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recent  years,  it  will  be  observed  that  Canadian
3  per  Cents,  have  been  in  no  way  supported ­
  by  the  local  prosperity,  but,  yielding
to  the  dominating  influence  of  London,  the
financial  centre  which  furnishes  the  investment ­
  demand  for  this  security,  Canadian
Threes  have  slavishly  followed  in  the  wake  of  all
stocks  dependent  upon  British  Trade  Influence,
and  have  depreciated  seriously  during  the  very
years  when  Canadian  Railway  stocks,  Hudson’s
Bay  Company’s  shares,  and  other  Canadian
issues,  other  than  Trustee  stocks,  have  been
making  a  high  record  of  prices,  hitherto
unreached  in  their  previous  financial  history.
Similarly  the  London,  Tilbury  &  Southend
4  per  Cent.  Perpetual  Debenture,  in  spite  of  the
expanding  traffic  of  that  line,  which  was  continuously ­
  progressive  during  the  period  from
1895  to  1904,  was  unable  to  resist  the  dominating ­
  influence  of  general  depression  in  British
trade  ;  and,  in  sympathy  with  all  other  Trustee
stocks,  reached  a  low  level  of  depression  in
1904,  at  a  time  when  the  same  company’s
ordinary  stock  was  paying  a  larger  dividend
than  it  had  ever  done  before,  and  was  standing
at  a  record  high-water  mark.
Yet  during  the  self-same  period,  when  British
Trustee  stocks  were  thus  emphatically  proving
their  unsuitability  to  be  used  as  the  receptacles