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two,  particularly  in  the  case  of  gilt-edged
and  other  low-yield  stocks,  in  the  control
which  it  exercises  over  the  realisable  value
of  securities.
That  a  third  influence  of  some  sort  does
exist  is  easily  capable  of  demonstration.  Let
us  take  an  irredeemable  Trustee  Debenture  of
an  English  Railway  paying  a  fixed  rate  of
interest.  Here  we  have  an  investment  which
is  so  fully  secured  as  to  capital  and  income
that  its  value  would  be  incapable  of  fluctuation
if  there  were  no  third  influence  to  consider.
For  example,  the  perpetual  4|-  per  cent.
Debenture  of  the  London,  Brighton  &  South
Coast  Railway.
This  Debenture  stock  can  never  be  paid
off  without  the  consent  of  the  Debenture
holders  ;  no  new  capital  charge  can  ever  be
created  to  rank  in  front  of  this  Debenture.
The  Debenture  is  fully  secured  by  mortgage
upon  a  railway  the  total  value  of  which
is  seven  times  larger  than  the  total  of  this
Debenture  issue.  The  Debenture  interest  is
at  the  fixed  rate  of  4J-  per  cent.,  and  the
nett  earnings  of  the  line  are  sufficient  to  pay
this  annual  interest  nearly  seven  times  over.
It  is  obvious,  then,  that  both  capital  safety
and  income  productiveness  admit  of  no  question ­
  in  the  case  of  this  Debenture,  which  can