*ange1 :i* is done to an enorm\s ext5t4 ,a bill ( ex*ange is an 9- /rum5t by :i* a p>ty :o is ow$ money by ano!r p>ty1 & accords to him ! b5efit ( delay 9 paym5t1 = a fix$ p]iod1 draws on him 9 a =m ( ord] to t effect4 ,= in/ance1 ! firm ( ,bullion ,co4 h sold to ,john ,rob9son c]ta9 goods1 :i* ne$ n be specifi$1 z ! pr9ciple applies 9 all cases1 :e!r x be bank]s1 m]*ants1 or trad]s1 & = all transactions :]e "o p>ty is indebt$ to ano!r4 ,! =m drawn by ,bullion ,co4 on ,john ,rob9son1 :i* requires to be /amp$ accord+ to ! am\nt1 w\ld be z foll[s3- ---------------------------------------- ----------------- ,due #a/ ,nov4 ------------ #ejj ,london1 #bi? ,aug41 #aihg4 ,,?ree mon?s aft] date pay to our ord] ! sum ( ,five ,hundr$ ,p\nds = value receiv$4 ,to ,mr4 ,john ,rob9son1 ,bullion ,co4 ,m]*ant1 ,liv]pool4 ---------------------------------------- ----------------- 7,writt5 across3 ,accept$ payable at ! ,bank ( ,london4 ,j4 ,rob9son4 7 ,! acceptance ( ! obligation by ,john ,rob9son is writt5 across ! face ( ! docu- m5t1 & he makes x payable1 z mo/ bills are = conv5i5ce1 at a ,london bank1 pre- sumably ! ,london ag5t ( 8 own bank]s at ,liv]pool4 ,paym5t becomes due ?ree mon?s aft] date1 ) ?ree days ( grace add$ accord+ to cu/om4 ,probably ,bullion ,co4 w\ld f9d ?is #ejj1 if 9 ca%1 useful 9 _! bus9ess1 & suppos+ ! p>ties to be ( good repute1 !y c readily conv]t x by disc\nt+ ?is bill at _! bank]s or at a bill brok]1 :o1 d$uct+ a small am\nt 9 ! %ape ( disc\nt1 w h& ov] ! balance to ! firm1 or c>ry x to ! cr$it ( 8 acc\nt4 ,x is ?is disc\nt t con/itutes ! pr(it to ! bank]1 & ! rate v>ies accord+ to ! value ( money1 :e!r x is pl5tiful or sc>ce4 ,! rate ( disc\nt is suppos$ to be regu- lat$ by ! ,bank ( ,engl&1 & ! bank rate1 :i* is arbitr>ily fix$ by ! directors1 is mov$ up & d[n 7sometimes = o!r reasons ?an ! value ( money71 & is sup- pos$ to be ! rate ( disc\nt = bills ( ! be/ description4 ,x is f\nd 9 practice1 h[ev]1 t :5 !re is an abundance ( money seek- + employm5t1 bills are disc\nt$ at l[] rates4 ,! ,bank ( ,engl& make pur*ases & sales ( ,briti% or ,=eign securities1 & divi- d5ds on /ocks w be receiv$ & plac$ to acc\nt4 ,ex*equ] bills1 bonds1 railway deb5- tures1 or any o!r securities may be deposit$1 & ! int]e/1 :5 payable1 w be receiv$ & plac$ to a cu/om]'s acc\nt free ( *>ge4 ,ca% boxes 7cont5ts unkn[n71 plate *e/s1 & de$ & security boxes are also receiv$ = cu/om]s = safety1 free ( *>ge1 & all o!r bank+ facilities conc$$1 z are giv5 by ! ,blank%ire ,bank4 ,! o!r jo9t-/ock banks ( ,london trans- act _! bus9ess 9 all respects 9 ! same mann] z ! ,bank ( ,engl&4 ,9 addition !y invite money on deposit1 all[+ int]e/ on ! same4 ,sums ( money lodg$ on deposit1 & !y may be by p]sons :o are n o!r- wise cu/om]s1 are n c>ri$ to a cu/om]'s acc\nt1 b1 z 9 ! case ( ! ,blank%ire ,bank1 are plac$ on a special =m ( receipt :i* is *ang$ = a new "o :5 ! 9- t]e/ or any "p ( ! pr9cipal is )drawn4 ,! rate ( int]e/ all[$ by ! ,blank%ire ,bank1 & by ! c\ntry banks g5]ally1 is a fix$ "o1 b t ( ! ,london banks is regulat$ by ! value ( money1 & fluctuates f "t to "t1 notice be+ giv5 by adv]- tisem5t 9 ! ,london newspap]s ( any *ange 9 ! rate4 ,deposits are receiv$ by ! ,london bank]s at call1 t is1 paym5t may be requir$ on dem&2 or at an arrang$ t]m ( notice ( repaym5t4 ,! rate ( 9- t]e/ on money at call is less ?an :]e notice is requir$1 & ! long] ! p]iod ( notice ! high] ! rate ( int]e/4 ,9 ,scotl& !re are no private banks1 & 9 ,irel& only two4 ,! jo9t-/ock banks are num]\s1 & _! mode ( bus9ess is practi- cally ! same z 9 ,engl&1 inde$ ! ,engli% sy/em is f\nd$ on t practis$ by ! ,scot* _m ye>s be=e ! jo9t-/ock bank 0 g5]al 9 ,engl&4 ,,*apt] ,,iv4 ,,inve/m5ts4 ,,go+ back to ! p>cel ( securities :i* ,miss ,smi? receiv$ f h] lawy]1 we w presume t !y repres5t safe inve/m5ts ( v>i\s k9ds4 ,x w be prud5t1 h[ev]1 to ask h] bank] to exam9e !m to see if any1 9 8 judgm5t1 might be sold ) advantage 7ei!r on acc\nt ( d\btful "* or ex- ceptionally high price71 & ! money inve/$ else:]e4 ,?is bus9ess ! bank w transact = h]2 & 9 ! matt] ( inve/m5t1 9 addition to us+ h] own common s5se z to ! nature ( ! securities 9 :i* %e %\ld place h] money1 %e %\ld seek ! advice ( h] bank]1 & rely v mu* ^u 8 op9ion4 ,! und]tak+s 9 :i* ! public are 9- vit$ to inve/ _! money are s num]\s1 & ! prospects ( success s speci\sly ass]t$1 9 good & bad alike1 t x is necess>y to be extremely cauti\s 9 accept+ any /ate- m5ts ( ! k9d )\t rigid exam9ation & pro( ( _! be+ true & g5u9e4 ,o!r- wise ! inve/m5t or pur*ase becomes a speculation1 &1 m ?an likely1 w only end 9 disa/]4 ,! t]m securities applies bo? to ! conc]ns 9 :i* inve/m5ts are made & to ! de$s & docum5ts :i* repres5t ! inve/m5ts4 ,?us a mortgage or a mortgage de$ is a security4 ,! ,gov]nm5t ,funds1 /ocks & %>es 9 all companies1 bonds1 =eign & o!rwise1 ,corporation ,/ocks1 c41 are all t]m$ securities4 ,a conv]tible se- curity is "o :i* may be sold 9 ! op5 m>ket1 !re be+ no re/riction ^u ! p]sons :o may hold x4 ,we w n[ endeav\r to put be=e ! read] "s acc\nt ( ! v>i\s securities 9 :i* ! public inve/ _! money accord- + to individual *oice1 & :i* 7) ! exception ( mortgage on real prop]ty-l& or h\ses7 may be b\ght & sold 9 ! /ock- m>ket ?r\gh ! ag5cy ( a bank] or brok]4 ,quotations ( ! m>ket price ( ^! securities may be f\nd 9 ! ,/ock ,ex*ange li/1 :i* is publi%$ daily1 & c be se5 at mo/ bank]s' (fices4 ,_m ( !m are also quot$ 9 ! daily newspap]s4 ,,mortgages4 ,to inve/ money ^u mortgage is to l5d x to a p]son :o has h\se or l&$ prop]ty1 & desires to borr[ money at a c]ta9 speci- fi$ rate ( int]e/4 ,! title de$s ( ! prop]ty are deposit$ ) ! l5d] ( ! money1 toge!r ) a mortgage de$1 :i* describes1 9 full detail1 ! t]ms :i* may h be5 agre$ ^u4 ,! int]e/ is usually made payable half- ye>ly1 & 9 ! ev5t ( its paym5t n be+ kept up1 or ! l5d] desir+ ! return ( 8 money1 ! pr9cipal sum c be call$ up1 ! l5d] giv+ six mon?s' notice ( 8 int5tion to d s4 ,if ! borr[] fails to pay1 a process ( law has to be in/itut$1 call$ a =eclosure suit1 :i*1 if successful1 transf]s ! absolute own]%ip ( ! prop]ty into ! h&s ( ! l5d]1 s t he c receive ! r5ts z 8 own1 or1 if he pleases1 sell ! prop]ty "u legal au?ority4 ,9 view ( su* a cont+5cy ! value ( ! prop]ty %\ld consid]ably exce$ ! am\nt ( ! money advanc$1 s z n only to cov] ! pr9cipal sum1 b also any arre>s ( int]e/1 toge!r ) law co/s & exp5ses4 ,! usual pro- portion ( an advance on mortgage is two-?irds ( ! asc]ta9$ value ( ! prop]ty1 b !re might be circum/ances :i* w\ld w>- rant "s v>iation 9 ! proportion4 ,! mortgage de$ %\ld be prep>$ by ! l5d]'s own solicitor1 :o w\ld see t ! prop]ty _h a good title & use all ! pre- cautions necess>y 9 transactions ( ?is k9d to gu>d aga9/ fraud & loss2 & 9 _m cases a pr(essional valuation ( ! prop]ty w\ld be desirable1 z a prelim9>y1 be=e ! advance is ent]ta9$ at all4 ,cases h be5 kn[n :]e fraudul5t p]- sons h borr[$ money on mortgages ( prop]ty convey$ to !mselves1 b z to :i* !y 7 tru/ees only = o!rs4 ,! l5d]s or mortgagees h1 9 su* cases1 no alt]native b to give up ! de$s & submit to ! loss ( _! money4 ,deb5tures are a =m ( mortgage applicable to ! rais+ ( money by a corporation or jo9t-/ock company4 ,! company mortgages its prop]ty = a c]ta9 sum1 too l>ge = a s+le p]son to advance1 s x is divid$ up into ev5 am\nts (1 say1 #ajj1 ! money be+ secur$ by de- b5ture bonds1 be>+ int]e/ at a fix$ rate1 & be+ saleable 9 ! /ock m>kets4 ,,! ,,funds4 ,:at are ! ,funds8 ,! writ] has be5 ask$ ?is "q ov] & ov] aga91 ?\gh x seems sc>cely cr$ible t1 9 ^! days1 any p]son ( ord9>y intellig5ce %\ld be ignorant ( ! mean+ ( ! t]m4 ,un=- tunately ^! ?+s are n usually taught 9 our s*ools4 ,! ,funds1 g5]ally speak+1 is ! t]m appli$ to ! ,national ,debt ( ,great ,brita91 ! money borr[$ by ! ,gov]nm5t f ! p1 *iefly = ! purpose ( c>ry+ on ! great w>s at ! beg9n+ ( ! pres5t c5tury4 ,= ^! loans z mu* z #e p] c5t4 has 9 =m] ye>s be5 paid1 b at pres5t #b #c_/d is ! rate payable on ! great bulk ( ! debt4 ,! ye> aft] ! ,battle ( ,wat]loo ! ,national ,debt am\nt$ to n9e hundr$ mil- lions ( money2 at ! pres5t "t x am\nts to ab\t five hundr$ & sev5ty millions1 & is /eadily dim9i%+4 ,?is be+ ! case1 !re is ( c\rse no ne$ ( fur!r borr[+ at pres5t1 b ! loans out/&+ - any por- tion ( !m - may be b\ght & sold 9 ! m>ket2 t is1 any l5d] may transf] all or any "p ( 8 loan to "s o!r p]son1 & z !re are1 daily1 hundr$s & ?\s&s ( individuals want+ to buy or to sell1 !re is no difficulty :atev]1 ?r\gh ! m$ium ( ! ,/ock ,ex*ange1 9 arrang+ s t a p]son c obta91 or dispose (1 ! exact am\nt ( /ock he desires4 ,! *ief me?od by :i* ! ,national ,debt is r$uc$ is describ$ "u ! head ( ,t]m9able ,annuities4 ,,/ocks ,,& ,,%>es4 ,! /ock ( an in/itution or company is a fix$ sum =m+ ! capital ^u :i* ! conc]n is c>ri$ on1 or x is ! fix$ sum bor- r[$ = c]ta9 purposes4 ,any quantity ( /ock may be pur*as$1 b %>es1 :i* repres5t ! capital ( a company1 c only be pur*as$ 9 :ole numb]s4 ,! nom9al or face value ( /ocks & %>es by no means necess>ily repres5ts _! m>ket value2 9 fact x is ! exception t !y %\ld d s4 ,! m>ket price is con- t9ually fluctuat+4 ,?us1 if ! price ( a giv5 /ock is quot$ 9 ! li/s & news- pap]s at #aaj1 x means t = e #ajj ( su* /ock #aj additional has to be paid1 & ! /ock is said to be at #aj premium4 ,if1 on ! o!r h&1 x is quot$ at #ij1 x means t #ajj ( su* /ock c be pur*as$ = #ij1 & ! /ock is said to /& at a disc\nt ( #aj4 ,! int]e/ 9 ei!r case is ( c\rse calculat$ on ! face value1 t is1 #ajj4 ,?is applies to all k9ds ( /ock on ! same pr9ciple1 ! prices v>y+ accord+ to ! e/eem 9 :i* !y are held1 or1 9 o!r words1 ! cr$it !y h ) ! money$ _w4 ,! %>es ( companies1 :i* are only pur*asable 9 :ole numb]s1 are ( v>i\s d5om9ations1 or face values2 & aga9 ^! face values by no means repres5t ! m>ket value4 ,%>es ( #e ea* 7nom9al value7 may be quot$ z sell+ at #f1 :i* w\ld be #a pre- mium1 b ! divid5d or int]e/ w\ld be calculat$ on #e4 ,on ! o!r h&1 a #e %>e quot$ at #d w\ld be #a disc\nt1 b ! divid5d or int]e/ w\ld /ill be calculat$ on ! face value ( #e4 ,9 v _m cases ! :ole ( ! nom9al value ( a %>e is n call$ up1 i4e41 is n re- quir$ to be imm$iately paid4 ,?us a #e %>e may h only #c paid ^u x1 leav+ a lia- bility ( #b1 :i* ! hold] may at any "t be call$ ^u to pay1 :e!r conv5i5t or n4 ,?is %\ld always be borne 9 m9d :5 pur*as+ %>es ( any k9d1 z ! neglect ( ?is precaution has (t5 involv$ hold]s 9 s]i\s difficulties1 f be+ call$ ^u to pay up :5 lea/ able to d s4 ,! divid5d on %>es ( ?is k9d is calcu- lat$ only on ! am\nt paid up4 ,,divid5ds4 ,a divid5d is ! sum apportion$ p]iodi- cally1 9 ! %ape ( pr(it or int]e/1 to hold]s ( /ocks & %>es4 ,x may be a fix$ sum accord+ to ! rate ( int]e/1 z 9 ! case ( ! ,funds1 ,colonial ,/ocks1 c41 or a v>y+ sum accord+ to ! pr(its made1 z 9 ! case ( railway %>es & ^? ( o!r companies4 ,! divid5ds on ! ,funds & "s ,colonial ,/ocks are paid qu>t]ly1 at ! beg9n+ ( ,janu>y1 ,april1 ,july1 & ,octob]4 ,a mon? prior to ! date ( paym5t ! /ocks are m>k$ ex-div41 mean+ t any pur*ase effect$ aft] ! #a/ ,decemb]1 #a/ ,m>*1 #a/ ,june1 & #a/ ,septemb]1 w\ld n c>ry t qu>t]'s divid5d1 z x is held 9 fav\r ( ! p]son ^: "n is regi/]$ on ! books on ^? dates4 ,! int]e/ dep5d5t ^u ! %>es or /ocks ( companies is usually paid half-ye>ly1 aft] ! p]iodical meet+1 :5 ! acc\nts are pres5t$ & ! pr(its decl>$4 ,a c]- ta9 date is fix$ :5 ^! %>es & /ocks are saleable ex-div4 or ex-int]e/4 ,,*apt] ,v4 ,,briti% ,,gov]nm5t ,,funds4 ,,! safe/ ( all inve/m5ts are ^? repre- s5t$ by ! ,national ,debt ( ?is c\ntry1 b ! rate ( int]e/ or annual income d]ivable !refrom is small4 ,! debt is nom9ally divid$ into ?ree p>ts3- ,! ,fund$ ,debt1 ! ,unfund$ ,debt1 ,t]m9able ,annuities4 ,! ,fund$ ,debt 7#a7 is p]man5t2 x is repre- s5t$ by ,consols yield+ int]e/ at ! rate ( #b #a_/b p] c5t4 p] annum1 or #b #ajs4 a ye> = e #ajj ( /ock4 ,! ,gov]nm5t is n "u obligation to r$eem ! pr9cipal at any fix$ "t1 b p[] is res]v$ to pay (f ! loan at p> 7t is at ! rate ( #ajj = e #ajj /ock1 irrespective ( its !n sell+ value7 9 ! ye> #aije4 ,ano!r debt ( comp>a- tively small am\nt1 be>+ int]e/ at #b #c_/d p] c5t4 p] annum1 may also be paid (f at p> 9 #aije4 ,! great bulk ( ! ,national ,debt1 am\nt- + to ov] five hundr$ millions /]l+1 is1 repres5t$ by :at1 9 ,/ock ,ex*ange p>- lance1 is kn[n z ,gos*5's ,consols1 s call$ f ! ,*ancellor ( ! ,ex*equ] ( t "n1 to :om is due ! conv]sion ( ! old ?ree p] c5ts41 9 ! ye> #ahhh4 ,?is /ock be>s int]e/ at ! rate ( #b #c_/d p] c5t4 p] annum until ! ye> #aijc2 f t date x is to be r$uc$ to #b #a_/b p] c5t4 until #aibc1 :5 ! pr9cipal may be paid (f at p>4 ,!re is yet ano!r fix$ debt ( ab\t =ty millions /]l+ call$ ,local ,loans ,/ock1 be+ money borr[$ by ! ,gov]nm5t = ! purpose ( mak+ advances to ,corporations = local works4 ,?is /ock may be r$eem$ at p> 9 #aiab4 ,! ,unfund$ ,debt 7#b7 consi/s ( loans to ! ,gov]nm5t = tempor>y purposes4 ,^! loans are = v>i\s p]iods v>y+ f sev5 days to z _m ye>s4 ,!y are repres5t$ by ,ex*equ] ,bills1 ,ex*equ] ,bonds & ,trea- sury ,bills1 :i* be> int]e/1 accord+ to ! value ( money at ! "t !y are issu$1 f day to day4 ,due notice is giv5 :5 a loan is to be paid (f or r5ew$1 & int]e/ ceases on ! day nam$ = r$emption4 ,,t]m9able ,,annuities4 ,t]m9able ,annuities 7#c7 may be reg>d$ z a ,s9k+ ,fund1 or means by :i* a con- sid]able portion ( ! ,national ,debt is paid (f e ye> & ,! ,funds proportionately r$uc$4 ,?us ! ,gov]nm5t is emp[]$ to give an annuity = a c]ta9 numb] ( ye>s 9 ex- *ange = p]man5t /ock 9 ! ,funds4 ,= in/ance1 a hold] ( #a1jjj #b #c_/d p] c5t4 /ock is receiv+ #bg #ajs4 a ye> 9 ! %ape ( int]e/4 ,! ,gov]nm5t (f]s to pay d\ble ! am\nt ( int]e/ or #ee1 if ! #a1jjj /ock is trans- f]r$ to !m1 & to cont9ue ?is #ee a ye> = tw5ty ye>s & no long]4 ,at ! expiration ( t p]iod ! int]e/ ceases & ! pr9cipal sum ( #a1jjj is /ruck (f ! ,national ,debt1 :i* is 9 consequ5ce r$uc$ by t sum4 ,,loans - ,,! ,,int]e/ ,,on ,,:i* ,,is ,,gu>an- ,,te$ ,,by ,,! ,,briti% ,,gov]nm5t4 ,^! consi/ ( loans to ! ,gov]nm5t ( ,canada = railway purposes1 ^u :i* #d p] c5t4 p] annum is gu>ante$4 ,also loans to ! ,colonies ( ,jamaica at #d p] c5t4 & ,mauri- tius at #c p] c5t41 to ! ,egyptian ,gov]nm5t at #c p] c5t4 & to ! ,turki% ,gov]nm5t at #d p] c5t42 9 ?is latt] case ! ,fr5* ,gov]nm5t jo9s 9 ! gu>antee4 ,^! are all p]fectly safe inve/m5ts1 s f> z ! int]e/ or income d]iv$ is conc]n$1 b !re appe>s to be no arrangem5t = ! r$emption ( ! loans4 ,! l>ge loans to ! ,gov]nm5t ( ,india at #c #a_/b & #c p] c5t41 repayable 9 #aica & #aidh1 are gu>ante$ by ! ,secret>y ( ,/ate = ,india1 practically ! ,briti% ,gov]nm5t4 ,any am\nt may be inve/$ 9 ! above /ocks & annuities ?r\gh ! m$ium ( ei!r a bank] ?r\gh 8 brok]1 or by a brok] direct4 ,! brok]'s *>ge = trans- act+ 9 ,consols is #be4 #f;d4 7#a_/h7 p] c5t4 on ! am\nt inve/$1 b prov9cial bank]s make a fur!r small *>ge = gu>antee+ ! busi- ness1 t is1 !y protect _! cu/om] f any loss t may arise ow+ to ! failure ( ! brok] to c>ry out ! contract4 ,! divid5ds1 int]e/1 or annuity d]ivable f ^! inve/m5ts1 may be receiv$ by p]sonal application ( ! hold] at ! ,bank ( ,engl& on c]ta9 fix$ days1 or on sign+ a pr9t$ =m furni%$ on application by ! ,bank ( ,engl&1 p] po/1 !y w s5d f "t to "t )\t fur!r notice a w>rant or ord] = ! am\nt due1 :i* w>rant or ord] may be paid into a bank acc\nt1 or1 on a prop] introduction1 ca%$ at any bank or po/ (fice4 ,! simple/ plan1 h[ev]1 may be to give y\r bank] a ,p[] ( ,attorney to receive ! divi- d5ds f "t to "t & place ! am\nt to ! cr$it ( y\r acc\nt4 ,income tax is d$uct$ f all divid5ds2 b if a p]son is n liable to su* tax1 by reason ( ! total income com+ )9 ! ,exemption ,clause1 ! am\nt c be recov]$ ?r\gh a surveyor ( taxes1 z to :i* ! bank] w\ld give all ! in=mation requir$ 79974 7997 ,su* in=mation may also be f\nd 9 detail 9 a little h&y book1 ,income ,tax1 & h[ to get x ,refund$4 #as4 #f;d4 ,pub- li%$ by ,messrs4 ,eff+ham1 ,wilson ,co4 ,! /ock ( ! ,bank ( ,engl&1 :i* may be pur*as$ 9 any am\nt1 ! same z ,consols1 is a fav\rite inve/m5t ) "s1 b ! price is s high t ! income to be d]iv$ !refrom is no m1 & sometimes ev5 less1 ?an f ! ,funds4 ,,automatic ,,re-,,inve/m5t ,,( ,,divid5ds4 ,hold]s ( /ock 9 ! ,funds :o are n desir\s ( receiv+ _! divid5ds1 b pref] to h !m add$ half-ye>ly to ! capital sum )\t fur!r action on _! "p1 are grant$ facilities by :i* ?is may be done automatically1 on application to ! ,bank ( ,engl&4 ,! in/ructions apply to am\nts ( /ock ( less ?an #a1jjj only4 ,^! facilities are also ext5d$ to hold]s ( ,metropolitan ,consolidat$ ,/ocks1 & to ! ,india #c p] c5t4 & #c #a_/b p] c5t4 /ocks4 ,,*apt] ,,vi4 ,,gov]nm5t ,,annuities4 ,,! ,commission]s = ! ,r$uction ( ! ,national ,debt1 "u ! au?ority ( ,p>lia- m5t1 grant annuities ei!r on s+le lives1 or on two lives & ! life ( ! survivor1 or on ! jo9t cont9uance ( two lives1 su* annui- ties to comm5ce imm$iately4 ,9 ! case ( s+le lives1 ! annuity may be made to com- m5ce at a future p]iod1 & ! consid]ation = x may be paid by ! pur*as] annually 9 sums ( money n less ?an #e1 b 9 case ( default 9 keep+ up ! annual in/alm5ts1 all ! annual paym5ts previ\sly made are =feit$1 & all "r to ! annuity is ex- t+ui%$4 ,paym5t = an annuity is made by ! transf] ( #b #a_/b p] c5t4 ,consols1 or money ( equi- val5t value1 at ! price ( ! /ock on ! day ( ! transaction4 ,! tables 7see p4#dd7 %[ ! annuity :i* #ajj ( #b #a_/b p] c5t4 /ock w pur*ase1 to con- t9ue dur+ ! life ( a nom9ee at ! re- spective ages & accord+ to ! prices ( #b #a_/b p] c5t4 /ock !re9 /at$4 ,x w be se5 t 9 ! case ( money be+ paid = ! pur*ase ( ! annuity1 ! high] ! price ( ,consols ! de>] w be ! pur*ase4 ,?us1 a female buy+ an annuity at ! age ( fifty1 am\nt+ to #e #ais4 #h;d4 p] annum1 & ,consols be+ at p>1 or #ajj1 w\ld1 if %e paid = x 9 money1 h to exp5d #ajj4 ,b suppose ,consols to be at #ajh 7z !y are at pres5t7 %e w\ld h to pay #ajh = ! same annuity4 ,tables relat+ to annuities on jo9t lives & to def]r$ annuities may be obta9$ at ! ,national ,debt ,(fice1 #ai1 ,old ,jewry1 ,london1 by application direct1 or ?r\gh a bank4 ,no p]son "u ! age ( fifte5 c be ap- po9t$ ! nom9ee = any life annuity4 ,life annuities are payable qu>t]ly at ! ,national ,debt ,(fice1 9 ! =m ( a w>rant on ! ,bank ( ,engl&1 ei!r on p]sonal dem&1 or ?r\gh a bank by ,p[] ( ,attor- ney2 or !y c be transmitt$ to ! pro- prietor by po/4 ,! fix$ dates are ! fif? ( ,janu>y1 ! fif? ( ,april1 ! fif? ( ,july1 & ! fif? ( ,octob] 9 ea* ye>4 ,! fir/ qu>t]ly paym5t ( annuities w become due z foll[s1 namely3 ,on annuities pur*as$ betwe5 ! fir/ ( ,decemb] & ! la/ day ( ,febru>y1 on ! fif? ( ,april next foll[+ ! day ( pur*ase4 ,betwe5 ! fir/ ( ,m>* & ! la/ day ( ,may1 on ! fif? ( ,july next foll[+4 ,betwe5 ! fir/ ( ,june & ! la/ day ( ,augu/1 on ! fif? ( ,octob] next foll[+4 ,betwe5 ! fir/ ( ,septemb] & ! la/ day ( ,novemb]1 on ! fif? ( ,janu>y next foll[+4 ,no sum less ?an #ajj ( /ock or money c be receiv$ 9 ! fir/ in/ance1 b x may be add$ to subsequ5tly 9 sums ( n less ?an #bj4 ,^u ! expiration ( any life annuity a sum equal to "o-f\r? ( ! annuity 7ov] & above all qu>t]ly arre>s !re(7 w be paid to ! repres5tatives ( ! annuitant1 if claim$ )9 two ye>s aft] su* expiration4 ,v heavy p5alties atta* to p]sons mak+ false /atem5ts or decl>ations 9 respect ( ! pur*ase ( an annuity4 ,p] ,acts #aj ,geo4 ,,iv41 cap4 #bd1 & #ea & #eb ,vic4 cap #ae4 ------------------------- ,,table %[+ ! ,,annuity1 cont9u+ dur+ ! ,life ( any p]son ( ! foll[+ ,ages1 :i* #ajj ,,/ock 9 ! #b #a_/b ,,p] ,,c5t4 ,,bank ,,annuities w pur*ase4 ---------------------------------------- ---------------------------------------- ------------- ,:5 ! price ( ,:5 ! price ( ,:5 ! price ( #ajj ( #b #a_/b p] #ajj ( #b #a_/b p] #ajj ( #b #a_/b p] ,age c5t4 ,/ock exclusive c5t4 ,/ock exclusive c5t4 ,/ock exclusive ,age ( ! ( accru$ divid5d ( accru$ divid5d ( accru$ divid5d ( ! ,nom9ee lies betwe5 lies betwe5 lies betwe5 ,nom9ee #id #ae #i & #ie #ac #aa4ie #ac #aa & #if #ab #e4if #ab #e & #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 ---------------------------------------- ---------------------------------------- ------------- ,p] ,acts #aj ,geo4 ,,iv41 cap4 #bd1 & #ea & #eb ,vic4 cap #ae4 ------------------------- ,,table %[+ ! ,,annuity1 cont9u+ dur+ ! ,life ( any p]son ( ! foll[+ ,ages1 :i* #ajj ,,/ock 9 ! #b #a_/b ,,p] ,,c5t4 ,,bank ,,annuities w pur*ase4 ---------------------------------------- ---------------------------------------- ------------- ,:5 ! price ( ,:5 ! price ( ,:5 ! price ( #ajj ( #b #a_/b p] #ajj ( #b #a_/b p] #ajj ( #b #a_/b p] ,age c5t4 ,/ock exclusive c5t4 ,/ock exclusive c5t4 ,/ock exclusive ,age ( ! ( accru$ divid5d ( accru$ divid5d ( accru$ divid5d ( ! ,nom9ee lies betwe5 lies betwe5 is above ,nom9ee #ig #aa #c & #ih #aj #f4 #ih #aj #f & #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 ,,(fice ,,annuities4 ,"s ( ! ,insurance ,(fices grant imme- diate annuities4 ,( c\rse1 9 pur*as+ a life annuity f an ,insurance ,(fice1 x is necess>y to ensure z f> z is humanly possible t an annuity w be paid = life4 ,?is n only de- p5ds ^u ! pres5t solv5cy ( ! company1 b ^u t solv5cy be+ ma9ta9$4 ,!re is n mu* difficulty1 h[ev]1 9 select+ f among/ ! num]\s well-e/abli%$ companies1 ) prop] advice1 "o t w answ] e requirem5t4 ,! foll[+ table %[s ! am\nt ( an annuity grant$ by ! und]m5tion$ companies = e #ajj paid4 ,! age la/ bir?day is t ^u :i* ! pay- m5t is bas$1 & ! initial lett]s ,m4 & ,f4 indicate ! rates = male & female lives4 ,! ages quot$ range f #ej to #gj ye>s1 b ! t]ms = pur*as+ an annuity at any age c be obta9$ at ! ,insurance ,(fice4 ,by a few companies1 di/+ui%$ ?us 7671 ! proportionate am\nt ( annuity is payable to ! day ( dea?4 ---------------------------------------- ---------------------------------------- --------------------- ,(fice ,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,briti% ,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 ,cal$onian ,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 ( ,glasg[ ,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 ,ed9burgh ,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,engli% & ,scotti% ,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,fri5ds' ,provid5t ,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 ,g5]al ,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,gre%am #f #ah #e #g #d #j #g #ad #a #h #f #g #h #af #h #i #g #aaaj #h #aab #ab #aa 6,gu>dian ,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,h&-9-,h& ,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 & ,cr[n ,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 & ,g5]al ,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 ( ,m #g #f #j #g #ab #j #h #b #h #h #af #j #i #g #j #i #ai #baa #j #fac #d #h,m ,scotl& ,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 ,liv]pool & ,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 & ,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 ,ed9burgh1 ,m #h #e #j #h #aa #j #i #a #h #i #ae #daj #f #haj #ai #bab #a #bad #g #aj,m & ,glasg[ ,f #g #aa #j #g #af #f #h #f #b #h #ah #d #i #h #j #i #ah #ajaj #ah #hac #d #aj;,f ,m>9e & ,g5]al ,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 ,provid5t ,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 ,nor? ,briti% & ,m #g #e #d #g #aa #d #h #a #aj #h #ae #b #i #f #b #i #ah #baj #ai #dac #d #f,m ,m]cantile ,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,nor!rn ,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,pe>l ,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,provid5t ,cl]ks' ,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 ,prud5tial ,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 ,ex*ange ,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 ,scotti% ,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 ,scotti% ,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 ,scotti% ,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 ,scotti% ,provid5t ,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,scotti% ,wid[s' ,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 ,/&>d ,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 ,/> ,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 7( ,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 ,unit$ ,k+dom ,m #f #ae #j #g #j #f #g #aj #c #h #b #f #h #ae #aa #i #c #caj #j #cab #a #j,m ,temp]ance ,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 ,york%ire ,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 ---------------------------------------- ---------------------------------------- --------- ,po/ ,(fice 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 ,/ates ,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 ,,gov]nm5t ,,/ocks4 ,^! /ocks /& z high 9 ! e/imation ( ! public z ! ,briti% ,gov]nm5t ,funds4 ,!y consi/ ( loans rais$ 9 ?is c\ntry = ! use ( ! ,indian ,gov]nm5t & are two 9 numb]1 be>+ int]e/ respectively at ! rate ( #c & #c #a_/b p] c5t4 ,!re is also :at is t]m$ a ,rupee ,pap] ,loan1 rais$ 9 ,india at #c #a_/b p] c5t4 p] annum4 ,! int]e/ is paid 9 ! curr5cy ( ! c\n- try1 :i* is ! rupee1 & t co9 be+ wor? only a little m ?an half its nom9al value 9 ?is c\ntry1 ! inve/or 9 ?is /ock w\ld receive 9 ! %ape ( int]e/ little m ?an half ! #c #ajs4 a ye>4 ,! price ( ! /ock 9 ! m>ket is consequ5tly 9 ! same proportion1 & at ! pres5t mom5t is ab\t #fb = e #ajj /ock4 ,,*apt] ,,vii4 ,,loans ,,to ,,corporations ,,& ,,c\nties ,,( ,,! ,,unit$ ,,k+dom4 ,,^! are loans rais$ by bor\ghs & c\n- ties1 & o!r au?orities 9 ?is c\ntry1 = local purposes1 ^u ! security ( ! rates or o!r assur$ income4 ,be=e ! money is borr[$ ! cons5t ( ! ,local ,gov]nm5t ,bo>d is necess>y to make ! loan legal1 & evid5ce is requir$ t ! res\rces ( ! borr[]s are ample to meet _! obligations4 ,on mo/ ( ^! /ocks ! rate ( int]e/ is #c p] c5t41 ?\gh !re are "s few at #c #a_/b p] c5t4 ,! pr9cipal is r$eemable at fix$ dates1 or by a s9k+ fund1 t is1 by sett+ aside s mu* a ye> to pay (f ! loan at a fix$ "t1 or z opportunity (f]s4 ,= in/ance1 9 times :5 money is sc>ce or de> !re is a proba- bility ( ^! /ocks fall+ bel[ _! p> value1 & ! ,s9k+ ,fund is !n us$ to buy ! /ock 9 ! m>ket4 ,?us ! ,corporation may be able 9 effect to pay (f a loan ( #ajj = #ij or #ie1 :atev] ! price may be1 & s ga9 ! am\nt ( ! diff]5ce4 ,inve/m5ts 9 securities ( ?is k9d may be consid]$ absolutely safe1 al?\gh c]ta9ly !re is ! cont+5t risk ( a t[n1 aft] bor- r[+ up to its full p[]s1 drift+ into decay f ! loss ( its /aple trade1 & s f9d+ itself unable to meet its obligations4 ,! 9- ve/or %\ld1 h[ev]1 f9d no difficulty 9 discov]+ :]e su* a cont+5cy w\ld be possible4 ,! int]e/ on ^! loans is usually s5t direct to ! /ock-hold]s1 by means ( an ord] on a bank4 ,,colonial ,,gov]nm5t ,,securities4 ,loans made to ! v>i\s ,colonies ( ,great ,brita9 h always be5 a fav\rite mode ( inve/+ money1 z !y comm& a bett] rate ( int]e/1 at lea/ !y h done s 9 ! pa/1 al?\gh ! confid5ce :i* ! ,colonies h succe$$ 9 inspir+ n[ enables !m to borr[ money at a l[ rate ( int]e/4 ,at ! same "t ! old /ocks h advanc$ to a v consid]able premium4 ,exp]i5ce has %[n t1 s f>1 ! inve/- m5t has be5 a safe "o1 al?\gh great fluc- tuations h f "t to "t tak5 place 9 ! value ( "s ( ! /ocks1 ow+ to a *eck 9 prosp]ity1 depression ( trade1 or dim9i%$ confid5ce 9 ! /ability ( ! ,colony f v>i\s causes4 ,^! transi5t cl\ds h1 h[ev]1 9 "t1 pass$ away1 & confid5ce has aga9 be5 e/abli%$4 ,! inve/or %\ld be able readily to di/9- gui% betwe5 ^? ,colonies :i* are p]ma- n5tly settl$ & n likely to be s]i\sly affect$ by any pass+ crisis1 & o!rs 9 a less =tunate or advanc$ position4 ,& he w\ld d well1 if adv]sity %\ld at any "t ov]take a ,colony1 & s s5d d[n ! value ( its /ock1 to avoid sell+ out 9 a panic1 b to consid] :e!r ! circum/ances are su* t ! crisis may pass (f at no di/ant date1 & confid5ce be re/or$4 ,x %\ld be remem- b]$ t !re are always speculators :o1 at su* times1 endeav\r to int5sify a crisis1 9 ord] t prices may be =c$ d[n1 & t !y may be !reby enabl$ to acquire /ocks at l[ prices f timid hold]s4 ,!re are two modes ( inve/+ 9 ^! securities1 #a4 ,inscrib$ or ,regi/]$ ,/ock4 #b4 ,bonds4 ,9 ! case ( ,inscrib$ or ,regi/]$ ,/ock1 any am\nt c be inve/$1 & ! same is regi/]$ 9 ! books ( ! ,bank ( ,engl& or else:]e1 9 ! "n ( ! inve/or1 9 ! same way z ! ,gov]nm5t ,funds4 ,! divi- d5d or int]e/ is s5t to ! own]'s address by an ord] payable at a bank1 half-ye>ly or qu>t]ly1 z ! case may be1 or x may1 on writt5 in/ructions be+ s5t to ! ag5ts1 be transmitt$ to ! cr$it ( ! acc\nt ( ! hold] at 8 own bank]s p]iodically4 ,?is is by f> ! be/ plan2 x saves tr\ble & risk1 &1 = ! matt] ( t1 some?+ 9 po/age4 ,x is1 moreov]1 ! me?od mu* pref]r$ by ! ag5ts !mselves1 & x involves no additional exp5se4 ,! foll[+ is a li/ ( ! ,inscrib$ ,/ocks ( ! ,colonial ,gov]nm5ts1 ) an example ( ! way 9 :i* ! m>ket price1 :i* ( c\rse v>ies almo/ f day to day1 is quot$3- ,,colonial ,,gov]nm5t ,,inscrib$ ,,/ocks4 ---------------------------------------- ---------------------------------------- ---------------------------------------- --------- #a #b #c #d #e #f #g #h ---------------------------------------- ---------------------------------------- ---------------------------------------- --- #ajj1jjj #ajj1jjj #a ,m>4 #a ,sept4 #d ,aug4 #d ,antigua #d ,inscrib$ ,/ock #aiai-dd #aae - #aag #cge1jjj #cge1jjjae ,m>4 #ae ,sept4 #ag ,aug4 #c #a_/b;,b>bados #c #a_/b ,inscrib$ ,/ock #aibe-db #aji - #aaa #a1abj1jjj #ifi1idj #a ,jan4 #a ,july #af ,dec4 #c ,briti% ,columbia 7,prov9ce (7 #c ,insc4 ,/ock #aida #aja - #ajc -- #aid1ejjae ,jan4 #ae ,july #af ,dec4 #d ,briti% ,guiana #d ,inscrib$ #aice #aah - #abj #g1eje1hjj #g1eje1hjj #a ,may #a ,nov4 #ai ,oct4 #d ,canada #d ,/ock ,regi/]$ #aijd-d-f-h #aje - #aaa #c1ige1fad #c1ige1fad #a ,jan4 #a ,july #ae ,dec4 #d ,d4 #d ,r$uc$ 7late #e7 ,regi/]$ #aiaj #aji - #aaa #d1eej1cjj #d1eej1cjj #a ,june ,dec4 #af ,nov4 #c #a_/b ,d4 #c #a_/b ,/ock ,regi/]$ #aiji-cd #ajg - #aji #c1dca1gjj #c1dca1gjj #a ,jan4 ,july #ae ,dec4 #d ,d4 #d ,loan = #d1jjj1jjj #aiaj-ce #aaj - #aab #aj1ici1hcd #i1igh1jba #c ,d4 #c ,/ock ,regi/]$ #aich #ajb - #ajd #c1jjj1jjj #b1aae1aeb #a ,june #a ,dec4 #af ,nov4 #d ,cape ( ,good ,hope #d ,/ock ,regi/]$ #aiag-bc #aag - #aai #c1gfi1dfe #c1gfi1dfe #d ,d4 7,loan ( #ahhc7 ,inscrib$ #aibc #aai - #aba #i1iig1eff #i1iig1effae ,apl4 #ae ,oct4 #b ,oct4 #d ,d4 #d ,consolidat$ ,/k4 ,ins4 #aiaf-cf #aaf - #aah -- #e1aed1bgb #a ,jan4 #a ,july #af ,dec4 #c #a_/b ,d4 #c #a_/b ,consolidat$ ,ins4 ,/k4 #aibi-di #aae - #aag #a1jgf1ajj #a1jgj1ajjae ,feb4 #ae ,aug4 #af ,jan4 #d ,ceylon #d ,inscrib$ ,/ock #aicd #abc - #abe #a1dej1jjj #a1dej1jjj #a ,may #a ,nov4 #b ,oct4 #c ,d4 #c ,inscrib$ ,/ock #aidj #ajd - #ajf #abc1fgj #abc1fgjae ,may #ae ,nov4 #af ,oct4 #d ,gr5ada #d ,inscrib$ ,/ock #aiag-db #aae - #aag #cda1hjj #cda1hjjae ,april #ae ,oct4 #af ,sept4#c #a_/b;,hong ,kong #c #a_/b ,inscrib$ ,/ock #aiah-dc #ajg - #aaj -- #a1jhf1bdaaf ,feb4 #af ,aug4 #af ,jan4 #d ,jamaica #d ,inscrib$ ,/ock #aicd #abj - #abb #dhj1gdi #dhj1gei #a ,feb4 #a ,aug4 #b ,jan4 #d ,mauritius #d ,inscrib$ ,/ock #aicg #aba - #abc -- #bhb1dhaae ,may #ae ,nov4 #af ,oct4 #d ,natal #d ,consolidat$ ,/ock1 ,inscrib$ #aibg #abj - #abb #c1jbf1ddd #c1jbf1ddd #a ,april #a ,oct4 #a ,sept4 #d ,d4 d4 d4 #aicg #abc - #abe #c1gad1iag #c1gad1iag #a ,june #a ,oct4 #c ,nov4 #c #a_/b ,d4 #c #a_/b ,inscrib$ ,/ock #aiad-ci #ajg4e-ajh4e #cbj1jjj #cbj1jjj #a ,jan4 #a ,july #af ,dec4 #d ,newf\ndl& ,inscrib$ #aiac-ch #aji - #aaa #eej1jjj #eej1jjj #d ,d4 #d ,inscrib$ ,/ock #aice #aaj - #aab #bjj1jjj #bjj1jjj #d ,d4 #d ,consolidat$ ,/ock ,inscrib$ #aicf #aaj - #aab #i1fhf1cjj #i1fhf1cjj #a ,jan4 #a ,july #b ,dec4 #d ,new ,s\? ,wales ,/ock1 ,inscrib$ #aicc #abj - #abb #af1ejj1jjjaf1ejj1jjj #a ,april #a ,oct4 #b ,sept4#c #a_/b ,d4 #c #a_/b ,/ock1 ,inscrib$ #aibd #aaj - #aaa -- #ab1hbf1bjj #a ,m>4 #a ,sept4 #e ,aug4 #c #a_/b ,d4 #c #a_/b ,/ock1 ,inscrib$ #aiah #aji - #aaj #d1jjj1jjj #d1jjj1jjj #a ,april #a ,oct4 #b ,sept4 #c ,d4 #c ,inscrib$ ,/ock #aice #aja4e-ajb4e #bi1aej1cjbbi1aej1cjb #a ,may #a ,nov4 #b ,oct4 #d ,new ,zeal& #d ,consolidat$ ,/ock ,inscrib$ #aibi #aae - #aaf #e1ifj1ehh #e1ifj1ehh #a ,jan4 #a ,july #b ,dec4 #c #a_/b ,d4 #c #a_/b ,/ock #aidj #aje4e-ajf4e #a1ebg1jjj #a1ebf1fbj #a ,april #a ,oct4 #b ,sept4 #c ,d4 #c ,inscrib$ #aide #ajj4e-aja4e #aj1hff1ijjaj1hff1ijj #a ,jan4 #a ,july #b ,dec4 #d ,que5sl& ,/ock ,inscrib$ #aiae-bd #aac - #aae #h1eaf1gcd #h1eaf1gcd #c #a_/b ,d4 #c #a_/b ,inscrib$ #aiba-d-cj #aje4e-ajf4e #a1bej1jjj #a1bej1jjj #c #a_/b ,d4 #c #a_/b d4 #aide #ajg4e-ajh4e #he1dij #he1dhjae ,feb4 #ae ,aug4 #af ,jan4 #d ,/4 ,lucia #d ,inscrib$ ,/ock #aiai-dd #aab - #aad #g1gba1jjj #g1gba1jjj #a ,april #a ,oct4 #aa ,sept4 #d ,s4 ,au/ralia 7,loans ( #ahhb-c-d-e-f-g7 ,reg4 #aiaf-cf #aab - #aad #b1hej1gac #b1eag1hjj #a ,jan4 #a ,july #ad ,dec4 #c #a_/b ,d4 #c #a_/b ,inscrib$ ,/ock ,regi/]$ #aici #aaa - #aac #hci1ejj #hci1ejj #c ,d4 #c d4 d4 #aiaf-bf #ig4e- #ih4e #c1edf1ejj #c1edf1ejj #a ,jan4 #a ,july #af ,dec4 #c #a_/b,tasmanian #c #a_/b ,inscrib$ ,/ock #aibj-dj #ajf - #ajh #a1jjj1jjj #a1jjj1jjj #d ,d4 #d d4 #aibj-dj #aad - #aaf #ajj1jjj #ajj1jjjae ,m>4 #ae ,sept4 #ag ,aug4 #d ,tr9idad #d ,inscrib$ ,/ock #aiag-db #aad - #aaf #c1cfe1cjj #c1cfe1cjj #a ,jan4 #a ,july #af ,dec4 #d ,victoria #d ,railway ,loan1 #ahha1 ,inscrib4 ,/ock #aijg #ajf - #ajh #i1ceh1bjj #i1ceh1bjj #a ,april #a ,oct4 #af ,sept4 #d ,d4 ,loans ( #ahhb-c-d1 ,inscrib4 ,/ock #aijh-ac-ai #ajg - #aac #f1jjj1jjj #f1jjj1jjj #a ,jan4 #a ,july #af ,dec4 #d ,d4 ,loan ( #ahhe1 ,inscrib$ ,/ock #aibj #aab - #aad #ab1jjj1jjjab1jjj1jjj #c #a_/b ,d4 #c #a_/b ,inscrib$ ,/ock #aiba-c-f #ajd4e-aje4e #b1ajg1jjj #b1ajg1jjj #d ,d4 #d ,inscrib$ ,/ock #aiaa-bf #ajh - #aaj #ifa1bgg #ifa1bggae ,jan4 #ae ,july #af ,dec4 #d ,we/]n ,au/ralia #d ,inscrib$ ,/ock #aicd #aba - #abc #a1hgf1jjj #a1hgf1jjjae ,april #ae ,oct4 #b ,oct4 #d ,d4 #d ,inscrib$ ,/ock #aiaa-ca #aab - #aad #gej1jjj #gej1jjj #a ,may #a ,nov4 #af ,oct4 #c #a_/b ,d4 #c #a_/b ,inscrib$ ,/ock #aiae-ce #aaj - #aab #gej1jjj #gej1jjj #c ,d4 #c ,inscrib$ ,/ock #aiae-ce #ih - #ii ---------------------------------------- ---------------------------------------- ---------------------------------------- --------- ,! numb]$ columns are expla9$ z foll[s3- #a4 ,! am\nt ( ,loan au?oriz$ to be rais$4 #e4 ,! rate ( int]e/ on ! ,loan4 #b4 ,! am\nt actually ow+4 #f4 ,! "n ( ! c\ntry borr[+4 #c4 ,:5 ! int]e/ is payable4 #g4 ,:5 ! ,loan is re-payable - ?us #aiai or #aidd4 #d4 ,:5 ex int]e/4 #h4 ,! price = e #ajj ( /ock4 ,colonial ,gov]nm5t ,bonds1 ! o!r =m ( inve/m5t1 are pap] or p>*m5t docu- m5ts1 on :i* are pr9t$ all details ( ! p>- ticul> loan tak5 up by ! ,colony1 ! nature ( ! ,security ! l5d] has 9 advanc+ 8 money1 ! rate ( int]e/1 & :5 & h[ ! pr9cipal is to be repaid4 ,^! bonds are payable to be>]1 & pass f h& to h& )\t any =mal transf]1 s t z mu* c>e is necess>y 9 safe-keep+ !m1 z ) bank-notes4 ,atta*$ to ^! bonds are little c\pons or slips ( pap]1 ea* "o repres5t+ a half or qu>t] ye>'s 9- t]e/1 f ! date ( pur*ase to ! "t :5 ! pr9cipal is to be paid (f4 ,! c\pon be>s ! "n ( ! bank or ag5cy :]e x may be ca%$1 & any bank] w negotiate x4 ,( c\rse1 only ! c\pon = ! int]e/ actually due on ! date indicat$ on ! face mu/ be cut (f4 ,,=eign ,,gov]nm5t ,,/ocks4 ,^! repres5t money borr[$ by v>i\s =eign c\ntries on ! security ( _! cr$it or solv5cy1 & ! loans /& to !m 9 ! same relation%ip z ! ,briti% ,gov]nm5t ,funds d to ?is c\ntry4 ,! debts are *iefly repre- s5t$ by bonds1 ! same z ,colonial ,gov]n- m5t ,bonds1 & ) c\pons atta*$1 :i*1 :e!r payable 9 ,engl& or _! own c\ntry1 are collect$ by bank]s 9 ! same mann]4 ,su* ,european ,/ates z ,g]many1 ,france1 ,russia1 ,d5m>k1 ,sw$51 & ,italy1 always enjoy good cr$it1 & !y may be con- sid]$ responsible = _! f9ancial engage- m5ts4 ,9 ! case ( ,italy1 h[ev]1 x mu/ be rememb]$ t ! ,italian income-tax1 am\nt+ to #bj p] c5t41 is d$uct$ f ! int]e/1 :i* has also to be> ! ,engli% income-tax1 :atev] at ! "t x may be4 ,:5 inve/+ 9 ,colonial or ,=eign bonds1 especial c>e is necess>y 9 obs]v+ ! con- ditions ( re-paym5t4 ,sometimes x is at ! option ( ! borr[]1 b usually at a c]ta9 specifi$ date4 ,neglect ( ?is precaution may lead to an inve/or pur*as+ at a premium1 & soon] ?an expect$ be+ paid (f at p>4 ,"s ( ^! loans1 too1 are paid (f by annual in/alm5ts1 lots be+ drawn to det]- m9e ! bonds to be r$eem$4 ,if ! bonds1 !re=e1 h be5 b\ght at a premium1 !re is always ! risk ( _! be+ drawn = pay- m5t & paid (f at p>4 ,on ! o!r h&1 if ! bonds are b\ght at a disc\nt1 !re is no dang] ( loss2 & a pr(it w be realis$ %\ld !y be drawn = paym5t4 ,= in/ance1 a #ajj bond is pur*as$ at #d premium1 co/+ #ajd4 ,if ! bond is paid (f at p>1 or #ajj1 !re is obvi\sly a loss ( #d2 b if ! bond is pur*as$ at #d disc\nt1 co/- + #if1 x is equally obvi\s t1 if paid (f at p>1 !re w\ld be a ga9 ( #d4 ,,railways4 ,next to ! ,briti% ,gov]nm5t ,funds1 by f> ! l>ge/ am\nt ( money is inve/$ 9 ,eng- li% railways4 ,fir/ 9 ord] ( safety1 z an inve/m5t1 is ! deb5ture /ock ( a railway company4 ,?is is ! fir/ *>ge on ! rail- way1 & hold]s ( ! /ock are paid ! 9- t]e/ !reon 9 priority to all o!r /ocks4 ,9 ! ev5t ( ! failure ( ! company !y mu/ also be fully satisfi$ z to pr9cipal & int]e/ be=e any "o else c receive a p5ny4 ,any am\nt ( /ock1 odd or ev51 may be pur- *as$ ?r\gh a bank] or brok]1 & w>- rants = ! int]e/ are =w>d$ half-ye>ly to ! address ( ! regi/]$ hold]4 ,! deb5ture /ocks ( good ,engli% railways com- m& a high premium1 & ! inve/m5t1 !re=e1 ?\gh und\bt$ly safe1 does n yield mu* 9 ! way ( int]e/4 ,gu>an- te$ /ocks are ( v>i\s k9ds & rank -- "s on ! same level z1 & o!rs next 9 ord] to1 deb5ture /ocks4 ,9 "s cases ! int]e/ is gu>ante$ by ano!r railway4 ,be=e inve/+ 9 ^! /ocks ! nature ( ! gu>antee %\ld be asc]ta9$ & its value tak5 into consid]ation4 ,pref]5ce /ocks & %>es come next 9 rank z an inve/- m5t4 ,! int]e/ on ^! is fix$ at a c]- ta9 rate p] c5t41 &1 aft] satisfy+ ! prec$+ /ocks1 mu/ be paid 9 full2 or if !re is n suffici5t pr(it 9 ! ye> to pay 9 full1 !n z mu* z means w all[4 ,b any defici5cy _c be c>ri$ on to ! next ye>1 & s x is lo/ to ! hold]s4 ,!re are sev]al degrees ( ,pref]5ce /ock1 "s tak+ prec$5ce ( o!rs z to int]e/2 a fir/ pref]5ce may be z good z deb5ture /ock1 :il/ ! la/ pref]5ce ( ! same railway company may be no bett] ?an ord9>y /ock4 ,pref]5ce /ock may be pur*as$ 9 any am\nt 9 ! m>ket1 & ! int]e/ w>- rants are s5t half-ye>ly to ! regi/]$ hold]s4 ,ord9>y /ocks dep5d on ! pr(its = ! ye> = ! int]e/ !y yield1 & ?us af=d a wide field = speculation4 ,! /ocks ( ! great ,engli% l9es may be reli$ ^u z a good inve/m5t1 ! pr(its be+ /eady & suffici5t to assure a fair am\nt ( int]e/ aft] satisfy+ ! prior claims ( deb5ture & pref]5ce /ocks4 ,ord9>y /ock may also be pur*as$ 9 any am\nt1 & ! w>rants = int]e/ are s5t half-ye>ly to regi/]$ hold]s ( /ock4 ,9 all cases railway w>rants ( e k9d w1 ^u writt5 reque/ to ! secret>y ( ! railway company1 be =w>d$ p]iodically to ! bank]s ( ! hold] ( ! /ock = ! cr$it ( 8 or h] acc\nt4 ,,indian ,,railway ,,/ocks4 ,^! are a fav\rite inve/m5t ) ! ,briti% public4 ,!y consi/ ( ,deb5ture1 ,gu>ante$1 & ,ord9>y /ocks4 ,! ,deb5- ture /ocks are simil> to ^? ( ,briti% rail- ways1 & are a fir/ *>ge on ! und]tak+4 ,! ,gu>ante$ /ocks are ^? ^u :i* !re is an und]tak+ by ! ,secret>y ( ,/ate = ,india t ! int]e/ %all n be less at any "t ?an !y are /at$ to be>2 any defici5cy 9 ! e>n+s be+ made up by ! ,gov]nm5t4 ,%\ld ! e>n+s be m ?an suffici5t to pay ! /at$ int]e/1 ! surplus is divid$ betwe5 ! ,gov]nm5t & ! railway company4 ,annuities may be pur*as$ 9 "s ( ^! railways1 t is to say1 by pay+1 we w assume1 #cj z ! m>ket price1 an annuity ( #a a ye> w be grant$ = a c]ta9 numb] ( ye>s4 ,9 deal+ ) ^! x is necess>y to asc]ta9 :5 ! annuity ceases1 or ! inve/or1 hav- + sunk ! capital sum1 may cease to receive any income !refrom :5 lea/ expect$4 ,w>rants = int]e/ on ^! /ocks are p]iodically s5t to regi/]$ hold]s4 ,,am]ican ,,railways4 ,! /ocks & %>es ( ,canadian & ,am]ican railways (f] a m remun]ative return ?an ,engli% railways1 z !y may be pur*as$ at mu* l[] prices4 ,!y are subject1 h[ev]1 to speculative influ5ces ( _m sorts1 & c h>dly be recomm5d$ = safe p]man5t inve/m5t4 ,no v5ture %\ld c]ta9ly be made 9 ^! /ocks )\t full k ( ! position & prospects ( ! railway company & ! cont+5cies to :i* x may be subject4 ,any bank] w\ld obta9 = a cu/om] all ! 9- =mation t c\ld be af=d$ 9 reg>d to ^! /ocks1 & indicate _! m>ket value z an inve/m5t1 ap>t f ! fictiti\s value induc$ by speculators1 & ! manoeuvres ( syndicates & wire-pull]s4 ,,=eign ,,railways4 ,! capital ( =eign railways consi/s ( obligations1 /ocks1 & %>es4 ,! obligations are 9 ! =m ( bonds1 be+ a fir/ *>ge on ! railway4 ,! bonds v>y 9 am\nt1 b *iefly repres5t #ajj & #bj1 & !y be> a c]ta9 rate ( int]e/4 ,"s ( ! ,conti- n5tal railways may (f] a fair inve/m5t 9 ?is way1 b great c>e is requir$ 9 ! selection4 ,! /ocks & %>es ( "s ( ! ,s\? ,am]ican railways comm& a high premium1 b ( ! :ole numb] quot$ 9 ! (ficial li/ ! l>ge majority %[ a heavy decl9e on ! orig9al value1 _m inde$ be+ valueless4 ,^! /ocks are highly speculative & subject to be affect$ by political convulsions & o!r cont+5cies1 :i* make !m undesirable z an inve/m5t4 ,,banks4 ,a jo9t-/ock bank is compos$ ( a numb] ( proprietors :o hold ! %>es :i* make up ! capital ( ! bank1 & to ! nom9al am\nt ( ^! %>es _! liability is limit$4 ,! :ole ( ?is am\nt1 h[ev]1 is n paid up1 b only suffici5t = ! work+ re- quirem5ts ( ! bank1 ! rema9d] be+ held 9 res]ve = cont+5cies4 ,let u take1 = in/ance1 ! ,london & ,we/m9/] ,bank1 :i* has ! l>ge/ capital ( all ! jo9t- /ock banks4 ,! capital am\nts to #ad1jjj1jjj1 made up ( #adj1jjj %>es ( #ajj ea*4 ,only #bj ( ?is #ajj is paid up1 leav+ a liability ( #hj on e %>e4 ,a jo9t-/ock bank is gov]n$ by a bo>d ( directors1 elect$ by ! %>ehold]s2 & manag]s & o!r (fic]s are appo9t$ by ! bo>d to conduct ! bus9ess4 ,_m ( ^! banks1 besides hav+ a head e/abli%- m5t 9 ,london1 h bran*es all ov] ! c\ntry4 ,e jo9t-/ock bank is compell$ by law to publi% its acc\nts s z to %[ its position1 & ^! acc\nts are pres5t$ to a ye>ly or half-ye>ly meet+ ( ! %>ehold]s = approval4 ,! ,briti% ,colonies h a good _m jo9t- /ock banks1 ) ag5cies 9 ,london4 ,by a ,p]missive ,act pass$ 9 #ahbe ! %>ehold]s 9 mo/ ( ^! are liable = d\ble ! am\nt ( _! %>es4 ,! pr(its ( bank+ h be51 9 times pa/1 v l>ge1 & ! orig9al %>ehold]s ( ! old] banks h reap$ ! advantage !re(1 b bank %>es ( good repute are n n[ to be obta9$ except at a high premium4 ,! divid5ds are s5t half-ye>ly to ! ad- dress ( ! %>ehold]s1 & !y are n liable to income-tax1 z ! bank pays ?is4 ,any "o entitl$ to exemption f income-tax c claim f ! surveyor ( taxes ! am\nt ! bank has paid 9 respect ( ! divid5d1 on a c]tifi- cate f ! bank to t effect499 99 ,see ,note1 p4#ci4 ,individuals ( a timor\s disposition1 if !y value _! peace ( m9d1 w\ld d well to avoid inve/+ _! money 9 bank %>es4 ,!re are banks ^: position & /ability are above suspicion1 & :i* return h&some divid5ds to _! %>ehold]s2 b !re h be5 cases ( banks1 enjoy+ unlimit$ confi- d5ce1 :i* h unexpect$ly collaps$ & ov]:elm$ _! %>ehold]s 9 ru94 ,! n]v\s p]son1 !re=e1 :o c\ld n read ( ! collapse ( a bank )\t a fe>ful appre- h5sion t 8 own w\ld be ! next to g1 _h bett] be cont5t ) a small] rate ( 9- t]e/ & a tranquil m9d !re)4 ,! m sangu9e inve/or :o desires a good rate ( int]e/ = 8 money1 & has a contempt = cont+5cies1 %\ld at lea/ h "s "k- l$ge ( acc\nts1 & be able to =m "s e/imate ( ! position ( a bank f ! annual balance-%eet1 & %\ld c>efully asc]ta9 :at imm$iate cont+5t liability he w\ld be subject to 9 ! ev5t ( collapse4 ,,colonial ,,& ,,=eign ,,corporation ,,/ocks4 ,^! repres5t money borr[$ by munici- palities & tru/s 9 ,colonial & =eign t[ns1 & ! security (f]$ consi/s ( rates & rev5ues f ! v>i\s und]tak+s1 su* z h>b\rs1 gas1 & wat]-works1 city improve- m5ts1 c41 9 :i* ! loans are inve/$4 ,! loans are mo/ly repres5t$ by bonds1 to :i* c\pons are atta*$ = int]e/1 & are repayable at a c]ta9 specifi$ date4 ,al?\gh !y d n comm& ! high cr$it ( ,briti% ,corporation loans1 yet "s ( ! ,colonial t[ns are 9 fair repute z an inve/m5t1 & ! rate ( int]e/ is high en\gh to tempt a l>ge am\nt ( money f ?is c\ntry4 ,t[ns ( "s size 9 our ,colonies1 & ?or\ghly settl$1 may be reli$ ^u to c>ry out _! obligations1 b mu%room cities & =eign places liable to political fluctuations %\ld be look$ ^u ) suspicion4 ,,canals ,,& ,,docks4 ,^! (f] b a limit$ area = inve/m5t4 ,!y 7 =m]ly v popul> ) ! ,briti% inve/or1 b rival int]e/s & lab\r tr\bles h affect$ ! confid5ce 9 :i* !y 7 held1 & ! ord9>y /ocks are mo/ly at a consid]able disc\nt4 ,gas & electric light+ companies1 trams & omnibus companies1 telegraphs1 telephones1 wat]-works1 c41 mu/ all be judg$ by ! localities :i* !y s]ve & ! am\nt ( bus9ess !y are likely to comm&4 ,z p]- man5t inve/m5ts x %\ld be consid]$ :e!r !y are likely to suff] by sup]session or opposition1 & if !y are manag$ by a tru/wor?y compet5t bo>d ( directors4 ,,brew]ies4 ,among ! num]\s comm]cial und]tak- +s (f]+ = inve/m5t1 brew]y companies =m a class ( !mselves1 &1 ) few excep- tions1 ! ,engli% companies appe> to h done well1 & ! %>es ( ! be/ ( !m /& at a high premium4 ,prop]ly manag$ & deal+ 9 an article ( univ]sal consump- tion1 brew]y companies ought to be a tru/- wor?y inve/m5t3 b !y are liable to mu* fluctuation4 ,! %>es ( "o ( ! lead+ conc]ns1 :i* n[ /& at ab\t #aej = ! #ajj %>e1 7 only f\r ye>s ago z l[ z #bh1 & at ! same "t only half ! int]e/ 0 paid on ! pref]5ce %>es4 ,am]ican brew]y companies are liable to be manipulat$ by cliques & syndicates1 & %\ld be avoid$ z an inve/m5t4 ,,comm]cial ,,& ,,indu/rial ,,companies4 ,speak+ g5]ally1 tak+ %>es 9 ?is class ( prop]ty is l pur*as+ tickets 9 a lott]y 9 :i* ! prizes are n num]\s4 ,x may fairly be said t at lea/ ?ree-qu>t]s ( ^! companies are =m$ = ! purpose ( reliev+ private own]s ( conc]ns :i* 7 on ! v]ge ( failure ?r\gh "s cause or ano!r4 ,x w\ld be palpably fooli% = a man or a firm do+ a prosp]\s bus9ess to give x up into o!r h&s1 unless su* a price c\ld be obta9$ = x z w\ld be almo/ ru9\s to ! pur*as]4 ,true x is t 9 ! rema9+ qu>t] may be f\nd p]fectly legitimate un- d]tak+s =m$ into companies1 ow+ to ! dea? ( ! own]1 defici5t capital1 or "s o!r valid reason4 ,"s ( ^! fl\ri% & take root1 o!rs are prosp]\s = a "t & gradually die out4 ,aft] a "t x w be f\nd t few rema9 :i* c\ld be recomm5d$ = a p]man5t inve/m5t2 & mu* in=ma- tion has to be s\ght & acquir$ be=e ! v5ture %\ld be made4 ,!re are1 ( c\rse1 _m p]sons :o h ! means ( acquir+ reliable in=mation ab\t a company1 & are able to =m a s\nd op9ion z to its prospects1 b ! in=mation is d]iv$ f p]sonal k & n f k9d fri5ds or f public pr9ts1 :i* are n always to be tru/$4 ,^! p]sons pur*ase %>es ei!r = inve/m5t or z a speculation -- 9 ?is latt] case ) a "k- l$ge or1 at all ev5ts1 a safe presumption t !y w g to a premium1 t is1 rise 9 value to consid]ably m ?an _! nom9al am\nt1 ei!r f _! own m]its1 or f an active dem& = !m on ! "p ( ! public1 or by artificial /imulation4 ,! hold]s "k pretty well :5 ! highe/ price has be5 rea*$1 & !n sell out ) great advantage to !m- selves4 ,x is (t5 at t mom5t t ! tyro is recomm5d$ to buy1 or is seiz$ ) a desire to h a %>e 9 s good a conc]n1 & p>ts ) 8 money4 ,! kn[+ speculator has tak5 8 pr(it1 & sees ) grim satisfaction ! %>es gradually decl9+ 9 value1 until !y arrive at ! position ( m ?an "o- ?ird ( exi/+ companies :i* are n[ quot$ at a disc\nt4 ,,f9ancial ,,l& ,,& ,,inve/m5t ,,companies4 ,^! companies are mo/ly =m$ = ! purpose ( employ+ _! capital 9 ! ,colonies1 :]e money comm&s a high] rate ( int]e/1 & c be m pr(itably employ$ ?an 9 ?is c\ntry4 ,"s ( ! old] conc]ns h be5 suc- cessful1 b ( ! :ole numb] ( exi/+ companies at lea/ "o-half1 judg+ f ! price ( _! %>es1 h be5 failures4 ,! difficulty ) ^! conc]ns w\ld seem to be ! want ( direct control1 _! bus9ess hav+ *iefly to be conduct$ by ag5ts :o (t5 consid] _! own int]e/s be=e _! employ]s'4 ,"s ( ^! companies appe> to h advanc$ l>ge sums ( money on ! security ( l& :i* !y c nei!r sell nor let1 & :i* has be5 ab&on$ by ! borr[]4 ,,f9ancial ,,tru/s4 ,! %>es 9 ^! tru/s 7 at "o "t mu* s\ght aft] z an inve/m5t4 ,! o/5sible bus9ess ( a tru/ company is to pur*ase %>es & /ocks ( o!r conc]ns at fav\rable opportunities1 & to inve/ widely 9 =eign & o!r companies (f]+ good divid5ds1 s z to av]age a high rate ( int]- e/4 ,!y are divid$ into deb5ture /ock1 pref]r$ /ock1 & def]r$ /ock4 ,! latt] has its %>e ( ! pr(its aft] ! o!rs h be5 satisfi$1 & at pres5t ?ree-f\r?s ( ! companies n[ do+ bus9ess h _! def]r$ %>es at a disc\nt4 ,! f9ancial collapse 9 ,arg5t9e1 "s ye>s s9ce1 v s]i\sly affect$ mo/ ( ^! conc]ns1 & x is d\btful1 9 view ( ! risky nature ( ! bus9ess1 :e!r !y w ev] come into fav\r aga94 ,,insurance ,,companies4 ,"u ! head ( ,life1 ,fire1 & ,m>9e ,insurance1 ^! companies1 z a class1 h be5 m /eadily successful ?an o!rs4 ,mo/ ( ^! conc]ns are mak+ l>ge pr(its1 & _! %>es comm& a high premium2 s high1 inde$1 t an inve/m5t at curr5t prices yields b a mod]ate rate ( int]e/4 ,! risks und]tak5 by insurance (fices are enor- m\s 9 ext5t1 b ! law ( av]age by :i* !y are conduct$ is s accurate t1 tak5 9 ! long run1 & ) suffici5t bus9ess ma9- ta9$1 mis=tune is almo/ impossible4 ,9 all cases1 h[ev]1 s little is call$ up ( ! nom9al am\nt ( _! %>es1 t a v l>ge liability atta*es to !m4 ,,/eam%ip ,,companies4 ,judg+ f ! prices ( ! %>es 9 ^! companies1 !y h n be5 v successful z a :ole1 & x w\ld appe> t a ,gov]n- m5t subsidy = mail or o!r s]vice is almo/ necess>y to make !m pr(itable4 ,,m9es4 ,speculation 9 %>es ( m9+ companies has ( late ye>s be5 indulg$ 9 to an enor- m\s ext5t1 & l>ge =tunes h be5 made & mu* money lo/4 ,z a rule ! prizes h be5 secur$ by ^? beh9d ! sc5es1 & ! public h n _h ! opportunity ( p>ticipat+ until ! price ( %>es _h rea*$ a figure :i* 0 almo/ prohibitory4 ,z an inve/m5t m9+ %>es1 ev5 ( ! be/1 are n to be recomm5d$4 ,m9es are apt to get work$ out :5 ! s\rce ( income fails & !re is an end to ! conc]n4 ,m- ov]1 hundr$s ( companies are promot$ :i* h a speci\s appe>ance on ! prospectus1 & are puff$ 9 e imag9able way1 :5 !y h n an ounce ( ore or a y>d ( gr\nd to call _! own4 ,( c\rse1 !re are g5u9e und]tak+s :i* answ] well & yield l>ge pr(its1 b x is extremely difficult to discrim9ate betwe5 ! good & ! bad1 & ! be/ aft] all are b a speculation4 ,,*apt] ,,viii4 ,,! ,,/ock ,,ex*ange4 ,,! ,/ock ,ex*ange is a m>ket = ! sale & pur*ase ( all k9ds ( securities4 ,! build+s1 :]e9 bus9ess is transact$1 occupy a triangul> plot ( gr\nd ne> ! ,bank ( ,engl&1 & comprise ! ,hall :]e ! v>i\s m>kets are held1 & o!r rooms & (fices = ! use ( ! num]\s (ficials4 ,!re are #b1ejj memb]s1 & ! managem5t is ve/$ 9 a ,committee select$ f _! numb]4 ,admission to memb]%ip is op5 to any p]son n engag$ 9 ano!r bus9ess1 & :o is prop]ly propos$ & second$2 b v /rict regulations & gu>antees are en=c$ be=e entry1 s z to exclude any "o ^: circum/ances & "* w n be> ! /ricte/ inve/igation4 ,! h\rs ( busi- ness are elev5 to f\r o'clock on all days except ,saturday1 :5 !y are until two o'clock4 ,! memb]s ( ! h\se are divid$ into ,jobb]s & ,brok]s1 ! =m] be+ deal]s 9 /ocks & %>es4 ,x is contr>y to practice = brok]s to deal ) brok]s1 & all trans- actions are betwe5 brok]s & jobb]s4 ,:at are kn[n z m>kets are gr\ps ( jobb]s di/ribut$ ab\t ! h\se1 ea* gr\p hav+ its own p>ticul> deal+s1 "o 9 ,gov]nm5t ,/ocks1 ano!r 9 ,engli% rail- ways1 a ?ird 9 ,=eign securities1 & s on4 ,a brok] hav+ receiv$ an ord] f a cu/om] to sell #a1jjj ,great ,ea/]n ,railway ,/ock1 w\ld g to ! ,engli% railway gr\p & inquire ( a jobb] ! price or quotation = ,great ,ea/]ns1 )\t disclos+ :e!r he wants to buy or to sell4 ,! jobb] replies1 #aae #a_/d to #aae #a_/b2 :]eupon ! brok] says1 ,i sell at #aae #a_/d1 :5 ! b>ga9 is complet$1 )\t any memor&um or writt5 contract1 ! v]bal communication be+ alone 9 use1 & ! jobb] is b\nd by x4 ,x w be obs]v$ t ! l[] price1 #aae #a_/d1 is accept$ by ! brok] on behalf ( 8 cu/om]1 z a sale is always effect$ at ! l[e/ quotation1 & a pur*ase at ! highe/4 ,ano!r brok] pre- s5tly goes to ! jobb] & asks ! same "q receiv+ ! same reply1 #aae #a_/d to #aae #a_/b ! brok] says1 ,i buy ( y at #aae #a_/b1 be+ ! highe/ quotation4 ,! diff]5ce ( #es4 betwe5 ! sale & ! pur*ase is ! ,job- b]'s pr(it4 ,! brok] *>ges 8 cu/om] 8 own commission or brok]age on ! trans- action1 :i* ranges f #bs4 #f;d4 p] c5t4 on ! ,gov]nm5t & ,colonial ,/ocks up to #ajs4 p] c5t4 on railway /ocks4 ,?is is ! elem5t>y /age ( ! bus9ess ( ! ,/ock ,ex*ange1 b ! v>iety ( ! securities dealt 91 "u con/antly *ang+ circum/ances1 ! numb] ( transactions1 & ! am\nt ( money *ang+ h&s1 involve intricate acc\nts & arrangem5ts1 :i* ne$ n be p>ticul>is$ "h4 ,acc\nts are settl$ =t- nightly1 ! precise dates be+ fix$ "s "t be=e by ! ,committee ( ! h\se4 ,_m speculators1 h[ev]1 especially ^? :o h b\ght /ocks & %>es ) ! expectation t !y w spe$ily rise 9 price1 d n f9d x conv5i5t to pay ! pur*ase- money on ! appo9t$ settl+ day2 s pay- m5t may1 by arrangem5t1 be c>ri$ ov] to ! next settl+ day4 ,= ! accommodation a c]ta9 *>ge1 :i* is call$ contango1 is made1 ! am\nt v>y+ ) ! value ( money & ! quality ( ! /ock4 ,back- w>dation1 on ! o!r h&1 is a commission paid 9 ord] to po/pone ! deliv]y ( /ocks or %>es :i* a speculator contracts to sell1 b :i* he nev] possess$4 ,he is a specu- lator = ! fall1 hop+ by ! delay to be able to pur*ase ! same /ocks & %>es at a less price ?an he b>ga9$ to sell !m =1 & s make a pr(it out ( ! transaction4 ,specu- lations = a rise are kn[n on ! ,/ock ,ex*ange z ,bulls1 & _! object is by e mann] ( means to get ! prices ( ! /ocks !y are deal+ 9 pu%$ up z mu* z possible4 ,speculators = a fall are call$ ,be>s1 & !y are equally anxi\s to s5d prices d[n4 ,s s5sitive is ! /ock m>ket t prices are easily affect$2 ! rum\r$ prospect ( an important divid5d f a rail- way company w at once probably influ5ce ! price ( its %>es1 :il/ a report ( a disa/r\s accid5t w h ! contr>y effect4 ,a boom 9 ! money m>ket is a *e]ful desire on ! "p ( ! speculative public to be pur*as]s at advanc+ prices1 & ?is betok5s good bus9ess = ! brok]s & jobb]s4 ,a boom 9 any p>ticul> /ock is a buoyancy 9 prices1 caus$ by "s fav\rable rum\r1 :e!r f\nd$ or unf\nd$1 m (t5 ! latt]1 & set ago+ 9 ! int]e/ ( p]sons :o desire to get rid ( surplus /ock4 ,a boom 9 railway %>es is (t5 br\ght ab\t by increas$ traffic receipts2 a boom 9 m9+ %>es is caus$ by "o or two com- panies hav+ produc$ m gold ?is mon? ?an la/2 & a boom 9 =eign /ocks is due to ! settlem5t ( "s political or o!r difficulty1 c41 c4 ,a slump is j ! rev]se1 be+ an unacc\ntable depression :i* sometimes fa/5s ^u ! specula- tive _w1 & betrays di/ru/ 9 ev]y?+4 ,unless ?is feel+ is *eck$ 9 "t x deg5]ates into panic1 :5 prices fall to a ru9\sly l[ figure4 ,ea* =tnightly settlem5t includes ?ree days -- ! fir/ be+ cont9uation or con tango day1 :5 all transactions ( a specula- tive description are arrang$ to be c>ri$ ov] to ! next settlem5t day4 ,! second is ! ticket day1 :5 ! names ( pur*as]s & sell]s are h&$ ov]4 ,! ?ird is pay-day :5 all am\nts or balances due = /ocks b\ght or sold are paid or receiv$4 ,! great bulk ( bus9ess be+ purely speculative1 ! fir/ day is ! busie/2 aft] noon on t day all new transactions ent]$ into are = settle- m5t at ! next acc\nt day1 unless o!rwise specially arrang$4 ,any sums ( money may be inve/$ 91 or any p>ticul> am\nt ( /ock pur*as$ (1 ! ,gov]nm5t ,funds1 ?r\gh a brok] or bank]1 & !re is practically no limit to ! quantity t may be held4 ,9 ! books ( ! ,bank ( ,engl& an acc\nt is op5$1 & ! "n1 address1 & description ( ! inve/or c>e- fully regi/]$4 ,a memor&um is giv5 ( ! transaction1 b x is ( value only z su*1 n be+ 9 ! nature ( a c]tificate or receipt1 & x is n requir$ to be giv5 up or produc$ 9 ! ev5t ( a sale or transf] ( ! /ock or any portion ( x4 ,acc\nts may be op5$ 9 "o1 two1 ?ree1 or f\r names1 b n m1 & f\r diff]5t acc\nts may be op5 at ! same "t 9 ! same "n or names1 b !y mu/ be di/+ui%$ z acc\nts ,a1 ,b1 ,c1 & ,d4 ,9 ord] to sell /ock ! hold] may att5d at ! ,bank ( ,engl& himself accompani$ by 8 brok]1 & !n & !re h ! transf] made & ! money paid4 ,b ?is w\ld be unusual & held to imply mi/ru/1 )\t p]haps occasion = x4 ,! safe/ plan is = ! hold] to in/ruct 8 bank]s to c>ry out ! transaction1 & give !m a ,p[] ( ,attorney to enable !m to d s4 ,a special =m ( p[] is provid$ by ! ,bank ( ,eng- l&1 ! co/ ( :i* is #aas4 #f;d4 ,! ,inscrib$ or ,regi/]$ ,/ocks ( mo/ ( ! ,colonial ,gov]nm5ts are dealt ) 9 ! same way1 z well z ,indian /ocks & ! /ocks ( _m ( our l>g] t[ns4 ,! acc\nt ( an inve/or may be add$ to or dim9i%$ at any "t )- out difficulty or delay4 ,! /ocks & %>es ( railway & o!r companies may be pur*as$ ?r\gh a brok] or bank]1 & ! hold] passes !m ov] to a buy] by a =mal de$ ( transf]4 ,! pur*as]'s "n1 address1 & description are c>efully regi/]$ 9 ! books ( ! company1 & he has !n accept$ all ! responsibilities t may atta* to ! %>es4 ,= in/ance1 ! %>es he has b\ght may be only p>tly paid up4 ,! %>es 9 railway companies are usually paid up 9 full1 b x may s happ5 9 an issue ( new %>es t !y are paid up by p]iodical in/alm5ts2 9 :i* case :at has already be5 paid is kn[n z scrip1 & reta9s t "n until develop$ into fully-paid %>es4 ,a company =m$ ( #bj %>es may h call$ up only #e on ea*1 & ) no int5tion ( dem&+ m1 yet ! hold] is liable = #ae on e %>e he holds1 & be=e he inve/s 8 money he %\ld be c>eful to asc]ta9 ! full ext5t ( 8 liability4 ,"s little "t aft] ! transf] ( ! /ock or %>es has be5 complet$1 a c]tificate w be issu$ by ! company1 giv+ full p>ticul>s ( ! hold+1 & ?is c]tificate mu/ be c>e- fully pres]v$1 z x w be requir$ to be giv5 up be=e all or any portion ( ! prop]ty c be sold4 ,! ,colonial1 =eign1 & o!r bonds payable to ! be>]1 :i* h be5 pre- vi\sly describ$1 are pur*asable ?r\gh a brok] or bank]1 & h&$ ov] )\t any transf] or o!r =mality4 ,bonds ( ?is description %\ld be left 9 ! safe cu/ody ( a bank]1 :o w\ld cut (f & collect ! int]e/ c\pons atta*$1 z !y became due4 ,z an example ( ! haz>d incurr$ by keep+ securities ( ?is k9d 9 "o's own h\se1 ! writ] rememb]s a case :]e a g5tleman 0 exam9+ 9 a room ( 8 h\se1 by ! light ( a c&le1 "s bonds :i* he aft]w>ds lock$ up 9 an iron safe4 ,x 0 d>k outside & ! bl9d 0 drawn up1 s t any "o f ! g>d5 c\ld see all t 0 go+ on 9 ! room4 ,next morn+ ! empty safe 0 f\nd 9 ! gr\nds & ! cont5ts _h be5 c>ri$ (f4 ,all ! p>- ticul>s ( ! bonds 7 at once telegraph$ to ! ,/ock ,ex*ange1 ! ,london banks1 & ! ,police au?orities4 ,"s mon?s aft]w>ds ! bonds turn$ up 9 ! h&s ( a bank] 9 ,london1 :o _h receiv$ !m f an ag5t abroad4 ,an action 0 br\ght by ! orig9al own] = _! recov]y1 b x 0 ( no avail1 z ! securities _h come into ! h&s ( ! bank] 9 ! c\rse ( regul> bus9ess1 & s ! los] c\ld get no r$ress &1 moreov]1 _h to pay a l>ge am\nt 9 co/s4 ,! brok]1 :o is a memb] ( ! ,/ock ,ex*ange1 f ! precautions tak5 on 8 admission1 %\ld be a responsible p]son1 :om x w\ld be safe to entru/ ) any bus9ess :i* might be put into 8 h&s4 ,8 deal- +s1 h[ev]1 are *iefly on behalf ( ! bank]s & outside brok]s1 act+ = !m- selves & ! public4 ,!re are num]\s outside brok]s 7t is1 brok]s :o are n memb]s ( ! ,/ock ,ex*ange7 9 ,london & all ov] ! c\ntry4 ,9 e pr(ession !re are "s d\btful memb]s1 & /ock- brok+ has its fair %>e1 b ) ord9>y vigilance on ! "p ( _! cu/om]s1 well- e/abli%$ brok]s w c>ry out _! com- missions fai?fully & reasonably4 ,z to ! advice1 h[ev]1 a brok] may h to (f] 9 ! way ( inve/m5ts1 x mu/ be rememb]$ t he is no m ?an mortal1 & w\ld at times be prone to submit su* securities z he him- self1 on behalf ( a cli5t1 w\ld mo/ desire to dispose (4 ,9 ?is way1 too1 ! c\ntry brok] is liable to be press$ by 8 ,london ag5t to get rid ( p>ticul> /ocks or %>es :i* hang heavy on h&4 ,h[ev]1 be>+ ?is well 9 m9d1 an inve/or may ga9 mu* useful in=- mation f 8 brok]1 al?\gh = s\nd advice 8 bank] is to be pref]r$4 ,memb]s ( ! ,/ock ,ex*ange are n all[$ to adv]tise !mselves or _! firms1 b mo/ ( ! daily newspap]s 9 ,london h an ag5t 9 ! h\se1 ei!r a jobb] or brok]1 :o furni%es to 8 pr9cipal = publi- cation a daily report ( ! /ate ( ! m>kets & ! curr5t prices ( ! day1 :i* 9 t way rea* ! eye ( ! public4 ,x may be assum$ t 9 ! bett] class ( j\rnals ! in=mation ?us af=d$ is p]fectly tru/- wor?y1 al?\gh "s ye>s s9ce "o ( ! lead+ newspap]s 0 impos$ ^u by its ag5t1 :o took advantage ( 8 position to manipulate c]ta9 matt]s = 8 own ends4 ,less scrupul\s publications1 h[ev]1 are freely made use ( to influ5ce ! public1 to cry up or prejudice ! m>kets & p>ticul> conc]ns4 ,! prov9cial brok]1 z a rule1 limits 8 ad- v]tisem5t to ! "n & address ( 8 firm1 ) a quotation ( ! prices ( a few ( ! /ocks mo/ly dealt 91 & mon?ly1 or qu>- t]ly1 s5ds an ext5d$ li/ to 8 cu/om]s4 ,! outside brok] :o adv]tises himself freely 9 ! newspap]s1 z well z by pamphlets & circul>s1 is to be avoid$4 ,he w invite y to p>ticipate 9 8 sy/em -- always an 9- fallible "o -- ( op]at+4 ,he w sugge/ options1 put & call1 ! cov] sy/em1 & o!r devices by :i* ! inexp]i5c$ may be my/ifi$ & beguil$ into los+ _! money4 ,h[ev] a/ute a man may consid] himself1 exp]i5ce proves t1 ) amateurs1 ?is k9d ( gambl+ is sure to result 9 loss4 ,an +5i\s mode ( practis+ on ! cre- dulity ( ! public may be notic$ 9 "s f9ancial publications4 ,an editorial notice or subsidis$ p>agraph w be ins]t$ 9 ! pap]1 extoll+ ! m]its & pr$ict+ ! c]ta9 success ( "s conc]n :i* x is desir$ to bol/] up or to foi/ ^u ! public4 ,?is is done 9 su* a way t ! read] is expect$ to believe t x is ! g5u9e ex- pression ( a tru?ful op9ion by ! editor1 :o has obta9$ 8 in=mation f unimpea*- able s\rces4 ,( c\rse1 ?is peculi> k9d ( adv]tisem5t has to be paid =1 b x has its advantages to ! adv]tis]1 = x c 7= a consid]ation7 be quot$ by ! c\ntry pap]s z unbiass$ news1 & att5tion call$ to x 9 a money article or lead]ette4 ,! pamphlets issu$ by ! adv]tis+ outside brok] are sometimes amus+ly artless 9 ! endeav\r to sell %>es & attract cu/om4 ,on ! fir/ page w be f\nd "s p>agraphs sett+ =? ! m]its & prospects ( c]ta9 nam$ companies1 & advis+ ! read] to buy %>es 9 !m )\t a day's delay1 z a con- sid]able & spe$y rise 9 value is assur$4 ,"o may be p]mitt$ to wond] :y ! brok] & all 8 fri5ds d n ru% 9 & secure e %>e t is to be _h4 ,at ! end ( ! pap] ! reason w be discov]$2 9 e "o ( ! conc]ns ref]r$ to %>es are (f]$ = sale1 :i* _c be got rid ( 9 ! regul> m>ket4 ,x mu/ be inf]r$ t "s cr$ul\s p]sons are tak5 9 by ?is transp>5t artifice1 or x w\ld n be s con- /antly practis$4 ,! object ( ^! publica- tions is *iefly to puff up d\btful securities1 9 ! hope t "s fatu\s speculator may be tempt$ to buy4 ,x is delightful :5 two ( ^! g5try fall out & expose ea* o!r's knav]y4 ,! read] is assur$ t ,codl9's 8 fri5d1 n ,%ort2 ! latt] is d5\nc$ z a fraud & retaliates1 b no action = libel is br\ght1 because bo? "k t on ei!r side ! imputation is ju/ifiable4 ,x may excite surprise 9 "s :o are fav\r$ ) circul>s & prospectuses :i* are1 ?r\gh ! ,po/ ,(fice1 s[n broadca/ ov] ! :ole c\ntry1 h[ ! "n & address ( a comp>atively obscure individual %\ld be kn[n4 ,prospectus & circul> di/ribut+ is a bus9ess conduct$ on a regul> sy/em4 ,:5 x is desir$ to invite subscrip- tions to float "s new company or to bol/] up "s conc]n1 ! %>e li/s ( ! same sort ( companies already 9 exi/5ce are drawn ^u = names & addresses2 & c\rt directories also furni% a wide field = op]ations4 ,at ! pres5t "t ! rage appe>s to h set 9 = =m+ limit$ liability companies out ( private indu/rial conc]ns or trad+ firms4 ,mo/ ( ^! companies1 we are told by an au?ority1 are br\ght out "u ! same auspices -- t is !y are />t$ & float$ by a skill$ p]sonage kn[n z a promot]4 ,! /]eotyp$ prospectus mu/ n[ be famili> to mo/ p1 & ! public respond freely to ! invitation to subscribe = %>es1 )\t consid]ation or inquiry4 ,! prospectus is usually replete ) /ati/ics1 %[+ ! suc- cess :i* has att5d$ ! bus9ess :il/ 9 private h&s1 & ! enorm\s pr(its made2 & "o is apt to wond] :y !y did n keep x to !mselves1 in/ead ( invit+ ! public to %>e 9 ! ga9s4 ,b !re are good com- panies & bad companies1 & x is to be fe>$ t ! latt] l>gely prepond]ate4 ,a good company may h a g5u9e reason = its exi/5ce1 su* z ! desire ( a la/ surviv+ p>tn] to retire f active life1 or ! gr[? ( ! bus9ess to su* an ext5t t m capital is requir$ ?an c\ld be obta9$ f a private p]son1 or ^u "s o!r equally valid gr\nd4 ,a bad company is (t5 ! make-%ift to save a decay+ firm f insol- v5cy1 or to dispose ( a bus9ess at a price q out ( proportion to its real value4 ,! prospectus af=ds no opportunity ( discrimi- nat+ :at is g5u9e & likely to succe$ f :at is false & sure to fail4 ,if1 z x has be5 said1 eighty p] c5t4 ( companies float$ soon] or lat] g to ! wall1 !n1 inde$1 inquiry & mu* circumspection are ne$$ be=e ent]+ ^u a speculation ( ! k9d4 ,x mu/ be said1 h[ev]1 t _m companies =m$ f trad+ conc]ns h become well e/abli%$ & pr(itable1 & if p]man5cy c\ld be reli$ ^u1 !y furni% a field = lucrative inve/m5ts4 ,^? adv5tures :i* are unduly press$ ^u ! notice ( ! public %\ld be reg>d$ ) suspicion4 ,if a ?+ is really good 9 itself1 x w n require mu* p]suasion to comm5d itself2 & if bad1 no pur*as$ laudation w make x bett]4 ,a subtle mode ( adv]tis+ is j n[ com+ into vogue1 :i*1 ?\gh exp5sive1 w = a "t be successful4 ,!re ne$ be no reflection on ! companies :i* adopt x1 ?\gh calcu- lat$ to beguile ! innoc5t & confid+ 9- ve/or4 ,a leaf or two introduc$ 9 "s ( our illu/rat$ pap]s1 9 no wise diff]+ 9 ! pr9t+ f ! rema9d] ( ! publica- tion1 & appe>+ z ?\gh x =m$ "p ( ! regul> pabulum (f]$ to ! public4 ,?is leaf or leaves conta9 well-execut$ pic- tures ( ! works & ma*9]y & o!r int]e/+ objects connect$ ) ! indu/ry ( a company to :i* x is desir$ to call att5tion1 & a descriptive acc\nt is giv5 ( its magnitude & success4 ,to ! casual read] all ?is w\ld appe> to be a matt] ( public int]e/1 (f]$ to ! public z "p ( ! regul> bus9ess ( ! pap]1 b x is only an +5i\s =m ( adv]tisem5t & has to be paid = z su*1 b t is ( no consequ5ce if ! effect is produc$1 ( a rise 9 ! price ( ! %>es4 ,!re are "s companies ^: %>es are quot$ at su* enorm\s premiums1 & :i* pay su* high divid5ds1 t ! inve/or is sorely tempt$ to emb>k 9 simil> und]tak+s1 app>5tly1 t are br\ght be- =e ! public4 ,b ^! prosp]\s conc]ns are 9 mo/ cases fir/ tak5 up by a syndicate -- t is1 a c]ta9 limit$ numb] ( p]sons beh9d ! sc5es -- :o f9ance & float ! company1 & :5 success has be5 atta9$1 ! public are grant$ ! privilege ( pur*as- + %>es -- b at su* a price z ! syndicate *oses to put ^u !m1 &1 n seldom1 t is ! highe/ !y ev] atta94 ,?is is p>ticu- l>ly ! case ) m9+ companies1 ! successful ones hav+ c]ta9ly only b5efit$ ! few4 ,?is syndicate sy/em has giv5 rise to a bogus imitation1 :i*1 h[ev]1 appe>s to h met ) b limit$ success4 ,circul>s 9 li?ograph$ writ+1 m>k$ private & con- fid5tial1 & imply+ a fri5dly int]e/ 9 ^? address$1 are s5t to p]sons ^: names are obta9$ 9 ! mann] already indi- cat$4 ,an invitation is giv5 !m to jo9 a syndicate ab\t to be =m$ to float a c]ta9 company1 ! pr(its aris+ f ! op]ation be+ c]ta9 & enorm\s4 ,aga91 if x be su* an excell5t & c]ta9 v5ture1 :y (f] a %>e to an entire /rang]8 ,^! circul>s are v speci\sly word$1 & !re is an air ( c&\r ab\t !m likely to allure4 ,anyone fooli% en\gh to subscribe w\ld probably1 aft] an int]val1 be in=m$ t ow+ to un- =ese5 circum/ances ! adv5ture _h turn$ out a failure1 & t all ! money _h gone 9 exp5ses4 ,successful gold m9es h yield$ l>ge =tunes to _! proprietors1 b x mu/ be rememb]$ t m9es h b a limit$ exi/5ce1 & once !y are work$ out ! money inve/$ 9 !m is lo/2 = :5 !y cease to yield ore !re is no?+ m to be obta9$ f !m4 ,promiscu\s deal+ 9 m9e %>es is no?+ m or less ?an gambl+1 or tak+ "p 9 a lott]y 9 :i* ! blanks are ov]:elm+ & ! prizes next to no?+4 ,if an ent]prise has 9 x any degree ( s\ndness or promise1 !re are pl5ty ( ! kn[+ ones ready to /ep 9 & take all ! advantages to be ga9$2 x is ! des- p]ate v5tures & unscrupul\s sw9dles t ! public are mo/ly press$ to support -- only to lose _! money4 ,x is to be hop$ t ! dupes are at l5g? awake to ! pit-falls dug = !m by ! m9+ company promot] & speculator1 ^: s$uctive p>agraphs are ev]y:]e 9 evid5ce 9 ! adv]tis+ %eets ( ! day4 ,a typical example -- & n a fictiti\s "o -- ( hundr$s ( knavi% conc]ns foi/$ on ! public may be quot$4 ,a c]ta9 company1 ( :i* no prospectus has be5 issu$1 nor ( :i* any?+ is publicly kn[n1 appe>s 9 ! m9+ li/s4 ,"o day1 a p>agraph 9 a f9ancial pap] reports t ! ag5t = ! m9es1 on ! spot1 has cabl$ t ! promise ( success exce$s all expectations1 t samples ( ore1 yield+ ?ree ounces to ! ton1 h be5 f\nd1 & t ! necess>y ma*9]y mu/ be s5t out at once4 ,?is is foll[$ up by an editorial lead]ette 7( c\rse1 paid =71 9 :i* ! writ] expresses surprise t ! %>es ( s promis+ an ent]prise %\ld be at s l[ a price1 & pr$ict+ a rapid advance :5 ! "w is fur!r develop$4 ,^! notices effect _! purpose to ! ext5t ( rais- + ! quotations ( ! %>es a few %ill+s1 b ?is is n en\gh = ! promot]2 a cir- cul> is next issu$1 9 ! usual way1 to ! effect t ! directors h be5 =tunate en\gh to secure additional prop]ty ne> _! own1 :i* furni%es wood & wat]1 s ess5tial to ! prop] developm5t ( ! m9e1 & includ+1 moreov]1 alluvial pits ab\nd+ 9 gold4 ,an elaborate li?ograph$ sket* ( ! prop]ty1 ) m9es at "w & a /eam-eng9e1 accom- panies ! circul>1 & ! :ole pres5ts an appe>ance ( real bus9ess4 ,! next move is ! /atutory meet+ ( ! %>ehold]s1 :i*1 h[ev]1 is v sp>sely att5d$1 z ! vic- tims are *iefly p resid+ 9 ! c\ntry1 :o d n c>e to incur ! exp5se ( a j\rney to ,london4 ,! man :o presides at ! meet- +1 an outside brok]1 beg9s a spee* by apologis+ = ! abs5ce ( ! *airman ( ! company 7( :om ! %>ehold]s he> = ! fir/ "t71 & !n goes on to describe ) t$i\s detail ! te*nical work+ ( ! m9e1 ! /opes & ve9s1 & bun*es ( gold t !re are1 & ! /amps1 ma*9]y1 c41 t !re are to be4 ,he describes :at has be5 done 9 ! alluvial pits1 & ! prospect ( weal? to be drawn !refrom z beyond ! dreams ( av>ice1 & w9ds up ) w>m con- gratulation ( ! proprietors on ! valuable prop]ty !y possess4 ,:e!r he has ov]- done 8 "p or some?+ prejudicial to ! company leaks out1 ! %>es :i* _h *ang$ h&s at #ajs4 gradually drop to #es4 ,!n a circul> goes ! r\nd 9 :i* "s memb] ( ! r+ ( knaves invites ! public to jo9 a syndicate to buy up five ?\s& ( ^! %>es :i* he has1 ?r\gh peculi> circum- /ances1 be5 able to secure ! refusal ( at #ds4 a %>e4 ,a special meet+ ( ! %>ehold]s is next call$1 :5 x is ann\nc$ t m capital is requir$1 & t x w be necess>y to pay up ! "o %ill+ p] %>e :i* /ill rema9s out/&+4 ,a la/ desp]ate ef=t to get rid ( ! %>es at any price is !n resort$ to be=e ! call ( "o %ill+ p] %>e becomes payable1 & "s ?\s&s are (f]$ at "o %ill+ & sixp5ce ea*4 ,aft] ! "t has expir$ = pay+ ! call1 a la/ circul> is issu$1 intimat+ briefly t ! em95t eng9e]1 :o has orig9ally giv5 su* a gl[+ acc\nt ( ! m9e1 n[ reports t !re is no pres5t indication ( gold on ! prop]ty1 b t possibly "s might be f\nd if !y dug deep en\gh6 ,! "n ( ! company has disappe>$ f ! m9+ %>e li/1 & x w be he>d ( no m4 ,x is d\btful if !re ev] 0 any prop]ty1 or eng9e]1 or bo>d ( directors1 or1 9 fact1 any?+ m ?an ! outside brok] & 8 conf$]ates4 ,( ! bona fide speculative und]tak+s 9 ,s\? ,africa & ,au/ralia1 ! exploration & f9ance companies1 or "s few ( !m1 h made ! l>ge/ pr(its4 ,_! sy/em1 broadly speak+1 is to acquire c]ta9 tracts ( l& 9 a gold-be>+ di/rict1 & !n let small portions on lease to diff]5t subsidi>y companies1 :i* h be5 float$ to develop gold or :atev] else ^! portions may con- ta94 ,! price paid to ! p>5t company is made up (2 p]haps1 "o half 9 ca% & ! o!r 9 ! %>es ( ! new conc]n4 ,an im- m$iate pr(it accrues f ! paym5t 9 ca%1 & !re is a wide field = fur!r ga9s if ! op]ations ( ! subsidi>y companies are suc- cessful4 ,b 9 ?is1 z 9 all speculative ent]- prises1 ! prizes h be5 few & ! blanks _m4 ,,*apt] ,,ix4 ,,life ,,insurance4 ,,ladies d n take advantage ( ! sy/em ( life insurance to ! ext5t "o w\ld expect1 see+ ! b5efits x is capable ( conf]r+ ^u !mselves & _! belong+s2 & z _! indiff]5ce is no d\bt1 9 _m cases1 ow+ to a want ( k ( ! subject1 a *apt] !reon may be useful4 ,life insurance is an admirable sy/em1 devis$1 9 all its ramifications1 to provide aga9/ loss or damage ?r\gh ! v>i\s cont+5cies to :i* human nature is subject4 ,a simple life insurance is t by :i* a p]son may leave beh9d him a sum ( money = ! b5efit ( ^? :o1 dur+ 8 life1 h be5 dep5d5t ^u him4 ,= example1 a husb&1 ^: income is entirely d]iv$ f 8 own ex]tions1 desires to make "s pro- vision = 8 wife & *ildr5 9 ! ev5t ( 8 dy+ be=e !m4 ,at ! age ( ?irty he may1 by pay+ #be a ye> to an ,insurance ,(fice1 secure at 8 dea?1 :5ev] x may happ51 #a1jjj1 = ! b5efit ( 8 wife or *il- dr51 or z he may direct by 8 w4 ,9 a way insurance is a k9d ( sav+s bank1 b impos- + an obligation on ! "p ( ! depositor to save a c]ta9 sum e ye>4 ,9 ! case ( ! bank1 ! sav+s are optional1 & cease at dea?2 :]eas by insurance1 ! return ( a l>ge sum is ! result ( ! dea? ( ! com- pulsory depositor4 ,if a p]son put by #be e ye> & inve/$ t sum 9 ! ,gov]nm5t ,funds at #b #a_/b p] c5t41 or deposit$ ! same sum annually 9 a bank1 at ! same rate ( int]e/1 x w\ld take him tw5ty-eight ye>s to accumu- late #a1jjj1 if he liv$ s long2 :]eas by an insurance on 8 life = ! same am\nt1 if he di$ a week aft] ! fir/ paym5t ( #be _h be5 made1 ! #a1jjj insur$ w\ld be paid to 8 repres5tatives4 ,x might be said t if ! p]son liv$ long] ?an ! t]m ( tw5ty- eight ye>s & w5t on sav+ ! #be e ye>1 he w\ld 9 ! end accumulate m ?an #a1jjj4 ,?is1 h[ev]1 is met by insur+ 9 su* mann] t ! insurance c>ries pr(its1 t is1 additions made by ! ga9s ( ! (fice f "t to "t4 ,if insurance be made 9 ?is mann]1 = :i* a slightly high] rate ( pre- mium is paid1 x w be f\nd t1 h[ev] long a p]son might live1 m w\ld accrue at dea? by insurance ?an by sav+4 ,!re are 9 active exi/5ce s _m insur- ance companies ( good repute & und\bt$ /ability t no difficulty ne$ be exp]i5c$ 9 mak+ a judici\s selection4 ,( c\rse1 ! intellig5t insur] w\ld pref] an (fice ^: sy/em w\ld be/ suit 8 own requirem5ts4 ,!re are two k9ds ( ,insurance ,companies1 "o kn[n z a ,mutual (fice1 9 :i* all ! pr(its :i* may be e>n$ are p]iodically add$ to ! am\nt insur$1 ! o!r 9 ! =m ( a ,jo9t-,/ock ,company1 9 :i* a small proportion ( ! pr(its are di/ribut$ among/ ! ,%>ehold]s & ! rema9d] add$ to ! ,insurances4 ,! ,mutual ,(fice divid+ ! :ole ( its pr(its among/ ! insur$ w\ld appe> to be ! m advantage\s ( ! two1 & und\bt$ly x is1 all o!r ?+s be+ equal2 b insurances may be effect$ :i* d n %>e 9 ! pr(its1 at l[] rate ( pre- mium1 & 9 t case "o sy/em is z good z ! o!r4 ,! int5d+ insur] w\ld d well to obta9 ! prospectuses ( sev]al (fices1 :i* he c easily d by writ+ = !m direct to ! head (fice or by apply+ to ! sev]al ag5ts ( ! companies :o ab\nd 9 all t[ns2 & c>efully comp>e "o ) ano!r4 ,x w be f\nd1 p]haps1 t "o (fice *>ges a less annual premium = an 9- surance ?an ano!r1 b ?is may be comp5- sat$ = by ! latt] decl>+ l>g] pr(its1 or giv+ advantages 9 o!r ways4 ,= in/ance1 a c]ta9 ,mutual (fice *>ges = an insur- ance ( #a1jjj1 on ! dea? ( a p]son beg9- n+ to insure at ! age ( ?irty1 a pre- mium ( #bf #afs4 #h;d4 p] annum1 :]eas a c]ta9 ,jo9t-,/ock ,company's dem& is only #bd #ads4 #c;d42 b ! advantages (f]$ by ! =m] 9 ! %ape ( l>g] bonuses1 ?\gh def]r$1 are great]1 :ile ! b5efit ( a less annual paym5t is ( c\rse imm$iate4 ,:]e ! insurance is effect$ at ! same age & = ! same am\nt1 b ) no o!r b5efit or pr(it prospectively ?an ! b>e am\nt1 ! premium 9 ! =m] case is #ba #ds4 #b;d41 & 9 ! latt] #ba #aes4 #aj;d4 ,!re are good (fices1 h[ev]1 :]e ! premium *>g$ is less ?an ?is4 ,!re is at lea/ "o (fice :i* insures ^u :at is call$ ! half-cr$it sy/em4 ,"o-half ! usual premium is paid = a c]ta9 t]m ( ye>s1 & !reaft] ! full premium is *>g$4 ,?is may be useful 9 a case :]e a p]son wi%es to insure :ile "y & ! premiums are l[1 & at ! same "t is desir- ous ( def]r+ ! full paym5t until 8 income is s improv$ t he c bett] af=d x4 ,?is sy/em is c>ri$ /ill fur!r by an 9- sur] only pay+ half ! premium dur+ 8 lifetime1 ! o!r half be+ accumulat$ until 8 dea?1 & !n1 ) int]e/ add$1 de- duct$ f ! am\nt payable 9 respect ( ! insurance policy4 ,hav+ *os5 ! insurance (fice or com- pany :i* be/ suits 8 purpose1 ! propos] applies to its ne>e/ ag5t & makes kn[n 8 desire to insure 8 life4 ,a =m conta9+ pr9t$ qu]ies some:at l ! foll[+ 7?\gh (fices diff] some:at 9 details7 w be plac$ be=e him & ! blank spaces fill$ 9 ei!r by ! ag5t or himself4 ---------------------------------------- ---------------------------------------- ---------------------------------------- --------- ,,proposal ,,= ,,life ,,assurance ---------------------------------------- ---------------------------------------- ---------------------------------------- ------- ,full ,"n ,pr(ession or ,occupation #a4 ,life propos$ to be ,assur$ ,bus9ess ,address ,resid5ce ,m>ri$ or ,s+le ---------------------------------------- ---------------------------------------- ---------------------------------- #b4 ,age next ,bir?day ye>s4 ,born at on ! day ( 9 ! ye> #ah 7,evid5ce to be produc$47 ---------------------------------------- ---------------------------------------- ---------------------------------- #c4 ,has he resid$ out ( ,europe8 ,if s1 :]e1 & = :at p]iod8 ---------------------------------------- ---------------------------------------- ---------------------------------- #d4 ,is he1 & has he always be51 ( sob] & temp]ate habits8 ---------------------------------------- ---------------------------------------- ---------------------------------- #e4 ,has he _h any s]i\s illness or disease t5d+ to %ort5 life8 ---------------------------------------- ---------------------------------------- ---------------------------------- #f4 ,has any ne> relative di$ ( any h]$it>y disease8 ---------------------------------------- ---------------------------------------- ---------------------------------- #g4 7#a7 ,has a proposal to effect an ,assurance on 8 life ev] be5 decl9$8 7#b7 ,or accept$ at m ?an ! ord9>y rate8 7#c7 ,if s1 on h[ _m occasions1 & :51 & by :at (fice or (fices8 ---------------------------------------- ---------------------------------------- ---------------------------------- #h4 ,is !re any o!r circum/ance :i* ought to be communicat$ 9 ord] to enable ! ,company to judge fairly ( ! risk8 ---------------------------------------- ---------------------------------------- ---------------------------------- ,if ! ,"n p]son has #i4 7#a7 ,:o is 8 usual ,m$ical ,att5dant8 ,resid5ce nev] ,has kn[n him ye>s4 requir$ 7#b7 ,:5 0 he la/ 9 pr(essional att5- ,date ( ,att5dance ,m$ical ,ailm5t att5dance1 ---------------------------------------- ---------------------------------------- ---------------------------------- ! fact #a/ ,fri5d4 #bnd ,fri5d4 %\ld be 7if necess>y3 see m>g9al note to /at$1 & #aj4 ,m5tion an intimate fri5d1 :o is n 9- ,"q47 ref]5ce t]e/$ 9 ?is ,assurance1 to be ref]r$ ,"n giv5 to to = in=mation z to heal? & habits ,resid5ce ,,two fri5ds1 ( life ,pr(ession or 9 answ] to ,occupation ,"q #aj4 ,has kn[n him ye>s ,has kn[n him ye>s4 ---------------------------------------- ---------------------------------------- ---------------------------------- ,if ! ,"n ,proposal be #aa4 ,"n1 c41 ( ! p]son 9 ^: fav\r ,pr(ession or ,occupation ^u ! ! ,assurance is to be effect$8 ,bus9ess ,address p]son's own ,resid5ce life ^! ---------------------------------------- ---------------------------------------- ---------------------------------- enquiries #ab4 ,is ! pecuni>y int]e/ 9 ! ,life to be ne$ n be ,assur$1 :i* is ! object ( ?is answ]$4 ,assurance1 to ! full am\nt !re(8 ---------------------------------------- ---------------------------------------- ---------------------------------------- ------- ,sum to be ,assur$ ,) or )\t ,pr(its8 ,is ! ,policy to be = ,life8 ,are ! premiums to be payable ,ye>ly8 ,i d h]eby decl>e t ! above /atem5ts are true1 & t ?is ,proposal & ,decl>ation %all be ! basis ( ! contract = effect+ ! above-m5tion$ ,assurance1 :i* ,assurance is also conditional on ! accuracy1 9 all respects1 ( ! /atem5t = ! ,m$ial ,(fic]1 made1 or to be made1 by ! p]son ^: life is propos$ = ,assurance4 ,date ,signature ( ! ,p]son 9 ^: fav\r ! ,assur- ,witness ance is to be effect$4 ,address & ,occupation ---------------------------------------- ---------------------------------------- ---------------------------------------- --------- ,! propos] has n[ to und]go "o o!r =mality1 disagreeable no d\bt1 b absolutely necess>y1 & t is ! m$ical exam9ation4 ,?is is done by ! m$ical (fic] ( ! com- pany :o has to c]tify t ! propos] is free f any defect likely to %ort5 8 natural life1 & t he is s\nd 9 w9d & limb4 ,defi- ci5cy 9 ! numb] ( ! latt] is1 h[ev]1 n consid]$ uns\ndness1 z a p]son ) "o arm1 or "o leg1 or "o eye may be j z good a life & !re=e equally eligible = insurance ) him :o is p]fect4 ,all ! en- quiries 9 ! =m are made by ! ,(fice & ! exp5ses 7includ+ ! doctor's fee7 paid by ! ,company4 ,if ! proposal is accept$1 ! propos] is in=m$ ( ! fact & !n pays 8 fir/ pre- mium 9 advance1 x may be a ye>'s1 or half-a- ye>'s1 or a qu>t] ye>'s1 at 8 own option1 & he !n becomes 7subject to ! rules ( ! p>ticul> company7 ! insur$4 ,a few days subsequ5tly a life policy w be s5t to ! insur$4 ,?is is a docum5t sett+ =?1 9 full1 ! t]ms ( ! agreem5t betwe5 ! ,company & ! insur$1 & mu/ be c>e- fully kept1 9 su* wise t x may readily be discov]$ by ! p]son = ^: b5efit x is ultimately int5d$4 ,! writ] once f\nd among/ "s old pap]s a life policy 9 ! "n ( a man :o _h be5 dead = _m ye>s4 ,on enquiry at ! (fice x 0 f\nd t ! am\nt :i* 0 payable at 8 dea? _h1 by "s neglect1 nev] be5 claim$4 ,! company ( c\rse at once paid ! money1 & a ne$y si/] 0 v mu* b5efit$4 ,?irty days' grace are usually all[$ = subsequ5t paym5ts ( premium4 ,x is cu/o- m>y = insurance (fices to =w>d to ea* policy hold] a rem9d]1 f "o to f\r weeks be=e ! p]iodical paym5ts = premium become due1 b ! abs5ce ( any su* notice w n be accept$ z an excuse = non-pay- m5t1 & if ! premium be n paid be=e ! ?irty days' grace all[$ h expir$1 ! policy becomes void4 ,x may1 h[ev]1 be re- viv$ ^u pay+ a f9e & produc+ a m$ical c]tificate ( heal?4 ,%\ld ! proposal be decl9$ ! fact w be notifi$ to ! propos]1 b he w n be in=m$ ( ! reason4 ,proposals are reject$ because ( some?+ wrong be+ discov]$ by ! m$ical exam9]1 or because ( intemp]ate habits1 or t ! hi/ory ( 8 ne> relations 9 reg>d to heal? & longevity is unfav\r- able2 any?+ 9 %ort t indicat$ t ! propos] w n1 9 all probability1 live z long z a heal?y man is expect$ to live is en\gh reason = decl9+ to insure 8 life4 ,insurances may be effect$ = a limit$ p]iod1 say = "o1 ?ree1 or five ye>s1 at ab\t "o half ! premium *>g$ = ! :ole t]m ( life4 ,if ! insur$ dies )9 ! p]iod1 ! am\nt ( ! policy is paid1 b ! insurance ends ) ! p]iods ( "t agre$ ^u4 ,?is class ( insurance is useful 9 _m ways4 ,= example3 ,a p]son ) a c]ta9 income = life is desir- ous ( borr[+ #ejj1 to be repaid by annual in/alm5ts4 ,!re w\ld be no difficulty 9 f9d+ a l5d]1 provid$ he c\ld be sure ( repaym5t2 & ?is c\ld be secur$ 9 ?is mann] -- ! borr[] w\ld assign to ! l5d] #ajj a ye> ( income = five ye>s = ! gra- dual dis*>ge ( ! loan2 ! borr[]'s life w\ld also be insur$ = five ye>s & ! ,policy assign$ to ! l5d]4 ,if ! borr[] liv$ = five ye>s ! loan w\ld be paid out ( ! income4 ,9 ! ev5t ( 8 dea?1 x w\ld be paid by means ( ! insurance money4 ,ano!r example3 a *ild ag$ sev5te5 is entitl$ to a =tune1 l>ge or small1 at ! age ( tw5ty-"o1 b mean:ile is :olly dep5- d5t on its "m :o has only an annuity = h] life4 ,%\ld ! "m die be=e ! *ild becomes ( age ! latt] w\ld be left )\t ! means ( subsi/5ce4 ,9 su* a case ! prud5t "m w\ld insure h] own life = ! f\r ye>s :i* mu/ elapse be=e ! *ild c\ld come into ! =tune1 = su* a sum z w\ld keep x f want1 s t 9 case ! "m di$ ! insurance money w\ld provide ! means ( liv+4 ,! premium *>g$ on ?is class ( insurance is mod]ate2 ab\t #b #fs4 = a p]son ag$ fifty2 & ! outlay by ! "m c\ld be subsequ5tly repaid :5 ! *ild 0 9 a position to d s4 ,!re are o!r special modes ( insurance to prev5t loss or damage 9 cases ( remote risk2 inde$ almo/ any *ance ( loss ?r\gh ! possibility ( some?+ improbable occurr+ may be gu>d$ aga9/ by insurance4 ,= in/ance1 a lady ag$ =ty-five has be5 m>ri$ = tw5ty ye>s & has _h no *ildr54 ,if %e has a son h] prop]ty w desc5d to him2 if %e dies *ildless x passes to a nephew4 ,! *ance ( ! lady hav+ a son is extremely remote b /ill !re is a possibility1 & x is aga9/ loss by ?is possibility happ5+ t ! nephew takes out a policy ( insurance = any reasonable am\nt1 ! premium *>g$ be+ surpris+ly small & payable 9 "o sum d[n4 ,,bonuses4 ,x has be5 m5tion$ 9 a previ\s page t insurance has ! advantage ov] ! sav+s bank1 no matt] h[ long a p]son may live1 & ?is is br\ght ab\t by ! op]ation ( ,bonuses1 s call$4 ,^! are ! :ole pro- fits 9 ! case ( a ,mutual ,company1 & ! l>g] proportion ( ! pr(its 9 ! case ( a ,jo9t-,/ock ,company1 :i* are di/ribut$ among/ ! policy hold]s4 ,at ! end ( e five ye>s1 9 "s cases sev51 a valuation is made ( all ! prop]ty ( ! ,company & on ! o!r h& is asc]ta9$ :at ! company is liable =1 pres5t & prospective4 ,! diff]5ce betwe5 ! two con/itutes ! sur- plus or pr(its1 assum+ ( c\rse t ! assets prepond]ate4 ,?is seems at fir/ sight to be a v simple process1 b 9 reality ! mo/ intricate calculations are necess>y to arrive at ma!matical accuracy2 b ?is ne$s no fur!r notice "h4 ,! bonus be+ decl>$1 x may be dealt ) 9 v>i\s ways4 #a4 -- ,x may be add$ to ! am\nt insur$1 & s payable at dea?4 #b4 -- ,x may be commut$ = an imm$iate paym5t 9 ca%4 7,9 ?is case ! am\nt w1 ( c\rse1 be less ?an 9 ,no4 #a47 #c4 -- ,x may be appli$ 9 a p]man5t r$uc- tion ( ! future annual premiums1 or a proportionately l>g] r$uction ( ^! = ! next five or sev5 ye>s1 & 9 o!r ways4 ,mo/ (fices grant+ e reason- able facility = apply+ pr(its 9 any way ! insur$ may consid] desirable4 ,end[m5t ,insurance4 -- ,?is is a class ( insurance by :i* an insur] may receive ! am\nt ( a policy himself dur+ 8 life1 at an age to be fix$ at ! "t ! insurance is effect$4 ,%\ld he die be=e rea*+ ! age specifi$1 ! money is payable to 8 repres5- tatives4 ,x may also be s arrang$ t in/ead ( receiv+ ! money at a c]ta9 age1 he may be paid a fix$ sum annually = ! re/ ( 8 life !reaft]4 ,= example -- a p]son at ! age ( ?irty may insure #a1jjj to be paid to him on atta9- + ! age ( sixty4 ,! annual premiums = insurances ( ?is k9d v>y ) diff]5t (fices2 b !y c be effect$ at ! age nam$1 at ab\t #bh #ajs4 = ! #a1jjj4 ,if ! p]son di$ be=e atta9+ ! specifi$ age1 ! money w\ld be paid to 8 repres5tatives2 if he sur- viv$1 he c\ld ei!r receive ! #a1jjj1 or be grant$ an annuity = ! rema9d] ( 8 life ( #ib a ye>4 ,9 ! case ( females ! annuity w\ld be #hc only1 z !y are suppos$ to live long] ?an males4 ,non-=feitable ,policies4 -- ,?is plan provides = ! cont9uance ( insurance ^u ! life ( a policy hold] %\ld ! insur$ f any cause be unable to keep up 8 premiums4 ,! pr9- ciple ( ?is s*eme ensures t1 9 consid]a- tion ( ! premiums already paid1 a policy = a c]ta9 am\nt -- less ( c\rse ?an t nam$ 9 ! orig9al policy1 :i* w\ld be cancell$ -- w\ld be grant$ fre$ f all future pay- m5ts 9 respect ( premiums1 & ! insurance money ( ! new policy w\ld be payable at dea?4 ,= example -- a p]son insures 8 life = #a1jjj at ! age ( ?irty1 ! annual pre- mium on :i* w\ld be #be a ye>4 ,at ! age ( =ty he f9ds himself unable any long] to pay ! annual premium1 b to avoid ! loss ( ! #bej :i* he has paid dur+ ! t5 ye>s1 he w surr5d] ! old policy = #a1jjj & w be grant$ a new "o1 say = half ! am\nt1 payable at dea?1 & he w n be call$ ^u to pay any fur!r premiums4 ,settlem5t ,policies4 -- ,?is class ( policy is issu$ "u ! ,m>ri$ ,wom5's ,prop]ty ,act 7#ahhb71 :]eby a tru/ c be creat$ = ! b5efit ( a wife or *ildr5 ( an insur$ p]son1 ! tru/ee be+ ! ,insurance ,com- pany4 ,! advantage ( ?is is t su* a policy does n con/itute a "p ( ! husb&'s e/ate or become subject to 8 debts1 ei!r :il/ liv+ or at 8 dea?1 s t 9 ! latt] ev5t ! money is paid to ! wid[ or *ildr5 direct = _! own use4 ,a policy ( ?is k9d1 if necessity %\ld arise1 c\ld also be ex*ang$ = a non-=feitable policy 9 ! mann] be=e po9t$ out4 ,end[m5ts = ,*ildr54 -- ,a p>5t1 by pay+ a premium ( ab\t #e #es4 annually1 c secure to a *ild ag$ six a sum ( #ajj1 on its atta9- + ! age ( tw5ty-"o4 ,%\ld ! *ild die be=e rea*+ t age1 ! money paid 9 pre- miums is n lo/1 = x is all return$ to ! p>5t )\t d$uction4 ,by ?is means a m>riage portion or outfit = a girl1 or a />t 9 bus9ess = a boy c be provid$ to any am\nt t may be desir$4 ,insurance on ,jo9t ,lives is ano!r mode ( insurance1 v useful 9 p>ticul> cases4 ,= example3 a "m ag$ fifty has an income1 = h] life & no long]1 ( #cjj a ye>1 & %e has a daught] ag$ tw5ty1 :o has no means ( h] own1 pres5t or prospective1 be+ entirely dep5d5t on h] "m4 ,! jo9t lives are insur$ =1 say1 #b1jjj1 :i* w\ld co/ 9 premium #ajj a ye>2 ! insurance money to be paid at ! dea? ( ! fir/ ( ! two4 ,if ! daught] di$ fir/ ! "m w\ld get back1 by ! insurance money1 possibly m ?an %e _h paid 9 premiums4 ,if ! "m di$ fir/1 say at ! age ( sev5ty1 by t "t ! daught] w\ld h atta9$ ! age ( =ty1 & ! #b1jjj w\ld be paid to h]4 ,) ! money %e might1 if %e s pleas$1 buy an annuity = life ( #aaj a ye>4 ,insurance on ! ,longe/ ( ,two ,lives1 payable on ! dea? ( ! survivor1 is useful 9 cases :]e l& or h\se prop]ty is held on lease1 s t !re may be no pecuni>y loss :5 ! lease expires4 ,! rate ( premium is 9 ?is case naturally less ?an :]e ! insurance is to be paid on ! e>li] ( ! two dea?s4 ,,surr5d]s4 ,if f any cause x is desir$ to give up a policy & discont9ue pay+ any m pre- miums1 ! (fices w pay to ! insur$ :at is call$ ! surr5d] value ( ! policy1 at ! same "t cancell+ x & all its conditions4 ,?is surr5d] value may be r\ghly calculat$ at ab\t #dj p] c5t4 ( ! premiums paid1 9 a case 7 bonuses h be5 add$ to a policy1 & ab\t #cc p] c5t4 ( ! premiums paid 9 a case :]e ! bonuses h n be5 s appli$4 ,= example3 a p]son has paid #be a ye> 9 premiums = t5 ye>s -- 9 all #bej -- on a policy = #a1jjj1 to :i* has be5 add$ #fj 9 ! %ape ( bonuses4 ,! surr5d] value 9 su* a case w\ld be #ajj4 ,b if ! insur$ _h tak5 8 bonuses 9 ca%1 or 8 policy did n c>ry pr(its1 !n ! surr5d] value w\ld be #hb #ajs4 only4 ,any insurance (fice w l5d ! insur$1 on ! security ( ! policy1 an am\nt ( money n exce$+ ! surr5d] value1 & ! rate ( int]e/ is usually mod]ate4 ,9 ?is case !re w\ld be no necessity to ab&on ! policy1 :i* w\ld be kept alive & increas$ by add$ bonuses z be=e4 ,,fire ,,insurance4 ,?is is a di/9ct bran* ( insurance bus9ess1 ! object be+ to comp5sate a p]son 9 case ( pecuni>y loss ?r\gh ! accid5tal burn+ ( 8 prop]ty4 ,by pay+ annually a com- p>atively small am\nt 9 ! %ape ( pre- mium1 a p]son may insure t 9 case ( ! de/ruction by fire ( su* ( 8 goods z may be specifi$ 9 a fire policy1 issu$ by ! ,insur- ance ,company1 he w be rec\p$ _! value4 ,ne>ly all ! ,fire ,insurance (fices are agre$ 9 *>g+ a c]ta9 rate ( premium1 :i* is call$ ! t>iff rate4 ,= dwell+-h\ses built ( brick or /one ) slate or tile ro(1 ! rate is only #as4 #f;d4 = e #ajj4 ,= m haz>d- ous build+s su* z ?at*$ h\ses1 w>e- h\ses1 inns1 %ops1 c41 ! rates are high]1 accord+ to ! nature ( ! risk4 ,h\sehold furniture & ! o!r cont5ts ( a brick or /one h\se c be insur$ at v>i\s rates1 or !y may be includ$ 9 "o insurance ) ! h\se1 :5 ! rate w\ld be #bs4 p] c5t4 = ! :ole4 ,x %\ld be rememb]$ t !re is a limit1 usually ( #e p] c5t41 ( ! :ole sum s 9- sur$1 plac$ on any "o "w ( art :i* may be de/roy$4 ,= in/ance1 a picture valu$ at #bjj maybe burnt 9 a h\se :i*1 ) ! cont5ts1 is insur$ = #b1jjj ,if ! picture 7 alone de/roy$1 ! (fice w\ld only comp5sate to ! ext5t ( #ajj1 be+ #e p] c5t4 on ! #b1jjj1 ! total am\nt ( ! insurance4 ,any p>ticul> picture or "w ( art may1 h[ev]1 be specially insur$ by itself4 ,insurances %\ld nev] be made = a great] sum ?an ! value ( ! prop]ty insur$1 z x w\ld be pay+ m premium = no purpose4 ,! (fices take good c>e t !y pay no m ?an ! actual value ( ! prop]ty de/roy$1 :i* !y h ! means ( asc]ta9+ ) "s degree ( accuracy4 ,x has be5 f\nd necess>y to subject ! insurance ( f>m+ /ock to special conditions4 ,a f>m] hav+ /ock ( ! value1 say1 ( #a1jjj1 might reason 9 ?is way3 ,my ricks1 implem5ts1 crops1 c41 are situat$ widely ap>t1 & x is difficult to imag9e t all c\ld be consum$ 9 "o & ! same fire2 !re=e1 ,i w insure ! :ole /ock = #ejj only1 !n ,i %all h to pay only half ! am\nt 9 ! premium ,i %\ld be liable = 9 case ,i insur$ to ! full value4 ,! (fices are1 h[ev]1 q alive to ?is k9d ( reason+1 & fru/rate ! int5tion by ins]t+ :at is call$ ! av]age clause 9 ! policy1 ! effect ( :i* is t 9 ! ev5t ( a claim be+ made = loss by fire1 only "o half ( ! value w\ld be made because only "o half ( ! value ( ! /ock 0 insur$4 ,live /ock1 h[ev]1 may be sep>ately insur$ )\t ! av]age clause1 & animals kill$ by lightn+ are paid = if insur$ aga9/ loss by fire4 ,!re are o!r (fices :i* insure aga9/ loss by special cont+5cies1 su* z damage to glass h\ses1 & cattle1 & g>d5 produce1 by hail/orms2 de/ruction ( boil]s by explosion1 ( plate glass1 & f accid5t or disease affect+ cattle4 ,!re are companies1 too1 :i* insure aga9/ accid5ts su/a9$ by rail1 road1 or wat]1 gu>antee+ a specifi$ sum 9 case ( dea?1 & comp5sation 9 case ( injury4 ,also societies :i* take ! place ( sureties & gu>antee an insur] aga9/ loss or default by anyone 9 8 employ2 & companies :i* und]take to make good any loss aris+ f burgl>y or l>c5y4 ,9 all cases1 ( c\rse1 ! liability ( ! (fice is limit$ to a c]ta9 decl>$ am\nt4 ,,*apt] ,x4 ,,build+ ,,societies4 ,,! ma9 object ( a ,build+ ,society is to aid a man to become proprietor ( 8 own dwell+4 ,?is c be accompli%$ by means ( ! society 9 two diff]5t ways3- #a1 by deposit+ ) ! society p]iodical money sav+s until1 ) ! int]e/ all[$1 en\gh has be5 accumu- lat$ to buy a h\se2 #b1 by borr[+ f ! society a suffici5t sum to pur*ase a h\se & repay+ ! loan1 ) int]e/1 by in/al- m5ts spread ov] a t]m ( ye>s4 ,a p]son desir+ to become a depositor mu/ qualify = memb]%ip ( ! society by pay+ an entrance fee (2 say1 #bs4 #f;d4 ,he !n takes up a %>e &1 by pay+ p]iodical in/alm5ts accord+ to ! tables1 he becomes entitl$ at ! end ( ! appo9t$ "t to receive #ajj4 ,! same applies proportionately to a half %>e ( #ej or to a qu>t] %>e ( #be4 ,= example1 z reg>ds ! :ole %>e1 a p]son pay+ #acs4 a mon? regul>ly to ! society is entitl$1 at ! end ( t5 ye>s1 to be repaid a lump sum ( #ajj1 & any bonus add$ !reto :i* ! pr(its ( ! society may af=d4 ,if ! t]m be fifte5 ye>s1 !n1 to secure #ajj1 he w h to pay only #gs4 #g;d4 e mon?1 & if tw5ty-"o ye>s1 !n a mon?ly paym5t ( #ds4 #g;d4 ,! t]ms v>y 9 diff]5t societies1 b ^? quot$ h be5 adopt$ by an exi/- + in/itution ( repute4 ,if ! t]m ( t5 ye>s is select$1 ! depositor w h sav$ & paid to ! society 7) add$ int]e/7 #gh 9 all2 if ! t]m ( fifte5 ye>s is *os5 he w h paid #fh #es4 9 all2 & if tw5ty-"o ye>s be adopt$1 #eg #aes4 ,9 ei!r case1 at ! end ( ! t]m he has select$1 ! depositor w be paid back #ajj4 ,?us any "o tak+ a %>e = #ajj1 & keep+ up ! in/alm5ts = tw5ty-"o ye>s1 w 9 ! end h paid only #eg #aes4 = x -- ! diff]5ce be+ met by ! int]e/ paid by borr[]s f ! society4 ,! foll[+ table %[s p>ticul>s ( o!r t]ms & ! mon?ly subscription payable3- ---------------------------------------- ------- ,t]m ,mon?ly ,sub- ,t]m ,mon?ly ,sub- ( scription = a ( scription = a ,ye>s4 #ajj %>e4 ,ye>s4 #ajj %>e4 ---------------------------------------- -- 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 ---------------------------------------- ------- ,aft] ! fir/ ye> a depositor may1 if desir\s1 )draw1 on giv+ "o mon?'s notice1 ! full am\nt he has paid1 ) int]e/1 to ! date :5 ! subscription ceases4 ,?is prev5ts ! possibility ( any loss aris+ to a depositor 9 ! ev5t ( 8 be+ unable to keep up 8 in/alm5ts1 or desir+ f any cause to )- draw f ! society4 ,x may1 h[ev]1 9 case ( a loss ( confid5ce1 op]ate s]i\sly aga9/ ! society1 by ! sudd5 )drawal ( de- posits4 ,! foll[+ table %[s ! am\nt t c\ld be claim$1 9 respect ( ! mon?ly subscriptions paid1 at ! end ( ! sev]al ye>s ( memb]%ip4 ,,%[+ ,,! ,,am\nt ,,)drawable ,,at ,,! ,,end ,,( ,,ea* ,,ye> ,,= ,,! ,,respective ,,mon?ly ,,subscriptions ,,/at$ ,,9 ,,! ,,above ,,table4 ---------------------------------------- ---------------------------------------- ---------------------------------------- ,at ! s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 end ( #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 ,ye> ( p] p] p] p] p] p] p] p] p] p] ,mem- mon?1 mon?1 mon?1 mon?1 mon?1 mon?1 mon?1 mon?1 mon?1 mon?1 b]%ip4 #c ye>s4 #d ye>s4 #e ye>s4 #f ye>s4 #g ye>s4 #h ye>s4 #i ye>s4 #aj ye>s4 #aa ye>s4 #ab ye>s4 ---------------------------------------- ---------------------------------------- ---------------------------- s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 #a/ #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 #d? -- #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 #e? -- -- #ajj #j #j #ha #d #f #fg #ai #b #eh #j #d #ej #e #h #dc #a #aa #ch #ac #g #cd #af #b #f? -- -- -- #ajj #j #j #hc #ac #b #ga #h #d #fa #ag #aa #ec #a #a #dg #ab #c #db #ag #j #g? -- -- -- -- #ajj #j #j #he #i #i #gd #a #aj #fc #aj #a #ef #ai #aj #ea #e #aj #h? -- -- -- -- -- #ajj #j #j #hf #ag #aa #gd #i #g #ff #af #aj #fj #c #a #i? -- -- -- -- -- -- #ajj #j #j #hf #j #a #gg #c #h #fi #i #c #aj? -- -- -- -- -- -- -- #ajj #j #j #hh #j #aj #gi #d #i #aa? -- -- -- -- -- -- -- -- #ajj #j #j #hi #i #aa #ab? -- -- -- -- -- -- -- -- -- #ajj #j #j #ac? -- -- -- -- -- -- -- -- -- -- #ad? -- -- -- -- -- -- -- -- -- -- #ae? -- -- -- -- -- -- -- -- -- -- #af? -- -- -- -- -- -- -- -- -- -- #ag? -- -- -- -- -- -- -- -- -- -- #ah? -- -- -- -- -- -- -- -- -- -- #ai? -- -- -- -- -- -- -- -- -- -- #bj? -- -- -- -- -- -- -- -- -- -- #ba/ -- -- -- -- -- -- -- -- -- -- ---------------------------------------- ---------------------------------------- ---------------------------------------- ---------------------------------------- ---------------------------------------- ----------------------------- ,at ! end ( #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 ,ye> ( p] p] p] p] p] p] p] p] p] ,mem- mon?1 mon?1 mon?1 mon?1 mon?1 mon?1 mon?1 mon?1 mon?1 b]%ip4 #ac ye>s4 #ad ye>s4 #ae ye>s4 #af ye>s4 #ag ye>s4 #ah ye>s4 #ai ye>s4 #bj ye>s4 #ba ye>s4 ---------------------------------------- ---------------------------------------- ------------------ s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 s4 d4 #a/ #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 #d? #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 #e? #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 #f? #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 #g? #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 #h? #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 #i? #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 #aj? #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 #aa? #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 #ab? #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 #ac? #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 #ad? -- #ajj #j #j #ia #a #i #hc #b #e #gf #a #aj #gj #j #h #fd #a #f #fj #j #j #ee #a #a #ae? -- -- #ajj #j #j #ia #h #e #hc #ac #aa #gg #j #gj #i #g #fe #ah #h #fj #aa #a #af? -- -- -- #ajj #j #j #ia #h #e #hd #g #h #gg #d #j #gb #c #e #ff #f #h #ag? -- -- -- -- #ajj #j #j #ib #a #aj #hd #e #c #gh #ad #e #gb #h #j #ah? -- -- -- -- -- #ajj #j #j #ia #ac #f #he #aa #aa #gh #ae #e #ai? -- -- -- -- -- -- #ajj #j #j #ib #af #d #he #i #b #bj? -- -- -- -- -- -- -- #ajj #j #j #ib #i #h #ba/ -- -- -- -- -- -- -- -- #ajj #j #j ---------------------------------------- ---------------------------------------- ----------------------------- ,= example1 ! depositor ( #acs4 a mon? = a t5 ye>s' t]m1 if he desir$ to )draw 8 sav+s at ! end ( six ye>s1 w\ld be entitl$ to #ec #as4 #a;d42 ! depositor ( #gs4 #g;d4 a mon? = fifte5 ye>s c\ld claim1 at ! end ( ! n9? ye>1 #ea #acs4 #aj;d42 & ! depositor ( #ds4 #g;d4 a mon? = tw5ty-"o ye>s c\ld get back #dd #afs4 #e;d4 at ! expiration ( ! twelf? ye>4 ,9 ea* case ! e>n+s ( ! depositor w\ld h be5 increas$ by ! int]e/ add$4 ,,borr[]s4 ,a memb] desir+ to effect an imm$iate pur*ase ( a h\se or prop]ty may borr[ ! money requir$ by deposit+ ! title de$s ) ! society z security1 & repay+ ! loan by in/alm5ts1 mon?ly or qu>t]ly4 ,or if he elect to build a h\se himself2 he deposits ! de$s ( ! l& ) ! society & takes up a loan by in/alm5ts z ! "w proce$s4 ,9 ?is case an ar*itect or surveyor w\ld h to give a c]tificate f "t to "t to ! effect t s mu* money c\ld be advanc$ ^u ! "w actually done2 & ! repaym5t ( ! loan w\ld only beg9 :5 ! h\se 0 f9i%$4 ,! foll[+ table %[s ! repaym5ts requir$1 includ+ int]e/ = ea* #ajj advanc$3- ---------------------------------------- ---- ,t]m ( ye>s4 ,mon?ly4 ,qu>t]ly4 ---------------------------------------- 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 ---------------------------------------- ---- ,& 9 l proportion = l>g] or small] loans4 ,9 _m societies x is a common practice to ballot among/ ! memb]s = ! "r to receive an advance 7sometimes )\t c>ry+ int]e/7 :i* "r may be transf]r$1 = a consid]ation1 to "s o!r memb]4 ,by ?is table x w be se5 t a p]son borr[+ #ajj = t5 ye>s w\ld h to repay ! am\nt by mon?ly in/alm5ts ( #a #cs4 #e;d41 or by qu>t]ly in/alm5ts ( #c #ajs4 #g;d41 & if borr[+ = a t]m ( tw5ty-"o ye>s1 !n by mon?ly in/alm5ts ( #ads4 #aa;d41 or qu>t]ly ( #b #es4 ,n[1 if we ref] to ! depositor's table ( rates1 we %all f9d t he has1 = a t5 ye>s' t]m1 paid to ! society #gh1 & receiv$ back #ajj2 ?us receiv+ f ! society #bb 7! diff]5ce7 = ! use ( ! money1 plus ! int]e/ add$4 ,on ! o!r h&1 a borr[] ( #ajj = ! same t]m pays back1 beyond ! capital sum ( #ajj1 z mu* z #dj #bs4 9 int]e/4 ,?us !re is a diff]5ce ( #ah #bs4 betwe5 ! int]e/ receiv$ by ! depositor & t paid by ! borr[]4 ,?is con/itutes ! gross ga9 ( ! society on ^! trans- actions1 b out ( x has to be paid ! exp5ses ( ! (fice1 sal>ies ( (ficials1 & a res]ve provid$ = bad debts1 c4 ,! social & moral utility ( societies e/ab- li%$ = ! direct purpose ( aid+ a man to become proprietor ( 8 dwell+-h\se is obvi- ous1 & ! above calculations seem to %[ t a society conduct$ on ! plan repres5t$ w\ld e>n an ample m>g9 ( pr(it = all cont+5cies4 ,d\btless ! great] numb] ( ! exi/+ build+ societies1 includ+ ! "o ^: figures h be5 quot$1 are conduct$ 9 a safe & legitimate mann]1 b !re h be51 & may /ill be1 exceptions4 ,z an inducem5t to jo9 a build+ society1 p are told t !y h to pay1 on ! in/alm5t sy/em1 ! same z ?\gh !y paid ! r5t ( a h\se1 & 9 a few ye>s w become ! own]4 ,a man :o has paid = ?ree or f\r ye>s only :at he w\ld h paid = r5t1 w\ld h v little hesitation 9 ?r[+ up 8 contract ) ! society1 if ! locality became objectionable to him or ! 9- evitable repairs ( a *eap h\se 7 m ?an he c\ld be>4 ,! money borr[$ is l5t *iefly ^u ! security ( small suburban h\ses1 a k9d ( prop]ty always 9 c\rse ( depreciation1 & x may be t ! society w\ld h return$ ^u its h&s a numb] ( h\ses 9 a bad /ate ( repair & 9 a dete- riorat+ locality4 ,! in/alm5ts hav+ ceas$ & ! h\ses void1 ! prop]ty becomes a pr(itless burd5 ^u ! society & a probable ultimate loss4 ,:5 j]ry build]s are l>ge cu/om]s ( a build+ society & h "s influ5ce1 direct or indirect1 ) its ,bo>d ( ,directors1 ! evil is greatly aggravat$4 ,:ole /reets are built ) borr[$ money1 on specu- lation until1 p]haps1 !re are twice z _m h\ses z c possibly be let4 ,! society1 to protect itself1 is b\nd to con- t9ue advanc+ until x is drawn completely into ! net & f9ds itself encumb]$ ) a lot ( unsaleable & useless prop]ty4 ,to /ave (f ! evil day :5 all ?+s mu/ be disclos$ to ! tru/+ memb]1 f9anc+ is re/or$ to1 money rais$ on direct deposit1 & advances obta9$ f banks4 ,! money ?us rais$ tides ! society ov] _! difficulties = a "t1 b x may be t "s rum\r or report influ- ences memb]s & depositors to )draw _! money1 & ev5tually ! c(f]s are empty & ! end arrives4 ,unhappily1 9 ! collapse ( m ?an "o build+ society dur+ ! la/ few ye>s !re h be5 reveal$ frauds & di%one/y ( ! mo/ flagrant "*1 & hundr$s ( tru/+ inve/ors ( ! indu/rial classes h be5 ru9$ ?r\gh ! ma*9ations ( sc\ndrels1 "s ( :om pos$ z philan?ropi/s & ultra righte\s memb]s ( society4 ,to protect ! int]e/s ( memb]s & depositors1 only m5 ( unimpea*able "* & bus9ess ability %\ld be elect$ ,directors ( a build+ society1 & ! audit ought to be ( ! /ricte/ *>- act]4 ,! balance-%eet %\ld pres5t details ( ! securities ^u :i* ! advances are made1 & ! auditors %\ld c]tify t !y h exam9$ ! de$s & id5tifi$ !m z repres5t+ ! prop]ty describ$ 9 ! balance-%eet4 ,g5]ally speak+1 ! auditors appo9t$ by ! memb]s are n lawy]s1 & h n ! necess>y skill = v]ify+ ! docum5ts relat+ to ! prop]ty1 inde$ !y are n expect$ to d s4 ,"o ( ! auditors %\ld c]ta9ly be legally qualifi$ to asc]ta9 t ! securities ( ! society d repres5t ! prop]ties set =? 9 ! balance-%eet1 & he %\ld give a c]tificate to t effect4 ,if ?is c\rse 7 insi/$ ^u1 su* sc&als z h be5 br\ght to light c\ld h>dly be repeat$1 :]e "o set ( de$s 0 made to d duty = ! assets ( ?ree di/9ct societies1 ea* man- ag$ by ! same ,bo>d ( ,directors2 & ! case 9 :i* ! de$s ( ab&on$ or de/roy$ prop]ty 7 palm$ (f ^u ! auditors to repres5t securities :i* _h practically no exi/5ce4 ,! indu/rial classes are less c>eful ?an ^? above !m 9 see+ to ! safety ( _! inve/m5ts1 & "s legislation seems to be call$ = to prev5t _! h>d-e>n$ sav+s be+ fritt]$ away by bad managem5t or rank di%one/y4 ,,*apt] ,,xi4 ,,! ,,po/ ,,(fice ,,sav+s ,,bank4 ,,?is in/itution (f]s a mo/ admirable1 con- v5i5t1 & secure depository = ! sav+s ( ! indu/rial classes & ( o!rs4 ,its value to ! ?rifty & timid inve/or is incalculable1 = "h he may re/ satisfi$ t he has abso- lute security1 & ! sy/em is s h$g$ ab\t ) safegu>ds t x is difficult to discov] any means by :i* loss c be su/a9$4 ,! int]e/ all[$ is n high1 b reasonable en\gh :5 ! p]fect security & ! facili- ties (f]$ are tak5 into consid]ation4 ,money may be deposit$ by any p]son ov] sev5 ye>s ( age1 & by anyone on behalf ( *ildr5 "u sev54 ,also by m>ri$ wom51 & ) ?is advantage1 t su* deposits1 unless & until ! contr>y is prov$1 are deem$ to be ! prop]ty ( su* m>ri$ woman2 moreov]1 ! fact t any deposit is /&+ 9 ! "n ( a m>ri$ woman be+ prima facie evid5ce t %e is entitl$ to draw ! same )\t ! cons5t ( h] husb&4 ,deposits may be made by two or m p]- sons1 provid$ no "o ( !m has any o!r acc\nt 9 a ,sav+s ,bank1 & by "o p]son z tru/ee = ano!r p]son4 ,on op5+ an acc\nt a p]son has to sign a decl>ation to ! effect t he takes no p]sonal b5efit f any o!r acc\nt 9 ! ,po/ ,(fice ,sav+s ,bank or 9 a ,tru/ee ,sav+s ,bank1 & %\ld ?is decl>ation n be true all sums s deposit$ w be liable to =feiture4 ,any p]son op5+ an acc\nt1 t is1 de- posit+ money ) a ,po/ ,(fice ,sav+s ,bank1 w receive a book 9 :i* ! am\nt is ent]$1 & ! signature ( ! ,po/ma/] & /amp ( ! (fice affix$ to ! entry4 ,9 addition to ?is he w receive f ! dep>t- m5t 9 ,london1 a few days aft]1 a receipt = ! am\nt4 ,once 9 ea* ye>1 on ! anni- v]s>y ( ! day on :i* 8 fir/ deposit 0 made1 ! depositor %\ld =w>d 8 book to ! ,controll] ( ,sav+s ,banks1 ,london1 9 ord] t x may be comp>$ ) ! books ( ! dep>tm5t 9 ,london1 & t ! 9- t]e/ may be ins]t$ 9 x4 ,a depositor may add to 8 deposits at1 & )draw ! :ole or any "p ( !m f1 any ,po/ ,(fice 9 ! ,unit$ ,k+dom )\t *ange ( deposit- book4 ,x w ?us be obvi\s t all deposit acc\nts1 al?\gh op]at$ ^u ?r\gh ! bran* po/ (fice1 are really kept at ! ,sav+s ,bank ,dep>tm5t 9 ,london1 & depositors are s kept 9 t\* ) ! dep>tm5t t complete protection is af=d$ !m4 ,any sum f "o %ill+ upw>ds 7b exclud+ p5ce7 may be deposit$1 subject to c]ta9 limits4 ,^! limits are #ej a ye>1 t is1 no m ?an #ej w be receiv$ on deposit 9 any "o ye>1 b any )drawals dur+ ! ye> may be re-deposit$ once1 & once only4 ,no m ?an #bjj 9 all c be held on behalf ( a depositor4 ,! reason = ^! limits app>5tly is t ! bank 0 creat$ = ! enc\ragem5t ( sav+ habits 91 & provid+ a secure place =1 ! money ( ?rifty p ( small means1 & n = inve/m5t ( ! capital ( ! weal?y4 ,int]e/ at #b #ajs4 p] c5t4 p] annum1 :i* is at ! rate ( sixp5ce a ye>1 or "o halfp5ny a mon?1 = ea* com- plete p\nd1 is all[$ on ord9>y deposits & add$ to ! pr9cipal2 b :51 by ! addi- tion ( int]e/ or f any o!r cause1 ! deposit is rais$ to above #bjj1 int]e/ is all[$ on #bjj only1 & ! excess ov] t sum1 :5 x am\nts to #e1 is appli$ to ! pur*ase ( ,gov]nm5t ,/ock1 unless ! de- positor desires o!rwise4 ,:5 a p]son has #bjj to ! cr$it ( 8 deposit acc\nt1 he _c make any fur!r addition !reto1 b ! ,po/ ,(fice w inve/ ?is sum1 or any "p ( x1 = ! depositor 9 ,gov]nm5t ,/ock1 & he c !n cont9ue pay+ 9 money to 8 acc\nt z be=e until ! sum aga9 rea*es #bjj4 ,no m ?an #bjj ,gov]nm5t ,/ock c be pur*as$ 9 any "o ye>1 & ! total am\nt ( /ock /&+ 9 a depositor's ac- c\nt at any "o "t mu/ n exce$ #ejj4 ,! divid5ds or int]e/ on any ,gov]nm5t ,/ock is cr$it$ p]iodically to ! hold]'s ord9>y deposit acc\nt4 ,:5 a depositor wi%es to )draw ! :ole or any "p ( 8 money1 he has to fill up & =w>d to ! ,sav+s ,bank ,dep>tm5t 9 ,london1 a notice ( )drawal1 & a =m = ! purpose may be obta9$ at any ,po/ ,(fice ,sav+s ,bank4 ,he w !n receive by po/ a w>rant1 on pre- s5tation ( :i*1 at any bran* ,po/ ,(fice he may h select$1 paym5t w be made4 ,pay- m5t by a w>rant may be made to ano!r p]son on behalf ( ! depositor1 provid$ ! latt] signs a =m ( au?ority = ! purpose1 :i* =m may be obta9$ at any ,po/ ,(fice ,sav+s ,bank4 ,a depositor ( ! age ( sixte5 & upw>ds may nom9ate any p]son to receive any sum 7n exce$+ #ajj7 due to su* depositor at 8 dea?4 ,e nom9ation mu/ be 9 writ+ on ! prop] =m1 :i* may be obta9$ f ! ,controll] ( ! ,sav+s ,bank ,dep>tm5t1 9 ,london1 to :om ! nom9ation mu/ be s5t dur+ ! depositor's life-"t4 ,:]e1 at ! "t ( ! depositor's dea?1 ! am\nt /&+ to 8 cr$it exce$s #ajj1 x w be necess>y1 9 ord] to obta9 paym5t1 t probate ( 8 w1 if any1 or lett]s ( adm9i/ration 7if he has di$ inte/ate71 %\ld be obta9$ 9 ! usual mann]4 ,:]e ! :ole am\nt /&+ to ! cr$it ( a depositor at ! "t ( 8 dea?1 inclusive ( ,gov]nm5t ,/ock1 does n exce$ #ajj1 9 default ( a nom9ation1 or probate1 or lett]s ( adm9i/ration1 paym5t may be made3- ,to any p]son :o has paid ! fun]al exp5ses ( ! depositor2 ,to cr$itors ( ! depositor2 ,to ! wid[ or wid[] ( ! depositor2 ,to ! p]sons entitl$ to ! effects ( ! deceas$ accord+ to ! ,/atute ( ,di/ribution4 ,to any o!r p]son e/abli%+1 to ! satisfaction ( ! ,po/ma/] ,g5]al1 a claim 9 accordance ) ! ,/atutes & ,regulations relat+ to ! ,po/ ,(fice ,sav+s ,bank4 ,! sali5t po9ts ( ! ,po/ ,(fice ,sav+s ,bank h be5 plac$ be=e ! read]1 b 9 connection ) ! sy/em !re is ano!r organization1 = ! purpose ( pur*as+ ,gov]nm5t ,annuities & effect+ ,life ,insur- ance1 ( s v>i$ & elaborate a "* t e possible requirem5t seems to be provid$ =4 ,! ,po/ ,(fice ,guide1 :i* is pub- li%$ qu>t]ly1 conta9s volum9\s tables & explanations 9 respect ( ?is organization1 & full details & cle> directions = ! guidance ( ! public 9 reg>d to ! ,sav+s ,bank4 ,! gr[+ success :i* att5ds ^! sev]al in/itutions is an unmi/akable indica- tion ( ! value set ^u !m by ! p4 ,! prud5t & ?rifty h n be5 sl[ to take advantage ( ! b5efits !y (f]1 n ! lea/ ( :i* are ! fre$om f d\bt & anxiety !y enjoy z to ! safety ( _! money1 & ! c]ta9ty felt t1 ?\gh o!r conc]ns may fall & involve _! victims 9 ru91 "h !re is absolute & p]man5t security4 ,,app5dix ,,table ,,( ,,int]e/ ,,on ,,inve/m5ts4 ,%[+ h[ ! rate ( int]e/ actually receiv$ v>ies accord+ to ! am\nt paid = ! ,/ock4 ,example4 -- ,if a pur*as] gives #hh = #ajj #f /ock1 he w f9d t ! rate ( int]e/ on ! sum inve/$ is #f #afs4 #f;d41 be+ ! am\nt 9 ! column head$ #f1 opposite to #hh 9 ! fir/ column4 ---------------------------------------- ------------------------------ ,price p] #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 #i #i #e #jaj #d #caa #b #jab #ai #j #eb #e #ae #c #g #ac #f #h #ab #aj #i #ab #caj #aa #daa #aj #fac #i #j #ej #f #j #j #h #j #j #i #j #jaj #j #jaa #j #jab #j #jad #j #i #dh #fae #j #h #f #h #i #g #faj #ab #faa #i #jab #e #jad #aa #h #df #f #aj #d #h #ac #aj #i #ae #jaj #ag #daa #ai #jac #j #jae #d #b #dd #f #af #a #i #a #ajaj #d #faa #a #iab #aj #jac #ab #iae #ah #b #db #g #b #i #i #aj #baj #ai #caa #ah #jac #b #jad #e #caf #ac #d #dj #g #aj #jaj #j #jaa #e #jab #aj #jac #ae #jae #j #jag #aj #j #cf #h #f #haa #b #bab #aj #jac #ag #iae #e #jaf #ac #dai #ae #g #cb #i #g #fab #aj #jad #a #cae #ab #fag #c #iah #ae #jba #ag #f #cj #aj #j #jac #f #hae #j #jaf #ac #dah #f #hbj #j #jbc #f #h #bf #aa #aj #jae #g #iag #f #cai #e #jba #c #fbc #a #fbf #ah #f #bj #ae #j #jbj #j #jbb #aj #jbe #j #jbg #aj #jcj #j #jce #j #j #ae #bj #j #jbf #ac #dcj #j #jcc #f #hcf #ac #ddj #j #jdf #j #j #aj #cj #j #jdj #j #jde #j #jej #j #jee #j #jfj #j #jgj #j #j ---------------------------------------- ------------------------------ ,,examples ,,( ,,bus9ess ,,communications4 ,,correspond5ce4 7,s5d+ ,money by ,po/47 ,address ,date ,! ,manag]1 ,blank%ire ,bank4 ,sir1 ,please place ! am\nt ( ! enclos$ *eques & notes to ! cr$it ( my acc\nt & ackn[l$ge receipt to ,y\rs fai?fully ,,jane ,,smi?4 ,*eque #bj #j #j ,notes #de #j #j ------- #fe #j #j 7,requir+ ,money47 ,address ,date ,! ,manag]1 ,blank%ire ,bank4 ,sir1 ,i %all be oblig$ by y\r s5d+ me "u regi/]$ cov] to ! above address #ae 9 #e ,bank ( ,engl& notes = :i* ,i enclose my *eque4 ,y\rs fai?fully ,,jane ,,smi?4 ,blankt[n4 7,ackn[l$g+ ,receipt47 ,address ,date ,! ,manag]1 ,blank%ire ,bank4 ,sir1 ,i h to ackn[l$ge ) ?anks ! receipt ( #ae 9 bank notes4 ,y\rs fai?fully ,,jane ,,smi?4 ,blankt[n4 7,transf] to ,deposit ,acc\nt7 ,address ,date ,! ,manag]1 ,blank%ire ,bank4 ,sir1 ,i %all be oblig$ by y\r transf]r+ #cjj f my curr5t acc\nt to a deposit acc\nt & =w>d+ me ! receipt4 ,i enclose a *eque = ! am\nt4 ,y\rs fai?fully ,,jane ,,smi?4 ,blankt[n4 7,arrang+ = ,*eque to be ,hon\r$ by ,ano!r ,bank47 ,address ,date ,! ,manag]1 ,blank%ire ,bank4 ,sir1 ,i %all be oblig$ if y w advise y\r ,bran* 7or "s o!r ,bank7 at ,liv]pool to pay me #bj on application4 ,y\rs fai?fully ,,jane ,,smi?4 ,blankt[n4 7,reque/ = ,passport & ,circul> ,notes47 ,address ,date ,! ,manag]1 ,blank%ire ,bank4 ,sir1 ,i propose dur+ ! next two or ?ree mon?s to travel on ! ,cont95t accompani$ by my niece1 ,miss ,lucy ,smi?1 & my maid1 ,jane ,p>k]4 ,w y k9dly obta9 a passport = u & also =w>d me #ajj 9 circul> notes1 = :i* ,i enclose my *eque4 ,y\rs fai?fully ,,jane ,,smi?4 ,blankt[n4 7,ord]+ ,lett] ( ,cr$it to ,remit47 ,address ,date ,! ,manag]1 ,blank%ire ,bank4 ,sir1 ,i desire to s5d #abj to ,john ,smi?1 resid+ ne> ,w9nipeg1 9 ,nor? ,am]ica2 & %all be oblig$ if y w s5d me ! necess>y =m to remit to him s t he may obta9 ! money )\t difficulty or delay4 ,y\rs fai?fully ,,jane ,,smi?4 ,n4,b4 -- ,remittances 9 ?is way c be s5t to almo/ e t[n 9 ! civilis$ _w4 7,remitt+ 9 ?is ,c\ntry47 ,address ,date ,! ,manag]1 ,blank%ire ,bank4 ,sir1 ,i %all be oblig$ by y\r advis+ y\r ,bran* ,bank 7or "s o!r ,bank7 9 ,le$s1 to pay ,george ,jones on application ! sum ( #ed1 = :i* ,i enclose a *eque & a specim5 ( ,mr4 ,jones's signature4 ,y\rs fai?fully ,,jane ,,smi?4 ,blankt[n4 7,lodg+ ,securities at ,bank47 ,address ,date ,! ,manag]1 ,blank%ire ,bank4 ,sir1 ,i %all be oblig$ by y\r tak+ *>ge = me ( "s securities :i* y w f9d specifi$ on ! o!r side1 & hold !m = safe cu/ody4 ,please also cut (f & collect ! c\pons atta*$ to ! ,bonds & place ! am\nts f "t to "t1 z !y fall due1 to ! cr$it ( my acc\nt4 ,y\rs fai?fully ,,jane ,,smi?4 ,blankt[n4 7,ord] to ,receive ,divid5ds47 ,address ,date ,! ,manag]1 ,blank%ire ,bank4 ,sir1 ,i am desir\s t ! divid5ds or int]e/ 9 my /ock %all be paid to ! bank direct = ! cr$it ( my acc\nt4 ,k9dly s5d me ! prop] =m or ord] = my sig- nature4 ,y\rs fai?fully ,,jane ,,smi?4 ,blankt[n4 7,ord]+ ,inve/m5ts47 ,address ,date ,! ,manag]1 ,blank%ire ,bank4 ,sir1 ,please pur*ase on my acc\nt #ejj /ock #b #c_/d p] c5t4 ,consols at ! m>ket price1 & s5d me an acc\nt ( ! same :5 ,i w =w>d my *eque 9 paym5t4 ,y\rs fai?fully ,,jane ,,smi?4 ,blankt[n4 ,or ,please pur*ase #ejj ,pref]5ce 7/at+ :i* /ock7 ,/ock 9 ! ,great ,blank%ire ,railway1 at a price n exce$+ #aej p] c5t41 9 my "n1 & s5d me ! acc\nt = ! same1 :5 ,i w =w>d my *eque = ! co/4 ,y\rs fai?fully ,,jane ,,smi?4 ,! same =m c ( c\rse be adapt$ = sell+ out1 by sub/itut+ sell = pur*ase1 writ+ less = n exce$+1 & omitt+ ! l9e z to =w>d+ ! *eque4