56 
more income than the all-British List from 
the very commencement. 
2.—The all-British List improves in 
value during the first five years by £2,902, 
but this improvement gradually disappears 
again and in 1906 the value is sub 
stantially the same as it was in 1893. 
The International List rises in value but 
gradually ; this rise, however, is main 
tained, and a final increase in value of 
£2,245 is recorded. 
Another very important point in favour of 
the Geographical Distribution of Capital is that : 
No set of circumstances could cause all the 
stocks in a Geographically Distributed Invest 
ment List to show a simultaneous depreciation 
below cost price. 
This is an advantage which an all-British 
Investment List does not afford its owner. 
For an investor who stakes his Capital Stability 
on the trade prosperity of one country fre 
quently finds that every stock in his possession 
is quoted below “ cost.” Now, nearly every 
investor desires at times to realise some part 
of his invested capital, and to be able to do 
so only at a loss is disastrous. It is, therefore, 
well to remember that an investor who con 
fines himself to the stocks of one country 
may and must find himself at times in this