58 
contained in the all-British List. Their 
inferiority is attested by the fact that their 
average annual widths of fluctuation are 
greater than the widths of fluctuation in 
the all-British List. In a similar International 
List, but composed exclusively of higher grade 
securities which we publish in Chapter V. of 
this book, the maximum capital variation 
during a period of ten years is very slight. 
As the aim of that chart is to show how 
funds can be invested with the greatest safety 
both of Capital and Income, we naturally 
chose stocks of a higher grade than we have 
done here, where our object is to show how 
widely different are the price-movements of 
stocks of various nationalities. But by 
selecting stocks of great width of fluctuation 
for the International List exhibited in this 
chapter, we are now in a position to 
show by comparison with the all-British List 
that the Geograjjhical Distribution of Capital 
collectively endows an Investment List, 
consisting of individually inferior stocks, with 
greater Capital Stability than is possessed by 
an Investment List composed of higher-grade 
stocks, all influenced by the same investment 
risk. So that 
An investor who geographically distributes 
his capital can, with safely, afford to hold stocks