What is known as the _funded or permanent debt_ of Great Britain represents debt which the Government is under no obligation to pay off at any fixed time. It includes at present loans distinguished as Consols, Reduced Three per Cents., New Three per Cents., Two and a Half and Two and Three-quarters per Cents., and some other stocks of less consequence. “Consols,” we may add, is an affectionate abbreviation of “Consolidated Three per Cent. Annuities.” This permanent debt at the present time amounts to nearly six hundred and forty millions; the unfunded debt and terminable annuities—the latter being sums paid for a certain number of years and then terminating altogether—amount to over a hundred millions more. It is melancholy to reflect that almost the whole of the large sum represented by those different items has been raised for the prosecution of war, and spent in supplying food for powder, spreading misery and destruction, and making widows and orphans. The possessors of Government Stock—that is to say, the creditors who hold this debt between them—are changing every day and hour. People can sell their stock with the greatest readiness, and there are always plenty of buyers. The price which national stock fetches is not always the same. It improves when the prospects of the country improve, and declines in times of difficulty and danger. In the year 1800 war and dear corn, not to speak of other things, made the national bond for £100 sell for only £61, but since then peace, improved prospects, and no lack of money seeking investment, have forced the price up. The average market value of £100 Consols in 1881 was just £100; in 1882 it was £100 10s.; in 1883, £101 3s. 9d.; in 1884, £101; and in 1885 it fell back to £99 2s. 6d. There are two ways of purchasing Government Stock—to any amount through a stockbroker, and to a limited amount through the Post Office. In the former case you may either write to your banker, who will employ his broker, or you can give the order to your own broker. The commission charged by brokers either for buying or selling is very moderate. For transactions in either British or foreign funds the rate is usually 2s. 6d. for every £100 of stock.