The stock of the Bank of England, which may be purchased in any amount, the same as Consols, is a favourite investment with some, but the price is so high that the income to be derived therefrom is no more, and sometimes even less, than from the Funds. AUTOMATIC RE-INVESTMENT OF DIVIDENDS. Holders of stock in the Funds who are not desirous of receiving their dividends, but prefer to have them added half-yearly to the capital sum without further action on their part, are granted facilities by which this may be done automatically, on application to the Bank of England. The instructions apply to amounts of stock of less than £1,000 only. These facilities are also extended to holders of Metropolitan Consolidated Stocks, and to the India 3 per cent. and 3 1/2 per cent. stocks. CHAPTER VI. GOVERNMENT ANNUITIES. THE Commissioners for the Reduction of the National Debt, under the authority of Parlia- ment, grant annuities either on single lives, or on two lives and the life of the survivor, or on the joint continuance of two lives, such annui- ties to commence immediately. In the case of single lives, the annuity _may_ be made to com- mence at a future period, and the consideration for it may be paid by the purchaser annually in sums of money not less than £5, but in case of default in keeping up the annual instalments, all the annual payments previously made are forfeited, and all right to the annuity is ex- tinguished. Payment for an annuity is made by the transfer of 2 1/2 per cent. Consols, or money of equi- valent value, at the price of the stock on the day of the transaction. The tables (see p.44) show the annuity which £100 of 2 1/2 per cent. stock will purchase, to con- tinue during the life of a nominee at the re- spective ages and according to the prices of 2 1/2 per cent. stock therein stated. It will be seen that in the case of money being paid for the purchase of the annuity, the higher the price of Consols the dearer will be the purchase. Thus, a female buying an annuity at the age of fifty, amounting to £5 19s. 8d. per annum, and Consols being at _par_, or 100, would, if she paid for it _in money_, have to expend £100. But suppose Consols to be at 108 (as they are at present) she would have to pay £108 for the same annuity. Tables relating to annuities on joint lives and to deferred annuities may be obtained at the National Debt Office, 19, Old Jewry, London, by application direct, or through a bank. No person under the age of fifteen can be ap- pointed the nominee for any life annuity. Life annuities are payable quarterly at the National Debt Office, in the form of a warrant on the Bank of England, either on personal demand, or through a bank by Power of Attor- ney; or they can be transmitted to the pro- prietor by post. The fixed dates are the fifth of January, the fifth of April, the fifth of July, and the fifth of October in each year.