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of  the  capital  of  trusts,  it  was  possible  to
obtain  absolute  Capital  Stability  by  investing
money  in  the  Government  stocks  of  a  variety
of  nationalities  distributed  over  a  world-wide
area.  It  is  almost  unnecessary  to  remark  that
these  Government  stocks  are,  of  course,  Trustee
stocks  in  each  of  their  respective  countries  of
issue.  So  that  what  we  have  already  shown
to  be  true  of  internationally  selected  stocks
generally  is,  as  might  be  expected,  equally  true
of  internationally  selected  Trustee  stocks  ;  that
is  to  say,  when  a  group  of  international  Trustee
stocks  is  so  chosen  that  the  bulk  of  each
stock  is  held  in  the  country  of  original  issue,
then  each  of  the  stocks  which  form  the  group
will  be  controlled  by  a  separate  trade  influence,
and  each  will  fluctuate  as  an  independent  item.
In  brief,  such  a  group  of  investments  wmuld
display  that  very  stability  of  realisable  value
which  is  so  conspicuously  lacking  in  a  group
of  all-British  Trustee  stocks.
In  The  Investment  of  Trust  Funds,  we  publish
a  chart  showing  the  price-movements  of  fifteen
Government  loans  which  may  fairly  be  said  to
embrace  every  investment  quarter  of  the  globe.
In  this  group  we  have  not  failed  to  include
United  States  4  per  Cent.,  Spanish  4  per  Cent.,
Russian  4  per  Cent.,  Japanese  5  per  Cent.,  and
Chinese  5  per  Cent.  Gold  Loan,  although  alJ