The Investment of Tntst Funds. By Henry Lowenfeld. (Invest- ment
Registry. 2s.6d.net.)—Many trusts are, of conrse,under strict limitations. In others the trustees have a certain discretion in investing, audit is for such that Mr. Lowenfeld's advice will be found useful. The diagram facing p. 25 showing the fluctuation in certain "gilt-edged" securities is very instructive. Great Western Railway Four per Cent. Debentures rose from 130 in 1892 to 157 in 1896, and are now 118; London and North-Western Preference have followed much the same course, only a point or so lower ; Birmingham Corporation Stock Three and a Half per Cents, rose from 110 to 124, and have fallen to 101; New Zealand Three and a Half per Cents. from 95 to 107, and down to 100; and Canada Thi'ee per Cents. 93 to 105, and down to 96. The Colonial securities show well in the comparison.
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