92 
with the directions given in the examples set 
out in the early part of this chapter, then more 
divisions become necessary. 
The number of geographical divisions 
amongst which an investor decides to distribute 
his Capital should always increase in direct 
ratio with the Income-Yield worked for. In 
an Investment List constructed to yield an 
income of 4 per cent, the minimum number 
of stocks and of geographical divisions will 
suffice. But, when the investor requires a yield 
of 5 or 6 per cent, from his capital, and con 
sequently purchases stocks of a more specula 
tive type, Capital Distribution should be made 
as wide as the amount of capital will permit. 
This, of course, applies also where the selected 
stocks are desired to show large fluctuations. 
If the reader will again refer to the map 
of the world we will lead him on to further 
countries in their natural succession. In order 
to show clearly the motive for our selection, 
and to aid the reader when we come to the 
question of realising investments, we would ask 
him to provide himself with a few pins to repre 
sent stocks and to fix first of all five of them 
into the divisions already selected, thus :—One 
in the spot denoting London, one in the spot 
denoting San Francisco, one in Tokio, one 
in Cape Town, and one in Melbourne, and a