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 covering the whole of the ordinary capital of £2,040,000. These investments are described as in "British Funds, Colonial and Foreign stocks and bonds; railway preference stock and sundry debentures and shares," and as standing "at or below current quotations or valuations." The curious, of course, would like to know something as to the proportions which these very various classes of securities bear to the total invested, and a full list of the investments held would evidently make this item in the balance-sheet much more interesting. We shall find, however, that many of even the purely investment companies think it advisable not to let the public know in what securities the funds entrusted to them by their shareholders and creditors are placed; and there may be good reasons for this reticence, that are not evident to the layman.

By the reserve fund policy the shareholder is given an increasing value in his property through the retention by the Board of money that has been earned for him and its reinvestment either in extension of the enterprise or in holdings of the shares of companies in which the enterprise is interested or in outside securities.

This policy has one drawback—it misleads