Marketable securities consist of governmental bonds and bonds of first-class banks that are traded in liquid markets. They are held for the purpose of investing in liquid funds and are not generally intended to be retained on a long-term basis. Marketable securities are stated at the market value. Adjustments in valuation are included in the income statement. Interest received on trading securities is reported as interest income. On a disposal of an investment, the difference between the net disposal proceeds and the carrying amount is included in the income statement.