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and industry all over the world developed that 
historically unprecedented expansion which 
so enormously multiplied the wealth of the 
world, and gradually withdrew from London 
its former financial power. Investors of all 
nationalities used their newly acquired wealth 
in the purchase of the stocks of their own 
countries, thereby shifting the dominating 
markets in them to their own Bourses, and 
in this way the London Stock Exchange has 
lost control over many stocks in which its 
influence was at one time supreme. 
A very striking example of this happened 
recently in the case of Argentine securities. 
These were formerly wholly in the hands of 
English investors, and British trade depression 
spelt inevitable reduction in Argentine values. 
Now it is different ; and whilst during 1904 
financial stagnation prevailed in England, 
Argentine stocks were on the boom, and every 
ship which left English shores for South 
American harbours conveyed parcels of 
Argentine stocks to a new domicile ; and this 
has continued to the present day. 
This loss of financial control is a sad fact 
for the British nation as a whole, but 
it is advantageous to every individual 
British investor, as the number of stocks well 
known to him and to his London stockbroker,