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recent years, it will be observed that Canadian 
3 per Cents, have been in no way sup 
ported by the local prosperity, but, yielding 
to the dominating influence of London, the 
financial centre which furnishes the invest 
ment demand for this security, Canadian 
Threes have slavishly followed in the wake of all 
stocks dependent upon British Trade Influence, 
and have depreciated seriously during the very 
years when Canadian Railway stocks, Hudson’s 
Bay Company’s shares, and other Canadian 
issues, other than Trustee stocks, have been 
making a high record of prices, hitherto 
unreached in their previous financial history. 
Similarly the London, Tilbury & Southend 
4 per Cent. Perpetual Debenture, in spite of the 
expanding traffic of that line, which was con 
tinuously progressive during the period from 
1895 to 1904, was unable to resist the domina 
ting influence of general depression in British 
trade ; and, in sympathy with all other Trustee 
stocks, reached a low level of depression in 
1904, at a time when the same company’s 
ordinary stock was paying a larger dividend 
than it had ever done before, and was standing 
at a record high-water mark. 
Yet during the self-same period, when British 
Trustee stocks were thus emphatically proving 
their unsuitability to be used as the receptacles