variation in the year 1906, when it had 
risen to £13,676. 
A study of the 4 and 7 per cent, chart 
discloses the fact that Government Stocks 
fluctuate most violently, whilst all stocks 
which are, as far as this is possible, removed 
from political influences, fluctuate to a much 
lesser degree. Investors who seek for tran 
quility of mind should invariably give their 
preference to stocks which, although they 
are saleable, have a rather congested market. 
These classes of stocks but rarely change hands, 
never attract the attention of speculators, and 
therefore only follow the general wake of 
price-movements in a sluggish manner. In 
vestors who desire to increase their capital 
value should select widely-moving stocks. 
3.—The Geographical Divisions. If we take 
a map of the world and look at the different 
countries thereon depicted we shall find some 
forty countries in which at present it is possible 
to select representative stocks that are subject 
to different trade influences. As more countries 
develop their resources, there will naturally, in 
the future, be even more countries from which 
the investor may make his selection. Now 
the object that an investor should invariably 
keep before him when he decides upon a 
Geographical Distribution of his capital is to