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  tranquility ­
  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.  Investors ­
  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