-from  an  all-British  Investment  List  is  an  absolutely ­
  vain  hope.  Yet  this  vain  hope  may  be
said  to  constitute  the  sheet-anchor  upon  which
the  British  investor  relies  to  enable  him  to  ride
out  every  financial  gale  that  blows,  and  this
is  why  the  amount  of  investment-shipwreck
all  round  the  United  Kingdom  is  so  appalling.
Before  he  finally  turns  from  the  contemplation ­
  of  this  chart  we  would  draw  the
reader’s  attention  to  the  fact  that  on  it  is
depicted  every  type  of  English  investment,
and  that  the  individual  history  of  each  of
these  stocks  during  the  period  between  1893
aud  1906  contained  separate  special  events
peculiar  to  that  stock.  But  in  spite  of  the
variety  of  trades  and  interests  represented  in
the  chart,  and  in  spite  of  the  diverse  individual ­
  histories  of  the  several  securities  during
the  period,  all  the  price-movements  are  clearly
indicated  by,  and,  in  the  main,  follow  the
price-movement  of  London  &  North  Western
Ordinary,  and,  where  some  small  individual
deviation  does  take  place,  such  deviation  is
purely  temporary,  and  the  whole  list  of
British  investments  is,  in  fact,  controlled  by
the  course  of  British  trade  and  finance.
And  what  is  true  of  the  securities  of  Great
Britain  is  equally  true  of  the  securities  of
almost  every  other  country.  We  demonstrate