The Institute of Bankers in Scotland, the Society of Accountants in Edinburgh, and the Institute of Accountants and Actuaries in Glasgow have arranged for several years past an annual course of lectures mainly for the instruction of the younger members on subjects connected with their practical everyday work. The subject chosen for 1904 was "Stock Exchange Securities." The following pages were delivered in the form of lectures in February last, and they are now published at the request and under the auspices of these Societies.

The fact that many of the class for whose education the course of lectures is instituted are at the beginning of their business life rendered it necessary that details of practice of little general interest should be explained, and information furnished which might seem unnecessary to the ordinary reader; while, on the other hand, the limits of time prevented anything but a superficial examination of the various classes of securities for sale on the Stock Exchange.

On this latter ground I have endeavoured rather to state the general principles to be employed in the selection of securities instead of dealing with individual securities themselves. It should also be mentioned that on the advice of the Joint Committee of the three Societies the lectures were confined to what may be called "investment securities" as opposed to speculative securities.

The lectures appear practically as they were delivered. It is true that there have been many changes in the financial world in the interval since they were prepared, but as these changes do not vitiate the main lessons which it was desired to convey, I have thought it advisable to make as little alteration as possible.

I have to record my thanks to Mr Robert Blyth, General Manager of the Union Bank of Scotland, and to Mr Hugh B. Crum, C.A., for the great assistance I have received from them in the preparation of the lectures.

N. B. GUNN.

Glasgow, 19th September 1904.