ABSTRACT
ALTHOUGH in some cases Stock Exchange transactions are done for money and settled by immediate transfer or delivery of securities in exchange for payment, the vast majority of bargains are made for the current account and arranged at the next settlement, except in British Government and Dominion Government securities, dealing in which is for cash, that is, for immediate payment. The Stock Exchange settlement extends over four days, and business transacted on the first of the four falls into the new account. The length of an account is generally about a fortnight, but as there are twenty-four accounts in each year, four of them cover a period of three weeks each.
