i 
16 
His conclusions have appeared in the April, 
1907, number of the Financial Review of 
Reviews ; they have since then been published 
in the Popular Financial Booklet XXI., which 
Booklet has been reprinted and appended to this 
book. 
It follows that if an investor widely distri 
butes his capital over the earth’s surface, local 
depression in one quarter will be counter 
balanced by the local trade activity in another 
quarter. Further, it also follows, if an 
investor’s capital is sufficiently large to enable 
him to purchase investments representative of 
every trading centre in the world, that the 
world’s perpetual trade expansion will auto 
matically tend to increase the realisable 
capital value of his investments year by year. 
Moreover, as the tendency of the younger 
countries is to increase their proportion of 
the world’s trade, so their credit necessarily 
tends to appreciate also ; with the result that 
the representative stocks of those countries 
must show a special tendency to rise in 
value. 
By way of giving an illustration, proving 
the practical value of the above conclusions, 
we have prepared a chart covering the same 
period, and in construction identical with the 
charts given in the last chapter, but depicting