• UNDERGROUND INCOME BOND Scnnstn.
The directors of the Underground Electric Railways Company 61 London must be congratulated upon the eminent fairness of the scheme proffered to holders of its 6 per cent. Income Bonds, details of which were set out very fully in our issue of last week. These bonds have been a very favourite investment for a long time past both by reason of the fact that interest was paid without deduction of British Income Tax and that holders were able to claim payment in New York in dollars at par, a circumr stance which for some few years gave particularly valuable rights to the bonds. The tax on the company's resources, however, has been considerable, and in view of the fact that the company have the right to repay at par on six months' notice, it is not surprising that the price of the bonds has not moved much above par in spite of the general progress made by the undertaking itself.