Investing at its Best and 
will find the Registry’s plan of investment most unin 
teresting, for it affords no such chances, and aims solely 
at maintaining capital intact and ensuring a regular 
income. The pleasurable excitement caused by watch 
ing price quotations of a rising tendency cannot be 
enjoyed when this plan is applied. All those stocks 
which lend themselves to speculation are excluded, the 
plan being confined entirely to that class of investments 
which is least likely to attract the attention of specula 
tive operators. 
It is true that the plan aims, among other objects, at 
a gradual increase of capital, but the process for attain 
ing this end is slow and deliberate, as it is based upon 
real improvement in value, and not on market 
manipulation. 
Sound Investment.—Stability of capital value and 
regularity of income are the essentials of sound invest 
ment. To obtain these with mathematical certainty is 
impossible. Every investment, whatever its nature, 
and however safe it may appear to a prospective pur 
chaser, has an element of inherent risk. 
The best system of investment can only reduce the 
risks and minimise their bad effects by a scientific method 
of averaging, but it cannot remove them from any single 
stock. The best constructed list of investments is bound 
to show some variations in total realisable value from 
year to year, but such variations should be small in 
comparison with the amount of capital invested. 
During recent years lists of investments consisting 
solely of British Trustee stocks have depreciated over