HG
5+145
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A 597604
ONE SHILLING.
Wilson's Legal and Useful Handy Books.
HOW TO INVEST
MONEY.
By E. R. GABBOTT.
EFFINGHAM WILSON & CO.
NORTH BRITISH AND MERCANTILE
INSURANCE COMPANY,
ESTABLISHED 1809.
FIRE-LIFE-ENDOWMENTS-ANNUITIES.

The
strengt
1890,
only o
on a I
the ar
taining
Life As
Bonu
Imme
Endo
Ani
able ter
The 1
exceed
for the
Pro.
LIBRARY
ARTES
INTAINI
1837)
VERITAS
...
UNIVERSITY OF MICHIGAN
IE PLURIBUS-UNIG
TUFUOR
SCIENTIA
OF THE
SI-QUAERIS PENINSULAM AMOENAM
CIRCUMSPICE
MARIE
SAU GRANGAD BELLAR PONGO
3.9
ANNUAL INCOME, 1890
PAID-UP CAPITAL, RESERVES, and UNDivided
PROFIT
|||||||||||||
WIG
...
creasea
nus of
ed not
GI. 95.
am on
...
; con-
on of
eath.
teed.
cial
£1,495,818
3,418,930
Property of nearly all descriptions insured, at Home or Abroad, at the
lowest rates of premium corresponding to the risk.
The Company's Policies cover damages by Lightning, and by Explosion
of Gas in buildings not forming part of any Gas Works.
avour-
ing,
liable
112.
CHIEF OFFICES:
LONDON-61, Threadneedle Street, E.C. EDINBURGH-64, Princes Street
London West End Branch-8, Waterloo Place, Pall Mall, S.W.
1
Just Published, price 12s. 6d.
GOLD MINING
and other
WITWATERSRAND.
Chas. Sydney Goldmann,
(OF JOHANNESBURG.)

Companies
of
BY
POOR'S MANUAL OF THE
RAILROADS OF THE
UNITED STATES.
SHOWING their MILEAGE, STOCKS, BONDS, COST,
TRAFFICS, EARNINGS, EXPENSES, and
ORGANISATIONS.
PUBLISHED ANNUALLY, Price 31s. 6d.
Now ready, price 6s.
THE THEORY OF THE FOREIGN EXCHANGES.
BY THE RIGHT HON. G. J. GOSCHEN, M.P.
Now ready, Fourth and concluding Volume, price 155.
HUTCHISON'S PRACTICE OF BANKING.
Embracing the Cases at Law and in Equity bearing upon all branches
of the subject. Vols. II. & III, 21s. each.
Now ready, price 10s. 6d.
SCHULTZ'S AMERICAN EXCHANGE TABLES,
From $4.80 to $4.90 per £, and from 3/10 to 4/6 per $.
London: EFFINGHAM WILSON & Co., Royal Exchange, E.C.

SUN
Founded 1710.
(FIRE.)
London
...
CHIEF OFFICE :—
THREADNEEDLE STREET, LONDON.
Branch Offices:-
Birmingham
Bristol
Leeds
Liverpool
Manchester
Newcastle
Edinburgh
Glasgow
Dublin
..
***
...
*
...
O
1878
1882
1886
1890
...
***
...
...
...
...
304
INSURANCE
OFFICE.
10.
...
***
***
…….
..
***
..
...
...
*
LA
DIRECTORS.
FREDERICK HENRY NORMAN, Esq., Chairman and Treasurer.
The Rt. Hon. LORD BASING.
JOHN ARDEN BIRCH, Esq.
CECIL. CHAPLIN, Esq.
EDWARD DENT, Esq.
ALFRED FARQUHAR, Esq.
WALTER R. FARQUHAR, Esq.
The MARQUESS OF GRANBY, M. P.
HENRY RIVERSDALE GRENFELL, Esq.
The Hon. NORMAN GRosvenor.
JOHN G. B. T. HILDYARD, Esq.
RICHARD BIDDULPH MARTIN, Esq.
ALFRED MONTGOMERY, Esq.
The Sun Insurance Office is the oldest purely Fire Insurance Company
in the world, and has an experience of One Hundred and Eighty-
one Years. It insures against Loss or Damage by Fire nearly all kinds
of property in Great Britain and Ireland; the Colonies, the United States
of America, and most Foreign Countries.
……
SUMS INSURED BY THE SUN INSURANCE OFFICE.
...
60, CHARING CROSS.
332, OXFORD STREET.
Corner of Vere Street.
40, CHANCERY LANE.
Law Courts Branch.
10, BENNETT'S HILL.
CORN STREET.
...
1, EAST PARADE.
EXCHANGE BUILDINGS NORTH
...
71, KING STREET.
21, COLLINGWOOD STREET.
40, PRINCES STREET.
159, HOPE STREET.
& 12,
IO, II,
...
...
1
***
...
...
***
TRINITY STREET.
***
...
Sir HUGH C. MONTGOMERY, Bart.
EDWARD HOWLEY Palmer, Esq.
LAMBERT POLE, Esq.
MARLBOROUGH R. PRYOR, Esq.
Colonel FREDERICK HENRY RICH.
The Hon. ARTHUR SAUMAREZ.
The Hon. CHARLES L. SCLATER- Booth.
CHARLES A. SCOTT-MURRAY, Esq.
OSWALD A. SMITH, Esq.
HENRY R. TOMKINSON, Esq.
WILLIAM WICKHAM, Esq.
...
•
...
...
£258,800,000
291,300,000
326'500'000
361,500,000
i)
Northern
Assurance
Company.
INCOME &
FUNDS 1890
FIRE
Premiums,
£671,000.
LIFE
Premiums,
£216,000.
Interest
£161,000.
Accumulated
Funds,
£3,975,000.
NORTHERN
FIRE
ESTABD
1836
ASSURANCE COMPANY
LIFE
HEAD OFFICES
LONDON & ABERDEEN
FUNDS (1891) £3.975.000.
Colonel ROBERT BARING.
HENRY COSMO ORME BONSOR, Esq.,M.P.
ERNEST CHAPLN, Esq.
Sir PHILIP CURRIE, K.C.B.
ALEXANDER PEARSON FLETCHER, Esq.
LONDON BOARD OF DIRECTORS.
Secretary.-H. E. WILSON.
Northern
Assurance
Company.
544
11

Head Offices:
LONDON,
1, Moorgate St.
ABERDEEN,
1, Union Ter.
Branches-
BIRMINGHAM,
BRISTOL.
DUBLIN.
DUNDEE.
EDINBURGH
GLASGOW.
LIVERPOOL.
MANCHESTER.
(NEWCASTLE.
NOTTINGHAM.
BOSTON, U.S.
CHICAGO.
CINCINNATI.
NEW YORK.
SAN FRANCISCO.
MONTREAL,
MELBOURNE.
ALEXANDER HEUN GOSCHEN, Esq.
WILLIAM EGERTON HUBBARD, Esq.
FERDINAND MARSHALL HUTH, Esq.
HENRY JAMES LUBBOCK, Esq.
WILLIAM WALKINSHAW, Esq.
Fire Department.-J. ROBB, Manager. Life Department.-T. H. COOKE, Actuary
General Manager.-Jas. Valentine.
Fire Department.-Insurances are granted on Property situate in all parts of
the British Dominions, and in most Foreign Countries, at rates which are computed
according to the actual risk incurred. The Company has already paid over £6,500,000
for claims under its Fire Policies.
Life Department.-The Company offers the advantages of perfect Security, with
great Economy in management and moderate Rates of Premium. The total expenses in
the year 1890 were slightly under 7 per cent, of the Income from Premiums and Interest,
or, excluding Commission paid to Agents, less than 3 per cent.
In the Participation Branch the whole of the ascertained surplus at each valuation
belongs to the Assured. The amount for the Quinquennium ending 31st December,
1890, was sufficient to provide a Bonus of £1. 11s. per cent. per annum upon the sum
assured, or £7. 155. per cent. for the whole Quinquennium, besides leaving 11,182 to be
carried forward. The Liabilities were ascertained by the well-known combination of the
Institute of Actuaries HM(5) and HM Tables of Mortality, with only 3 per cent. assumed
as the rate of Interest to be in future earned by the funds, which are acknowledged to be
very rigorous data for the purpose.
THE BANK OF AUSTRALASIA
(Incorporated under Royal Charter, 1835),
4, THREADNEEDLE STREET, LONDON.
Paid-up Capital ...
Reserve Fund
Reserve Liability of Proprietors under the Charter
...
...
4.
VICTORIA.
NEW SOUTH WALES.
QUEENSLAND.
...
A
...
**
...
...
1.
...
缀​很​富
​Numerous Branches throughout the Colonies of
£1,600,000
800,000
1,600,000
£4,000,000
SOUTH AUSTRALIA.
TASMANIA.
NEW ZEALAND.
LETTERS OF CREDIT and BILLS OF EXCHANGE granted. BILLS NEGO.
TIATED OR SENT FOR COLLECTION. TELEGRAPHIC TRANSFERS made
DEPOSITS received in London at interest for fixed periods on terms which may be
ascertained at the Office. BANKING BUSINESS of every description transacted with
the Colonies.
PRIDEAUX SELBY, Secretary.
DUNN AND DUNCAN,
Saw Stationers.
And Publishers of the following Useful Account Books for Trustees and
others:-
The Law and Commercial Daily Remembrancer (DUNN's
DIARY). First published 1821. Prices from 3/. to 24/.
3/6, 6/., and 10/6; Folio Edition, 15/.
Quarto Edition,
Quarto Edition, 3/6 and 6/.; Folio
Rental Books. Quarto Editions,
Register of Investments.
Edition, 5/6, 8/6, and 12/6.
Register of Mortgages. Quarto Edition, 3/6 and 6/. ; Folio Edition,
Quarto Edition. 3/5 and 6/.; Folio Edition,
5/6, 8/6, and 12/6.
Register of Leases.
5/6, 8/6, and 12/6.
Register of Deeds. Foolscap, Half Calf, 15/. and 21/.
Diary of Rents, Interest, and Periodical Payments.
cap, Half Bound, 8/6.
Fools-
A Book showing Specimen Pages of above Publications sent post free
on application.
87, CHANCERY LANE, LONDON, W.C.
(150 YEARS NEAR TEMPLE BAR.)
HOW TO INVEST MONEY
BY
125310
E. R. GABBOTT.

PRICE ONE SHILLING,
LONDON:
EFFINGHAM WILSON & CO., ROYAL EXCHANGE.
1892
6
1
PRINTED BY
EFFINGHAM WILSON & Co., 11, Royal Exchange, London.
4
HOW TO INVEST MONEY.
As wealth has increased; the channels of commerce
widened; and the employment of money facilitated,
in national and international enterprises and
schemes, in a joint or consolidated form: so also
has the volume of Stock Exchange business become
greater. The Stock Exchange is governed by its
own rules, regulations, and customs, and is, as far
as human wisdom can make it, perfect for the
conduct of its affairs. As a business centre and
organization it undoubtedly holds the first place in
the world. Being the world's monetary centre the
interest in it is universal. All classes of business
men, as well as statesmen and governments, watch
the changes there unceasingly. The course of the
Stock Exchange marks the rise and fall of nations,
and pronounces the verdict of success, or failure,
on all financial undertakings. Wealth and progress
is valued in its balance of supply and demand; the
pivot of its transactions being actual worth.
The value and necessity of such an institution is
every day becoming more appreciated. The state
125210
B
2
of trade, the weather, harvests, politics, and the
money market are indicated in the state of its
business. It is the medium for all classes of in-
vestors, and offers greater facilities for investment
and speculation than any other similar institution.
The daily value of all quoted and unquoted securities
is known; many of the prices being recorded in the
official list which are copied into the daily news-
papers. All transactions may be checked by the
prices thus made public. Buying and selling is
continually carried on during the hours the Exchange
is opened, and all amounts of business may be done.
The importance of having a Stock Exchange quo-
tation is known to all business men, for there is
not a company brought out but would gladly avail
itself of this privilege.
It must be allowed that commercial progress has
been greatly accelerated, by the passing of the
Limited Liability Act. Vast enterprises have been
undertaken; companies created and industries ad-
vanced, which could not have obtained, had the
modern facilities for the combination of capital been
non-existent. Numerous and various are the forms
of investment, and it is, therefore, my intention to
determine "how to invest money." Without some
acquaintance with financial matters an investor is
liable to become the prey of unprincipled advisers.
It is sufficient to observe that swindles and swindlers
still exist. My object is to indicate as clearly as
..
ME
3
possible, though briefly the general character of the
many securities pressing for first attention. Num-
bers of people, who, after hard work and much
sacrifice for years, having accumulated money, seek
sound and profitable investments, in which they are
released from the anxiety of constantly looking
after them, as they do after their every-day business.
To whatever department of finance, commerce,
business or trade we look, we shall find that failure
has been there; banks even fail sometimes, although
perhaps no branch of finance is guarded with
greater care. While stocks and shares may be
temporarily affected in price, by the many circum-
stances which time brings with it, those possessing
intrinsic value are not permanently or materially
influenced. That severe shocks are sustained by
the best securities cannot be questioned, for financial
history has too many proofs; but they are affected
only, in the same sense as the growths of the forest,
in the loss of a limb during a storm. A crisis may
come upon the financial world; a panic rage in the
markets; but the sound investment is sound through
it all.
-
The Limited Liability Act has brought many
investments within reach of all classes of capitalists.
The smallest of them can make investments, al-
though they may stand at a greater disadvantage
than does the larger capitalist, who has no difficulty
in acquiring information or commanding the atten-
4
tion of brokers.
The same law pervades every
business so that there is nothing unusual about it,
and small capitalists need not be discouraged; they
one day may command the same advantages: small
beginnings lie at the root of great fortunes.
There are many families living on limited incomes
which could perhaps be doubled by re-investment;
with almost the same security they have at present.
It is for the want of knowledge, or good advice,
⚫ which excludes them from the advantages enjoyed
by others. I am not ready to advise changes that
incur risks, where the secured income is the only
one to be depended upon. I leave the risks to
those who have the means and the courage to invest
in them, so that if failure comes it has in part been
expected. Dependent incomes should be secured
in the soundest investments. On the other hand;
there are many such incomes not so secured, but
instead are under great risks. To the possessors of
these I would by all means recommend a re-invest-
ment without delay.
It may be taken for granted, that business men
must have knowledge and information of a reliable
nature, of the special business in which they are
engaged. They study it and are the best judges;
each one in the particular branch in which he is
engaged so stock and share brokers must be
accounted the best judges on all matters of a finan-
cial character. Long experience; continued watch-
:
5
fulness; acquaintance with companies and the laws.
by which they are governed, knowledge of company
accounts and of technical reports and sound judgment
in deciding the merits of an investment, are things
necessary for a broker. Investors generally have
not the time, opportunities or means, of acquiring
information or making investigations. It will be
seen then how important it is to engage the services
of honest and exeprienced brokers.
Of course,
when investors can make any investigation them-
selves it is their duty to do so. The first consideration
should be-"how much can I rely on this invest-
ment ?" A transaction cannot always profitably be
undone. If a judicious one it leads to profit and insures
a lasting income, otherwise there is loss and dis-
appointment. There is a tendency on all sides to
wild speculation. Larger profits are sought after
in a shorter time, than is reasonably possible in a
legitimate enterprise; and thus, the investing public
lay themselves open, for the traps which some men
are ever setting for them. There are few things in
which men may be so easily deceived as in those
pertaining to finance. At the same time it should
be kept in mind, that the best judgment errs at times,
and that losses and failures may come. The know-
ledge on financial matters has greatly widened;
thanks to an enlightening and outspoken financial
press. Much loss might be saved if the warn-
ings given were heeded. When grave doubts arise,
remember, they are often followed by great losses.
W
6
The members of the Stock Exchange are of two
classes, brokers and jobbers, or dealers. The
jobbers form themselves into sections, making the
different markets, where certain securities are dealt
in ;-Such as CONSOLS, FOREIGN, AMERICAN, RAILWAY,
and MINING Markets. Jobbers enter into which
ever they please, and confine their attention to the
particular stocks and shares there dealt in. The
brokers are intermediaries, between the dealers and
the investing public: they are the customers of the
dealers. The supply and demand of stocks and
shares, regulates through the dealer the prices.
During a time of depression, the amount of stocks
and shares placed on the market, compels the dealer
to lower prices and widen his margin, which makes
it more difficult to sell; hence transactions
become fewer until the lowest prices are reached.
On a reaction the dealer is obliged to advance prices,
as the demand is greater than he can immediately
supply. The upward and downward tendencies are
therefore influenced, by the amount of business done
by the public. It is not always an envious position
for the dealer; "he stands to be shot at;" buying
and selling throughout the day, as the many brokers
enter the Exchange with their orders. Time brings
changes favourable for all. The dealers have to
wait like others, but with the margin the market
offers he can fairly hold his own. He needs be a
man of good judgment, cool head, large capital and
7
40
ever ready to change his opinion like a wise man, as
circumstances demand. Experience for him is a
positive necessity. The broker being an agent
holds a position of confidence, and any estrange-
ment from the principles which such a position
demands, is duly visited by expulsion or suspension,
by a watchful committee. A broker is not allowed
to deal on his own account; all transactions for the
public must be done in the market. His business
is to deal for and not with the public; and as an
agent and an honourable man he will "buy in the
cheapest and sell in the dearest markets." He
cannot act as a dealer, nor can a dealer act as a
broker. The established custom is sometimes
infringed by brokers, but it is at the cost of their
own business reputation. There are some thousands.
of different securities dealt in on the Stock
Exchange, and the broker is expected to have a fair
acquaintance with most of them; or, be in a position
to gain the information required. His best judg-
ment is called for in the selection of investments for
his client, who, at times rates his ability and know-
ledge too high. Though advising under the best
information disappointment may follow. A political
crisis, or some unforeseen event arises, so that blame
cannot fairly be charged to the broker. It is under
such conditions that financial or Stock Exchange
investments suffer in repute. Brokers are not
infallible, and it is not possible for any man to carry
OC
all the facts concerning these numerous securities in
his mind, and to be fully acquainted with every
detail; and ready at a moment's notice to decide the
merits of an investment, during the time of excit-
ment and panic. In the law of things some one
must err.
On the market much information is gained.
Brokers of every shade, representing every class
of investors, have inquiries to make and opinions.
to canvass. All and every one discusses these
things in the markets with one another. The
dealers being on
on the spot, become intimately
acquainted with the details of the securities they
deal in, and give their information again to
brokers when inquired of.
The Investor knows exactly what his require-
ments are. He knows his own resources, and how
he wishes to invest or speculate with his capital.
There are different classes of investments: those
that are sound and established, from which, as
far as human knowledge goes, all risk is eliminated;
those that are progressive, in which there is an
element of risk, with the promise of large profits;
and speculative investments proper, in which risks
are greater, but offering the chances of very large
profits. In approaching financial investments, it
should be clear in the mind of the capitalist what
he desires and purposes. Having so counselled
with himself, he can then write to his broker to
9
، ،
buy for me" at the then current market price
a security, naming a price decided upon, at which
a purchase can be made; stating exactly the
amount of stock, and the time which the order or
limit will remain in force. Much annoyance, if not
loss, might be saved by writing out all orders
plainly and clearly. In such matters, correspon-
dents cannot be too explicit in what they have to
say. If an Investor has not had an introduction
to a broker, and is quite unknown to him, it is
advisable to forward a banker's reference; or remit
five per cent. of the money value of the investiment
intended, to insure immediate attention. Loss of
time in stock and share transactions is almost in-
variably loss of money. When an order is received
by a broker, he at once goes to the market and
inquires the price, of the stock or shares, in which
he intends to deal. The jobber is expected, by
custom, to deal at the price he quotes to a reason-
able amount of stock, or number of shares. Should
the broker's order be an exceptionally large one, he
inquires if the dealer will make the price in a given.
amount of stocks or shares. If he agrees to do
so, the broker can buy or sell, according to his
order, at the quoted price. The order being
executed, the investor or client should receive
from the broker a contract, on which is stated the
amount of money to be paid, including commission,
stamps, and fees. After the purchase has thus
KARAN
10
been made, if the transfer is to be made by deed,
the full name, address, and profession of the buyer
should be sent to the broker; or such name, address,
and profession, it is intended the stock or shares.
are to be transferred into; so that the name may be
passed on to the seller that he may prepare the
transfer deed. Purchases can be made for cash,
i.e., for immediate delivery when the amount of the
purchase, stated on the contract, should at once be
remitted by the buyer; or it can be made for the
usual fortnightly settlement. The settlements are
fixed by the Stock Exchange Committee, for the
middle and the end of every month, the exact dates
being fixed monthly, at which times payment for
stock is made. Purchases for cash have to be made
at rather higher prices than the then current market
quotations, hence it is better to buy for the
"settlement or account." Custom has estab-
lished that ten days' grace shall be allowed, for the
delivery of stocks and shares. This is obvious, as
it is necessary to forward the transfer deed to the
original seller for signature, and, as circumstances
often arise which prevent prompt attention, and
unexpected delays through temporary absence from
home, on the part of the seller, it is fair all round.
If, at the expiration of ten days, the transfer deed
is not forthcoming, then the buyer should insist on
the stock or shares being "bought in" against
the seller. A re-purchase, through properly ap-
"
11
pointed officials on the Exchange, is then made,
and should any loss be made on "the buying in,"
the original seller has to abide by it. The delivery
then is made within twenty-four hours, or the stock
or shares can again be "bought in.'
bought in." Should a
broker be remiss in "buying in," the investor can
engage another broker to attend to the business.
The buyer, on receipt of the transfer deed, signs it
where indicated (brokers generally mark in pencil
where the signature is to be written), and, having
the signature duly witnessed, he must then return
it to the broker, who forwards it to the Company's
office for registration. A certificate is duly for-
warded to the shareholder, from the Company's
office direct, or usually through the broker. In
the case of bonds and certificates to bearer, a
transfer deed is not required. These securities are
made up in parcels, and forwarded through the
post. The parcels are always registered at the
post-office.
an
Discretionary orders are sometimes given, the
exact price is not fixed, and, instead "at best" is
the form of the order. Such orders often give a
advantage to the buyer, as any change in the market
is seized by the broker, and an advantageous
purchase made. The broker being on the spot
feels the state of the market, having an order at
a fixed price he is obliged to act at once if possible;
although he may be aware that a change is likely
12
to take place to the disadvantage of the buyer.
Had he a discretionary order he would wait until he
believed the opportune moment had arrived.
8
1
Stock Exchange quotations are made in the
fractional part of a £1. Where there is a free and
ready market, quotations are always close. Consols
are always quoted at an per cent. price, thus:
952, 957. A seller of Consols could get 95 and a
buyer would have to give 957; the of a £1 differ-
ence in the price being the jobbers margin, by which
he has to cover his risk in buying and selling.
Foreign stocks are quoted from a per cent. to
wider margins. Quotations in these stocks are often
influenced by political movements. English and
American railways are generally quoted at a per
cent. price: much depends on the state of the
market. Miscellaneous securities have an price and
upwards; according to the amount of business being
done. With this explanation the quotations in daily
and other newspapers, will be better understood.
Beyond the methods of purchase already alluded
to, there are "time on " bargains or transactions.
An investor may fancy a particular stock; or from
information and knowledge obtained, that a certain
stock is likely to advance in price in a given time,
he can buy for "time on," say a month, if he has
not the money at immediate disposal to pay for it.
For his advantage he would pay a little higher price.
Or he could buy for the account-the fortnightly
13
settlement-and at the expiration of the fortnight
arranged to have the stock or shares, continued to
the end of the next account and so on. (C
Contango"
or interest is then charged. At the end of each
account a price is fixed in the market, at which
stocks and shares may
may be "continued or "carried
on." The price may be higher or lower than that
of the original purchase. If higher, the "difference”
would show a profit to the buyer, and such "differ-
ence" would be paid over to the buyer on the
account day. If the price should be fixed lower
than the price of the original purchase, then a loss.
would be shown to the buyer who would have to
pay the "difference." At the end of each account
the same order of business is gone through.
In selling stocks and shares there should be the
same clearness shown as in buying:
"Sell for me:
the exact amount being stated and also the price,
giving instructions at the same time about remit-
tances. If the market does not offer such a price
as desired, but there is the probability of its doing
so; an order to sell at a stated price may be given;
the time of the order being fixed, or left open as is
thought advisable. When the business is done a sale
contract is passed. At the expiration of the account
a transfer deed is prepared and forwarded to the
seller, who signs the same, returning it with the
certificate to the broker, on receipt of which a
cheque is sent for payment. Remember, that
در
در
>>
14
or
"limits"
whatever order
are binding.
are given they
In a well conducted office clients
would be reminded from time to time, what orders.
for buying or selling were still on the books. Sales
as well as purchases may be made for "time on "
and may also be continued in the same way, so long
as it is possible to borrow the stock or shares in the
market. The seller may be called upon at the end
of any account to deliver what he has sold, and
should it not be forthcoming, then it would at the
proper time—"buying in day"-be bought in
against the seller, who would have to pay any loss
which might arise.
Options have now become popular with speculators
desirous of limiting their risks. Options include
"call of more," "put of more," "put," "call,"
and "put and call." "Call of more
is the pur-
chase of a stated amount of stock for a given time,
with the option of "calling," or buying double the
amount at the same price when the time of the option
expires. Thus, 500 shares are bought at 5"call
of more," or "right of call" as it is sometimes
termed. At the time agreed upon, the buyer can,
if he chooses, demand another 500 shares at the
same price. For this option the buyer gives a little
above the ruling market price when the purchase is
made. "Put of more" is the sale of shares under
like conditions; the seller has the option of selling
a double number at the price of the original sale.
در
15
The option money is really paid in the sale, the
price being a little lower than the market price.
"Puts," or the option of "putting" or selling, are
transactions made by which during a given time,
for a consideration, the seller of a put agrees to
take from the buyer of a put certain stocks or shares
at a fixed price. "Calls," or the option of "calling,"
or buying, are sold for a consideration, for a given
time. The seller of a call agrees to deliver to the
buyer of a "call" certain stocks or shares at a fixed
price. Thus 5s. per share is paid for the option of
calling 100 shares at £20 per share for a stated
time. The price, when the transaction is entered
into, might be 18-19. Should the shares advance
beyond £20, say to £25, the buyer of the call would
call" or buy the shares at the first and agreed
price, and sell again at the advanced price. If no
advance were to take place, or should there be a
decline in the price of the shares, the option would
be declared off, and the loss in the transaction is
known, 100 X 5s. £25. In the first instance,
the transaction would stand:-
Dr.
((
"Call" of shares
100 shares called at £20
Balance
...
..
••
C+B
s. d.
25 0 0
2,000 0 0
500 0 0
£2,525 0 0
16
Cr.
Cheque (option money)…….
100 shares at £25
...
Balance brought down...
Less cost of option
Actual profit
:
...
£ S. d.
25 0 0
2,500 0 0
£2,525 0 0
500 0 0
25 0 0
£475 0 0
"Put and call" includes both transactions. The
operator is covered both ways in the event of a
rise or fall. A profit would be made, and as the
options can be declared before the expiration of the
time agreed upon, should the prices so fluctuate, a
profit could be made on the "put" and the "call.”
A "put" contract reads as follows:
London,
18...
For value received Charles Smithson may sell and
deliver to me one hundred shares in the Great
Eastern Gold Mining Company, Limited, at two
pounds ten shillings per share in or within thirty
days from the above date. Calls on account of
Company to be added und dividends deducted made
and declared during said time.
Put to be declared 12 o'clock,
(Signed)
18...
17
A"call" contract is after the following:
London,
18...
For value received Charles Smithson may call on
me to deliver to him one hundred shares in the Great
Eastern Gold Mining Company, Limited, at two
pounds ten shillings per share in or within thirty
days from date. Company calls to be added and
dividends allowed, made and declared during said
time.
Call to be declared by 12 o'clock
(Signed) ....
"Put and call" contract is as follows:
18...
London,
For value received Charles Smithson may call on
me to deliver to him one hundred shares in the Great
Eastern Gold Mining Company, Limited, at two
pounds ten shillings per share in or within thirty
days from date; or Charles Smithson may put and
deliver to me the same number of shares at same price
in or within thirty days. Calls to be added divi-
dends to go with the shares on either completed
transaction.
Put or call to be declared by 12 o'clock
18...
(Signed)
…….
... 18...
•
...
...
18
GOVERNMENT
SECURITIES.
These securities represent the debt of the nation,
and rank the highest as financial investments.
They are the safest the financial world can offer,
and are, perhaps, unequalled. They afford, through
a ready market and their inexpensive transfer-
ability, greater facilities to the investor. For these
reasons, together with their reliability, banking,
insurance, and other companies holding large
reserves, and also trustees, employ these invest-
ments to a very large extent. The market value
is influenced by the state of home and foreign
politics, the money market, harvest, commerce,
and manufactures. Though constantly fluctuating,
the variations in prices are not serious. Were
our country passing through a great crisis, then
values would be considerably affected. The prices
of Consols are indicative at all times of the state
of prosperity at home, and the confidence of the
nation towards the Government. These invest-
ments are not the most profitable; they pay less.
than any other permanent investment.
¿
CORPORATION STOCKS.
There are a number of British Corporation
Stocks quoted on the Exchange. The payment of
principal and interest is secured on the rates of
the several cities the stock represents, and must
19
therefore be considered safe. The fluctuations in
prices are inconsiderable. The dates are fixed for
redemption, which should be observed, as the
purchaser would lose the premium he pays when
the stock is redeemed. These stocks can be bought
to pay from three to three and a-half per cent.
Colonial Corporation Stocks are secured in the
same way-the revenues of the cities. They can
be relied on to the same extent as Colonial loans,
and can be bought to pay from three and three-
quarters to four and a-quarter per cent. Foreign
Corporation Stocks can be bought to pay from five
to nine per cent.
COLONIAL GOVERNMENT SECURITIES.
The loans of our colonies are popular with the
investing public, who have the fullest confidence in
them. This is evident by the premium at which
the stocks stand. The engagements of the different
colonies have always been met promptly. The
debts have not accumulated through useless ex-
penditure. A large proportion of the money has
been expended on reproductive works, such as
railways, and hence the securities are sound.
may here be observed that the colonies are ever
growing, populations increasing, and wealth accu-
mulating. They are not the debts of effete and
dying states, but of young English nations, able
and willing to bear their own responsibilities. The
20
loans are represented by bonds and debentures,
from £100 to £1,000. The interest is secured on
the revenues of the colonies, and dividends are
paid half-yearly in London.
INDIAN GOVERNMENT SECURITIES.
The Indian debt has been contracted mainly to
defray the expenses of war. It has been added to,
from time to time, to meet the large expenditure on
public works. The development of India since
the introduction of railways has made rapid strides.
They have opened up rich and productive countries
where grain, tea, chincona, and coffee, are now cul-
tivated. A few years ago grain was not grown
in India, it has, however, become one of our most
reliable producers. Mining, too, has made great
progress, and no doubt even richer and more valu-
able mineral deposits may be opened up. India is
our principal market; the exports are cotton, silk,
grain, hides, jute, seeds, rice, dyes, and opium.
The imports, manufactured cotton goods, metals and
machinery, salt, woollen goods, wines, spirits, and
beer.
A large amount of money spent on public works
is re-productive, the country is thereby benefited.
The interest of debt is charged upon revenue.
Indian government securities are regarded as quite
safe and return a better interest than Consols.
debt is managed by the Bank of England.
The
21
BRITISH RAILWAYS.
Railway investments are among the soundest we
have. The mismanagement which prevailed when,
and for some years after railways were introduced,
has now passed away. At the heads of companies-
are men, who, from experience thoroughly under-
stand their business. The working of railways is
watched very carefully, so that reckless expenditure
cannot go on unnoticed. The companies have
grown out of their straits, and highly speculative
state in which they at first fell. Railways fulfil
a great national requirement, carrying all our com-
mercial productions. The profits depend on the
prosperity of the country and the conditions of
trade. These investments cannot any longer be
considered speculative or uncertain; they represent
a giant-like business. Traffic reports are issued
week by week, so that the actual earnings can be
estimated, and a fair calculation made of the next
dividend. The value of these stocks are influenced.
by trade, the value of money, cost of fuel, and
materials, the weather, accidents, &c. These, how-
ever, are transient, ever recurring it is true, but the
effects are not of such a nature as to permanently
change prices. It is for these causes, and the sudden
fluctuations which follow, which renders the ordinary
railway stocks an undesirable temporary investment.
Judicious investments result, not only in good.
22
profits for money invested, but an increment of
principal by the improvement of the business of the
line, or, from advantages obtained by purchases,
absorbing other companies or amalgamating with or
working other lines.
PREFERENCE AND GUARANTEED STOCKS.
The portion of a Company's capital known by
these terms, are those on which the rate of interest
or dividend is fixed, and is paid before any divisions.
of profits can be made on ordinary stock. In
successful and established lines there is very little
difference in these two stocks. As long as the
Company is earning sufficient to pay the dividend
on the preference stock, the difference is not felt.
Should the earnings of a Company be insufficient
to pay the dividend on its preference stock, the
payment is held in abeyance, and paid out of the
first profits which become available. There are
several sorts-some are perpetual, others redeem-
able, cumulative, non-cumulative. Some of them
share in surplus dividends beyond a fixed rate of
interest; others are convertible into ordinary stock.
The holders of guaranteed stock have a legal claim
for the interest guaranteed, and the claim can be
enforced at law. High class guaranteed stocks pay
about 4 per cent., preference from 4 to 5 per cent.
Debenture stock is the absorption of mortgage
23
debts; it is the first charge on a Company. The
interest is at a fixed rate, and the claims on a
Company as binding as a mortgage. They are
reputed to be a first-class security, and pay about.
4 per cent. Mortgage bonds are, for the most
part, displaced by debentures; they are not as desirable
an investment as debentures. Railway stocks, of
every description, are very marketable; transactions
are carried out with as much ease as those in
Consols. Business is generally done for the fort-
nightly settlement, when all bargains are settled
and stocks delivered. The smallest piece of stock
transferable is not the same in all companies.
Very small amounts are commonly allowed, by the
railway companies to be transferred, and where
there are shares one share may be transferred.
AMERICAN SECURITIES.
The great development of the American railway
system has brought widely different railroad securi-
ties on the market. Some of them are of a first-
rate character, others not so. There is immense
competition, and the competing lines governed by
cliques injure the stability of the companies, and
therefore in a great measure destroy public con-
fidence. In old established and well governed
companies the public have good securities, which
are not so liable to come under these damaging
24
influences so common on new roads. In some of
the western countries which are being rapidly filled
up, there are good speculative investments. If we
look at home and consider the early years of railroad
life, we can better understand what is taking place
in many American railroads. Many of the railroads
are heavily "watered," and will take years before
the companies can emerge from their troubles,
caused by over capitalisation. The management in
some cases is undoubtedly bad, so that the greatest
caution is necessary. Through want of proper
advice large fortunes have been lost in American
lines. It requires a good knowledge of the country
to understand the value of prospective railroads.
For the most part these lines are popular in England,
but care and good judgment should be exercised.
INDIAN AND COLONIAL RAILWAYS.
The
The largest sums raised in England for railways
in British possessions have been for India. The
interest is guaranteed by Government.
guarantee applies to money paid into the treasury
and expended under permission. Money advanced
for the payment of guaranteed interest, is repaid to
the Government from profits by the companies, the
net receipts being paid into the treasury. If the
profits of the companies fall short of the guaranteed
interest, it is made up from the revenue. If profits
25
exceed the guarantee, they also are paid to the
stockholders; unless there are sums in abeyance
due to the Government, paid out for deficient earn-
ings. In such a case, the surplus earnings are
divided between the Government and the stock-
holders. On the expiration of a company's lease,
the Government have a six months' option of
purchase, according to market value of the stock
for three previous years. Indian lines are free from
competition.
A portion of the capital is in debentures secured
over the railways, and the interest guaranteed.
Indian railways are safe and pay fair interest, and
have increasing prospects.
Canadian lines are more speculative and have not
the guarantee. Canadian Pacifics are guaranteed,
but this lapses in 1893. The competition in Ameri-
can lines, the fluctuation of trade and harvests,
largely influence market values of these properties.
These things should be carefully considered. Of
course Mortgage Bonds are safe, and some advisers
are of the opinion that they only are safe.
FOREIGN STOCKS.
Foreign Stocks are not generally regarded as
very safe. They are of a speculative character,
and purchases for the most part of them are of that
26
nature. Some of the stocks representing countries
badly governed are fairly rotten. The least social
disturbance seriously affects the value of the stocks,
and wider political movements, so common with
some countries, greatly depress them. Many of the
debts were contracted under the pretence that the
money was to be applied to development works ;
whereas it has become history that the money has
been spent in paying off the interest on old debts,
luxurious and wasteful expenditure of the rulers,
military and naval display and war. These things
have impoverished nations, and tried to the utmost
the loyalty of the people. This ever state of
friction lends to these loans a full feeling of in-
security. To-day there is peace, to-morrow war.
A continuous demand goes on for money, and every
day brings debt upon the countries. This state of
things lies at the bottom of panics in Foreign
Stocks. The cry then is havoc, and let loose the
bonds-it is a time of financial destruction: the
South American States are an illustration. It is
not a periodical feature with them but chronic, and
only the boldest speculators handle these stocks,
and then very gingerly. Foreign States well
governed, and having established reputations for
prompt payments, are looked upon favourably by
some capitalists. Foreign Stocks pay more to
the investor than our own funds. To invest
in them with some confidence requires know-
27
ledge of foreign politics and finance, and this the
ordinary investor does not possess. The pledging
of special forms of revenue, for the payment of
interest is not much of a guarantee; it is entirely a
foreign contract, and cannot be sustained in a
Court of Law, and when Governments are fickle,
what reliance is there to be placed in them? We
cannot hope that our Government would interfere
when Foreign States default.
There is a ready and close market for Foreign
Stocks, and transfer is made by bond, and therefore
no expense is incurred.
FOREIGN RAILWAYS.
If English rails are not always looked upon with
much favour by some capitalists, Continental lines
ought to stand in much less favour. Some investors
have a liking for them because of the higher rates
of interest, but while this is so it should not be
forgotten, that any disquieting rumours of national
or commercial difficulties cause great depression in
the prices of the Stock. They are naturally more
susceptible to those changes, which bring about
depreciation in values, than English Railways.
English investors will do well by holding com-
paratively small amounts of these Stocks.
28
BANK OF ENGLAND STOCK.
The Bank of England was first incorporated in
1694, its present charter was granted in 1844. It
is a Joint Stock Company possessing special
privileges, and transacts the financial business of
the Government. It also transacts the ordinary
business of a bank, and has the management of the
National Debt. Loans on special occasions are
made to the Government on the security of bills-
Exchequer bills. It represents financially the
Colonial Governments. The Bank Stock is
£14,559,000, "Rest" or surplus fund about
£3,000,000, giving a working capital of £17,500,000.
It is managed by a governor, deputy governor, and
twenty-four directors chosen from the proprietors.
The stock qualification for governor is £4,000,
deputy governor, £3,000, director, £2,000. A
proprietor has one vote, and must hold unaltered
£500 stock for six months to qualify his vote. The
bank has branches in the chief towns, West End,
and Temple Bar.
Bank Stock is reckoned as one of the best
investments. The earnings of the bank correspond
with the bank rates of interest, high rates showing
corresponding dividends, low rates the reverse, no
matter what the state of trade.
29
BANKS.
Bank shares are regarded as among the best
securities. While their business is conducted on
acknowledged principles, which rule monetary
circles, they are safe. Nearly all the banks are
worked under the Limited Liability Act, so that
the extent of responsibility is known. The failure
of the Glasgow bank, bringing with it most dis-
astrous effects, besides ruining many families, was
a cause for this movement. Many of the banks
at once formed themselves into Limited Liability
Companies. The serious defaults which have
occurred, rendered it necessary to adopt stringent
measures for protecting the reputation of banks
as far as could be. It was a comparatively easy
work for a clique of speculators to destroy a
bank's credit, by operating in its shares; wilfully
depreciating their value. Sales of Bank shares
cannot now be legally made except by bonâ-fide
shareholders. The speculation in the shares has
been entirely cast off; thus protecting the bank
as far as share operations go. The balance sheets
of the banks are made public by advertisement,
and the financial status so declared. Reckless
business transactions, fraud, and misappropriation
are the principal dangers of banking: the con-
ditions of trade and commerce make and some-
times unmake them. Profits are based entirely
W
30
on a credit system-this depends on the amount
of confidence of the public and the credit the
bank has. It is not like a railroad, a productive
or industrial business or a mine even, with real
estate, which cannot evaporate. The best bank
shares can be bought to pay 4 per cent. on in-
vestment. On original amount subscribed some
of the banks pay as much as 20 per cent.
INSURANCE.
This comprehends the different assurance and
insurance, including Life, Fire, Marine, Accident,
Trade, and Guarantee. Companies established on
an entirely mutual basis in no way interest in-
vestors. The proprietary ones only share in
profits. Insurance shares are not largely dealt
in, they are well held, entirely as investments.
From years of experience, out of which statistical
knowledge has grown, insurance of every class
is reduced to a human certainty, and therefore,
where really practical men have control, there is
comparatively small risk. The investments of the
funds of these companies, of necessity, are of the
best description. The failures have been com-
paratively few, and these have been shown by
competent authorities, to have been brought about
by extravagant expenditures and rash transactions
by incompetent men. Shares may be bought to
pay from 4 to 5 per cent.
31
WATERWORKS.
English waterworks are an established invest-
ment, the best being the London companies. The
sanitary necessities of the metropolis causes a great
demand on the water companies. Every year
greater supplies are needed. The importance of a
good and constant water supply is apparent. The
County Council are now giving attention to the
water supply, and it is possible that, within a few
years' time, the companies will come under their
control. Waterworks are about the steadiest form
of investment. The return to stockholders is
not large, but it is safe. The average interest is
about 3 per cent.
GAS COMPANIES.
Gas Company shares are a fairly sound
investment. The profits, are large, and this has
induced inventors to enter the field to compete
against coal gas, but, as yet, no economically
practical illuminator has been discovered which can
supersede it. Water-gas at one time, it was
thought, would do this, but the difficulties and
danger attending its use shut it out. The shares
are well held, and, altogether, they may be regarded
as among the soundest manufacturing companies.
32
MISCELLANEOUS SECURITIES.
All kinds of industrial and trading companies.
are included under this head. The necessities of
the age cause many new ideas to be put into
practical shape. Inventions have been made which
have attracted the attention of capitalists, who,
from time to time, have combined together to work
them out. Asphalte, sewage, telegraph, fire-arms,
electric lighting, and similar undertakings, have
made a mark in finance. Every new idea becoming
popular has a host of imitators. Many companies
formed for working patents ought never to have
been introduced; their failure, as any practical
man could see was certain. Many companies have
been formed to take over manufacturing and trading
concerns, really successful ones, which had become
too large and unwieldy for private capital. There
are many highly profitable companies in this
section, which are as sound as business men can
make them; such as Telegraph Construction,
Rylands, J. and P. Coats, Dalgety and Company,
Price's Candles, Bryant and May, Aerated Bread,
General Hydraulic, Mason and Mason, and also
may be included Breweries which, in the main,
though a few of these companies have proved to
be failures, are very profitable to investors.
Although securities of this description may be
33
established, and full of success, they are subject to
the ordinary risks which accompany trade. Some
of the best miscellaneous companies can be bought
to pay 5 to 7 per cent., and for small capitalists
seeking improved incomes they are well worth
attention.
MINING.
I have entered so fully into this subject in my
pamphlet "How to Invest in Mines," that it is
unnecessary for me to enlarge on it here. Mining
shares demand care. With good judgment, honest
and reliable brokers, large profits can be made.
As an investment it does not suit everybody, an
amount of risk accompanying it. If I allow that
the greatest risks are to be found in mining enter-
prises, it should be remembered that they offer
greater opportunities of larger profits, not specula-
tive only, than any other form of investment.
an illustration, the well-known Richmond mine may
be mentioned, which, in twenty years, produced
83,183 tons of lead, 15 tons of gold, and 460 tons
of silver, worth together £5,748,898, and paid
£915,502 in dividends. The £5 shares were at one
time selling at £16 per share. The success of the
mine was not altogether a common occurrence, yet
there are many mines which have done equally well.
or better. Such properties as these make the
с
34
world's trade in metals. Mining is ever progressive
and, in special departments, is as yet in its infancy.
Gold quartz mining has only been followed during
the past forty years. It was unknown before the
discovery of gold in California and Australia. For
many years past I have advocated investment in
low priced shares. The best mines have passed
through difficult periods, and the shares con-
sequently been at low prices. When the troubles
have been overcome, the shares have regained their
former value. Opportunities are ever opening up
for the investment of money in like properties, but
capitalists should not be too easily led away by
plausible statements.
LAND AND EXPLORATION.
During the past few years land companies have
received a large amount of attention. The opening
up of South Africa gave an impetus to these invest-
ments. Large sums of money have been invested
in these properties. It is only on further develop-
ment of the resources of the new country, and an
increased tide of immigration, that any great results.
can be expected. Many of the South African
companies have been formed with the object of
exploring for minerals, and where these have been
found, the parent companies have made good sales
of their lands. One company has mineral rights
35
over an area of 500,000 square miles. Much, very
much, of the land indeed, has not been traversed by
the white man, to say nothing of exploration. The
opinions of those who have had experience in South
Africa, and therefore capable of judging, as far as
can be, are favourable. As yet this company has
done nothing for its shareholders. The originators
of the scheme are sanguine as to the future. A rich
discovery of gold in any portion of the extensive
countries under control would cause great excite-
ment, and would also encourage emigration. In
such a vast possession there can be little doubt but
rich properties will be found. It is only reasonable
to suppose that there will be something of a prospect
of rich mineral deposits, seeing the great wealth of
the Transvaal which adjoins. The evidence, too, of
very ancient mining is in itself conclusive proof
that the country is rich in gold. The natural
resources are great, the climate said to be healthy
for Europeans, hence it may be concluded that
prospects are good, and that the investment be
highly remunerative in coming years.
There are other well known and profitable land
companies in the Colonies. A few of these have
been in operation for many years. Land invest-
ments are pretty certain to command a larger
attention than they have had; risks are few, and
when well managed are good investments.
36
DIAMOND COMPANIES.
Within a few years diamond mining has become
a great industry. The opening up of South Africa
introduced to capitalists this new branch of mining,
and the celebrated Kimberley Diamond Fields have
become famous for their immense richness. This
section of mining must be considered as more fickle
and speculative than any other. The demand for
diamonds is not by any means steady; it fluctuates
greatly through fashion and trade. The output has
been so great as to depress prices, aud amalgama-
tions have been brought about to regulate the
supply. The result is that we have one company
with a capital of £6,000,000, which is unwieldly
for an industry of this nature. Of course there are
the chances of failing supplies, this has sometimes
been hinted at. The working expenses are very
heavy. Investors in diamond mines know how
great the risks are, the fluctuations in the shares
are very considerable. A rumour, however slight,
influences the shares.
COAL AND IRON.
This great division of our mineral wealth, where
represented by Limited Liability Company, makes
an indifferent show, when results are taken into
account. There are so many difficulties attending
37
these investments that the average investor had
better let them alone. Those who are initiated into
the detail and surroundings of coal mining and
iron works, at times amass great wealth, at other
times the ablest of them lose it. There is com-
petition in every direction, strikes, foreign politics,
the value of money and production are among the
things which at times perplex the most experienced
men in these industries. Risks and speculations
abound. An individual has freer course in adven-
turing in such properties than is possible for a
public company. It is a fact that successful coal
and iron companies are few in number. The
number of failures is great.
TRAMWAY COMPANIES.
The first tramway in London was laid down
about thirty years ago by George Francis Train, the
well-known American. The line extended from
Westminster Bridge to Kennington Park. There
was great opposition to it, and the local authorities.
were moved to take up. Some years elapsed before
experiments were again made. The success of
American tramways induced the new venture.
Tramways soon became popular, and now they are
universally adopted.
As an investment tramways are highly appreciated
by the investor. The speculative element is
38
practically nil, and the fluctuations in prices not
serious. Those capitalists seeking a reliable in-
vestment, which has earned a reputation for
steadiness, may look favourably on tramways. Of
course there are temporary influences which affect
them, such as strikes, state of the weather, trade,
cost of provender; but these things can be easily
comprehended by all. Experience has reduced the
possibility of losses from these and other causes to
a minimum. Shares may be bought to pay 4½ to
per cent.
7
TEA COMPANIES.
-
Tea companies have now long been a favourite
investment. Tea growing in India and Ceylon is an
established industry, and every year tends towards
an increased out-put. While on the other hand
the exportation of tea to this country from China
has gradually fallen off. The cultivation of tea is
now largely in the hands of British capitalists.
There is something like £3,000,000 invested in about
twenty-six companies. Many of them have proved
to be highly profitable; in all there are about fifty
companies, the names of some being unknown,
except to the satisfied shareholders. Several of the
most successful companies are paying to original
subscribers as much as 15 to 20 per cent profit.
The price of the shares shows from 5 to 10 per
39
cent. The increase of the trade has been very
rapid, our annual imports are about 100,000,000 lbs.
from India, and 50,000,000 lbs. from Ceylon.
Low prices of tea have increased the consumption,
but there is a limit to everything, and we cannot look
for much greater extension of the trade in this
direction.
When first introduced Indian tea was used
largely for mixing, but the fine qualities soon
became better appreciated, so that now preference
is generally in its favour.
When the formation of tea companies was in
financial fashion, not a few companies brought out
were utter failures; such has been the case in all
the new introductions through over capitalisation and
bad management. Tea growing is a science as well
as an industry, and requires judicious and careful
management if profit is to be made.
There is an element of risk even in tea growing
as in the cultivation of everything else-the state
of the weather upsetting all calculations however
wisely made. Drought and other difficulties beset
the tea grower; succeeding good crops soon, how-
ever, cover such losses. One of the troubles which
may, in the course of a few years be felt, is over-
production, but old established companies which
have gained reputations for a fine article must
continue in success.
Several of the Ceylon companies, not satisfied
40
with their success; and seeking to improve the
value of their properties, have introduced cocoa
growing. For those who can afford to wait a few
years, the present time is opportune for investmert
in companies, which have entered on this new.
branch of business. Ceylon cocoa has already be-
come famous, and commands the highest prices
in the market; selling from fifteen to twenty
shillings per cwt, above the South American pro-
duct. The cocoa tree is very profitable. There are
trees in South America which are known to be 100
years old. There is a large field for cocoa, the
consumption of it is increasing yearly and supersed-
ing the use of coffee.
ELECTRIC LIGHTING.
The introduction of electric lighting, at one time
made a great stir in financial circles, and caused great
depression in gas shares. There has been consider-
able improvement made in the application of elec-
tricity for lighting purposes, since first introduced,
and now this light has come to be liked, many
companies are supplying it. There can be no doubt
of the great superiority of the electric light over
any other illuminator, but it is costly and has its
objections. In new countries the electric light is
very much adopted, small towns of only a few thou-
sand inhabitants use it, and it has also been very
41
successfully applied to mining. It seems strange
that a great city like London has not used it-
experiments were made a few years ago when it
was pronounced a failure. It has, however, now
been decided to use it. Within a few years time
our streets will be lit up by it. As an investment
it is considered safe; and as progress is made and
electric lighting comes more into use the value of the
shares will improve. The invention is but young
yet; it has had all the serious opposition which
is made against great innovations. Gradually
the opposition and prejudice, as the public are
being educated to it, is giving way. It is more
healthy than gas. The consumption of some
2,000,000 tons of coal annually in London, for
the production of gas, cannot add much good to
the thick atmosphere of London.
TELEGRAPH COMPANIES.
Submarine cables have become an established
investment. Since the laying of the first Atlantic
cable, cables have been laid which encompass the
globe. As investments they are liable to great
fluctuations as the risk attending the business is
considerable; the cables being liable to be broken,
and the business partly or altogether destroyed
for a time. Cables are broken from several
causes and winter is the most difficult time for
42
repairing.
The anchors of ships, icebergs, and
wear and tear are the chief sources of injury. The
bed of the ocean is not all level like a plain and
smooth as a beach. In places it is mountain-like so
that the cables must be exposed and lie in rough
places. Repairing cables has now become a fairly
easy work. By instruments on both sides of the
ocean, the place where the break has been made is
finely calculated; so that it is possible at times
to sail by aid of cable charts to the exact spot. The
cables are taken up about ten miles from the break.
Sometimes considerable time is occupied and the
cost heavy. Repairing breaks has cost as much as
£20,000. Working expenses generally are large,
and the transmission of messages is subject to the
state of commerce, the cables being used for the
most part by commercial men having business in
different parts of the world. The cables though
duplicated does not entirely secure the investor, as
one cable cannot earn as much as two can.
BREWERIES AND DISTILLERIES.
During the past few years breweries have become,
with many capitalists, an acceptable investment.
We have gone through quite a period of brewing
shares. Now that the excitement is off and business
steadied down these companies too, proved to have
amongst them failures. There are, however, pro-
43
portionately very few brewery companies which
have failed; some of them have turned out good
and improving properties. The introduction of
English was followed by American companies. As
far as the latter are concerned they must be
considered in an experimental stage. Certain of
the American companies purchased properties, with
old buildings and ancient and worn out plant, which
will cost much money to replace with appli-
ances of modern and effectual construction.
SHIPPING COMPANIES.
Shipping companies are attended with risk.
Even in the best managed companies the variations
in prices are very great.
Good management is
necessary with every company, but more especially
so in shipping, where there is so often great extra-
vagance and waste. The profits are influenced by
the state of commerce and competition. There are
several very sound companies with world wide fame,
the shares of which will pay on present prices six to
six-and-a-half per cent.
TRUST COMPANIES.
The principle of trust companies is no doubt
a sound one. They do for the investor what
he would hardly be able to do for himself. The
capital is invested in different securities paying
good interest. The selection, if judicious, will pay
44
a steady average rate of interest. The companies
issue bonds bearing a fixed interest. After the
payment of interest and working expenses, the
balance is carried to a sinking fund, for the pay-
ment of bonds at par. Good judgment is re-
quired by those who govern these companies,
otherwise great losses are likely to be made.
Some trust companies are of a speculative
nature, and undertake the floating of companies.
Several of the older companies stand at good
premiums and have been highly successful.
CANALS AND DOCKS
Are in the main good securities; the Suez Canal
is perhaps as sound an investment as could be
desired. The interests in it are international and
are jealously guarded. The Manchester Ship Canal
is in an entirely experimental stage. At the
present, Dock shares are not very popular. The
recent strikes at the East End showed the un-
certain nature of the shares. The Labour Unions
caused great injury to business, much of which
was transferred to other ports.
NOTES AND SUGGESTIONS.
CHEQUES.
To open a banking account it is necessary to
have an introduction to a banker. With the intro-
duction, a cheque for opening the banking account.
should be handed in.
45
A deposit account is money left in the bank for
a stated period, at an agreed rate of interest.
A drawing account is a banking account, which
allows of money being drawn out at any time.
Cheques for small amounts should not be drawn.
£1 is generally the lowest amount. Cheques re-
mitted through the post should, in all cases, be
crossed and made to order. Crossed cheques must
be passed through a bank. In case they are lost
they cannot be used, except by a responsible party
having a banking account, and are, therefore, easily
traced. If the payees' banker is known write it
across the cheque.
Post-dated cheques are not legal, and penalties
are involved.
Bankers cannot legally pay a cheque knowing the
drawer of it has died. Cheques should be pre-
sented for payment as early as possible after they
have been received. The law allows a reasonable
time. After such a time the payee holds it at his
own risk. The law defines a day, after receipt, as
a reasonable time. The bank might fail; the
drawer become bankrupt or die. If no such con-
tingencies arise, the drawer of the cheque is re-
sponsible for six years.
Cheques should be carefully drawn out, so that
alterations cannot be made. Cheques printed
"to bearer" can be altered "to order," by running
the pen through "bearer" and writing "order."
46
Cheques not crossed should be, at once, if they
are to be paid into the bank. Cross them with the
name of the bankers.
Acknowledge, by return of post, the receipt of
cheques, money, and deeds.
Never destroy a cheque. If, after being drawn
out, there should be an error, or, for some reason,
you do not intend using the cheque, tear off the
signature.
Numbers of bank-notes, post-office orders, and
postal orders should be kept. If lost they can
then be traced.
The signatures should always be of the same
form and style for cheques, documents, and letters.
Obliterating the crossings of a cheque with intent
to defraud, is felony.
Negligence on the part of bankers in collecting
monies, renders them liable for cheques placed in
their hands.
Bankers are not responsible for endorsements,
purporting to be endorsed by the person in whose
favour the cheque is drawn. The endorsement is
sufficient authority for the banker to pay the cheque.
Bankers are liable for the payment of forged
cheques.
Altered cheques cannot legally be paid.
47
<
TRANSFER STAMP DUTY.
When the consideration money set forth in the
transfer does not exceed £5
£0 0 6
Exceeding
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£5 and not exceeding £10
10
15
15
20
20
25
25
50
50
75
75
100
125
150
175
200
225
250
275
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100
125
150
175
200
225
250
300
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99
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For every additional £50 or fraction of £50
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6
TRANSFER DAYS OF THE FUNDS.
Dividends due 5th January and the 5th July are
paid on the 6th of January and the 6th July,
except those days fall on a Sunday, then they are
paid on the 7th.
48
23 per cent. Consols
New 3 per cent.
New 21 per cent.
New 23 per cent.
New 2 per cent. quarterly dividends
India 5 per cent. stock
Dividends due 5th April and 5th October are
paid on the 6th April and the 6th October, except
those days fall on a Sunday, then on the 7th.
3
BANK STOCK.
per cent. reduced
Daily.
New 3 per cent.
India 4 per cent. transfer loans
India 3 per cent., quarterly dividends,
India Bonds interest due 31st March and 30th
September, payable the following days.
India Debenture interest, due 16th February and
16th August.
Transfer days any day but Saturday, from 11 to
3; for buying and selling, 11 to 1; for accepting
9.30 to 4. Dividends payable 9 to 4; on Saturdays
9 to 2. Transfers made on Saturdays are charged
a fee of 2s. 6d.
Daily.
Dividends are payable by the Bank by post, by
dividend warrants, sent at the risk of the stock-
holders, who will have to fill up a form of applica-
49
tion, to be obtained at the Bank, or of any stock-
broker. The warrants require endorsing, and are
only payable through a banker.
Bank-post bills are issued by the Bank of
England at seven day's sight. The bills require
endorsement. Country banks also issue bank-post
bills. These bills are convenient for remitting
money when the payee has not a banking account.
Bank of England notes are a legal tender in
England for sums above £5 (except at the Bank
itself or any of its branches), but not in Scotland
and Ireland. In those countries coin only is a
legal tender, though Bank of England and other
notes pass in payment of current accounts.
最
​Bank of England notes if taken in a bonâ-fide
manner, whether for value received or not, even
from a finder or thief, will pass to the banker;
but, so long as the note is in the hands of the
finder or thief, it belongs legally to the owner
who lost it. After conviction of a thief or re-
ceiver, bank notes, for stealing which he is in-
dicted, will be restored, on the order of the judge
to the proper owner.
When notes have been lost or stolen, notice
should at once be given with full particulars.
The Bank charges a 2s. 6d. fee for such entry.
All the Bank can do is to notify the loser of the
note that it has been presented for payment;
payment cannot be stopped as Bank of England
notes are payable to bearer.
50
ACCOUNTS, ETC.
Keep an account of receipt and payment of all
monies in whatever form. Book-keeping is a duty
even in the household.
Balance up at least once a year, wanting time
or knowledge how to do it, employ an accountant.
Receipted accounts should be kept for six years,
as also all papers relating to business.
Prompt payment is a necessity in every business.
Transact all business with friends and relations
in a business-like manner, put everything in black
and white, it will save disputes.
Do not place all your money in one investment;
should it fail, all is gone.
Consult your broker and put your money in
sound investments. You can afford to lose only
what will not cause inconvenience.
LETTERS.
A contract may be made by letter. The contract
is complete on accepting the contract and posting
the acknowledging letter, although the letter should
be lost.
Copies of all letters written on business should be
kept.
51
Letters should be brief, and to the point: the
business being stated clearly.
Different subjects should begin with new lines,
and underlined so that reference is easily made.
All letters received should be filed.
Change of address should at once be forwarded
to the secretaries of companies, where money is
invested and all business friends duly notified.
Telegrams should be clear; whatever business is
transacted by telegraph or telephone should be
confirmed by letter. Note the time in sending off
and receiving telegrams.
INVESTMENT NOTES.
Collect all the information possible on the invest-
ments in which money is placed and keep it for
reference.
File reports and balance sheets of companies
compare them and note progress.
Cut your losses: run your profits is a Stock
Exchange maxim.
Read the financial papers regularly. If anything
arises touching your investments, weigh the state-
ments, judge and decide to act at once.
Everyone employing a Stock Exchange broker is
bound by the rules and regulations of the Stock
Exchange.
52
A list of brokers who are members of the London
Stock Exchange can be obtained by application
to the secretary.
Members of the Stock Exchange are not allowed.
to advertise for business purposes, or to issue
circulars to persons other than their own principals.
Railway stocks and shares which are fully paid
have no liability.
Preference stock dividends are paid out of each
years profits. This affects all issues since 1859.
Accumulative preference stocks issued prior to that
date are not affected, though funded into new accu-
mulative stocks since.
The Stock Exchange rule 125, distinguishes the
method of dealings in debentures and debenture
stock :—rule-bonds and debenture of railways in
Great Britain, Ireland, and the East Indies, shall
be dealt in so that the accrued interest up to the
date for which the bargain was done, be paid by
the buyer; but bargains in bonds and debentures
of Colonial and Foreign railways shall include the
accrued interest in the price.
Banks.-The liability of shareholders in banks
working under the Limited Liability Act, and in
joint stock companies, continues one year after the
shareholder has sold and transferred his shares.
In unregistered companies the liability holds for
three years. This presumes that the shareholders
proper were unable to meet the demands made.
53
Past shareholders are not responsible in any way
for debts made after a transfer has been made.
The liability of bank shareholders is, however,
unlimited as to notes issued although the company
may be registered.
Shareholders in unlimited liability insurance
companies are responsible for the capital subscribed,
as is generally stated on the policies. Shareholders
in insurance companies are responsible only for
policies, not debts.
BONDS.
Exchequer Bills, Indian and City of London
bonds, are sold subject to the Stock Exchange rules.
The purchase does not include interest accrued
up to the date of the transaction. The accrued
interest must be paid by the buyer when he pays
for his bond. The holder of the bond receives the
whole of the interest when due from the bank.
Bonds which have been drawn are paid off on the
date of the next coupon; or otherwise there is the
usual notice.
Some loans in default continue the drawings.
Unpaid bonds are not a good delivery.
Bonds issued without conditions as to repayments
may be repaid at par by the issuer at will.
Coupons are collected by brokers for their clients.
The coupons are detached by the holders of the
54
bonds, and forwarded to the broker. These are
scheduled and deposited with the agents of the
loan; receipts are given for the coupons by the
bankers which are, within a week or fourteen days
again exchanged for cheques for the amount of the
coupons. Clients are thus saved from any trouble.
Bondholders can collect the money themselves or
through a bank.
STOCK EXCHANGE TERMS.
Account Day is the day fixed, at the middle and
end of every month by the Stock Exchange Com-
mittee, for settling all Stock Exchange transactions
not done for cash. The first day of the settle-
ment is the "continuation" or "carrying over;"
when transactions are “continued” to the new
account. The second day is the "name day " when
the names of the buyers of registered stocks are
passed to the selling broker, who prepares the
transfer deeds for his client to sign. The third day
is the "settling
settling" or
or "account day" when stocks
and shares are delivered and paid for, and
differences of accounts settled.
Allotment.—The issue of letters to applicants for
shares in new companies, stating the number of
shares allotted to such applicant, is called the
allotment.
55
Allottee.—The applicant to whom stocks and
shares have been allotted.
Annuities.-The funded debt entitling holders to
an annuity charged upon the consolidated fund.
Arbitrage. Stocks and shares bought in one
market and sold in another; as shares bought on
the London market and sold in New York, Paris,
Berlin, or other centres. This class of business is
in the hands of brokers and is carried on by
telegraph.
Articles of Association.-The rules and regulations
of a Limited Liability Company. Every new
company is obliged to publish its "articles," and
sell them at one shilling a copy.
Atlantic First.-First mortgage bonds of the New
York Pennsylvania and Ohio rail-road.
Backwardation or Back.-The consideration paid
to buyers of stocks and shares by speculative
sellers, unable to deliver stocks and shares over
sold. For the loan of the shares a "back" is paid.
"Bear."-The speculative seller who has over-
sold stocks and shares.
Bonus.-An extra or special dividend.
Bond, represents amount subscribed to a loan
or company. It can be passed from hand to hand
like a bank note.
Brightons.-London, Brighton and South Coast
Railway.
Brighton, A.—London, Brighton and South Coast
Railway, deferred stock.
56
Berwick.-North Eastern Railway consols.
Brums. - London and North Western Railway,
ordinary stock.
Brokerage. The commission paid to brokers.
The following is an average scale :-
English and Foreign Government Securities
per cent. on nominal value.
Bank Stock, Indian Government,
Rupee Stock, Indian Government
and United States Securities, Foreign
and Colonial Railway and miscel-
laneous Bonds.
Shares not exceeding £0 10 0
Above 10s. not exceed-
ing
Above £2
5
10
15
25
50
""
""
V
3d. per share.
6d.
1s.
10 0
ls. 3d.
15 0
1s. 6d.
25 0
2s. 6d.
0
5s. Od.
50 0
per cent. on money value.
""
English
railways and other stocks transferred by deed, at
prices not above £50, per cent. on nominal value.
Above £50, per cent. on money value.
1
4
2
Buying in.-In default of delivery of stocks
and shares, the buyer enforces delivery by a re-
purchase through the Stock Exchange official
broker; that is termed "buying in."
"Bull."-A speculative buyer; really buying
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200
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57
stocks and shares on credit for an expected rise in
prices. The term is also applied to all holders of
stocks and shares.
Call.-An amount due on partly paid up stocks
and shares. "The Call" is applied to option
transactions.
Caley.-Caledonian Railway Stock.
Can. Pac.-Canadian Pacific Railway.
Claras.-Caledonian Railway-deferred stock.
Consols Account.-The monthly settlement in
Consols.
Consols.-An abbreviation of consolidated an-
nuities, applied to the fund originated in 1751 by
consolidation of different Stocks bearing 3 per cent..
Consideration Money.-The amount written on
a transfer deed representing the sum paid by
the buyer. This does not necessarily represent
the sum paid to the vendor, as sub-sales may
have been made. A nominal consideration is
sometimes inserted in the deed for special reasons.
and requires a 10s. stamp.
Corner.-When a buyer practically commands.
the market, and demands the delivery of all stocks
or shares bought. If over sold or "beared,” the
buyer or buyers force up prices and "corner
the bears.
"""
Cum. Div.-Includes the dividend with the then.
current price, which the buyer of such quoted.
stocks or shares receives.
58
M
Contango or Continuation. The consideration
or interest paid, by speculative buyers for an ex-
tension of time, in which to take up stocks and
shares.
J
Cost Book Principle.-A system of partnership
applied to mining in Cornwall and Devon only.
The cost book shows the mine accounts, and is
periodically balanced with the object of dividing
profits, or making calls, should there be a loss.
Chathams.—London, Chatham and Dover Rail-
way-ordinary stock.
Chatham Pref.-London, Chatham and Dover
Railway-preference stock.
Coupons.—Interest warrants which are attached
to bonds. When they fall due they are presented
at the agents of the loan for payment.
Dealer or Jobber.-Is the wholesale buyer and
seller. He buys all that comes in his way, and
sells all that is required in his particular market.
Debenture Bond.-A negotiable deed carrying
interest. The bond is redeemable by the issuer.
nary stock.
Debenture Stock.-Not always of a redeemable
character. Transferred by transfer deed.
Discount or dis.-Is a lower value than the
amount originally subscribed.
Dividends.—Profits of a company divided among
its shareholders.
Districts.-Metropolitan District Railway-ordi-
59
Doras.-South Eastern Railway-deferred ordi-
nary stock.
Dovers.-South Eastern Railway-ordinary stock.
Dover, A.-South Eastern Railway-deferred
stock.
Easterns.-Great Eastern Railway Stock.
Erie. New York Lake Erie, and Western Rail-
road Shares.
Exchequer Bill.-Part of the unfunded debt
represented by bills of Exchange. The principal
and interest are paid out of the Consolidation
Fund.
Exchequer Bonds.-Part of the unfunded debt
represented by bonds. The principal and in-
terest are paid out of the Funds. Transfer by
delivery.
Ex-Coupon, or XC.—Affixed to quotations. Show-
ing the price does not include interest
coupon.
Ex Dividend, Ex: Div:-An affix to quotations
showing that the price does not include divi-
dends.
or
Ex New.-An affix to quotations signifying that
the price does not include new shares.
Ex All.-Affixed to a quotation showing that all
advantages, as dividends and new shares, are not
included.
Five-twenties.—A term applied to a loan re-
deemable at the option of the issuing government
60
in five years, to be repaid in twenty years from
the date of issue.
Funds, The.-The Funded Debt, and is applied
to Consols.
Guaranteed Stocks and Shares.-Securities on
which the principal and interest is guaran-
teed.
India Rupee Paper.-Promissory notes of the
Indian Government. The interest on "enfaced"
paper can be collected at the Bank of England.
It is paid by drafts drawn on India.
Limits. Are orders to buy or sell a fixed amount
of stock, or number of shares, at a given price.
Letter of Renunciation.—A printed form attached
to letters of allotment, signing which, the allottee
his rights in favour of another
renounces
person.
Letter of Indemnity.-A letter indemnifying a
vendor from all loss, when called upon to sign a
new transfer deed, the first deed signed and delivered
by him being lost.
Little Turks.-Turkey 5 per cent. Bonds. Group
IV.
Lombards.-The ordinary stock of the Lombardo
Venetian Railway.
Lombard Obs.—The preference shares or obliga-
tions of the Lombardo Venetian Railway.
Making-up Price. The price fixed on the end-
ing of each Stock Exchange account, and at which
61
stocks and shares close for the then current account;
re-opening at the same price for the new account,
plus contango or minus backwardation.
Mets.-Metropolitan Railway Consolidated Stock.
Middle Price.-The mean price of a quotation.
Nominal Price.-Applied to securities having
only a limited market, and when transactions are
few in number-not a real dealing price.
Official List.-The recorded prices of Stock
Exchange transactions. The list is issued under
authority of the Stock Exchange Committee.
Omnium. Signifies "of all "-a loan composed
of several distinct funds and together they form
the omnium.
Magg
Options. Speculative transactions where the
losses are known when the business is opened.
Ordinary Capital.-The capital participating in
profits after all other charges have been cleared.
Par.-Equal and corresponding value; not en-
hanced by premium, nor less by discount.
Premium.-An increase of value on amount first
subscribed to a company.
Power of Attorney.-A document which conveys
the power and authority of one person to another,
to act and sign for him on any particular occasion
or otherwise.
Readings.-Abbreviation for Philadelphia and
Reading rail-road shares.
Registered Stocks and Shares.-When transfer
62
deeds are recorded on company's books
register, the stocks and shares are
"registered."
Selling out.-When the names of the buyers of
shares is not passed on to the seller, at the appointed
time, a broker can request the official broker of the
Stock Exchange to re-sell. In such case a name is
passed at once. Any loss arising falls on the
original buyer or his broker.
Souths.-London and South Western Railway.
Scrip Certificate.-A certificate of amount sub-
scribed on stocks, prior to the issue of bonds.
or
called
Special Settlements.-The day appointed by the
Committee of the Stock Exchange for the settle-
ment of all transactions, in new companies or of
new issues.
Stock.-Pieces of stock £1,000 value are spoken
of as one, and £500 as half.
In America rail-road shares $1,000 is equivalent
to £200; the dollar in all Stock Exchange tran-
sactions being reckoned at 4s. A share in American
stocks is $100 or £20.
Spanish bonds are in twenty-fourths of £952 6s.,
which is called a "shilling"; the smallest bond
being a "half-penny "-the twenty-fourth part.
The different amounts of the bonds are spoken of
as so many pennies.
Time bargains are transactions done for periods
beyond the ordinary account. Dealing against time
63
affords opportunities of making profits without lock-
ing up capital. They are speculative transactions.
Westerns.-Great Western Railway, ordinary
stock.
York, A.-Great Northern Railway, ordinary
stock.
Quotations.-Stock Exchange quotations are
given in the fractions of a £1, thus:-
T
Y
6
3
HI
32
3
16
132
$
S. d.
0 74
1 3
1 10/1/0
2 6
3
3 9
4 41
0
13
= 5
a
181
5
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7 6
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11
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= 15
-- wło
ទី
13
16
13 14 32
13 9
am HH C
15
16
HCT
1
11
|||||||||
S. d.
15 7
16 3
16 101/
17 6
18 14
18 9
19 4
1 0 0
CR
64
RATE OF INTEREST OR
100 Stock
bought at
10
15
20
22
24
26
331/
36
38
40
42
44
46
48
50
52
54
56
58
60
62
1 0/0
£ S. d.
10 0 0
28
30
32 31
63
5 0 0
4,6-
4176
3 17 0
3/
3/1/1
on on an a
#743X
300
The Yield per cent. as under on purchases as shown
in first column.
21-
2 12 6
21
2 3 6
272
200
1 18
6
1 17 6
1 15 8
1 14 6
13/
1 12 3
64
661 11
14
68
1 9 5
70
1곡
​72 1 7 9
74 1 7 0
76
78 13/
80
1 6 3
22
11%
£ S.
d.
15 0
0
10 0 0
11
82 1 4 4
84 1 3 9
86
11
2/1/2
2 7 9 3 11 4
71
619-
6/1/1
5 15 6
10 10 H
511
500
0 0
9
4 13
41
4 3 0
3 18 9
39290
ம்
ર
1 11 3 2 6 10
3 8
3 5
3 1/
3 0 0
2 17 7
2 15 10
2 13 6
2 11 8
NNNNNN
2/13/
2 8 4
heathing promet
24
163
24/
2
1 8
2 0 6
TO
1 19
1 18
17
1 16
OO CO
10 CO
5
6
6
1 15 9
1 14 10
OR DIVIDEND ON 100 STOCK


25%
£ S. d.
25 0 0
16
121
11
101/2
+
9 12 6
8 18 6
8/1/12
7 16 3
7호
​6 18 6
6 11 6
61
5 19 0
5 13 6
5 8
6
5 4 0
5 0 0
4444
סנט
4 16 1
49
2 4 1 3 13 6
4 9
☺☺ w w www
41
4 0 9
3342
3 18 1
3 $
32
6 2
Co do co
3 9 9 6
3 5 9
3
3 4
31%
£
31
3 1
0
2 19 6
2 18
1
S.
d.
35 0 0
231
17
its
1512
1472
13 8 0
12
113
10 18 9
101
9 14 0
940
822
∞ ∞
Oct-1-30
8/3/
7 19 0
7 12
0
7 5
9
7 0
0
6 14 6
6 9 9
63
60 8
5/1/
5 12 10
1O 1O 1O LO
51
5 210
3 7 6 4 14 6
5
4 17 2
0 0
5 9 4 61
4 12 0
41
-405830
43
4 5 3
3 4
4
4%
£ S. d.
40 0 0
4 1
263
20 0 0
18-3-
164
15 7 9
142/
13
124
12 0 0
11}
10 10 6
10 0 0
9 10 2
9
8 13 10
81
800
7 13
6
7 8 0
7 2 10
6 17 10
63
690
600
10 10 10 10
5 17 6
61-49
52
5/3/
5 8 0
5 5 2
51
5 0 0
4 17 6
4 15
4 13
4
0
44%
£ S. d.
45 5 0
30 0 0
221
201
183
17 6 3
0 0
16 0
15 0 0
14 1 3
134
12
11 16 9
111
10 19 3
10 4 6
VIDO NKO
932
93
9° 0 0
8 12 10
8
69
8 0 8
7 15 1

71
7 5 1
7 0 8
6/3/20
6 12 2
63
61
6 1 6
5 18 4
5 15 8
59
5 9 7
5 7 3
5 4 7
LOD0
65
BOUGHT AT PRICES
5%
The yield per cent. as under on purchases as shown in
first column.
193
18
17 3 9
£
8.
d.
55 0 0
363
274
25 0 0
2211
25 0 0
21 3 6 23 1 6
163
151
14 9 6
133
13 2 0
121
11 19 U
11 9 0
11 0 0 0
10 11 4
10 4 3
9 16 4
9 9 7
91
8 17 4
PRICES SHOWN IN FIRST COLUMN.
6%
£
S.
60 0
0
40 0 0
30 0
0
27
d.
183
18 0 0
163
15 15 6
0
15 0
14 5 3
1377
11 10 6
11 2 0
10 14 3
10 6 10
10 0 0
9 13 6
777
5712
21/
354/
20 0 0 333
311
30 0 0
75
10%
£
S.
100 0
0
3
7 4 7 7 17 8
7 1 6
67
6 14 2 7
63
6 11 0 7 3 0
6 7 11
6 19 6
668
50 0 0
11
13%
S.
d. £
d. £ S. d. £
0130 0 0 150 0 0 180
863
100 0 0 120
75 0 0
65 0 0 75
59
68-2
451
413/
547
623
38 9 6 50 0 0 57
275
26 6 3
8 11 10
93
81
9 0
8 1 9
8 16
7
8/3/
7 12 9
8 6
7 8 6 8 2 0 131
25 0
23 16
221
21 14 9
15§
15 0
0
3
19 4 7
183
17 17
17 4
163
161
0
9
0
14 14 1
142
13
371380
463/
45 0 0
42 16 6
40122
13 0 9
39 2 7
1210
20%
314
371
12 0 0 20 0 0 26 0 0 30 0 0 36 0 0
433
403
321
30 18 3
361
413
34 4 0 391
291
281
271
Į


25 0 0
24 1 0
23 4 0
22 8 0
213
20 19 3
20 6 3
19 1/
19 2 0
15%
467
561
39 0 0 45 0 0 54 0 0
50 0 0
47 8 6
18克
​18 0 0
17 11 0
13 3 0
17 1 10
169/
129/
121
164
12 4 0 15 7 1
11 18 3
15 9 9 9
11 12
6
15
2 3
53#
50 0 0
SNH4
371
35 14 0
347
32 12 0
28 16 8
272
26 15
25 17
25 0
0
24 4 0
6
1
23 8 8
22
22 1 0
213/
20 16 10
201
18 %
19 14 6
19 5 6
S.
0 0
0 0
90 0 0 0
812
200
75 0 0
69 4 8
61 2 7
60 0 0
8000
23 61
34 11 6
33 7 7 0
32 2 8
31 0 0
30 0 0
29 0 6
28
27
100
2 2 6
0
23 13 4
231
18
22호
​18 6 0 21 18 6
17 17 2 21 9 0
17 8 8
20 18 5
D
26 8
25/
25 0 0
24 6 6 0
66
RATE OF INTEREST OR DIVIDEND ON 100 STOCK
100 Stock
bought at
The yield per cent. as under on purchases as shown in
first column.


1 %
£
88
1
90
1}}
92 1 1 9
S. d.
2
9
94 1 1 3
96
1 0 10
98
1 0 5
200
225
250
300
∞ -
8
Hatools H100
100
1 0 0
1
8 7
105 0 19 0
110 0 18 2 1 7 3
5 1 6 1
115 0 17
120 0 16
125 0 16
0
130
0 15
135
0 14
140
욕
​145
0 13 10
150 0 13 4
160 0 58
10 a
5
170 0 11 9
180
15
190 0 10 6
9
14 %
£ S.
1 14 1
13
1 12
7
1 11 10
1 11
3
1 10
7
HHHH
d.
11
11
1 4 0
1 3 1
1 1 9
1 1 6
1 0
9
1 0 0
0 18
9
0 17 7
se
0 15 9
NTT WAKO
0 13 4
0 12 0
24 %
£ S. d.
2 16 9
2급
​2 14
2 13
2 12
2 11
1 18
1 16
21
2 7
2 5
2 3
2 1
200
1 15
1 14
13
1 11
1 9
1 7
1 6
11
1 2
1 0
4
2
1
0
7
5
5
3
9
6
3
5
6
3
3
0
31%
d.
3 19 6
£
48.00
S.
3-838
3 16
1
3 14 5
3 12 11
3 11 5
31/12
3 6 8
3
3 7
3 0 10
2 18 4
2 16 0
2 13 10
2 11
0
21
2 8 4
2층
​2 3 9
2
1 3
1 18 10
1 16 9
120
1 11
1 8
11
1
0
4%
£
4 10 10
43
4 7 0
4/1
4 3 4
4 1
C+
8. d.
44
400
3 16 2
3 12 9
3 9 7
3급
​340
ala
27 0
4/3/2 °°
23
2 2 0
200
1 15 7
1 12 0
11
£ S.
5 2 4
d.
5 0 0
4 17 10
4 15 7
4 13 9
d+oorag
43
4 5
4 1
3 18
4 12 10
ཅ་ར་
NWW 00 00 00
9
Cu co co
9
3
3 12 0
3 1 7
2 18 0
2.
3 4 3
2 15 3 3 1 5
2 &
3 0 0
24/
2 16 3
9
3
3 9
3 5 3
2 12 10
24
2 7 3
21
200
1 16 0
14
1
BOUGHT AT PRICES SHOWN IN THE FIRST COLUMN.
50%
ura ath
61
The yield per cent. as under on purchases as shown in
first column.
10/0
62
A
5 19 7
5 17 0
5 14
00.00
3
5 12 2
S.
COLO
درار
d.
51
5 4 4 9
500
4 15 8 5
4 11
8
Hasko
00
211
042
12
00
8
4 4 7
3 19 10 4 7 7
3 18 6
4
3 15 11
4
3
4 9
3 4
3 1 1
2 17 9
23
2 9 0
CO 1O 1O 1O IN H
000
9
£ s.
6 16 6
6 %
6/3/
6 10
6 7
61
61
7400
600
5 14 4
5 9 0
5 0
4 16
d.
-tho
6
6
4
329
CHOLOO
4 12 4
0
2 10
0 0
3 10 6
33
3 3
3 0
2 13
2 8
2 0
30
4
£
11 7 3
111
1945
67

10공
​10 12 8
vit-
4
10 8
10 4 0
0
10 0 0
9 10 6
LO 10 H
d.
9 1 10
8 14 0
8 33
8 0 0
5
7 13 10
71
7/
6 18 0
6/3/
67
5
0 0
490
4
31
13 %
£ S. d.
14 15
6
14
14 2
9
13 16 5
13 10 10
13 5
3
Hocar-
10 0 0
91
9/9/
13 0
15 0
12 7
14 5
11 16
13 12
11 6
13 1
10/6/
124
10 8 0 12 0 0 |
00 00
0000 700
833
5 17 9 7 13 1
5
7 3 5
6 16 6
64
5 15 7
5 40
4 3
0
8
8/1/
3
1
15/0
£ s.
d.
16 18 8
11 10 9
10/
10%
8 14 5 10 7 0
10 0 0
163
16 6
15 19
15 12
15 6
1-4k-
933
0000
¬¬¬¬1 00 00
2
0
6
0
8 16 6
1370-2
0
9
9
0
8/3/13
73
6 13 6
600
5 0 0
18 %
£
S. d.
20 9 6
20 0 0
19 11 6
42
19 2 6
18 15 0
18 7 6
18 0 0
17 3 0
16 7 0
15 13 0
0
15 0
14 8 0
13 17
13 1
129
12 5 8
12
111
0
0
10 11 6
10 0 0
990
9 0 0
8 0 0
7 4 0
600
68
EXAMPLES OF INVESTMENT.
It must not be understood that the examples
here given are exclusive; for in every section from
which they have been taken, there are other invest-
ments equally desirable. At the same time, every
care has been taken to make a good selection.
There are so many considerations surrounding the
choice of Investments, that it is by no means an
easy matter to decide for the best. There are
present and probable future conditions, that is to
say, the progressive or non-progressive character of
an enterprise. For instance in railways; while some
have apparently and perhaps really attained to their
highest possibilities; and from the inroads of com-
petition and the changes of time, are even likely to
see decline; there are others which are growing up
in new districts and countries, controlling great
advantages, and must therefore be for a long time
in an absolute but highly profitable state of pro-
gression. So that on the one hand invested capital
would be non-cumulative in itself; while on the
other the invested capital would be improved.
Sound investments are, not only those enterprises
which have succeeded and become respectably sedate
but also those which are succeeding, having great
futures. In earlier pages I have alluded to this
matter, suggesting that the Investor should consult
with his broker.
69
The classification of investments is a matter of
opinion.
Following the commonly accepted
lines, those investments which have an acknow-
ledged reputation in the world of finance, having
been tried and therefore can be relied on, I have
placed in the first class. The 2nd Class offers
better returns on investments. The securities are
sound but subject to changes in value and fluctu-
ating rather in returns-sometimes these being
highly satisfactory, at others not quite so. Under
the 3rd Class are included those investments which
pay a still better rate of interest, but have apparently,
and indeed really, some risk attaching to them.
FIRST CLASS INVESTMENTS.
British and other Funds yield on purchase.
£ s. d.
£
200 British Funds.-23 % Stock until
1903; 2% Convertible Stock
redeemable 1928 @ 96
200 Met. Consolidated 1929, 33% @ 110
200 U. States Funded 1907, 4 % @ 120
Prussian Consols, 4 % @ 105
200 Natal, 4 % @ 105 ...
1000
...
...
5 14 7
6 7 3
6 13 4
7 12 4
7 12 4
33 19 10
Average yield £3 8s. per cent. on investment.
70
(1st Class). British Railways (ordinary).
£ s. d.
5 19 4
7 16 8
8 0 0
8 0 8
7 1 0
£
200 Gt. Eastern, 23 % @ 88...
200
London & Brighton, 64 % @ 166...
200 London & N. Western, 7% @ 175...
200 Midland, 63 % @ 158
200 South Eastern, 43 % @ 117...
1000
··
...
1000
Average yield £3 13s. 9d. per cent. on investment.
(1st Class). Corporation Stocks.
£
200 Birmingham Corp. Stock, 34 % @
112
...
$
..
200 Cardiff ditto, 3 % @ 108
200 Leeds Cons. Debenture, 4 % @ 115
200 Liverpool Corp. Stock, 33 % @ 112
200 Manchester ditto, 4 % @ 125
..
36 17 8
...
£ s. d.
650
6 9 9
6 19 2
6 5 8
68 0
32 7 7
Average yield £3 4s. 8d. per cent. on investment.
71
(1st Class). Colonial Government Securities.
£
s. d.
7 5 6
... 7 12 4
8 0 0
9 10 4
8 14 0
£
200 Canada, 4 % @ 110
200 New South Wales, 4 % @ 195
200 Queensland, 4 % @ 100...
200
Victoria, 5 % @ 105
200 New Zealand, 5 % @ 115
1000
...
1000
:
...
...
...
···
Average yield £4 2s. 3d. per cent. on investment.
(1st Class). British Railways, Debenture Stock.
£
£ s. d.
6 3 1
200 Lancashire & Yorkshire, 4 % @ 130
200 Great Northern, 3 % @ 105
5 14 4
200
4
Hull and Barnsley, 1st, 3 % @ 92.. 6 10
200 Caledonian, 4 % @ 130...
200 London & S. Western, 4% @ 135 5 18 6
6 3 1
30 9 4
41 2 2
···
··
Average yield £3 0s. 11d. per cent. on investment.
72
(1st Class). British Railways.
Preference Stock.
£
200
Guaranteed and
Gt. Eastern Irredeemable Guaran-
teed, 4% @ 130...
200 Met. District per Guar., 4% @ 115
200 Lanc. & York. Cons. Pref. 4% @ 130
200 Midland Consolidated Rent Charge,
4 % @ 130 ...
1
6 3
200 South-East. Cons. Guar., 4% @ 140 6 8
6
1000
31 17 0
1000
..
...
...
£
200 East Indian, £6 16s. 6d. % @ 177..
200 Indian Midland, 4 % @ 119...
200 Bombay Baroda, £6 19s. % @ 193.
200 Ben. & N.W., £4 17s. 6d. % @ 114
200 East Indian Irredeemable Deben-
ture Stock, 4 % @ 138
-
Average yield £3 3s. 8d. per cent. on investment.
(1st Class). Indian Railways.
£ s. d.
···
6 3 1
6 19
2
6 3 2
£ s. d.
7 14
2
6 14 5
7 4 0
8 11 0
6 10 5
36 14 0
Average yield £3 13s. 4d. per cent. on investment.
73
£
200
1000
Baltimore & Ohio 1st Mort. Bonds,
4% @ 110...
200 Chicago & N. West. Sinking Fund
Debenture, 5 % @ 110
200 Chicago St. Louis & N. Orleans
Gold Bonds, 5 % @ 120
200 New York Central Mort. Bonds,
7 % @ 128 ...
200 N. York Pen. & Ohio Equipment
Trust Bonds, 5 % @ 100 ...
(1st Class). American Gold Bonds.
1000
(1st Class). Canal and Dock.
£
200 Birmingham Canal, 4% Guaranteed
@ 130 ...
200 Suez Canal, @ 110...
200 Bute Dock, 4 % Deb. @ 115...
200 Hull Dock, 44 % Deb. @ 110
200 London & St. Katherine Dock, 4 %
Deb. @ 110
...
...
...
Average yield £4 13s. Od. per cent. on investment.
...
...
£ s. d.
:
8 3 6
9 1 8
8 6 8
10 18 9
10 0 0
46 10 7
£ s. d.
6 3 0
6 7 6
6 19 0
7 14 6
7 5 4
34 9 4
Average yield £3 8s. 11d. per cent. on investment.
74
(1st Class). Waterworks Company.
Last two divs.
£
100
100 Kent
200
100 W. Middlesex.10
East London... 8 %......@ 200
..
Southwark
...
...10%@ 265
@ 265
6%@ 152 13
@152 13 0
%…………………..@ 242
%..... @ 242
41 10 0
Average yield £4 16s. 7d. per cent. on investment.
£5 paid
15 Queensland National,
(10 %) @ 6}
5 London Jt. Stock, £15 paid (11 %)
@ 34
5 London & S. Western, £20 paid
(8%) @ 42
20 Consolidated Bank, £4 paid (10 %)
@ 8...
10 Capital & Counties, £10 paid (17 %)
@ 35
..
£
s. d.
8 0 0
SECOND CLASS INVESTMENTS.
(2nd Class). Banks.
10 10 0
0
10 0 0
..
•••
£ s. d.
7 10 0
8 16 3
8 0 0
800
17 0 0
49 6 3.
Average yield, £4 19s. 10d. per cent. on investment.
75
£
200
200
City of Auckland, 5 % Deb. @ 107
Christchurch, 6 % Deb. @ 124 ...
200 Melbourne Harbour Trust, 5 %
Deb. @ 110
200 Sydney, 5 % Bonds @ 110 ...
200 Wellington, 6 % Bonds @ 115 ...
1000
£
200
(2nd Class). Colonial Corporation Stocks.
£ s. d.
9 6 10
9 13 6
200
Average yield, £4 15s. 3d. per cent. on investment.
1000
(2nd Class). Colonial Railways.
Canadian Pacific, 8 %, guaranteed
till 1893, 5% @ 92...
200 Grand Trunk, 4 %, guaranteed till
1893, 4% @ 74...
Atlan. & N.West., 1st Mort. Bonds
(leased to Can. Pac., 5 % @ 118 8 9 6
200 Manitoba & N.W., 6 %, 1st Mort.
Bonds, @ 80
200 Ontario & Quebec Deb. Stock,
5% @ 130...
...
...
:
...
9 19
9 19
10 8 8
47 12 6
...
£ s. d.
10 17 6
10 16 2
15 0 0
7 13 10
52 17 0
Average cost, £98 16s. per cent., average yield,
£5 5s. 8d. per cent. on investment.
76
(2nd Class). Foreign Stocks.
£
200 Egyptian Unified (1876) 4 % @ 96
200 Italian (1851) 5 % @ 100
200 Chilian (1885) 4 % @ 94 ...
200 Brazilian Gold Loan (1879) 41%
1000
@ 80 ...
200 Argentine Funded (1886-7) 5 %
@ 72 ...
...
1000
..
...
(2nd Class). American Bonds.
£
200 Denver and Rio Grande, 1st Mort-
gage Bonds, 4 % @ 86
200 Chicago, Milwaukie, and St. Paul,
1st Mortgage, 6% @ 115
200 Chicago Rock Island and Pacific
1st Mortgage, 5 % @ 105
200 Central Pacific Land Grant Bonds
extended, 5 % @ 105
200 Atchison Topeka and Santa Fè,
general Mortgage, 4 % 86
•
£
S.
d.
8
6
8
10 0 0
9 11 6
Average yield £5 6s. 2d. per cent. on investment.
11 5 0
13 17 9
53 0 11
£ s. d.
960
10 8 8
9 10 4
9 10 4
960
48 1 4
Average yield £4 16s. 1d. per cent. on investment.
77
(2nd Class). Commercial and Industrial.
15 Aerated Bread
10 Bryant and May
10 Cassell & Co.
100 Dalgety, 4 % deb.
100 Gordon, 4 deb.
£1 pd. @ £7
5
@ 14
9
(a
@
18
@ 102
10 Bristols
10 Liv. United
25
London St.
20 North Met.
20 Tram. Union
31 Calcutta
@ 119
43%
10 Price's Pat. Can., £16 pd. @ 27 53%
4 Waterlow & Son £10 @ 21
5%
"")
>>
>>
£10 pd. @ 133
10, @ 101
10
@ 8
10
@ 14
5
10
"}
""
(2nd Class). Tramways.
""
Average yield, £5 4s. per cent. on investment.
""
63%
61%
5 %
4 %
@ 5
@ 5
115
155
...
…….
£135_0 @ 4} %
102 10 @ 5 %
212 10 @ 63%
280_0 @ 6% %
0 @ 7 % %
0 @ 3
%
1000
£ s. d.
6 9 0
8 15 0.
9 0 0
4 0 0
3 17 6
15 3 9
4 16 6
52 1 9
£ s. d.
61 6
5 2 6
13 16 3
18 11
(
8 12 6
4 13 0
56 16 9
Average yield, £5 18s. 8d. per cent. on investment.
78
1000
£
200 Inter Oceanic, 6% Mort. Deb. @ 81
200 Mexican Perpetual, Deb. 6% @ 118
200 Nitrate, 5 % Mort. Deb. @ 98
200 Costa Rica, 1st Mort. Deb. 6%
@ 82 ..
200 Mexican, South, Deb. Stock, 6 %
@ 91 ...
(3rd Class). Foreign Railways.
1000
...
•••
...
...
(2nd Class). Brewery.
£
200 Bass, 4 Mort. Deb. @ 123
200 Combe, Pref. 4 % @ 110
200 Truman, Deb. Stock, 4% @ 111
200 Reid, Pref. Stock, 5 % @ 125
200 Walker's, Deb. Stock, 4 % @ 107
£
s d.
14
16
2
10
3
4
10 4 0
14 12 8
Average yield £6 5s. 11d. per cent. on investment.
13 3 8
62 19 10
£ s. d.
7 6 4
7 5 4
7 4 0
8 0 0
796
37 5 2
Average yield £3 14s. 6d. per cent. on investment.
79
THIRD
CLASS
INVESTMENTS.
(2nd and 3rd Class). Electric Lighting and Gas.
£ s. d.
Yield on purchase.
£ s. d.
50 Brush Shares, £2 pd.
non-cum. Pref. @25
50 Swan, 3 paid @33 11
15 Bombay, £5 pd. @ 63
100 Cont. Union, (Stock)
@ 223
100 Com. Consolidated,
(Stock) @ 234
100 Com. New Stock @
185
...
70%
6%
3%
4
5 11
5 16 0%
5 13 9
5 12 6
5 12 6
49 16 1
Average yield, £4 15s. 6d. per cent. on investment.
10 Assam, £20 pd. @ 26
10 Dooars Tea, £10 pd. @ 12..
20 Tokai (Ass.) £10 pd. @ 14
20 Lebang Tea, £10 pd. @ 10..
20 Ourah Coffee, £10 pd. @ 5..
604
21 0 11
5 12 7
5 16 0
(3rd Class). Tea and Coffee Companies.
Yield on purchase.
...
5 13 9
***
8 6 3 9 19 6
6 17 6 19 18 9
7 10 0 15 0 0
8 0 0 8 0 0
71 18 6
Average yield £7 8s. 3d. per cent. on investment.
£ s. d. £ s. d.
7 6 3 19 03
80
Example of £1,000 invested in Mining Shares.
Paying on invest-
ment.
20%
25%
200 Day Dawn Block, @ 10s.
250 New Queens
...
@ 8s. 100
...@ £4/11 100
22 Mysore Gold
20 Nundydroog
25 Ooregum
50
100
10 Rio Tinto
150
@ 11
99
66 Cape Copper
Durbans
40
100
10%
@ 21
..@20s.
100 Sheba ...
100
10%
133
Transvaal
...@15s.
100 10%
Showing an average yield on investment of 12 per
...
...
...
...
£
100
@ 2
@ 4
@ 15
16%
8%
7%
6%
74%
cent.
There are many mines not paying dividends which
are entirely in a progressive state, that is, the mines
have not been sufficiently developed to make profit-
able returns. The shares can be bought up and
held for future prospects. When such mines become
dividend paying, the value of the shares is sometimes
improved hundreds per cent.
CONCLUDING REMARKS.
It would be difficult to make a selection of the
many securities, on the London Stock Exchange,
which would suit every capitalist. Some capitalists
form decided opinions for themselves, and can
generally give sound reasons for doing so. Capita-
81
lists from personal acquaintance, or from friends
connected with companies, gain information and
are often guided by this knowledge. Others have
commercial and family correspondence in different
parts of the world, hence they form, through
these channels, favourable or advers e opinions as
to various stocks and companies, and judge their
value and prospects accordingly. These opinions are
not always correct. It should be kept in mind that
the true value of a security lies in intrinsic per-
manent worth, which is measured by profits.
A
capitalist with only an elementary knowledge
should know this, but the fact remains that
numerous investors are carried away by mere
sentiment; and value a security by the length of a
statement or report, and the plausibility with which
it is made. Business affairs cannot be carried on
safely on these lines. For money there must be
money's worth-a real practical value. High
interest is another name for bad security," so said.
the "Iron Duke." In estimating returns, examine
the results of all investments made, and take the
average rate of dividend. Should there be any
fear in the falling off in value of any security, sell
out and re-invest. In speculative stocks and shares
make careful investigation when possible. Avoid
bucket shops and gambling. Consult those who
understand their business, and be guided by
disinterested and reliable advice.
(C
E
82
In established and acknowledged securities in-
vestigation is unnecessary.
The real object of investment is (1) To secure
capital already in hand, and to preserve the labour
by which it has been obtained, and to reduce the
labour of the future; (2) To obtain with safety the
best returns for money invested; (3) To collect
profits or interest with the least amount of trouble
and expense.

83
Accounts
American Securities
Banks
Bank of England
Bank Notes
Bonds
+
Breweries
British Railways
Brokers
Brokerage
Buying
Buying in
•
•
•
•
•
Canals
Cheques
Coal Companies
•
Contracts, Option
Corporation Stocks
•
Foreign Railways
Foreign Stocks
Colonial Government Securities
Colonial Railways
Concluding Remarks
Consols
Contango
Contracts
Indian Securities
Indian Railways..
INDEX.
••
•
Dealing..
Delivery of Shares.
Dependent Incomes
Diamond Companies.
Differences
Discretionary Orders.
Docks
Electric Lighting
Examples of Investments
Exchequer Bills..
•
*
Gas Companies
Government Securities.
Guaranteed Stocks
•
•
•
•
·
•
• •
酆 ​• 4
¿
PAGE
50
23
29
28
46, 49
53
42
21
6
56
4,
•
• •
* $*82*8*=*=* *OTORE 083 74 722 2*
9
10
44
44
36
20
24
80
18
13
9
16
18
9
10
4
36
13
11
44
40
68
53
27
25
31
18
20
24
84
Industrial Companies
Information.
Insurance.
Investors
Investments.
Investment Notes
Investment Table
Investigation
Iron Companies
•
Jobbers....
Land Companies
Letters
Limits
Limited Liability Act
Limited Incomes
•
Mining
Miscellaneous Securities
Notes and Suggestions.
Options
Options, Example of
Orders
•
Preference Stocks
Purchases.
Quotations
Registration
•
Tea Companies....
Telegraph Companies
"Time On" Bargains
Trading Companies
Transfer Deeds.
Transfer Days
Transfer Stamp Duty
Tramway Companies.
Trust Companies
Waterworks
Selling
Settlements
Shipping Companies
Stock Exchange.
Stock Exchange Terms
Stocks and Shares
Stock and Share Brokers.
Stock Exchange Members
·
....
·
•
· •
•
• • a
•
•
•
•
•
• •
•
•
•
*
•
O
•
+
↓
►
• · •
•
·
•
•
•
+
•
•
•
•
•
•
PAGE
32
8
30
5
8
51
64
5
36
6
34
14,
*0*** *2 200
12,
50
2, 3
14
2
33
32
44
16
15
9
292124
10
63
11
13
10
43
1
54
6
4
38
41
12
32
10, 13
47, 48
47
37
43
31

HOBBS, HART, & CO., Ltd.
MANUFACTURE
LOCKS,
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AND
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EFFINGHAM WILSON & CO.
ลง
Arbitrages et Parités-
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Arbitration and Awards-
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Auditors-
Pixley.
·
•
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Stewart (Law of)
Bills of Exchange-
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Chalmers
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•
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Foster
Banking-
Banker's Clerk
18
Banking Almanack and Directory 18
Banques Anglaises (Lecoffre) 14
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Dillon's (Irish)
Gilbart's History and Principles 20
Grant's Law
15
16
20
15
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Hutchison, J.
15
Journal Institute of Bankers
14
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Cariss.
Bimetallism-
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·
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Smith, Saml.
Carr (Investors)
Carter.
Cummins
•
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M
Banker's
•
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Macleod's Banking
Moxon's English Practical Bank-
ing.
Questions on Banking Practice
Rae's Country Banker
Smith's Banker and Customer
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Holah.
Jackson
Seebolim
P
•
·
School to Office
Solicitor's
•
Van de Linde
Warner (Stock Exchange)
Clerks-
·
INDEX.
PAGE Correspondence (Commercial) - PAGE
. 14 Anderson
McGoun
18
22
Counting-house Guide'
Kennedy (Stockbrokers)
Merchant's
•
. 16
•
•
▸
•
*
•
•
•
•
•
•
•
•
•
•
14
. 14
. 14
14
·
12
•
13
5
. 19
. 19
•
W
2282383
21
13
19
20
5
11
5
·
. 15
. 18
13
•
23
16
23
6
24
•
13
4
18
19
4.
5
10
Counting House—
Bithell (Dictionary)
Crowley
Pearce.
Tate
5
·
Currency and Finance-
Bagehot
Barker.
Bohn-Bawerk
•
Clare's Money Market Primer
Cobb
Doubleday's History
Ellis
Giffen
Jevons
Walker
•
Dictionaries-
Counting House (Bithell)
M'Culloch's
Mining (Milford).
Mulhall's (Statistical).
•
•
•
•
Exchanges-
Brown.
Clare
Goschen
Jevons.
Tate's Modern Cambist
Exchange Tables-
Bartlett-Amati (various)
Dollar (Eastern)
Garratt (South American)
Lecoffre (French)
Merces (Indian)
Rutter (India and China)
Schultz (American)
Schultz (German)
. 18
11 Insurance, Fire and Marine-
4.
Arnould
5
Bunyon
Hopkins
Lee
•
•
·
·
*
•
•
•
•
•
•
•
Directories-
. 18
. 17
American Railway Officials (Poor) 13
Banking Almanack
Brewery (Duncan)
Directory of Directors.
Merchant Shippers
Mining Manual (Skinner)
Stock and Sharebrokers
Tramways (Duncan)
•
•
. 13
19
21
24
•
18
. 22
14
Directors-
Haycraft (Liabilities and Duties) 5
Palmer
•
. 22
•
. 24
23
24
15
•
. 17
18
5
5
11
18
16
19
6
6
13
•
•
19
6
14
•
. 21
. 10
•
•
19
12
•
. 16
22
. 22
•
888
•
23
·
16
16, 17
17
18
18
20
21
ROYAL EXCHANGE.
3
Insurance, continued-
Lowndes
McArthur
Owen
Interest Tables-
•
•
D
Bosanquet
Crosbie and Law (Product).
Cummins (22%)
Gilbert
•
Gumersall
Inwood (Compound)
King (5%)
Laurie (Simple and High Rate)
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Bookkeeping (Carr)
Investment Profit Tables
Houses and Land
How to Invest Money .
Ledger
< Review' (Quarterly)
•
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Haycraft (Directors)
Jordan.
Fitzpatrick (Secretary)
Hamilton
Palgrave (Chairman)
Palmer (Precedents)
Smith
Watts (Promoters)
Mining-
•
•
4
Prices-
Dunsford (Railways)
Ellis
Laxton (Builders)
Mathieson (Stocks)
Mulhall
Lewis (Time Tables)
Rance (Compound)
Rutter.
Schultz
Investors (see also Stock Exchange
Anderson (Prospectors)
Goldmann (Witwatersrand).
•
·
PAGE
•
·
•
•
•
13, 14
17
14
20
11
•
*
. 20
. 21
21
•
15
23
16
. 17
·
·
Kindell (African).
Milford (Dictionary)
Skinner
Miscellaneous-
Cotton Trade of Great Britain
Every Man his own Lawyer
Fire Surveys (Captain Shaw)
Gresham, Sir Thomas (Life of).
Money Market (see Currency and
Finance).
•
•
•
5
5
13
. 20
·
•
❤
•
•
•
•
Railways-
American as Investments
Bradshaw (Shareholders)
Dunsford (Dividends and Prices)
Mathieson's Traffics
Poor's Manual (American)
•
21
22
23
*
4
•
18
19
20
5
21
23
23
4
24
23
6
21
14
24
16
19
17
12
17
13
21
17
22
6
18
17
22
12
A
Ready Reckoners (see also Ex-
change Tables, Interest, &c.)-
Blewert (Stock)
Buyers' and Sellers' (Ferguson)
•
Ede (Silversmiths and Jewellers) 19
Goodfellow (Shipmasters)
Hardwick (Weight)
Houghton (Weight)
Ingram (Yards)
20
. 20
20
6
22
Louis, Anglo-French
Merces (Indian).
Molesworth (Engineers)
Robinson (Share).
Stewart's Kilogramme Tables
and
Sinking Fund
Tables-
Inwood
Nash
Rance
Willich
•
•
·
Stock Exchange Manuals, &c.—
Banking Almanack
Blewert (Stock Tables)
Brewery Manual (Duncan)
Burdett's Official Intelligence
18
6 Speculation (see Investors and
Stock Exchange).
13
PAG
Telegraph Codes-
Ager's (list of)
Meyer's (list of)
Miscellaneous (list of).
Wilson's Blank Code
Trustees-
•
•
•
•
"
•
•
-
Annuity
10
22
22
12
. 15
•
$
20
· 15
23
24
•
Fenn on the Funds, English and
Foreign
10
Laws and Customs (Melsheimer) 23
Laws, English and Foreign Funds
(Royle)
•
•
18
. 19
17
12
12
24
Mining Manual (Skinner)
Options (Castelli)
19
Poor's American Investments 12
Poor's American Railroad Manual 12
Railways (Bradshaw's Manual). 18
Robinson (Share Tables)
12
6
Rules and Usages (Stutfield)
Speculation (Crump)
Statesman's Year Book
19
22
23
•
•
镛
​·
·
•
Stock Exchange Year Book
Stock Exchanges of London,Paris,
and New York
Tramways (Duncan)
Tables (see Exchange Tables, In-
terest Tables, Ready Reckon-
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Annuity Tables, &c.).
19
5
*
*
•
19
. 17
•
~ € 72€
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7
4
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AGER'S TELEGRAM CODES.
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8
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•
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ROHDE'S CODE WORDS AND TERMINAL KEY.
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53,000 English Words
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338,200
•
200s. each net.
50s.
50s.
50s.
>>
""
"
""
""
>>
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MEYER'S TELEGRAPH CODES.
Meyer's Standard Grain Code
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THE ENGLISH EDITION.
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M
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:
LONDON EFFINGHAM WILSON & Co., ROYAL EXCHANGE.
UNIVERSITY OF MICHIGAN
THE
MUTUAL
Life Insurance Company of
Leading Bankers and Merchants
are availing themselves of the
Investment advantages of the
Company's Endowment Policy
with Life Option.
INSURANCE for the WEALTHY.
£116,000 was recently paid by a Leading
Merchant for an Investment Policy in
this Company. Send for Prospectus.



NEW YORK
Bankers-BANK OF ENGLAND.
Accumulated Funds exceed
Bonuses Paid in 1890
Being an increase over the amount Paid
in Bonuses in 1889 of
pany is spe
whom a go
This pol
3.1.
1891, the policy
being 201
issued in 1886, on the
tion plan. This return is
annual cash bonus of £2.4
cent. Many of these policie
the bonus period with resi
ing to the Insured.
The New Six
A LARGE BONUS.
The Company have recently forwarded
to the holder of Policy No. 278,127 a
cheque for £1,099. 13s. 6d. in paymer
of the cash value of the Bonus
for
Ir
...
ACTUAL REST
THE MUTUAL OF NEW YORK is a purely Mutual Compar
are no Shareholders to absorb any of its profits, while
Funds and Surplus all belong to the Insured. At the s
no liability to the Policyholder whatever beyond the
named in his Policy.
·
£30,600,000
575,748
98,899
nce.
on, E.C.
eral Manager.
GENERAL