Investment, an exact science

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Monograph

Identifikator:: 865521182

URN:: urn:nbn:de:zbw-retromon-48767

Document type:: Monograph

Author:: Lowenfeld, Henry

Title:: Investment, an exact science

Place of publication:: London

Publisher:: The Financial Review of Reviews

Year of publication:: 1906

Scope:: 1 Online-Ressource (X, 160 Seiten)

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter III - The geographical distribution of capital

Collection:: Economics Books

50 The whole appearance of the International Chart, in fact, cleaily demonstrates that as the trade prosperity of each country differs from that of all other countries, so the price move ments of the stocks in each country differ from those of all other countries. The secondary point which at the outset of this chapter we proposed to establish was that in consequence of the perpetual growth of the world’s population there was a corre spondingly perpetual expansion of the world’s trade. Now, we have already shown that Trade Prosperity has a very great influence on Stock Exchange values, so it follows that, if the world’s trade does expand as we have maintained that it does, then the realisable value of an International Investment List will also, at reasonable intervals, show a tendency towards expansion. The expansion of realis able value in the list of securities given in our example is to be found in the several annual totals at the foot of the chart. In 1893 the realisable value was £10,160, and it gradually rose to £12,405 in 1906. In Chapter II. we have shown that all the representative stocks of one country constitute the same investment risk, and that, therefore, an Investment List entirely composed of stocks of any one country is unsafe. We have now,

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