Abstract: A security or other image, for example a hologram, is applied to a moving stock, e.g. banknote sheets, by carrying the images in the form of transfers on a web which is moved at the same speed as the stock during application but at a lower speed between application steps, so as to allow relatively close spacing of the images on the web. The web is retracted following each application to compensate for distance travelled during acceleration and deceleration during each cycle. The images are transferred by pressure cylinders which press the images on to adhesive patches provided on the stock at predetermined positions by applicator rolls.