In times such as Shanghai hes been passing through recently, it is axiomatic that money tends to flow away from the very hazardous employment it normally finds in Jocal commerce and seeks a medium for its legitimate use in other forms of investment. It may find a due return on its value by being lent to governments or municipalities, or when trade is bad in one centre, it may contrive to return a proper emolument to its possessor by finding a useful function elsewhere, That is why so much money hus been for months past available in Shanghai for investment in a widely diversified list of securities dealt with on the local StockExchange and elsewhere, and why so many recent flotations have been oversubscribed. At a time like this it is more important than ever for the investor to know exactly in what he 1 placing his money—the financial position of the concern in which he reposes to invest, and from what dividends have been paid in the past to be able to estimate up to a point what return is likely to be forthcoming in the future. Then, where government. bonds are concerted, there is the important question of whether particular issues have been the subjects of defaults in interest [and capital payments, and what the actual security for such payments is. In onder to have such considera, tions set cut in due proportion, the prospective investor should be able to lay his hand at once upon a re. lable source of information, and far as the China resident' is con-corned, all this is contained in the "China Stock & Share Handbook", It is compiled by Mr. C. R. Maguire, and contains an admirable analysis of all the information the investor requires,
Text read from the printed page and cleaned; old type leaves the occasional error.