Unless

secured by a mortgage it is simply a promise to pay, 7 or in other words, a promi ory note. It differs from an income bond only in that it contains a promise to pay a certain amount of interest at stated periods. In Great Britain a debenture bond or stock is generally thought to be secured by mortgage on real property; but this is not nece arily the case. -The word merely means a debt or promise to pay. By universal custom, however, the debenture bonds or stocks of British companies rank before the preference and ordinary capital; and as a rule they are secured by a charge on the companies’ real property. In Great Britain the chief difference between a debenture bond and a debenture stock is that a bond is for a fixed amount, while a stock is divisible and may be transferred in multiples of £1 or sometimes even in smaller amounts. Another im-: portant difference lies in the fact that a bond is generally a negotiable instrument, transferable by delivery, and is the property of the bearer, with interest coupons attached, while stock is registered in the name of the holder and is transferred by deed, the interest being forwarded to holders by the company.