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world-wide distribution of capital consists of 
the opportunities which this system presents :— 
1. Of realising an accrued profit- in one 
or more geographical divisions. 
2. Of purchasing or of averaging depre 
ciated investments in another geographical 
division with the capital so realised, and 
with the accrued profit so secured. 
3. Of materially increasing the capital 
value of the whole Investment List by thus 
making a profit, which has already been 
secured, act as a stepping-stone to another 
future profit on an unduly depreciated 
security, which is purchased with the pro 
ceeds of the stock sold. 
. It may occur to a thoughtful investor that 
the system of securing accrued profits, advo 
cated above, would necessitate his investing 
his capital in more or less speculative stocks 
of great width of fluctuation. But a glance at 
any one of our charts will satisfy the reader that • 
extensive upward and downward movements are 
by no means confined to speculative securities, 
for we find that a Trustee investment like 
Nottingham Corporation Stock in the all- 
British Chart has fluctuated to the extent of 
31 points, whilst a more speculative stock 
like Illinois Central Railway Common Stock 
in the International Chart has only fluctuated