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he has protected his old age and his dependents by adequate insurance, the investor according to the scheme that has been sketched out for him proceeds to accumulate a holding of securities that will give him an income if he happens to be afflicted by loss of earning power, by ill-health or any other cause.

In England we generally prefer to deal in stocks and shares that are registered or inscribed, while securities to bearer are usually preferred abroad. Under the English system the buyer of a security has his name enrolled by the debtor (or by the company in which he is part proprietor in the case of ownership securities) and his interest or dividends are sent by post either to him or to his bank, as he may direct. If the security is "registered" he receives a certificate stating that he is the registered owner, but this certificate has no