82 
Thus a good British Debenture Stock will 
command a price at which it will yield only 
about per cent., whilst an equally well 
secured local African or Japanese Debenture 
can be bought to yield 0 per cent. ; or in other 
words £75 invested in the latter, will go as far 
as £100 invested in the former. 
A builder of an investment scheme requires 
materials (Stocks) which are situated in different 
parts of the globe. For some of those which 
emanate from the centre of civilisation, he will 
be forced to pay high prices ; these should be 
offset by the compensating low prices at which 
others, situated in remote countries, are 
purchased. The less civilised a country, the 
more its stocks should yield, and in this way a 
fair average return can be secured from 
capital judiciously distributed over the earth’s 
surface. 
If a Trustee is forced to invest exclusively 
in British Trustee Stocks he will obtain, an 
average yield of under 3^ per cent., whilst a 
Trustee whose hands are not equally tied can 
obtain over 4 per cent., and every security 
which he holds can be quite as sound as the 
British Trustee Securities are. Private investors 
are not in any way restricted in their selection ; 
hence they are wasting their substance when 
they neglect to provide a sufficiently wide area