80 
It will also be noticed that the increase in 
value does not correspond with the increase 
in income. At the commencement of the chart 
in 1893 the average yield was about 4 per cent, 
per annum. Between 1893 and 1897 there was 
an increase in value of £2,902, but the 
dividends had only increased by £54, which 
was at the rate of under 2 per cent, per 
annum on the increased value. In 1895 and 
1906 the income was exactly the same, 
viz., £453, yet the capital value in the latter 
year was reduced by £1,204, or over 
10 per cent. Again, in spite of an increase 
in dividend of £10 in 1906 as compared with 
1905, yet the capital actually decreased in 
value. 
Indeed, the more closely this chart is 
studied the more apparent becomes the over 
whelming influence of British trade and flnance 
on Home securities. 
The great lesson to be learnt from the 
chart is the hopelessly mistaken belief of a 
great many investors who hold a mixed assort 
ment of British stocks that the increased 
prosperity of a portion of their Investment 
List may be relied upon to counterbalance any 
dwindling of value and dividends amongst the 
other portion of their holdings. That any 
counterpoise of this sort is ever to be derived