The book will be accompanied by a “Certificate of investment in Government Stock,” as follows:—
“This is to certify that £50 Consolidated £3 per Cent. Bank Annuities has been placed on the Savings Banks Investment Account of the National Debt Commissioners, that the same has been credited in the Government Stock Register of the Post Office Savings Bank to ______ of ______, and that her deposit account has been charged with the sum of £51 and 1s. 3d., being the price of the said stock at £102 per cent., and commission respectively.”
This certificate, which is signed by the Controller, must be forwarded with the deposit book and application whenever the depositor wishes to sell the whole or a portion of her stock. When stock is sold the sale is effected at the current price—the price in the open market on the day of sale—and a warrant is sent to the depositor for the amount realised, less the commission.
All dividends on the stock standing in a depositor’s name are credited to her deposit account when they become due. Dividends on Consols are due half-yearly, on the 5th of January and the 5th of July; those on what are known as Reduced and New Three per Cents. on the 5th of April and the 5th of October. There are other Government Stocks—Two and Three-quarters and Two and a Half per Cent.—on which the dividends are paid quarterly.
The commission charged by the Post Office on investment is as follows:—
| s. | d. | |
| On stock not exceeding £25 | 0 | 9 |
| On stock exceeding £25 and not exceeding £50 | 1 | 3 |
| On stock exceeding £50 and not exceeding £75 | 1 | 9 |
| On stock exceeding £75 and not exceeding £100 | 2 | 3 |
Not satisfied with working at these low rates, the Post Office takes all the trouble of receiving the dividends, and charges nothing for it.
The commission on the sale of stock up to £100 is the same as for the purchase. For the sale of stock exceeding £100 and not exceeding £200, the charge is 2s. 9d.; exceeding £200 and not exceeding £300, 3s. 3d.
But those who have money to lend have wider scope for its employment than the Public Funds. And here we may insert the following handy table showing the better class of investments, and the dividends to be expected from them. We are indebted for it to the ever-useful Almanack of Mr. Whitaker.
The following are Trust Investments, permitted by the Court of Chancery:—