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 National Debt Commissioners, so that what may be described as a special Sinking Fund is continually in operation to reduce the amount, and raise the price of those that are left in the market. These advantages, however, that are attached to Victory Bonds are, to a certain extent, "in the price." At the present moment the yield from them is less than that to be got from the 3½ per cent. Conversion Loan, now the most popular of British Government Securities, and perhaps the most suitable, after Savings Certificates, for the investor who wants one with no probability of early redemption.

Consideration of the beauties of these securities has revealed to us the qualities that we need in a desirable investment of the creditor class. By far the most important point is certainty of income out of which interest can be paid, and certainty of getting back our money if we want it is a pleasant and convenient addition. In the case of Savings Certificates, return of our money on demand with interest accrued is part of the contract with the debtor, and is an almost unique feature shared only by Savings Bank deposits which carry a much lower rate of interest. In that of Victory Bonds we get our money back plus a considerable premium, as long as they have been bought