The Girl's Own Paper, Vol. VIII, No. 375, March 5, 1887Various
General
The Girl's Own Paper, Vol. VIII, No. 375, March 5, 1887
Various
Children's literature -- Periodicals
To get payment of dividends on Government Stock you may either go
yourself to the Bank of England or sign what is called a _power of
attorney_ for your banker or broker or someone you can trust to receive
the dividends for you. “In order to protect you from fraud,” says the
author of a “Guide to the Unprotected,” “the power of attorney should
be made out for _dividends only_. That is to say, it should authorise
the person who is to act on your behalf only to receive dividends and
not to sell the stock.” After a power of attorney has been obtained no
new power for dividends is requisite by reason of your increasing or
lessening the amount of your holding in the same description of stock.
Besides payment personally at the Bank of England, stockholders can
have their dividends transmitted by post at their own risk, and under
certain regulations.
In selling stock you can manage the transaction, just as you effected
the purchase, either through your banker or your own broker.
We mentioned that Government Stock to a limited amount could be bought
through the Post Office. When this is done the Post Office relieves you
of all trouble in purchasing and in collecting dividends. The amount
invested must not be less than £10, and not more than £100 of stock can
be credited to an account in any one year ending the 31st of December,
and when you have bought through the Post Office £300 of stock in all
you can invest no more in this way, but must go to a regular broker.
Suppose you wish through the Post Office to buy £50 worth of “Consols,”
you fill up a form of application to be had at any post office, and
hand over the necessary amount to the postmaster. Of course the latter
part of the performance will be unnecessary if you have the sum already
lying at your credit in the Savings Bank. You then forward the form of
application, together with your deposit book, to the head office.
In a few days your book will be returned and you will find yourself
debited with the cost of the stock at the market price. Suppose
“Consols” are selling at £102, then your fifty pounds worth will cost
you a half of that, and there will be an entry in your book as a
“withdrawal” of “Investment £50 Consols, £51,” and besides that will be
entered “Commission, 1s. 3d.”
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.”
Public-domain text, read in full here on John Shaqi.
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