the  price  and  fixes  the  level  of  value  to  which
Berlin  is  compelled  to  conform.  If,  in  the  course
of  time,  the  interest  in  Turks  in  Paris  gradually
diminishes,  and  the  people  of  Berlin  or  any
other  centre  should  become  the  largest  holders
of  Turks,  then  the  position  would  be  reversed,
and  the  Berlin  or  some  other  Stock  Exchange
would  commence  to  dominate  the  market  in
Turks.
In  this  way  the  principal  markets  for  internationally ­
  held  stocks  are  constantly
changing,  and  the  dominating  centre  of  a
stock  does  not  depend  upon  its  nationality,
but  upon  the  place  where  it  is  principally
dealt  in.
Thus,  the  principal  market  for  the  Loans  of
the  United  States  of  America  was  at  one  time
in  London,  but  has  now  been  transferred  to
New  York.  In  the  same  way  the  Grand
Trunk  Railway  is  really  a  purely  Canadian
enterprise,  but  no  Canadian  or  American  Stock
Exchange  can  at  present  control  the  price  of
its  stocks,  as  London  dominates  the  market  ;
whilst  in  the  case  of  the  shares  in  the  Rio  Tinto
Copper  Mine,  which  is  situated  in  Spain,  there
is  no  independent  market  either  on  the  Madrid
or  Barcelona  Bourses.  The  shares  are  held
in  Prance  and  England,  and  the  London  or  .
the  Paris  quotation  alternately  dominates  the