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For  instance,  Consols  yield  under  3  per
cent.,  and  British  Railway  Debentures
about  3J  per  cent.  ;  whereas,  the  yield
from  French  Stocks  of  similar  class  is
slightly  higher  in  both  cases.  Again,  in
other  parts  of  Europe,  and  the  United  States,
Railway  Debentures  yield  yearly  4  per
cent.  ;  whilst  South  American,  African,
Japanese  and  Chinese  investments  of  this
type  yield  considerably  more  than  that
rate.  In  similar  proportion  in  each
country  the  yield  from  all  other  classes
of  stocks  moves  in  a  progressive  ratio,
which  is  in  inverse  proportion  to  the
country’s  accumulated  wealth.  Therefore,
an  investor  who  confines  bis  investments
to  the  stocks  of  one  country,  thereby  limits
the  yield  from  his  invested  capital  to  the
ratio  of  yield  of  that  particular  country.
But  if  he  geographically  distributes  his
invested  capital,  he  receives  the  average
rate  of  yield  which  rules  the  world  over.
It  is  almost  unnecessary  to  say  that  this
average  rate  is  considerably  larger  than
the  rate  obtainable  from  British  stocks
of  the  same  class.  Thus,  at  the  time  of
writing,  whilst  a  list  of  British  investments
of  good  medium  class  would  yield,  say
about  4£  per  cent.,  a  list  of  in  every
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