Amongst Stock Exchange securities the 
British Trustee stocks are rightly considered 
to he the soundest type of investment. In 
this book we deal with stocks and shares only, 
and therefore we here leave all other forms of 
investment out of consideration. In spite, 
however, of their individual merits, an invest 
ment made in Trustee stocks in 1896 and 
realised in 1903 would have produced a 
result similar to the following :— 
Bought in 1896. 
£1,500 Birmingham Corporation 3| per cent. 
stock at 131 £1,965 
£1,300 London & North Western Railway 
4 per cent. Preference at 160 ... 2,080 
£1,600 Southern Mahratta Railway 3| per 
cent. Guaranteed at 129 2,064 
£6,109 
Value in 1903. 
£1,500 Birmingham Corporation 3| per cent. 
stock at 104 £1,560 
£1,300 London & North Western Railway 
4 per cent. Preference at 125 ... 1,625 
£1,600 Southern Mahratta Railway 3^ per 
cent. Guaranteed at 104 1,664 
£4,849 
Lo** £1,260 
We should explain that the prices quoted 
in the above tables do not represent the full 
extremes of fluctuation during the period 
under review. Had we attempted to stretch