66 
way equally safe investments of wide 
geographical distribution would yield 
about 5 per cent. In fact, without in 
any way diminishing the individual safety 
of the investments held, the yield from a 
Geographically Distributed Investment List 
must always be materially larger than the 
yield from an all-British Investment List. 
A glance at the all-British Chart of price- 
movements and income yield, and at the 
Geographically Distributed Chart and income 
yield given in this book, will confirm the 
three contentions which we have advanced 
above. 
In addition to the points which we 
have already enumerated, there is another 
important contingency which can only be 
guarded against by adopting the principles 
of a world-wide Geographical Distribution of 
Capital. This contingency is the permanent 
depreciation which may possibly overtake 
some portion of any capital sum invested. 
For, no matter how carefully investments may 
be chosen at the outset, it is quite impossible 
to guard against a certain percentage of 
the stocks selected failing to realise the 
reasonable expectations formed concerning 
their future. Truly this percentage of the