FIXED TRUSTS.
On one or two occasions I have referred in these columns to the creation of what are known as Fixed Trusts, and among the latest of these is one described as the Third British. In this case, the list of securities comprises a number of Industrial, Transport, Public Utility and even Entertainment under- takings. They are grouped approximately as to 15 per cent. connected with Coal, Oil and Steel companies, 11 per cent. in Building, Properties and Insurance, 11 per cent. in Electricity and Gas, 9 per cent. in Transport and Communications, includ- ing Aircraft manufacturing, and 7 per cent. in Motors and Accessories, with the balance represented by Chemicals, Newspapers and Entertainments. Dealings in these Fixed Trust securities, as I have previously explained in these columns, are in the form of units, the price for the units being based upon the market value of the securities behind the unit whether for buying or selling purposes, and not upon the ordinary play of supply and demand.* * * *" HEDGING."
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