ments, &c., in which the loans are invested.
The loans are mostly represented by bonds, to
which coupons are attached for interest, and are
repayable at a certain specified date. Although
they do not command the high credit of British
Corporation loans, yet some of the Colonial
towns are in fair repute as an investment, and
the rate of interest is high enough to tempt a
large amount of money from this country.
Towns of some size in our Colonies, and
thoroughly settled, may be relied upon to carry
out their obligations, but mushroom cities and
foreign places liable to political fluctuations
should be looked upon with suspicion.


CANALS AND DOCKS.

These offer but a limited area for investment.
They were formerly very popular with the
British investor, but rival interests and labour
troubles have affected the confidence in which
they were held, and the ordinary stocks are
mostly at a considerable discount.

Gas and electric lighting companies, trams
and omnibus companies, telegraphs, telephones,
water-works, &c., must all be judged by the
localities which they serve and the amount of
business they are likely to command. As per-