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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  understanding ­
  of  the  subject,  and  to  the  ultimate
conviction  that  we  have  in  no  way  overstated
the  accuracy,  with  which  an  investor  can  prearrange ­
  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  investor ­
  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