82

this  by  the  annexed  charts  of  the  typical  price
movements  of  the  stocks  of  the  following
countries  :—Great  Britain  (two  charts),  France,
Germany,  Switzerland,  Belgium,  Canada,
Japan,  U.S.  of  America,  the  Argentine  Republic.
In  every  instance  a  number  of  representative
stocks  have  been  taken,  and  their  pricemovement
  depicted  upon  the  basis  of  annual
average  values.  Although  some  of  the  charts
appear  slightly  similar  in  movement,  they  are
not  so  in  reality,  as  in  each  instance,  on  account
of  the  widths  of  fluctuation,  a  different  scale
has  had  to  be  adopted.  Thus,  for  instance,  the
charts  of  the  U.S.  America  and  of  Canada  look
somewhat  alike,  yet  a  close  examination  will
show  that  in  the  years  1902-1003  there  was  a
strong  rise  in  Canadian  stocks,  whilst  during
the  same  period  there  was  a  considerable  fall
in  American  stocks.  In  the  same  way  dissimilarities ­
  will  be  discovered  in  every  one  of  the
charts  on  comparing  them  with  each  other,
when  the  difference  in  scale  which  unfortunately ­
  had  to  be  adopted  is  taken  into
consideration.
These  ten  charts  are  ocular  demonstrations
of  the  fact  that  the  prices  of  the  principal
stocks  of  every  country  move  alike,  under
the  dominant  influence  of  the  trading  conditions
of  that  country  ;  so  that  the  foundation  of