manent investments it should be considered
whether they are likely to suffer by supersession
or opposition, and if they are managed by a
trustworthy competent board of directors.


BREWERIES.

Among the numerous commercial undertak-
ings offering for investment, brewery companies
form a class of themselves, and, with few excep-
tions, the English companies appear to have
done well, and the shares of the best of them
stand at a high premium. Properly managed
and dealing in an article of universal consump-
tion, brewery companies ought to be a trust-
worthy investment: but they are liable to much
fluctuation. The shares of one of the leading
concerns, which now stand at about 150 for the
£100 share, were only four years ago as low as
28, and at the same time only half the interest
was paid on the preference shares. American
brewery companies are liable to be manipulated
by cliques and syndicates, and should be avoided
as an investment.


COMMERCIAL AND INDUSTRIAL COMPANIES.

Speaking generally, taking shares in this