The Gazette 1912-13

The Gazette of the Incorporated Law Society of Ireland.

104

[MARCH, 19115

is no definite value settled at any future date, so that they are subject to a gradual decline with the movement which is sometimes called "decrease in value of gold" or, more accurately, " increase in cost of living." The three lists of investments hereafter given consist of securities which are redeem able at a future date, and in respect of each investment the due date is given. In the List marked No. 1 the yield is about 4-j- per cent., and there is a prospective increase in capital, on maturity, of £684. This is a wide margin. The alternative List marked No. lA gives an average yield of £4 8s. 6d., and a prospective increase in capital, on maturity, of £393. In both these cases the securities are distributed over a wide area, and consist of either Government Stocks or else gilt-edge types of American Terminable RailwayBonds. The List marked No. 2 yields £4 13s. Od. per cent., and shows a prospective increase in capital, on maturity, of £440. The Atcheson Topeka and Santa Fe Bonds named in this List give a high yield, but the period for redemption is a long one. On the other hand, there is a very good market in these Bonds both in England and New York, and, except in a period of financial crisis, they should not be liable to any serious fluctuations.

The List marked No. 3 gives a yield of £4 15s. 9d. per cent., and shows a prospective increase of capital, at maturity, oi £573. This List includes Greek Government 4 per cent. Railwa)' Loan, the disadvantage of which is the period of redemption is a long one. The Mexican Government Loan, due 1954, may appear speculative to some persons owing to the disturbance in that country at present; -but the country is so wealthy and well started on its development as to probably assure the service of this loan. The present troubles, by depressing the market, have given investors an opportunity to purchase these securities below the normal market value. If, however, there is any question as to the advisability of Mexican Securities at present a Brazilian loan might be sub stituted, i.e., the 4 per cent. 1910 Loan, which gives a slightly higher yield and a slightly wider margin for capital appreciation. For the sake of investors who may wish to invest, without the consent of the Public Trustee, a suggested group of investments is also given. All the securities in this group are full Trustee Stocks, and the average yield is £4 Os. 5d. per cent., and the prospective increase of capital, on maturity, is £150.

LIST I. With the Consent of the Public Trustee. INVESTMENTS YIELDING AN AVERAGE OF £4 5s. 60. PER CENT.

Price

Principal Due

Interest Due

Cost

Yield

Income

Security

£ 95

£

s. d.

£ s. d.

£

s. d.

£1000 Brazil Govt. 4% 1911 £1180 Russian Govt. (Nicholas Rly.) 4% Loan £1100 Argentine Govt. Rly. Guarantee Res­ cission on 4% Bonds £1360 Hungarian Govt. 3% Bonds ... $5000 Lake Shore and Michigan Southern Rly 4% Gold Bonds

1*13.27

M&S

950

0

0

460

40

0

0

1951

M&N

93

1097

8

0

470

47

4

0

89i 73

J&J J&J

-i%S.F. 1986

984 10

0

4 10 0 423

44

0

0

992 16

0

40 16

0

1928

M & S

96xd

960

456

0

0

41

3

0

£4984 14

0

£4

5

6%'£213

3

0

Average yield per cent, per annum Prospective increase in capital on maturity

£4 684

5 0

6 0