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IOS.; is 12s. 6d.; is 15s.; is 17s. 6d.-the sovereign being divided in half-crowns. If the Funds are 96%, we mean, they are £96 7s. 6d. or £96 and three half-crowns.

Share List. The present price of Shares, which is issued daily. Write to your Broker, and enclose two postage stamps, and ask for one. A condensed Share List appears in the daily papers. -See p. 80.

Stock-taking-Calculating the present value in the money-market of all your property.-See pp. 23, 65.

Stock is the name given to money, lent to some trading company, or more commonly to our own, or some foreign government.

Stock-broker is a Commission Agent, who sells and buys stock for the public at a fixed commission. All stock-brokers must be

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members of the Stock Exchange.

It is the

broker's duty to buy or sell for his principals. He acts as an agent, sees that all is fairly done, for which he gets a commission; and that sum is a great safeguard against fraud, for two prices are offered by jobbers to the broker before they know which he intends doing, buying or selling. It is not considered professional for a broker to deal in Stock on his own account.

Sworn Broker must be a member of one of the Companies in the City, and have obtained the freedom of the City. He has to procure the signature of six respectable householders to a testimonial signifying that he is a fit and proper person to act. He must also enter into a Bond of £1,000 signed by himself, and find two sureties for £250 each, besides going to other expenses. Of course he is a member of the Stock Exchange.

Stock-jobber (or dealer in Stock). They are the medium between the public and the broker, and

are always ready to buy and sell at what is called the "turn of the market." If the Consols were at 87 and 871, the Jobbers' business would be to buy at one price, and sell at the other. They are generally men of considerable standing and reputed wealth in the City. During business hours, they are rarely absent from the Stock Exchange, and are mostly men of great experience.

Scrip is from the Latin word. Scriptum, something written. Many new shares are represented by scrip, or unregistered certificates. Shares of a new Company are often issued as Scrip, as soon as the first deposit has been paid. Many of the foreign Railways continue to deal in Scrip.

Shut for Dividend. When the books at the Bank or at the public companies are closed, to enable the clerks to make out the interest due to the different Shareholders, a transfer may often be made for a fee of 2s. 6d., if it is towards the end of the time.-See p. 58.

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Here write your message and try to compress it in twenty words. Sometimes the address is, and sometimes is not included. You can often not only pay for your telegram, but also prepay the message sent in answer. Bear in mind that if the person to whom you telegraph, lives some miles. from a telegraph office, he has to pay extra for each mile that the messenger walks or rides from the office, in order to convey the message to his house.

Usance. See page 52.

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