74 
I. Maximum Capital and Income Safety 
coupled with the minimum amount of personal 
trouble to the investor. 
An investor who desires a moderate income, 
coupled with great capital security, and who 
does not wish to attend to his investments 
more than is absolutely necessary, should 
minimise the number of stocks in which he 
invests as far as is compatible with a 
proper geographical distribution of external 
investment risks. He should confine himself 
to investments whose inherent safety is 
capable of the clearest demonstration, 
which are as far as possible removed from 
political influences, and from whose internal 
capital and income safety the speculative 
element is completely removed. Such a list 
should consist exclusively of Government or 
Municipal Loans which show the least fluctu 
ations in price-movement, and Debenture or 
Bond issues of undoubted security. Deben 
ture and Bond issues are the more preferable 
class of investment, as they are more removed 
from political and monetary influences than 
are Government and Municipal Loans. There 
is a general idea abroad among investors that 
the Government issues of the principal 
European States are most suitable for such