87

cent,  can  satisfy  their  requirements  amongst
the  Debentures  and  Preferences  of  oldestablished
  Home  Industrial  Companies,
whilst  in  other  geographical  divisions  they
will  find  that  they  have  a  wide  choice  amongst
Foreign  Railway  Mortgages  and  Preference
Stocks.  Investors  requiring  from  5  to  0  per
cent,  upon  their  invested  capital  will  find  a
fair  selection  amongst  Ordinary  stocks  and
Foreign  and  Colonial  Industrial  Debentures
and  Preferences  ;  but  in  the  British  division
such  a  return  is  only  obtainable  from  Industrial
Issues  of  lesser  repute.
In  How  to  Manage  Capital  we  give  a  detailed
explanation  as  to  how  the  comparative  class,
value  and  safety  of  individual  securities  is
determined,  and  in  the  Investor  s  Year  Book
and  the  Financial  Review  of  Reviews  is
set  forth  the  statistical  information  necessary ­
  to  ascertain  the  dividend  safety  and
the  widths  of  fluctuations  of  all  the  securities
contained  therein.  With  a  very  little  practice
the  investor  will  find  himself  thoroughly  competent ­
  to  arrive  at  a  correct  opinion  on  these
two  points.
As  we  have  already  indicated  in  the
examples  given  earlier  in  this  chapter,  it
ns  in  the  selection  of  the  quality  of  the
investments  to  be  held  that  the  investor  must