127

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,