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world-wide  distribution  of  capital  consists  of
the  opportunities  which  this  system  presents  :—
1.  Of  realising  an  accrued  profit-  in  one
or  more  geographical  divisions.
2.  Of  purchasing  or  of  averaging  depreciated ­
  investments  in  another  geographical
division  with  the  capital  so  realised,  and
with  the  accrued  profit  so  secured.
3.  Of  materially  increasing  the  capital
value  of  the  whole  Investment  List  by  thus
making  a  profit,  which  has  already  been
secured,  act  as  a  stepping-stone  to  another
future  profit  on  an  unduly  depreciated
security,  which  is  purchased  with  the  proceeds ­
  of  the  stock  sold.
.  It  may  occur  to  a  thoughtful  investor  that
the  system  of  securing  accrued  profits,  advocated ­
  above,  would  necessitate  his  investing
his  capital  in  more  or  less  speculative  stocks
of  great  width  of  fluctuation.  But  a  glance  at
any  one  of  our  charts  will  satisfy  the  reader  that  •
extensive  upward  and  downward  movements  are
by  no  means  confined  to  speculative  securities,
for  we  find  that  a  Trustee  investment  like
Nottingham  Corporation  Stock  in  the  all-British
  Chart  has  fluctuated  to  the  extent  of
31  points,  whilst  a  more  speculative  stock
like  Illinois  Central  Railway  Common  Stock
in  the  International  Chart  has  only  fluctuated