State for India that the interest shall not be
less at any time than they are stated to bear;
any deficiency in the earnings being made up
by the Government. Should the earnings be
more than sufficient to pay the stated interest,
the surplus is divided between the Government
and the railway company. Annuities may be
purchased in some of these railways, that is to
say, by paying, we will assume, £30 as the
market price, an annuity of £1 a year will be
granted for a certain number of years. In
dealing with these it is necessary to ascertain
when the annuity ceases, or the investor, hav-
ing sunk the capital sum, may cease to receive
any income therefrom when least expected.

Warrants for interest on these stocks are
periodically sent to registered holders.


AMERICAN RAILWAYS.

The stocks and shares of Canadian and
American railways offer a more remunerative
return than English railways, as they may be
purchased at much lower prices. They are
subject, however, to speculative influences of
many sorts, and can hardly be recommended
for safe permanent investment.