52

outside  of  Great  Britain,  each  group  of  which
is  subject  to  a  different  trade  and  market  influence. ­
  The  result  shown  is  identical  with
the  results  obtained  in  the  former  charts  given
in  this  book.  Although  we  are  here  dealing
with  groups  of  stocks  representing  hundreds
of  millions  of  capital  value,  the  British  groups
move  slavishly  together,  whilst  every  one  of
the  non-British  groups  displays  an  individual
movement  of  its  own.  So  that  the  wholesale
movements  of  a  large  bulk  of  securities  and
the  individual  movements  of  a  single  stock
are  identical  in  their  results.  In  fact,  the
figures  from  the  Bankers’  Magazine  show
in  the  upper  chart  how  unsafe  from  a  capital
point  of  view  is  an  investment  which  is  subject ­
  to  the  trade  or  market  influence  of  a
single  country  ;  whilst  in  the  lower  chart
an  investment  in  which  capital  is  geographically ­
  divided,  displays  a  true  balance  between
the  rises  and  falls  in  value.
This  exhausts  the  chief  noteworthy  points
in  the  International  Investment  Chart,  and  we
will  now  proceed  to  discuss  the  features  of
this  chart  in  comparison  with  those  of  the
all-British  Chart  which  is  to  be  found  facing
page  27.  To  begin  with  it  should  be  noticed
that  the  stocks  comprising  the  International
List  are  on  average  inferior  in  quality  to  those