cases a professional valuation of the property
would be desirable, as a preliminary, before the
advance is entertained at all.

Cases have been known where fraudulent per-
sons have borrowed money on mortgages of
property conveyed to themselves, but as to which
they were trustees only for others. The lenders
or mortgagees have, in such cases, no alternative
but to give up the deeds and submit to the loss
of their money.

Debentures are a form of mortgage applicable
to the raising of money by a corporation or
joint-stock company.

The company mortgages its property for a
certain sum, too large for a single person to
advance, so it is divided up into even amounts
of, say, £100, the money being secured by de-
benture bonds, bearing interest at a fixed rate,
and being saleable in the stock markets.


THE FUNDS.

"What are the Funds?" The writer has been
asked this question over and over again, though
it seems scarcely credible that, in these days,
any person of ordinary intelligence should be