Saturday, June 8, 1872

Iron Times

Location: London, Middlesex

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Text Content of Page 1 of Iron Times on Saturday, June 8, 1872

Iron Times (Newspaper) - June 8, 1872, London, Middlesex BE6ISTEEED AT THE GENERAL POSTOFFICE Wtt AS A NEWSPAPER AND FOB TRANSMISSION STRIVE AND JUNE PRICE PERMANENT 187 In Certificates of to be issued at Rate of Interest per The Bight Honourable THOMAS EMERSON HEAD Sir CECIL The Honourable EDMUND The Honourable Lord CLAUD JOHN HORATIO RICHARD PRYCE late ComptrollerGeneral of Accounts for ARTHUR FRANCIS WEBB late of Her Majestys Deposits will be received at the Union Bank of on behalf of the Trustees of this on account of Subscriptions for the above Scrip Certificates of to the nominal amount of Coupons for interest payable half yearly on the 1st of June and the 1st of and Coupons for Bonus will be attached to each Cer payable at the Union Bank of Principles of the In the present the method of average intro duced by the Foreign and Colonial Government is extended in its application with a view to greater The principles of the Government and Guaranteed Securities Permanent Trust and are designed to obviate the existing and inconvenient methods of dealing with profits in and to reconcile the equi ties of drawn and undrawn Certificate These principles accordingly embrace the permanent maintenance of the Fund in its entirety provision for reserve the immediate distri bution of each years realized profit as bonuses in cash upon drawing and the progressive increase of such bonuses to compensate for delay in being Investment of the The subscriptions will be invested in carefully selected Government and Guaranteed Securities in Stocks or Obligations of and and Guaranteed or Subsidized and Obligations of Railways and Public The capital of such of the several investments as become realized by the operation of their sinkingfunds or will be similarly re The Trustees are bound by no existing arrangements for pur chase of Security of Average fortified by Reserve and Method of While adopting the method of existing Trusts of restricting any single investment to a maximum of onetenth of the the present Trust will fortify the security thus obtained by setting aside onehalf per to Annual The security of average will further be permanently maintained by providing that the Drawings shall not entrench upon The Annual which are fixed at 5 per of the will be Drawings for the distribution of in Bonuses and Redemptions and the when will be converted into Preference Bonds of bearing 5 per Cask Bonuses constituted by excess of Income over fixed Interest The mode of supplying the Annual Bonuses is as Annual Working Expenses and the Reserve Fund having been pro all net Revenue up to per on the nominal after deducting per for fixed will be distributed to the holders of Certificatesdrawn in the Annual One twentieth of the Certificates issued will be annually and the Bonus be twenty times per or per r Equitable Increase of Bonus up to After the first additions to bonuses will also be made by adding thereto at each drawing the years difference of interest between that payable on the Bonds and that payable on the The bonuses will consequently increase 1 per every and compen sation will thus be afforded for delay in being At the twentieth or last drawing of the the cash upon the same estimate of will therefore be Redemption of All further available profit will be devoted to the extinction of Bond8 in the order of their at the rates of for each Alternative Position of intP o5 Fesent Trust wil1 on the above receive ui Pein ent his When his certificate u he will a cash bonus of to according to the year of drawing a Preference Dividend Bond of bearing interest at the rate of per taking into account the cash bonus is equivalent to a rate of interest varying from per to per on the amount remaining of bis original the holder of every Certificate if not paid off at the rate of for every hold an increased proportion of the entire Ultimate Ownership of the entire It will be readily seen that at the end of twenty years the whole issue will have been and the entire which in other Trusts accrue mainly in will have been paid in and those holders of Bonds who have not been further paid off at per will own the entire Fund with its renewed Reversion rights The working expenses of the Trust are restricted to an annual sum not exceeding in any one year onehalf per of the nominal amount of the Fund The Trustees have signed a contract under which all preliminary inclusive of brokerage on the original legal and all are undertaken for per on the nominal amount of the Stocks and Securities Committee and A General Meeting will be three months to nominate a Committee of CertificateHolders and appoint Inspection of Deed ef A draft of the Trust Deed can be seen at the Offices of the and at the offices of arid Soli Warwick and with printed forms of application obtained of the at the Temporary Offices of the Nicholas of the Huggins and Threadneedle of the Solicitors and of the where all subscriptions must be Funds to remain at All capital and will be receivable by the Union Bank of Princes Mansion Return of Deposit on In cases where no allotment is the deposits will be forthwith returned in Dates of Payments by Subscribers are to be made as per Certifi cate on application per Certificate on allotment per Certifi cate on the 1st of 1872 per Certificate on the 1st of making per Discount on Payments anticipatory of due dates will be received under discount at the rate of 5 per per Each Scrip will be endorsed with the payments as and bear the number of the Certificate for which it will eventually be FORM OF To be filled up and forwarded with the sum payable on To the Trustees of THE GOVERNMENT AND GUARANTEED SECURITIES PERMANENT paid to the Union Bank of London to your account the sum of as a deposit on Certificates of each in this request that you will allot to that number of and agree to accept the or any less number that maybe allotted to and to pay the balance of such according to the conditions of the foregoing Address in