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appreciates or depreciates the capital value of 
securities of many different kinds. In other 
words, the idea of the Geographical Distribution 
of Capital is broadly based upon a wide 
application of the old adage—“ Don’t put all 
your eggs into one basket.” And “basket” 
here means “ country.” 
The enormous loss suffered by investors in 
the capital securities of the United Kingdom 
during recent years, and the large depreciation 
of our National credit, are most serious matters. 
And the present subject is well worthy of 
careful examination. 
I have been asked by the Editor of the 
Financial Review of Reviews to examine the 
fluctuations of the trade of the world, with 
special reference to this matter of the 
Geographical Distribution of Capital. The 
main points put to me are these :— 
Does the trade of the world constantly 
increase, despite falls or rises in the trade of 
various parts of the world ? And, is falling 
trade in one part of the world more or less 
counterbalanced by rising trade in another part 
of the world ? 
These are interesting questions, and the 
investigation of the facts necessary to reply to 
them ought to bring out some widely-based 
results of much value, apart from the results