or, worse still, when the area of investment 
is largely or wholly restricted to the stocks 
of one country. For this latter method 
of investment absolutely precludes the 
possibility of any sort of counterpoise. 
On the other hand, by adopting a world 
wide scheme of Geographically Distributing 
Capital, the system of poise and counter 
poise is assured, because no two stocks 
controlled by the course of trade of two 
different countries ever move absolutely 
alike. Furthermore, the resulting average 
of such a system must be in favour of the 
investor who adopts it, because the total 
average value of his holding depends to a 
very great extent upon the trade of the 
whole world, which is constantly growing. 
So that, if taken over a reasonably long 
period, the rise in the value of the appre 
ciating stocks comprised in an Investment 
List so constituted must inevitably exceed 
the fall in the value of those stocks which 
have depreciated. 
3.—Income and Capital Safety increased. The 
yield obtainable from representative invest 
ments depends entirely upon the value of 
credit in the countries in which they are 
principally held. The richer the country 
the smaller is the yield upon its stocky