Only

certificates for stock that has actually been i ued (sold or otherwise disposed of for a consideration) are admitted to dealings and the same is the case with bonds. Stock which has never been i ued but is held in the treasury of a company is not admitted and the same is the case with bonds. ’ In the dealings on the stock exchange there is no distinction between “listed” and “unlisted” stocks; the same privileges and facilities are accorded to both and the same rules apply to both. An application to admit a stock (or an i ue of bonds) to the list, or as it is commonly called, regular list, first goes before the committee on stock list, which, if it ascertains that all requirements have been complied with, recommends admi ion to the list; then the adoption of the recommendation by the governing committee places the stock on the list and permits dealings in it. An application to admit a stock to dealings in the unlisted department requires approval only by the committee on unlisted securities. fk 7 When a stock (or other security) is admitted to dealings on the London Stock Exchange it is either granted an official quotation, that is to say, is placed in the official list published under supervision of the committee for general purposes; or if, as is the case with the majority of mining shares, it cannot fulfil the nece ary requirements for official listing it is dealt in on the market and is quoted on the tape and in the newspapers if of sufficient importance. A considerable proportion of the securities dealt in on the more speculative markets (see Market) are not included in the official list. 20