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 times, its capital more than 3.8 times. The ordinary shareholders get 12 per cent. on a capital that has been more than doubled by bonus share distributions, to say nothing of the income that they get from bonus distributions of debenture and preference stocks. With these results and with the great diversification of risk secured, and the reserve fund policy that is the corner-stone of sound Trust company finance, it is clear that those who invest in Trust companies have done extremely well, as long as they have invested in the right ones. But then, as has been shown, the stock of the good ones very seldom comes to market, and there are plenty of companies which have been unfortunate.

In London, as might be expected, the expenses are at a higher ratio to income. The Industrial and General Trust, in its report to March 31, 1925, showed total income £362,706, and its expenses included rent, salaries, office and general expenses £17,448, directors' fees £12,500, legal expenses £299, auditors' fees £525, special disbursements £567, trustees for debenture holders £350—a total of £31,689; and there was also £766 for staff pension fund. This company paid 14 per cent. on its ordinary stock for the year, absorbing £135,625 out of a divisible balance (after