shares he has bought may be only partly paid
up. The shares in railway companies are
usually paid up in full, but it may so happen
in an issue of new shares that they are paid up
by periodical instalments; in which case what
has already been paid is known as "scrip," and
retains that name until developed into fully-paid
shares. A company formed of £20 shares may
have called up only £5 on each, and with no
intention of demanding more, yet the holder is
liable for £15 on every share he holds, and
before he invests his money he should be careful
to ascertain the full extent of his liability.
Some little time after the transfer of the stock or
shares has been completed, a certificate will be
issued by the company, giving full particulars
of the holding, and this certificate must be care-
fully preserved, as it will be required to be given
up before all or any portion of the property can
be sold. The Colonial, foreign, and other bonds
payable to the bearer, which have been pre-
viously described, are purchasable through a
broker or banker, and handed over without any
transfer or other formality. Bonds of this
description should be left in the safe custody
of a banker, who would cut off and collect the
interest coupons attached, as they became due.

As an example of the hazard incurred by
keeping securities of this kind in one's own