for £90 or £95, whatever the price may be, and
so gain the amount of the difference.

Investments in securities of this kind may be
considered absolutely safe, although certainly
there is the contingent risk of a town, after bor-
rowing up to its full powers, drifting into decay
from the loss of its staple trade, and so finding
itself unable to meet its obligations. The in-
vestor should, however, find no difficulty in
discovering where such a contingency would be
possible.

The interest on these loans is usually sent
direct to the stock-holders, by means of an order
on a bank.


COLONIAL GOVERNMENT SECURITIES.

Loans made to the various Colonies of Great
Britain have always been a favourite mode
of investing money, as they command a better
rate of interest, at least they have done so
in the past, although the confidence which the
Colonies have succeeded in inspiring now
enables them to borrow money at a low rate of
interest. At the same time the old stocks have
advanced to a very considerable premium.