50 
The whole appearance of the International 
Chart, in fact, cleaily demonstrates that as the 
trade prosperity of each country differs from 
that of all other countries, so the price move 
ments of the stocks in each country differ from 
those of all other countries. 
The secondary point which at the outset 
of this chapter we proposed to establish was 
that in consequence of the perpetual growth 
of the world’s population there was a corre 
spondingly perpetual expansion of the world’s 
trade. Now, we have already shown that 
Trade Prosperity has a very great influence on 
Stock Exchange values, so it follows that, if 
the world’s trade does expand as we have 
maintained that it does, then the realisable 
value of an International Investment List will 
also, at reasonable intervals, show a tendency 
towards expansion. The expansion of realis 
able value in the list of securities given in our 
example is to be found in the several annual 
totals at the foot of the chart. In 1893 the 
realisable value was £10,160, and it gradually 
rose to £12,405 in 1906. 
In Chapter II. we have shown that all the 
representative stocks of one country constitute 
the same investment risk, and that, therefore, 
an Investment List entirely composed of stocks 
of any one country is unsafe. We have now,