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but £45 equals 45 × 20 shillings, or 900s.,

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If the price had been 813ths, we should be

obliged to add to the above, 3ths of £345;

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100

shillings = 207s.

= nearly 26s. or £1 6s.

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and the required value would be £280 15s.

Bank Stock is the Capital or Stock of the Bank of England. Dividends are due April 5th and October 10th. The cost of transfer under £25 is 5s.; above that sum, 9s. Power of Attorney, 31s. 6d. Broker's commission, 2s. 6d. per cent.

Annuities for Terms of Years.-Dividend due April 5th and October 10th, payable at the Bank of England. Letters of Attorney, 21s. 6d. Brokerage, 2s. 6d. per cent.

Life Annuities payable at Reduction of the National Debt and Life Annuity Office, Old Jewry, London.

Three per Cent Consols.-Dividend January 5th and July 5th.

Reduced Three per Cent Annuities.-Dividend payable at the Banks of England and Ireland, April 5th and October 10th. Letters of Attorney, 21s. 6d. Brokerage, 2s. 6d. per cent.

New Three per Cent Annuities, generally called "New Threes." Dividend payable at the Banks of England and Ireland, April 5th and Oct. 10th.

New Five per Cent Annuities, or "New Fives." Dividend due January 5th and July 5th.

New Three-and-a-half per Cent Annuities.-Dividend January 5th and July 5th.

New Two-and-half per Cent Annuities.-Dividend January 5th and July 5th.

Exchequer Bills are Loans to Government for twelve months. They are issued annually, at which time the rate of interest is fixed. They are generally for sums of £100, £200, £500, and £1,000. They have the advantage of being easily converted into money at any time, and of bearing interest up to the day they were either bought or sold. Government generally calls in the Bills at the end of a year (due notice is always given),

when the holder has the option of receiving either a new Bill or his £100 with interest. Holders must not neglect to present the Bills on the day appointed, either themselves or through their Banker, otherwise they will be deprived of the interest till the next opportunity of obtaining new Bills. Exchequer Bills for small amounts are dearer, in proportion, than those for large amounts. Broker's commission is Is. per £100.

Postscript.-A Bill is now being introduced to allow owners of Stock to change their present title into Certificates payable to Bearer. The transfer of these Certificates will require no Broker and no formality. They will pass from hand to hand as simply as a bank-note. Coupons are to be attached to each Certificate for the obtaining of Dividends. The Certificates are to be for £50 and multiples of that sum. Future experience must be awaited before the merits and demerits of this newly-proposed scheme can be determined.

EAST INDIAN.

East India Stock.-Dividends due January 5, July 5 they are payable the following day.

Letters of Attorney, 31s. 6d. Broker's

com

mission, 2s. 6d. per cent. on the amount sold or bought.

East India Four per Cent Debentures. 1858.This Loan was raised on account of the expenses occasioned by the Mutiny. Dividend, April 8 and October 8. Rate of commission, 2s. 6d. per cent. The Debentures have Coupons attached to them for the payment of the Dividends.

East India Four per Cent Debentures. 1859.This was a Loan for a further issue of Debentures. Dividend, February 16 and August 16. These Debentures also have Coupons, or Interest Warrants, attached to them.

East India New Five per Cent Loan.-A Loan of £5,000,000 raised in 1859 on account of the Mutiny. Interest payable at the Bank of England, January 5 and July 5. Letters of Attorney, 31s. 6d. Broker's commission, 2s. 6d. per cent.

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