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 as much (though in depreciated currency) as in 1913 on the August "wakes," or holidays, for which they save all through the year.

5. The present industrial difficulties, of which the state of the coal trade is the extreme example, will be settled, whether amicably or after deplorable conflict, by a recognition of the fact that British trade can only live if it can compete abroad, and that all concerned in it have to work together to that end.

And on these facts and beliefs we think that British Government security is just as good as it can be. But we have to admit that the data on which we base this sentiment are far from being capable of exact calculation, and that the sentiment may be coloured by the popular prejudice known as patriotism.

Having arrived at this conclusion concerning the solvency of the debtor we go on to decide what sort of a contract we are prepared to conclude with him, that is, which of the varieties of the British Government stocks now in the market, or on continuous offer, we think most suitable to the ordinary investor.

There is one rather serious objection to them all, which is that they are a "fancy article "with a special demand for them, because to many important financial institutions they are as necessary as office furniture, since custom