G 
our illustration to its full possibility, we could 
bave shown even a more calamitous loss than 
£1,260 upon £6,109, the original capital 
sum invested. So that, without in any way 
straining our illustration, we are able to depict 
a loss of rather more than 20 per cent, 
upon three Trustee stocks, each of which 
seemingly represents interests widely differing 
from those influencing the other two. 
Now, if so deplorable a result as this is 
produced by the purchase of three stocks 
which are supposed to represent all that is 
most solid in English finance, it would seem 
that there is just as much fluctuation in a 
stock with a gilt edge as in a sound stock 
not so adorned. Briefly, the tabular results 
displayed above conclusively prove that 
capital safety is not arrived at by merely 
forming a combined Investment List of stocks 
of unquestionable individual soundness. It 
therefore follows that in order to achieve 
stability of capital an Investment List must be 
endowed with some other characteristic in addi 
tion to the intrinsic merit of individual stocks, 
if the investor is to ensure capital safety. 
But before we begin the discussion of this 
further requisite quality, let us first establish 
the simple rudimentary principles which must 
be the foundation of all successful investment.