British  Consols  can,  of  course,  he  dealt  in
on  every  British  or  Foreign  Stock  Exchange,
as  they  are  known  throughout  the  world  ;  but
nearly  all  these  transactions  come  directly
or  indirectly  by  letter  or  telegram  to  London
and  are  finally  transacted  on  the  London
Stock  Exchange,  where  almost  any  quantity
of  the  stock  can  readily  he  bought  or  sold.
In  fact,  only  London  can  be  relied  upon  to
absorb  or  supply  any  substantial  amount  of
the  stock,  and  London  is  consequently  the  sole
market.
In  securities  which  have  various  large
centres,  where  they  are  dealt  in,  like  the
Turkish  securities,  this  is  not  so  ;  they
are  held  largely  by  the  public  which  make
the  London,  Paris,  Berlin,  Brussels,  Amsterdam, ­
  Vienna,  and  other  less  important  Stock
Exchanges  their  places  of  dealing,  and  consequently ­
  any  one  of  these  centres  is  always
ready  to  supply  or  absorb  Turkish  stocks.
In  fact,  while  every  important  transaction
in  Consols  sends  its  reflex  to  London,  Turks
are  dealt  in  locally,  and  these  dealings  only
affect  indirectly  the  other  places  they  are
quoted.  For  this  reason  London  alone
determines  and  controls  the  price  of  Consols,
whilst  the  price  of  Turks  is  determined  by
international  arbitrage  dealings.