DISTRIBUTION OF CAPITAL. 
The safety of capital is obtained by dividing it (i) evenly 
among a number of sound Stocks (2) of identical quality, 
but (3) every Stock held being subject to an entirely 
different market and trade influence. 
*NOTE.—For the reasons why all British Trustee Securities belong to 
the British Division, although they are geographically situated in various 
parts of the globe, see “ The Investment of Trust Funds." 
I. 
BRITISH 
DIVISION. 
England. 
Scotland. 
Ireland. 
Wales. 
All British 
Trustee 
Securities # 
irrespective 
of their 
geographical 
situation. 
VI. 
AFRICA. 
Algeria. 
Abyssinia. 
Bechuanaland. 
Cape Colony. 
Congo F. State. 
Egypt. 
Gold Coast. 
Lagos. 
Morocco. 
Natal. 
Orange Rlv. Col. 
Rhodesia. 
Sierra Leone. 
Transvaal. 
II. 
BRITISH 
COLONIES. 
Australia. 
British 
Columbia. 
Canada. 
Ceylon. 
India. 
Labrador. 
Newfoundland 
New Zealand. 
VII. 
AMERICA 
North. 
United States 
of America. 
Alaska. 
III. 
EUROPE 
North. 
Belgium. 
Denmark. 
Germany. 
Holland. 
Norway. 
Russia. 
Sweden. 
Switzerland. 
VIII. 
AMERICA 
Central. 
British 
Honduras. 
Costa Rica. 
Guatemala. 
Honduras. 
Mexico. 
Nicaragua. 
Panama. 
Salvador. 
West Indies. 
IV. 
EUROPE 
South. 
Austria 
Hungary. 
Bulgaria. 
France. 
Greece. 
Italy. 
Montenegro. 
Portugal. 
Roumanie. 
Servia. 
Spain. 
Turkey. 
IX. 
AMERICA 
South. 
Argentina. 
Brazil, 
Bolivia. 
British Qui*"*- 
Colombia. 
Chill. 
Dutch Guiana. 
Ecuador. 
French Guiana. 
Peru. 
Paraguay. 
Uruguay. 
Venezuela. 
V. 
ASIA. 
Arabia. 
China. 
Japan. 
Korea. 
Persia. 
Siam. 
T urkestan. 
Turkey in Asia. 
Malay. 
Philippines. 
East Indies. 
X. 
INTERNATIONAL 
STOCKS 
representing 
International 
trading 
Interests, 
such as 
International 
Trusts, 
Shipping, 
Telegraph, and 
Marine 
Insurance 
Companies. 
Shipping .4. 
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