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For instance, Consols yield under 3 per 
cent., and British Railway Debentures 
about 3J per cent. ; whereas, the yield 
from French Stocks of similar class is 
slightly higher in both cases. Again, in 
other parts of Europe, and the United States, 
Railway Debentures yield yearly 4 per 
cent. ; whilst South American, African, 
Japanese and Chinese investments of this 
type yield considerably more than that 
rate. In similar proportion in each 
country the yield from all other classes 
of stocks moves in a progressive ratio, 
which is in inverse proportion to the 
country’s accumulated wealth. Therefore, 
an investor who confines bis investments 
to the stocks of one country, thereby limits 
the yield from his invested capital to the 
ratio of yield of that particular country. 
But if he geographically distributes his 
invested capital, he receives the average 
rate of yield which rules the world over. 
It is almost unnecessary to say that this 
average rate is considerably larger than 
the rate obtainable from British stocks 
of the same class. Thus, at the time of 
writing, whilst a list of British investments 
of good medium class would yield, say 
about 4£ per cent., a list of in every 
F %