G

79

and  the  corresponding  rise  in  value  of  its
representative  stocks.  From  time  to  time
opportunities  are  also  allorded  of  purchasing
first-class  low-yielding  stocks  at  comparatively
low  prices,  on  account  of  the  adverse  trade  and
financial  conditions  temporarily  prevailing  in
certain  Geographical  centres.
The  above  are  the  main  opportunities  of
increasing  capital  value  in  a  sound  and  efficacious ­
  manner,  the  question  of  income-yield
being  regarded  as  a  subordinate  matter.  The
main  principles  of  Geographical  Distribution
of  Capital  should  be  closely  adhered  to  when
lists  are  constructed  for  the  purpose  of  accomplishing ­
  this  object.  Every  stock  which  shows
a  fair  increase  of  capital  value  should  be  sold
as  opportunity  arises  and  re-invested  on  the
same  favourable  terms  as  in  the  original  purchase, ­
  care  being  taken  that  the  poise  and
counterpoise  obtained  by  a  proper  geographical
distribution  is  not  thereby  disturbed.
VI.  The  Maximum  Chance  of  increase  in
Capital  Value,  with  entire  disregard  for  Income.
An  investor  who  disregards  Income  and
simply  desires  to  increase  his  Capital  should
select  the  reasonably  largest  number  of  comparatively ­
  younger  stocks  standing  at  low
prices  (whether  they  yield  a  dividend  or  no