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 value as title to ownership, which is transferred by means of a deed of transfer signed by the seller and the purchaser. In the case of "inscribed" stock there is no certificate and ownership is transferred by the attendance, in person or by attorney, of the seller. Bearer securities, as their name implies, are represented by a document which is in itself evidence of ownership—a bond or share certificate—and interest or dividends are paid against the delivery of coupons—pieces of the bond or share—that are cut off it and presented. Safe custody of bearer securities is thus essential and they are generally left by their owners in the charge of their bankers, who cut off and present the coupons. Victory Bonds are an example of bearer securities issued by the British Government, but the greater part of the British debt is in the form of inscribed and registered stocks.

It was agreed that in laying his foundations he is to consider safety first, second, third and last with no thought of increase in income except by addition to his investments and little hankering after a rise in the prices of his securities. Naturally he will not want to see them fall, and he may endeavour to secure himself against this contingency by selecting obligations that are redeemable at a definite