43 
This chart will serve the double purpose of 
showing that neither in new countries nor in 
untried issues is it possible to absolutely rely 
on any theory as to price-movements. It will 
also be seen from this chart that the solid 
fixed Income stocks like Tokyo City Bonds 
and Imperial 5 per Cent. Consolidated Loan 
indicate the movement, but that the specu 
lative ventures, the scope of which is not 
fully understood by the public, do not follow 
it, but mark out price-movements of their 
own. In spite of the stocks following a 
speculative course of their own, irrespective 
of the course of national trade, there is an 
undeniable general tendency among all of 
them to move together. 
We have now established the fact that 
it is impossible for any investor safely to 
invest his capital in any one country. It is 
true that by limiting his investment area to 
small local stocks an investor might succeed 
in purchasing a number of securities which 
were free from the fluctuations due to trade 
influence. But stocks of this stamp are 
attended by all the grave drawbacks of 
companies which are managed by a small 
clique. The shareholders are either friends or 
others with common business interests. Lor 
example, if a company be created to carry on