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Y. Chance of fair increase in Capital Value 
with some regard for Income. 
An investor who is not solely dependent on 
the income derived from his invested capital, 
and who is in a position to accumulate fresh 
capital from time to time out of earned income, 
should pay the greatest attention to a possible in 
crease in the capital value of his stocks, making 
the income-yield a subordinate consideration. 
There are quite a number of stocks which, 
like Ground Rents, automatically increase in 
capital value, such as Loans and Debentures, 
redeemable at a fixed date and at a certain 
fixed price, which can be bought below their 
redemption value. There also appear on the 
market, from time to time, new Debentures 
and Bond issues which are thoroughly well 
secured and are offered below the value which 
they are likely to command when the under 
taking becomes established. There are many 
Geographical Divisions in which industrial 
development is fast expanding, and in which 
the current rate of interest paid on loans 
displays a constant tendency to diminish. 
These conditions cause a gradual appreciation 
in the rise of all sound Stocks in such 
divisions. We have a very good example 
of this in the recent development of Mexico,