British Government Securities.

It must be said at the outset that it is no part of the purpose of this paper to outline a method by which general movements of the gilt-edged market may be forecast. The reason for this is simple, as it requires no great exercise of modesty to disclaim qualification for such a task. The paper's purpose is, rather, to analyse the group's characteristics, to study the components of an individual security, and finally to suggest a policy whereby a life office can obtain a reasonable return on its gilt-edged portfolio.