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the possibility of so reducing chances as to 
make satisfactory investment results a practical 
certainty from the outset. 
This dubious frame of mind we consider 
rather advantageous than otherwise, because 
it should tend to egg the doubter on to 
a close study of the subject of averaging 
investment risks. All investigations which 
he will make will lead to a better under 
standing of the subject, and to the ultimate 
conviction that we have in no way overstated 
the accuracy, with which an investor can pre 
arrange a given result. 
Having once determined what results he 
desires, and having discovered what classes 
of stocks he should include in his investment 
list, an investor should be guided by the 
following main points of a safe Investment 
Scheme, which are applicable to all investment 
schemes whatever the desired object may be. 
1.—The Division of Capital. The amount 
invested in every separate stock must be alike ; 
therefore the number of stocks which the in 
vestor decides to hold settles the amount of 
capital to be placed in each. In our opinion 
the evolution of invested savings should be 
somewhat as follows :—When annual earnings 
first begin to exceed the annual expenditure, 
the Post Office Savings Bank should be the