88 
decide whether he chieliy aims at permanent 
stability of capital value or at the enhancement 
of the realisable value of his capital. In 
the previous chapter we have explained 
how Geographical Distribution will assist in 
the enhancement of the value of capital in 
vested, and if this is the object chiefly desired, 
then stocks of great width of fluctuation 
should be chosen. If, however, Capital Stability 
is all that the investor aims at, then stocks 
with the minimum width of fluctuation, in 
fact, stocks which but rarely change hands 
and do not possess a free market, are 
preferable. 
Any yield up to 6 per cent, is usually 
obtainable, and, as will be seen from the 
two specimen charts here interleaved, it is 
possible, with the aid of Geographical Distribu 
tion, to select stocks which scarcely fluctuate 
in their combined realisable value. The 
lower the yield of income obtainable from 
an investment scheme, the smaller will be its 
variations in total realisable value. Thus, 
the 4 per cent, scheme illustrated in the 
chart starts with a capital value of £10,185, 
and during ten years its extreme variation 
was a fall of £323 in the year 1904, whilst 
the 7 per cent, chart starts with a capital 
value of £10,660, and displayed its extreme