PROS AND CONS.
It must not be supposed, however, from commenting on these points that I am considering that holders of the 5 per cent. War Loan have 'any reason for alarm with regard to early repayment, for the amount outstanding is so stupendous that -repayment,- or conversion, can never be a very easy matter. Moreover it has to be admitted that the fact of Income Tax not being deducted at the source from the dividend is a great convenience to the small holder. It is, however, that very fadt (which, although beneficial to the investor, is detrimental to-the interests of the Treasury) which, of course, increases the likelihood of the Government dealing with the 5 per cent. War Loan at the first possible opportunity. More- over, when the time really arrives for actual expectations of some early action by the Government, it is possible that a general desire to sell might make the market a more difficult one to effect realizations, whereas to-day, of course, sales can be effected with the utmost ease.
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