180

clash  with  affording  the  maximum  of  protection
to  the  Trust’s  Funds,  income  was  unhesitatingly
sacrificed  to  capital  security.  Capital  security
is  the  keynote  of  the  Trustee  Acts.
Money  is  invested  in  trust  with  the  intention
that  the  capital  sum  invested  shall  be  preserved
intact,  so  that  it  either  may  be  handed  on
without  diminution  from  one  beneficiary  to
another  succeeding  beneficiary,  or  else  that
the  whole  of  the  original  fund  shall  be  available
for  distribution  at  the  expiration  of  the  term
of  the  trust.  Unfortunately,  however,  this
primary  intention  of  affording  the  maximum
of  protection  to  the  capital  of  Trust  Funds  has
been  entirely  defeated  by  the  fact  that  the
fluctuations  in  British  Trading  Prosperity
control  the  fluctuations  in  capital  value  of
the  British  Trustee  stocks.
How  uniform  is  the  movement  of  all
Trustee  stocks  and  how  absolutely  identical
are  their  fluctuations  over  a  lengthy  period  of
years  may  be  readily  seen  from  the  following
chart,  which  is  reprinted  in  reduced  size  from
our  new  Investment  handbook  The  Investiment
  of  Trust  Funds*

*  The  Investment  of  Trust  Funds,  by  Henry  Lowenfeld.
Revised  as  to  statements  of  Law  by  A.  E.  Scratchley,  of
Lincoln’s  Inn,  Barrister-at-Law.  Price  2s.  6d.  Published  at
2,  Waterloo  Place,  London,  S.W.