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this by the annexed charts of the typical price 
movements of the stocks of the following 
countries :—Great Britain (two charts), France, 
Germany, Switzerland, Belgium, Canada, 
Japan, U.S. of America, the Argentine Republic. 
In every instance a number of representative 
stocks have been taken, and their price- 
movement depicted upon the basis of annual 
average values. Although some of the charts 
appear slightly similar in movement, they are 
not so in reality, as in each instance, on account 
of the widths of fluctuation, a different scale 
has had to be adopted. Thus, for instance, the 
charts of the U.S. America and of Canada look 
somewhat alike, yet a close examination will 
show that in the years 1902-1003 there was a 
strong rise in Canadian stocks, whilst during 
the same period there was a considerable fall 
in American stocks. In the same way dissimi 
larities will be discovered in every one of the 
charts on comparing them with each other, 
when the difference in scale which unfortu 
nately had to be adopted is taken into 
consideration. 
These ten charts are ocular demonstrations 
of the fact that the prices of the principal 
stocks of every country move alike, under 
the dominant influence of the trading conditions 
of that country ; so that the foundation of