British Consols can, of course, he dealt in 
on every British or Foreign Stock Exchange, 
as they are known throughout the world ; but 
nearly all these transactions come directly 
or indirectly by letter or telegram to London 
and are finally transacted on the London 
Stock Exchange, where almost any quantity 
of the stock can readily he bought or sold. 
In fact, only London can be relied upon to 
absorb or supply any substantial amount of 
the stock, and London is consequently the sole 
market. 
In securities which have various large 
centres, where they are dealt in, like the 
Turkish securities, this is not so ; they 
are held largely by the public which make 
the London, Paris, Berlin, Brussels, Amster 
dam, Vienna, and other less important Stock 
Exchanges their places of dealing, and conse 
quently any one of these centres is always 
ready to supply or absorb Turkish stocks. 
In fact, while every important transaction 
in Consols sends its reflex to London, Turks 
are dealt in locally, and these dealings only 
affect indirectly the other places they are 
quoted. For this reason London alone 
determines and controls the price of Consols, 
whilst the price of Turks is determined by 
international arbitrage dealings.