Just a little curiosity from history with a vague railway theme for your night time reading.
Anyone else about to inherit a bit of World War One financial History ? :-

My Gran was the daughter of a railway worker and widow of another railway worker, as a consequence was entitled to free rail travel along with her two daughters  Sadly that freebie never extended to me nor my sister so we both later ended up with cars, as did most of the Beeching generation !
But Gran, Aunt and Mother were responsible for our early steam locomotion
Anyway --
She must have been a lady of some wealth because she made a loan of several hundred pounds to the government of the day to help fight the cause against Kaiser Bill.
It was known as 3&1/2% War Stock
It passed down the family until it was splt between sister and me

Recently Chancellor Osborn has declared that we are now wealthy enough to pay off the outstanding debt of the First World War.
So surprise surprise, sister and me will now be paid those several hundred pounds back ! at par (wish it were at the equiv of what it was worth in 1914 or when it was that she loaned it !! )
It was for years a mere curiosity in the family paying a few 10sof£ twice per year in interest, and at "only" 3&1/2% was for a long time mostly a bit useless and so the stock could not be redeemed at any sensible price taking into account broker fees.
The admin fees paid by the gov. over all those years must have been ginormous !
Now however our chancellor can borrow on world markets at much less than 3&1/2% so chooses to pay us off.
It will be a done deal in March and my bank balance will be a little better, thanks Gran.

So ends the last tangible physical link with my ancestors, , ,

I don't think government stocks are a real link with your ancestors,
you and your family  memories are ! If your granny bought £100 of
war stock say in 1916 you inherit it at par same as if your granny had
left you a £5 note which in the twenties would buy a 3 piece suit
now would buy you  a few cans of lager.

The thing about govt stocks was not the face value, it was the yield,
and their market value rose  and fell  when interest rates changed.
However nearly all Treasury stocks are dated though I think war stock
was undated, and govt stocks are redeemed at face value.

At the moment Greek govt stock yields about 10% reflecting the
risk, but UK governments have never defaulted.

BTW my granny left me B all!

Quote from: Agrippa on February 16, 2015, 11:43:54 PM
I don't think government stocks are a real link with your ancestors,
you and your family  memories are !

Quite so ! Agreed. But I did qualify it with "tangible"
and family memories are rapidly fading - they are all dead bar me and sis  !

> "£5 note "
Yep, remember them, big white handkechiefs

> "However nearly all Treasury stocks are dated though I think war stock
was undated"

Yes, "perpetual" is a word that comes to mind, yes, no period so Himself can choose to pay it off now.

> "At the moment Greek govt stock yields about 10% reflecting the
risk,"
Topical ! Exactly so


> "BTW my granny left me B all! "
apart from the memories I think this film just repeated

So, what do you all think - should I now think of modelling pre-grouping ? with some unexpected funds ?? !

Treat yourself to some rolling stock, sorry for pun, but don't
forget George O will get some of it in VAT, assuming not
a private sale!

Quote from: Agrippa on February 17, 2015, 12:12:44 AMdon't forget George O will get some of it in VAT

Argh ! I was feeling mellifluous and beneficient until you said that!

But seriously, no one else being forced to cash in ?
> > > off to estimate what £1 then would buy > > >