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clash with affording the maximum of protection 
to the Trust’s Funds, income was unhesitatingly 
sacrificed to capital security. Capital security 
is the keynote of the Trustee Acts. 
Money is invested in trust with the intention 
that the capital sum invested shall be preserved 
intact, so that it either may be handed on 
without diminution from one beneficiary to 
another succeeding beneficiary, or else that 
the whole of the original fund shall be available 
for distribution at the expiration of the term 
of the trust. Unfortunately, however, this 
primary intention of affording the maximum 
of protection to the capital of Trust Funds has 
been entirely defeated by the fact that the 
fluctuations in British Trading Prosperity 
control the fluctuations in capital value of 
the British Trustee stocks. 
How uniform is the movement of all 
Trustee stocks and how absolutely identical 
are their fluctuations over a lengthy period of 
years may be readily seen from the following 
chart, which is reprinted in reduced size from 
our new Investment handbook The Invest- 
iment of Trust Funds* 
* The Investment of Trust Funds, by Henry Lowenfeld. 
Revised as to statements of Law by A. E. Scratchley, of 
Lincoln’s Inn, Barrister-at-Law. Price 2s. 6d. Published at 
2, Waterloo Place, London, S.W.