G 2 
81 
and, in the second place, of explaining how 
various types of securities should be employed 
in order to obtain certain desired results. 
Stocks should be used by investors in the 
same way as an architect uses building 
material. Just as there are various kinds of 
timber, every one of which possesses different 
qualities, so there are different classes of 
stocks with varying advantages or drawbacks. 
The lowest class of timber can be utilised 
in its proper place, and in the same way even 
the lowest grade of stocks can under certain 
circumstances be advantageously employed. 
It would be a pity to employ line oak 
beams for supporting the roof of an outhouse, 
and it is equally unwise to invest in a 
British Trustee Security when a fair Ordinary 
share would do. In a virgin Oak forest, far 
removed from civilised centres, oak logs might 
be so employed, for the timber does not 
command a fair comparative price in such a 
region ; and similarly a iirst-class 6 per cent, 
yielding Debenture emanating from a country 
where money is dear, might be used for 
ordinary Investment purposes. 
For, as with timber, whose price is 
regulated by its proximity to markets, so 
is it with stocks, whose yields are regulated 
by their geographical position.