AVERAGE YIELDS.
In the case of this particular group known as the First and Second British Fixed Trusts the Trustee is Lloyds Bank, and a number of industrial securities have been selected, the certificates against which are split into sub-unit certificates, and in the case of the "First British" Trust the price of a sub-unit is one-two-thousandth of that of a unit, and in the case of the "Second British" it is one-four-thousandth. As each successive unit is deposited with the Trustee, certificates for 2,000 equal sub-units in the case of the "First British" and 4,000 equal sub-units in the case of the " Second British" are made available by the Trustee in convenient denominations. These are marketed in the form of Bearer Certificates, with dividend coupons attached. The market quotations for these sub-units vary somewhat according to the net movements in the group of securities selected, but on the principle of the average price the fluctuations are comparatively small. Thus, since the establishment of the "First British" Fixed Trust in April, 1931, the fluctuations in the sub-units over the whole life of the Trust work out at between 26s. 3d. as the lowest and 34s. 3d. as the highest, the yields to the investor ranging between 24 9s. and £4 us. 6d. In the case of the "Second British" Fixed Trust the average daily offered price in the market has been about 23s., with 23s. 9d. as the highest and 22s. 3d. as the lowest, and the average yield is round about Spec cent. * *
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