-from an all-British Investment List is an abso 
lutely vain hope. Yet this vain hope may be 
said to constitute the sheet-anchor upon which 
the British investor relies to enable him to ride 
out every financial gale that blows, and this 
is why the amount of investment-shipwreck 
all round the United Kingdom is so appalling. 
Before he finally turns from the contem 
plation of this chart we would draw the 
reader’s attention to the fact that on it is 
depicted every type of English investment, 
and that the individual history of each of 
these stocks during the period between 1893 
aud 1906 contained separate special events 
peculiar to that stock. But in spite of the 
variety of trades and interests represented in 
the chart, and in spite of the diverse indi 
vidual histories of the several securities during 
the period, all the price-movements are clearly 
indicated by, and, in the main, follow the 
price-movement of London & North Western 
Ordinary, and, where some small individual 
deviation does take place, such deviation is 
purely temporary, and the whole list of 
British investments is, in fact, controlled by 
the course of British trade and finance. 
And what is true of the securities of Great 
Britain is equally true of the securities of 
almost every other country. We demonstrate