Each fortnightly settlement includes three
days -- the first being continuation or "con
tango" day, when all transactions of a specula-
tive description are arranged to be carried over
to the next settlement day. The second is the
ticket day, when the names of purchasers and
sellers are handed over. The third is pay-day
when all amounts or balances due for stocks
bought or sold are paid or received. The great
bulk of business being purely speculative, the
first day is the busiest; after noon on that day
all new transactions entered into are for settle-
ment at the next account day, unless otherwise
specially arranged.

Any sums of money may be invested in, or
any particular amount of stock purchased of, the
Government Funds, through a broker or banker,
and there is practically no limit to the quantity
that may be held. In the books of the Bank of
England an account is opened, and the name,
address, and description of the investor care-
fully registered. A memorandum is given of the
transaction, but it is of value only as such, not
being in the nature of a certificate or receipt,
and it is not required to be given up or produced
in the event of a sale or transfer of the stock or
any portion of it. Accounts may be opened in
one, two, three, or four names, but not more, and