The classes of Stock Exchange securities authorised under the English and Scottish Acts are as follows, viz.:-

England And Ireland

1. Government securities, public funds, or Parliamentarystocks of the United Kingdom, Securities the interest of which is guaranteed by Parliament, and Indian Government securities.

2. Bank of England and Bank of Ireland stocks.

3. Metropolitan Board of Works stock, London County Council stock, and Metropolitan Police District debenture stock.

4. Debenture, rent-charge, guaranteed or preference stocks of any railway in the United Kingdom if the dividend for the last ten years has been not less than 3 per cent per annum on the ordinary stock.

5. Stock of any railway or canal company, leased for not less than 200 years at a fixed rent to any railway company under paragraph (4).

6. Debenture stock of any Indian railway the interest on which is paid or guaranteed, or other stock on which a fixed or minimum dividend in sterling is guaranteed by the Indian Government, or upon the capital of which the interest is so guaranteed.

7. "B" annuities of the Eastern Bengal, East Indian, and Scinde, Punjaub, and Delhi Railways, and any like annuities, charged on the revenue of India, also in "D" deferred annuities and "C" annuities of the East Indian Railway.

8. Debenture, guaranteed, or preference stock of any incorporated water company in Great Britain which has for the last ten years paid a dividend of not less than 5 per cent on its ordinary stock.

9. Municipal stocks of towns of over 50,000 inhabitants, or County Council stocks issued under Act of Parliament or Provisional Order.

10. Water Trust stocks of towns or compulsory districts of over 50,000 inhabitants, where assessment for each of the last ten years has not exceeded 80 per cent of the amount authorised.

11. Stocks authorised for investment of funds under the control of High Courts of Justice.

12. Colonial Stock registered in the United Kingdom in accordance with the provisions of the Colonial Stock Acts, provided such stocks have been notified in the London and Edinburgh Gazettes as having been approved by the Treasury.

Stocks which are liable to redemption at par or other fixedrate within fifteen years of the date of purchase, or which stand at a premium exceeding 15 per cent above the redemption value, are excluded.

Scotland

1. Government stocks and public funds or securities of the United Kingdom.

2. Stock of the Bank of England.

3. Securities the interest of which is guaranteed by Parliament.

4. Debenture stock of any incorporated railway company in Great Britain.

5. Preference, guaranteed, lien, annuity, or rent - charge stock, the dividend on which is not contingent on the year's profits, of any railway company in Great Britain which has paid for the last ten years a dividend on its ordinary stock.

6. Municipal corporation stocks or annuities the interest of which is secured by rates or taxes levied under Act of Parliament.

7. East India stock or public funds or bonds, not payable to bearer, of any colony of the United Kingdom approved by Court of Session.

8. Colonial Stock registered in the United Kingdom in accordance with the provisions of the Colonial Stock Acts, provided such stocks have been notified in the London and Edinburgh Gazettes as having been approved by the Treasury.

Probably the foregoing explanation of the terminology of the Stock Exchange will be sufficient in the meantime. There are many other technical terms, but it will be better to defer the explanation of any to which it may be advisable to refer.

The Stock Exchange Daily Official List

The Stock Exchange Daily Official List contains, as you are aware, under separate headings the various classes of securities sold on the Stock Exchange. Probably the subject will be best understood if the more important of these classes (especially those which contain the leading investment securities) are considered and a few representative stocks selected for comment. You will understand when the Share List is mentioned that I refer (unless it is otherwise stated) to the Share List of the London Stock Exchange, which is much more comprehensive than that of any other Stock Exchange in the United Kingdom.