56
more income than the all-British List from
the very commencement.
2.—The all-British List improves in
value during the first five years by £2,902,
but this improvement gradually disappears
again and in 1906 the value is sub
stantially the same as it was in 1893.
The International List rises in value but
gradually ; this rise, however, is main
tained, and a final increase in value of
£2,245 is recorded.
Another very important point in favour of
the Geographical Distribution of Capital is that :
No set of circumstances could cause all the
stocks in a Geographically Distributed Invest
ment List to show a simultaneous depreciation
below cost price.
This is an advantage which an all-British
Investment List does not afford its owner.
For an investor who stakes his Capital Stability
on the trade prosperity of one country fre
quently finds that every stock in his possession
is quoted below “ cost.” Now, nearly every
investor desires at times to realise some part
of his invested capital, and to be able to do
so only at a loss is disastrous. It is, therefore,
well to remember that an investor who con
fines himself to the stocks of one country
may and must find himself at times in this