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The Gazette of the Incorporated Law Society of Ireland.
[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.
Security
£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
Principal
Due
1*13.27
1951
-i%S.F.
1986
1928
Interest
Due
M&S
M&N
J&J
J&J
M & S
Price
£
95
93
89i
73
96xd
Cost
Yield
£
s. d.
£ s. d.
950
0
0
1097
8
0
984 10
0
992 16
0
960
0
0
£4984 14
0
460
470
4 10
0
423
456
Income
£
s. d.
40
0
0
47
4
0
44
0
0
40 16
0
41
3
0
£4
5
6%'£213
3
0
Average yield per cent, per annum
Prospective increase in capital on maturity
£4
5
6
684
0
0