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respect has improved to the advantage of the 
individual investor, though perhaps to the 
detriment of London’s financial supremacy. 
During the third quarter of the last century, 
which witnessed the dawn of the present 
industrial development, Europe was in a state 
of great political unrest, and all Continental 
bourses were still in the infancy of their 
subsequent financial importance. For this 
reason, Great Britain—or perhaps it would be 
better to say London—was then the only 
existing international harbour of refuge for all 
financial transactions of magnitude. Not only 
every important issue of stock found its way 
to London, but, in addition, a great deal of 
foreign capital was entrusted to London for 
investment. All foreign magnates and poten 
tates had their nest-eggs in the safe custody 
of British Banks. 
This gave to London the undisputed 
supremacy of the finances of the world, and 
this position continued until the end of the 
Franco-German War. This war resulted in 
the payment of a large indemnity by France 
to Germany, and the 'subsequent consolidation 
of all German interests, which struck the first 
blow to London’s financial supremacy. 
Then—and particularly during the last 
decades of the past century—trade, commerce