At the end of last week a new investment was
made available to the public in the form of Five per Cent. Exchequer Bonds, which will be redeemed in five years' time. The price of issue is par, and no limit is set to the amount which may be subscribed. The Bank of England will receive applications for £100 and multiples thereof till further notice. Possibly bankers and financiers may prefer the one-year Treasury bills, which now yield 5} per cent.; but for private persons the longer-dated security provides an excellent opportunity. The foreigner, too, may be attracted, as he will have to pay no British taxes. The Bonds will be accepted as cash for the purpose of future War Loans, and trustees will be able to make use of them by means of registration. They are a "gilt-edged" security indeed-5 per cent. interest and the return of your money in full (no market fluctuations here) guaranteed by all the resources of the kingdom.
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