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these  stocks,  with  the  exception  of  the  last,
were  the  national  issues  of  belligerent  Powers
during  a  war  period,  and  Chinese  Fives  were
adversely  influenced  by  the  Boxer  rebellion
and  the  invasion  of  the  country  by  an  international ­
  force  engaged  in  the  armed  suppression
of  the  Boxer  rising.
Yet,  in  spite  of  these  adverse  historical
events,  it  will  be  seen  that  this  cosmopolitan
collection  of  stocks  displayed  as  a  group  a  far
finer  Capital  Stability  than  did  the  purely
British  Trustee  stocks  whose  fluctuations  are
illustrated  in  the  chart  given  in  this  chapter.
Whether  the  obvious  shortcomings  of  the
British  Trustee  Acts,  as  evidenced  by  these
charts,  will  ever  be  legislatively  remedied
by  the  British  Parliament  extending  the
scope  of  the  Acts  to  include  certain  selected
Foreign  Government  securities  it  is  impossible ­
  to  predict.  But  in  the  meantime
one  fact  is  clearly  established,  and  that  is  that
the  British  Trustee  stocks,  owing  to  their
absolute  identity  of  movement,  do  not  furnish
the  essential  Capital  Stability  which  Trust
Funds  should  possess.
Our  researches  into  the  question  of  the
Geographical  Distribution  of  Capital  and  of
the  protection  thus  afforded  to  investors  have
so  firmly  convinced  us  of  the  danger  of