at 3 per cent. and to the Turkish Government at
4 per cent.; in this latter case the French
Government joins in the guarantee.

These are all perfectly safe investments, so far
as the interest or income derived is concerned,
but there appears to be no arrangement for the
redemption of the loans.

The large loans to the Government of India at
3 1/2 and 3 per cent., repayable in 1931 and 1948,
are guaranteed by the Secretary of State for
India, practically the British Government.

Any amount may be invested in the above
stocks and annuities through the medium of
either a banker through his broker, or by a
broker direct. The broker's charge for trans-
acting in Consols is 25. 6d. (1/8) per cent. on the
amount invested, but provincial bankers make a
further small charge for guaranteeing the busi-
ness, that is, they protect their customer from
any loss that may arise owing to the failure of
the broker to carry out the contract.

The dividends, interest, or annuity derivable
from these investments, may be received by
personal application of the holder at the Bank
of England on certain fixed days, or on signing
a printed form furnished on application by the