18 FEBRUARY 1905, Page 23

Stock Exchange Securities. By Niel Ballingall Gunn. (W Blackwood and

Sons. 2s. net.)—We need hardly say that this is an interesting volume. For practical advice the most valuable section, as dealing with a dangerous investment, is that on in- dustrial companies, though it is necessarily much abbreviated. There is a striking statement of municipal securities. On March 1st, 1900, the total of local Debt was 4293,864,224, almost equally divided between reproductive undertakings and other purposes. Manchester has the heaviest Debt, owing more than one-fourth of its rateable value,—this includes more than five millions advanced to the Ship CanaL On the other hand, London, though it owes something less than a sixth of the rateable value, owes ten-elevenths for expenditure on unproductive purposes.