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  worldwide ­
  scheme  of  Geographically  Distributing
Capital,  the  system  of  poise  and  counterpoise ­
  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  appreciating ­
  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  investments ­
  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