Safeguarding Invested Capital. 19 
effected, thus placing the entire investment position on 
a sound basis at once; in others the reconstruction must 
be brought about more gradually. 
The recommendations finally determined upon, 
together with advice as to how far and how soon the list 
requires altering, are then submitted to the investor for 
his consideration. Should he prefer not to follow his 
own judgment in the matter, he is advised to consult his 
broker, banker, or man of business, and it is also left 
to his own choice to effect the proposed changes 
through either his own or the Investment Registry’s 
brokers. 
Formerly the Registry used to carry out such ex 
changes itself; but this practice led, in some instances, to 
the belief that the Registry, being interested in the 
amount of business done and the kind of securities into 
which an exchange was made, could not give impartial 
advice. As it is of the utmost importance to investors 
to feel positively assured that the advice given is the best 
procurable, the system of carrying out reconstructions 
of investment lists through the Registry direct has been 
discontinued. 
It is sometimes suggested that the Registry should 
confine its activities solely to advising investors, who 
should afterwards act upon the advice without further 
reference to the Registry. 
This can, of course, be done, but in practice it has 
proved most unsatisfactory. Sometimes the stocks 
which the Registry recommends are not easily procur 
able, so that others have to be substituted; the price to