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two, particularly in the case of gilt-edged 
and other low-yield stocks, in the control 
which it exercises over the realisable value 
of securities. 
That a third influence of some sort does 
exist is easily capable of demonstration. Let 
us take an irredeemable Trustee Debenture of 
an English Railway paying a fixed rate of 
interest. Here we have an investment which 
is so fully secured as to capital and income 
that its value would be incapable of fluctuation 
if there were no third influence to consider. 
For example, the perpetual 4|- per cent. 
Debenture of the London, Brighton & South 
Coast Railway. 
This Debenture stock can never be paid 
off without the consent of the Debenture 
holders ; no new capital charge can ever be 
created to rank in front of this Debenture. 
The Debenture is fully secured by mortgage 
upon a railway the total value of which 
is seven times larger than the total of this 
Debenture issue. The Debenture interest is 
at the fixed rate of 4J- per cent., and the 
nett earnings of the line are sufficient to pay 
this annual interest nearly seven times over. 
It is obvious, then, that both capital safety 
and income productiveness admit of no ques 
tion in the case of this Debenture, which can