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 years, the yield works out at about 4⅛ per cent; but their freedom from income tax makes them, to those liable to it, the highest yielding Government security, and a very solid foundation for every investor's collection. The fact that they yield no present income but accumulate at compound interest is not altogether a disadvantage since it means that they are not only an investment but a form of continual saving. The drawback to them is that no one can hold more than five hundred one pound certificates, now to be bought at sixteen shillings, and growing to their face value in five years' time. They are an ideal form of saving, in safety, rate of interest, freedom from taxation and prompt convertibility into cash with accrued interest, if need for cash should arise.

Another British Government security with a special privilege attached is Victory Bonds, which are accepted at their face value in payment of Estate Duties. As long as they can be bought at a considerable discount they thus make death a profitable transaction to the holder to the extent of his liability for Estate Duties, which are the toll that the State takes of his possessions on their transfer to his heirs. Moreover, bonds that are handed to the State in payment of Estate Duties are held by the