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 his car becomes immediately much less careful in driving; and the exponents of auto-suggestion would probably tell us that anyone who insures against sickness is likely to be ill, from the mere fact that he thinks about it.

Competition in insurance is keen, especially in foreign countries, and most of our great composite companies do a large business abroad; and its management needs the highest skill and vigilance to keep an even balance between the necessity of working at rates which shall meet competition and attract custom, and that of making full provision against the risks involved. At the same time insurance business is one in which established reputation and prestige are of enormous value—if you buy a knife or a pair of boots you have got your article and there's an end on't, and you are not concerned further with the seller. If you buy insurance of your warehouse against fire or of your ship against marine risks, you are very greatly concerned to be certain that the seller will, if you have to make a claim at some future date, be not only solvent but prompt and fair in meeting it. It need not be said that in these respects the British offices have an unrivalled reputation the world over, so that as long as they are given a fair chance by local legislators, they are well equipped to keep their flag flying.


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 But it was remarked by the Economist in its issue of May 30, 1925, that "an element of nationalism has to be reckoned with, the tendency in many countries nowadays being to regard insurance as a local preserve for national companies."

The accounts of the composite companies are so voluminous and complicated that any detailed examination of them would only confuse the ordinary investor, for whom this work is devised, and overload this chapter to a weight and size out of all proportion to the scale of our building. As to the balance-sheet, it is enough to say that the "doubtful assets" almost non-existent, if we assume, as we may, that the mortgages are well secured and that the investments are quoted and marketable. In one that is before me the assets are composed as follows:—

It looks like a nice collection, though we are

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 largely left to guess about its contents. Mortgages which we found in Chapter VII to be unsuitable for the private investor we saw at the same time to be excellent for institutions like insurance companies, which can command the skill and attention necessary for their vigilant and constant scrutiny; and their amount in this case is less than half a million out of a total of 26½ millions.

Of the investments, four millions odd are British Government securities, £953,000 are Indian and Colonial Government, £2,886,000 Foreign Government, and £6,784,000 are Railway and other debentures and debenture stocks, home and foreign, these items making up nearly £14¾ millions out of the total of 16¾. British municipal and county securities only amount to £128,000, and there are £290,000 of "Railway and other" ordinary stocks and shares.

It was noted above that the list of investments is almost entirely uninforming. The insurance companies are bound by the Assurance Companies Act of 1909 to draw up a balance-sheet according to the Third Schedule of the Act. The headings shown are those provided by the Schedule. As usually happens with these well-meant official regulations, those bound by them naturally think that, having duly followed them,


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 they have done all that is required, and as we see, the Schedule drawn up by the wisdom of Parliament seems to be designed to tell us almost nothing about the investments of insurance companies.

It makes the companies show (which is something) how much is in British Government securities, but such headings as Railway and other debentures or ordinary stocks, and Foreign Government securities are quite worthless to anyone who wants to know what securities the companies hold. Foreign Government securities range from the obligations of the United States to those of Honduras; and "Railway and other ordinary" might include wild cat mining or oil shares. It would be an education for most of us to be able to see what are the investments of the great insurance companies; as it is, we can only see that they are divided into certain headings, and once more call upon that confidence in the directors and managers, which has so often to act as a crutch for the groping investor, to guide us to the belief that all these are sound and suitable. Fortunately the crutch generally does its work; but if all the great insurance companies would publish with their balance's heets a full list of their investments, they would provide a most useful guide to those


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 who are less well equipped for selecting securities.

That there is no objection to their doing so is shown by the fact that some of them do it. The balance-sheet of the Clerical, Medical and General Life Assurance Society, for example, gives every investment in detail, and a very interesting study they make, and will repay careful examination by investors who want to see how this successful company succeeds in earning a net yield of £4 15s. 4d. per cent., after deduction of income tax, on its invested funds. Points that strike one are the small amounts held in Home Railway prior charge stocks (£19,000) and home municipal securities (£10,000), though the loans on parochial and other rates come to a handsome sum (£298,000). The outstanding features, however, are the imposing figures of the mortgages (£2,013,000) and the British Government securities and guarantees (£2,180,000), which with the various loans (£1,106,000) make up well over five millions out of a total of £8,881,000 of assets.

As to the complications of insurance accounts and the high proportion of net revenue that the companies put to reserve, both will best be exemplified by the following extracts from the first article in the Economist's Insurance


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 Supplement of July 12, 1925, giving the generals results for the year 1924:—

"In this brief preliminary survey we are concerned with the broad effects of the year and its contribution to the resources of British insurance. It is rather misleading to talk or write of 'profits' when we are considering the underwriting surpluses of insurance companies, those balances of the annual premiums which remain over after claims, expenses, and unexpired liabilities have been met. In the technical and legal sense they are, of course, profits belonging to the shareholders. But, unlike the profits of an ordinary trading company, they are not, except to a very small extent, available for distribution. These annual profits of insurance—or, as we prefer to call them, these annual surpluses—are the materials, and the sole materials, out of which the powerful structure of insurance is built up. They provide the slowly accumulating reserves for contingencies upon which security rests, and without which insurance, from the public point of view, would be little better than a gamble. In order to achieve security of the highest class, these annual surpluses, when they are earned, are always treated as funds held in trust for the public rather than as cake to be cut up and divided among shareholders. Out of


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 them British taxes are paid, and almost the whole balance, sometimes even more than the balance, is put away to permanent reserve. Dividends are based, not on these surpluses, but upon the interest earned by the reserves. This sound system of insurance finance has been taught to the world by the British companies, and no other system will give that endurance and impeccable security which is of the essence of insurance, and without which insurance is a mockery.

"Last year the fire insurance offices did fairly well, in spite of rather unfavourable results in the United States. The accident and miscellaneous departments, though not productive of large surpluses, did better than in 1923. Marine insurance remained in the trough of the wave, and showed few, if any, signs of becoming seaworthy. Life assurance was prosperous, but as the bulk of the surpluses in this class of insurance, even in proprietary companies, goes in bonuses to policy-holders, it is not a large contributor to profit and loss accounts.

"While making up the figures for the table of general results on the opposite page, we have observed certain recognized principles. The underwriting surpluses in the fire, accident and miscellaneous accounts were arrived at after charging against premiums all the claims paid


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 and outstanding, all expenses and commissions, including those carried to profit and loss accounts, and including colonial and foreign

taxes when specified in the companies' accounts, and the amounts required to maintain the reserves for unexpired risks at 40 per cent. of the premium incomes. When the premium income


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 falls the yearly contribution to current reserve is negative, and becomes an addition to the surplus; but when the premium income increases it is positive, and a reduction of the apparent surplus. With marine insurance we have been obliged to adopt a different system. No one knows how a marine account works out except the officials of the individual companies, and they only after an account has been finally closed. For marine surpluses we have taken the amounts transferred to profit and loss by the companies in respect of the latest closed year. For the contribution of life assurance we have taken those amounts which have been disclosed by valuations as belonging to shareholders, and accordingly carried to profit and loss.

"So much for surpluses. The interest receipts are those yielded by the available funds, other than life and capital redemption, less income tax and less debenture interest payable by the companies. The taxes, which are chargeable against surpluses, are in most cases British taxes only. But where a few companies have lumped all their taxes together and put them into profit and loss account, we have been obliged to follow them. Dividends are those provided in respect of 1924; many of them have been increased as compared with 1923. In-


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 creases in dividend are permissible, as and when the interest yielded by the funds increases.

"After applying the above principles we find that the total surpluses of the twenty-one companies in our table amounted to £6,469,747 before charging taxes. Taxes, net, required in the aggregate £1,535,404, so that there remained £4,934,343 as the final surplus from all sources on about £100 millions of premium income (excluding life premiums). The dividends provided for 1924 cost £6,159,661, towards the payment of which the interest receipts on the funds yielded £5,638,288, leaving only £521,373 to be drawn from the surplus. We see, therefore, that the aggregate surplus of £4,943,343 was disposed of as follows: £4,412, 970412,970 [sic] undivided and set aside to strengthen reserves, and £521,373 expended in the payment of dividends."

It is an amazing exhibition of successful business and financial strength, and those who acquire proprietorship in it by a purchase of insurance shares do so usually at prices which make them pay high for a partnership in these assets and this wonderful organization. Many insurance shares stand at prices which yield to the buyer a rate of dividend which is considerably below the yield from Government securities—some of them less than 3 per cent.—and so


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 discount a good deal of future increase. The few debenture stocks that these companies have outstanding are as fine a security as anyone could want, but they are scarce and high priced and difficult to buy.


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the early days of the Trust companies, when their history was chequered by the ailments of infancy, they were described by a city wit as institutions formed to hold collectively securities which no individual would look at. It was a pleasant gibe with just a spark of truth in it, because it is in fact quite possible for companies handling large funds, and consequently able to diversify risk on a large scale, to take investment risks which the prudent private investor should avoid. But it was said very many years ago, and the securities of the well conducted Trust companies have now established themselves as in many ways the finest form of investment that one can want.

And so they ought to be. As we have seen, the investor is born to risk and uncertainty as the sparks fly upward, and his chief refuge from these dangers is diversification. The Trust


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 companies can diversify diversification. Shares in big industrial combines give diversification, and so still more widely, as has been shown, do shares in banks and discount companies and insurance companies, and a Trust company can hold all these things and many others, so that their shareholders acquire partnership in diversification carried to the highest possible point.

In security of income, derived from a well-chosen collection of investments in all parts of the world, and yielding a revenue many times as large as the interest on the debenture stocks, the debentures of the best Trust companies are hard to beat. Their preference or preferred stocks come not far behind; and the ordinary or deferred stocks and shares, when one can get them, give one a share in revenue earned by highly trained skill and experience in investing, and a share in capital value which grows by constant allocations to reserves.

Moreover, Trust companies have two great advantages over the ordinary investor; they do a considerable business in underwriting new issues, and thereby either increase their revenue or get, at the underwriting price, securities that they wish to hold; and also, as a Trust company chairman lately expressed it, "many of the best things are offered privately to the invest-


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 ment Trusts before they are put upon the market."

The business of managing a Trust looks easy to an outsider who has never tried it. If one were to start to-day, with the right people behind it, it ought to be able to raise a million capital and split it into £600,000 5 per cent. preference and £400,000 ordinary; whatever it could earn above 5 per cent. on its investments would thus be available after paying that rate to its ordinary shareholders, for dealing with preliminary expenses and starting a reserve fund, the return from which as invested would increase the income of the ordinary shareholder. And profits, if any, from underwriting new issues and from realizations of securities, would be available for the same purposes. If the first few difficult years are passed, the rest of the life of the concern should be one of increasing income, as long as it steadily adheres to the principle of always dividing less than it earns and putting the balance into well-selected securities.

It looks easy, but the career of Trust companies has been by no means uniformly successful. An interesting pamphlet on


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 British Investment Trusts, by Mr. Leland L. Robinson, American Trade Commissioner in London, says that "fully one-quarter of the investment trusts have been remarkably successful," which shows very clearly that the purchase of their securities is not a thing to be done with one's eyes shut, and makes one wonder why the proportion of professional success, on an apparently not too difficult job, should have been so low. Perhaps there is a temptation to think that diversification is all that matters, whereas without skill and care it is useless. With skill and care it works wonders. Mr. Robinson gives a most interesting analysis of the highly successful career of the Edinburgh Investment Trust, which began with a dividend of 8 per cent. on its deferred stock for 1890, came down gradually to 2 per cent. for 1895 and 1896, and since then has gone ahead steadily to 20 per cent. in 1916, and now pays a dividend of 12 per cent. on a deferred capital more than doubled by the capitalization of reserves. It has in all distributed to its deferred shareholders £278,000 of deferred stock, £64,000 in debentures and £58,000 in preferred stock.

It is a wonderful record of success, and this is not the most successful of the Scottish Trusts in the matter of past record, its career having


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 begun, like that of many of the English Trusts, at a bad moment, just before the 1890 crisis, which led to an American panic of 1893, complicated by difficulties in Australasia. Scotsmen maintain, and with good reason, that they know better than anyone how to manage investment Trusts, and that the remoteness of Edinburgh from London is by no means a disadvantage.

The Edinburgh Investment Trust does not publish a list of its investments, but Mr. Robinson was able to tell us that its policy "has been to invest considerable funds in common shares." Its chairman told him that the secret of investment Trust management is to "avoid losses on holdings and allow a portion of net revenue to accumulate at compound interest." This, of course, is the "reserve fund policy," the benefits of which have been so often shown in previous pages. In its report dated March 28, 1925, it stated that its investment funds are distributed over 397 investments, an average of £3,620 in each. According to the usual valuation the investments at the close of the company's year (March 15) were worth over £340,000 more than the amount at which they appear in the balance-sheet, which amount was £1,438,226 6s. 1d.

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 it is much to be regretted that so few Trust companies publish a list of their investments. It has been stated that only about a quarter of those quoted in London Stock Exchange official lists give this information. Mr. Robinson, in his bulletin quoted from above, says that it is felt that the companies "would be handicapped in realizing on their holdings if knowledge of the extent of these holdings were public property." And practical Trust company men do not see why they should give away the secrets of their business.

These reasons may be sound, but reticence on the point is the more unfortunate because an attack on the investment policy of the Trust companies, in one important particular, was made by Mr. Harman of the Rock Investment Company in a speech reported in The Times of September 3, 1925; since it is always useful to investors to hear criticisms, let me give Mr. Harman's words:—

"We feel," he said, "that there is something fundamentally wrong in one investment company—except in quite exceptional circumstances—making permanent investments in the junior stocks of other investment companies. I know that the practice is a common one, but I am sure it is a very bad one. . . . My real objection is that it tends eventually to lead to


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 a fool's paradise. I am sure very few of you realize to what a large extent certain investment trust companies purchase one another's stocks. The purchases are usually made because of knowledge that the 'break-up' value is such-and-such a figure, whereas the market price is only such-and-such. However, if all the investment companies will continue to buy one another's junior stocks, naturally the break-up values of all will go up and up, until one fine day, when the buying movement is replaced by a selling movement, they will go down and down. . ..

"This financially incestuous buying of one another's junior stocks has in my opinion arrived at such a point that careful investors ought now to discriminate between stocks of those companies which make a practice of it and those which do not. . ..

"I think many will agree with me that in view of the large amount of capital invested in investment trust company stocks the market in them is extraordinarily restricted, which is a great pity from many points of view. The prevailing tendency to which I have referred intensifies the narrowness of the market. . ..

"As we all know, investment trust companies—have for some time past been having a very good time. However, most of the older


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 of the companies have at some stage or other in their history had to go through periods of difficulty, and it would be foolish to think that such difficult periods cannot recur. Accordingly, in my view, companies should be extra careful at this moment of their prosperity to correct, while they are able to do so, any basic errors in their policy, such as the one to which I have drawn attention, thereby putting themselves in a better position to meet the period of depression which, as experience teaches us, usually succeeds a period of elation."

It follows from the nature of the work done by these companies that their expenses are extremely minute. Our friend, the Edinburgh Investment Trust, shows, in its revenue account, interest and dividends received, less income tax £86,950, and management expenses £4,600; this leaves £82,350 as total net revenue before paying debenture interest. As debenture interest, less tax, requires £12,400, it is more than six and a half times covered. As far as capital security goes, the investments, as we have seen, stand at £1,438,000, and are valued at £1,778,000, so that at the date of the balance-sheet the £400,000 of debentures was secured on assets worth more than four times as much. Even the preference stock's dividend is covered more than five and a half


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 times, its capital more than 3.8 times. The ordinary shareholders get 12 per cent. on a capital that has been more than doubled by bonus share distributions, to say nothing of the income that they get from bonus distributions of debenture and preference stocks. With these results and with the great diversification of risk secured, and the reserve fund policy that is the corner-stone of sound Trust company finance, it is clear that those who invest in Trust companies have done extremely well, as long as they have invested in the right ones. But then, as has been shown, the stock of the good ones very seldom comes to market, and there are plenty of companies which have been unfortunate.

In London, as might be expected, the expenses are at a higher ratio to income. The Industrial and General Trust, in its report to March 31, 1925, showed total income £362,706, and its expenses included rent, salaries, office and general expenses £17,448, directors' fees £12,500, legal expenses £299, auditors' fees £525, special disbursements £567, trustees for debenture holders £350—a total of £31,689; and there was also £766 for staff pension fund. This company paid 14 per cent. on its ordinary stock for the year, absorbing £135,625 out of a divisible balance (after


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 paying the preference dividend) of £212,566, leaving about £77,000 to be added to reserve or used for extinction of debenture stock, rebate and expenses. It not only gives a detailed list of investments, but the following very interesting classification, showing among other things that it has, like the Edinburgh Investment Trust, been a practical believer in the benefit of a diversified holding of ordinary and deferred stocks and shares:—


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so," as Bottom the weaver says, "grow on to a point." What are the practical conclusions reached, for the guidance of the investor, in the chapters that have gone before?

We have seen that it is difficult, to the point of impossibility, for the ordinary citizen, with no financial experience and education, to judge for himself concerning the merits of securities. The solvency of Governments and other public bodies depends on factors that he cannot measure, and their financial position is set forth, if at all, in statements that he cannot understand. The balance-sheets of industrial companies—using "industrial" to cover all kinds of enterprise, agricultural, mining, manufacturing, transport, commercial and retail—are composed largely, on the assets side, of figures that are most unlikely to be correct as an indication of the real value of the company's property, because they depend on opinions; when directors are honest and prudent and able these doubtful assets are


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 likely to be set forth at understated values; when directors are of the other kind the values will be overstated; they could only be right by a miracle, because nobody knows what the real figure is, and even the appraisement of an expert valuer is only a guess.

We have seen also that in all securities there is an element of risk. The example of Germany and Prussia has shown us that the obligations even of a populous, wealthy country, humming with prosperous industry, may be made worthless by bad politics and worse finance; while all industrial securities depend on the successful management of an enterprise that may be hit or even ruined by a new discovery or a change in the consuming habits of the community. Railways, that looked so solid an investment to our Victorian ancestors, made the roads of England into lines of desert; and now the roads are busy winning back traffic from the railways; and Mr. H. G. Wells, a prophet with a large number of bull's eyes to his credit, has ventured to predict that the latter may be scrapped, and "probably will be scrapped within another half century, as slow and wasteful."


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 Hence it follows that "safety first" is a principle that all judicious investors will cherish. And, in spite of the German example, a sound Government security has the signal merit of being based on the wealth and tax-paying capacity of a whole nation. As long as the service of the debt, plus the essential expenditure of administration (which is really the first charge of every nation's revenue) appears, from such guesses as one can make, to be well within the tax-payers' shearing capacity, the securities of a Government that has always been honest, as Governments go, and has little or no foreign debt, are the safest investment, in the matter of certainty of income, that an investor can have.

To an Englishman the securities of his own Government undoubtedly possess these qualities, and an English investor will therefore construct, with British Government securities, that solid foundation of security which is the basis on which a well-considered collection of investments ought to stand, except for those who are rich enough to afford to hold nothing but venturesome investments.

When that foundation has been well and truly laid, so that all risk of penury, for himself and his dependents, has been fenced


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 off as well as human foresight can fence, then the investor can spread his wings for more ambitious flights, and seek for a higher yield by means of judicious mixtures of less gilt-edged securities, and may aim at a probability of increase in income and in capital value as a set-off to the greater degree of risk that he now intends to run.

Increase in income joined with increase in capital value can only be secured for the investor by the purchase of ordinary (which may be called deferred) stocks and shares. Increase in capital value may be got by judicious jobbing in and out of fixed income securities, but that is the business of the speculator. Increase in capital value, that comes from increased taxing or earning power behind it, can be got, to a limited extent, from the debts of public bodies and companies that are bought at low prices because the taxable area or company is poor and unfortunate, and then rise in value because revenue and earning power improve; but increased capital value, such as is most refreshing to the investor, proceeds from a larger earning power which is his to receive in dividends or to see added to reserves to increase his future dividends; and this is only to be had from ordinary shares which make their holder a part proprietor and


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 owner of the assets of the company, in so far as they exceed its debts, to the extent of his holding.

It was shown that the great majority of successful companies habitually distribute in dividend less than they earn in revenue, so that as long as they are technically successful their ordinary stocks and shares, having compound interest in their favour, can be relied on to enjoy an expanding income and consequently to show a growing capital value.

But in all industrial ventures that question of technical success is a more or less dangerous risk, and the difficulty of selection is greatly increased by the impossibility, so often insisted on above, of drawing any valid inference from the balance-sheet and accounts presented by industrial companies. The technical risk applies, in varying degrees, to the debts—bonds and debentures—and preference issues and is not monopolized by the ordinary stockholder. Holders of debt and preference issues take less risks but get no increase in income (except in rare cases when participating rights are attached) from increased prosperity; and in view of the expansive possibilities attached to ordinary shares, there seems to be some ground for the argument that the greater security attached to debts has caused them to


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 be somewhat over-valued as compared with ordinary shares.

But between the monotonous safety of the best Government securities and the venturous possibilities of industrial ordinary shares we found a class of ordinary shares in what may be called financing companies, whose assets consist almost entirely of cash, quoted securities and debts, and are thus much more easily and accurately valued than those of industrial concerns; these widespread securities and debts provide for any investor, who has a holding of their shares, a diversification of risk such as he could never hope to acquire, unless he were many times a millionaire, by making investments for himself in different climes and different industries. These companies depend for success on unceasing prudence and energy in management; but the service which is supplied by banks, discount companies and insurance companies is so constantly needed, in good times and bad, that they are much less affected by turns in the wheel of industrial fortune than companies which are engaged in manufacture, production and commerce. Trust companies, the other class of venture which provides diversification for investors in their shares, are purely holding companies which carry out for their share-


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 holders the business of choosing risks and taking advantage of market movements. They are affected by industrial risks through the industrial securities that they hold, but it is their business to protect their shareholders against them by wise diversification and selection; and the success of some of the best shows that this business can be done under wise management. After laying his foundation with British Government securities and perhaps very cautiously adding a layer or two of Dominion and foreign public debts, with a careful eye to political risk, and well-chosen industrial and trust company debts, the investor might then be well advised to build his ground floor with shares in banks, discount companies, insurance companies and trust companies, always applying the test of the persistence with which they pursue the reserve fund policy.

One drawback attached to these securities is that the market in them is far from free, and in the case of trust companies is almost non-existent; and there is also a liability on the majority of bank, discount and insurance shares. Of late, however, issues of fully paid shares, of small denomination, have been made by companies of this class, and since the liability of shareholders is now almost a


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 negligible sum in comparison with the gigantic figures of their business, it may be expected that future issues may take this form.

With regard to the banks, it may be suggested that their capitals might with advantage be increased. The paid-up capital and reserves of the English joint stock banks in 1890 were 18.4 per cent. of their deposits. The percentage was 5.7 in 1919 and 7.3 in 1924. It is evident that the banks, in so far as they are trading with funds placed with them by shareholders and consequently not, like depositors' money, repayable at a minute's notice, can afford to "lock themselves up" by granting longer credits; and one still hears the cry that British industry suffers in foreign competition from the long credits that its Continental rivals can get from their banks and pass on to their customers. In the big struggle for world trade that is coming, it is not fitting that our banking system, of which we are so justly proud, should be open to any such accusation, and it may be hoped that in the near future fully paid bank shares, of small denomination, may be more plentiful and consequently more marketable and more popular as an investment.


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 Trust companies have lately shown a tendency both to increase their capital and to multiply their number, and there is certainly room for great development in this field.

By investing in all the companies of this financing class, the investor may be certain that he is doing a most useful service to all kinds of industry. Without banking, discounting and insurance, industry, as now organized, would be impossible; and trust companies, which take their shareholders' money and invest it, put it directly at the disposal of industrial and official borrowers. If we all insisted on buying nothing but trust company stocks, the whole work of investment would be done by trust companies, and though it is likely that some bad ones would come into being to meet the public's incurable craving for questionable securities, the business of investment would probably be done, on the whole, much better than it is now. Industries which wanted capital would have to get it from trained experts.

When the investor has built his ground floor he can, if he wants a house of many storeys, go on to industrial ventures and to public debts which he believes to be "promising," because new leaves are going to be turned, and sinners are going to forswear sack and live cleanly.


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 In making this excursion into the speculative he will, I think, be less likely to bark his financial shins if he follows the following simple rules:—

1. Diversify (which goes without saying).

2. Prefer securities which have a fair round amount outstanding, say at least a million sterling. Some of the little fellows are very sound and comfortable, but a big concern is, on the whole, more likely to be well fathered, well held, and well looked after.

3. Prefer securities of companies and debtors that have a record and a past, so that you may have something to work on in guessing at their future. Leave new creations to those who know all about them, and to professional investors, whose business it is to nurse them through their infant ailments. I know that I can be floored by examples to the contrary. But how many of us would be richer if we had always followed this rule!

4. When you invest abroad never buy the ordinary stocks, and only very cautiously the preference stocks and bonds or debentures, of any railway or public utility company—such as tramways, lighting, electric power, etc.—unless the great majority of the shares is held by local investors. Here again there are brilliant examples to prove that I am wrong.


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 But a public utility company, owned by alien shareholders, is exceedingly likely to be unfairly treated by the local authorities in the matter of taxation imposed on it and the price that it is allowed to charge for its services.

5. Invest only in companies which have in the past ten years distributed in dividends, on the average, not more than three-quarters of the amount of profit available (not including the amount brought forward) after meeting all expenses, depreciation, and debenture interest and preference dividend, and have shown no tendency to abandon or reduce their allocations to reserve or other forms of surplus. This rule holds whether you are buying debentures, preferences or ordinary.

6. When investing in debts, whether of Governments, public bodies or companies, prefer those that are not only redeemable at a definite date, but are provided, under the contract of issue, with a sinking fund to provide for their redemption.

7. As a general rule prefer securities which have a real quotation and are freely dealt in. This attribute can easily be tested by a study of the "business done" marks in the Stock Exchange official list, which are given in full in The Times, Morning Post and other papers. Some very interesting and profitable


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 bargain hunting may be done in the by-ways of markets among securities that are rarely dealt in, and are sometimes very much undervalued. But this kind of quest can only be followed with the assistance of the very best professional advice.

8. When, as lately happened in the rubber industry, the price of an article falls below cost of production, it is fairly safe to buy and put away shares in the best companies engaged in producing it; because this is a state of things that cannot last, if the article is one that is really wanted.

9. If a security ought to be sold, never be deterred by its having cost more than you will get for it. People say "I can't sell so and so because I should lose so much." But the loss is there already and you only risk more loss if you wait. The price that you once paid has nothing whatever to do with the present prospects.


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are all, who are outside the circle of professional experts, ignorant about investments, and so also are some who are inside it; but there are degrees. The ignorant investor with whose plight I am now concerned is the really blatantly ignorant one, who constantly falls a victim to knavery not because of his or her greed or stupidity, but because of sheer ignorance of the whole business and lack of a sound and disinterested adviser.

It is easy to tell people, as I have in the foregoing pages, that investment is a very difficult matter and that the best way of dealing with it is to find a good stockbroker and follow his advice. But what if they do not know a stockbroker, and what if they happen to fall into the hands of a bad one?

It is easy also to tell people to consult their bank manager. But many people have not a banking account, and sometimes the advice given by bank managers is unfortunate.


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 It is really a serious problem, because the losses incurred year in year out by these unfortunates must run into big figures, and, apart from the individual hardship involved, we cannot afford to lose capital in this way. Moreover, the existence of this evil produces a swarm of human vermin who live on it, and it is an ugly blot on our financial system which invites and receives acrid but justified comment from its critics.

Some radical improvement in our investment machinery seems to be needed, and all the more because of the great increase in the investment habit, among classes in which it was formerly uncommon, during and since the war. The social importance of this growing democratization of capitalism is difficult to exaggerate, and it will mean disaster if the stimulus is checked by losses due to bad investment. Another cause which makes this problem urgent is the prominence lately given to profit-sharing as conducive to industrial co-operation. Most profit-sharing schemes invite, or even oblige, the wage earner to invest his share of profit in the company that employs him. Thereby he puts too many eggs into one basket and risks capital loss, as well as loss of his job, if the company falls on evil days. It is surely much more desirable that he should


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 invest outside, through some sound and trustworthy channel.

When one airs these views in the company of business men they are apt to agree and then to observe that there would not be much, if any, profit attached to solving the problem because it would mean expensive propaganda and, at best, a great deal of business in piffling amounts; moreover, that it does not seem to be anybody in particular's job.

What I should like to see would be a trust company with an absolutely undoubted Board—either formed ad hoc, or one of those already in existence—which would, along with its ordinary business, make a speciality of catering for the ignorant investor by taking his money and issuing shares (perhaps participating preference) to him.

Or one or some of the great insurance companies might take the matter up as a special line, forming a separate company or branch for this purpose. They all have a body of experts on investing, but of course they have already so much to invest that they hardly know where to put it. But this special line might be helpful to them in their insurance business.

Whatever company or institution took the business up would be obliged, if it meant to deal thoroughly with the problem of the


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 ignorant investor, to spend a good deal on publicity, so that everyone who has money to invest might know that some trustworthy concern was prepared to take charge of its investment. It does not look like a highly profitable enterprise, but the huge profits that have been made by providing insurance and tobacco to millions of the impecunious seem to indicate that sound investment might be popularized to the benefit of the pioneers. And the benefit to the public would be enormous.


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text: Hints About Investments

title: Hints About Investments


text: Hints About Investments/Chapter 1

title: Hints About Investments/Chapter 1


text: Hints About Investments/Chapter 2

title: Hints About Investments/Chapter 2


text: Hints About Investments/Chapter 3

title: Hints About Investments/Chapter 3


text: Hints About Investments/Chapter 4

title: Hints About Investments/Chapter 4


text: Hints About Investments/Chapter 5

title: Hints About Investments/Chapter 5


text: Hints About Investments/Chapter 6

title: Hints About Investments/Chapter 6


text: Hints About Investments/Chapter 7

title: Hints About Investments/Chapter 7


text: Hints About Investments/Chapter 8

title: Hints About Investments/Chapter 8


text: Hints About Investments/Chapter 9

title: Hints About Investments/Chapter 9


text: Hints About Investments/Chapter 10

title: Hints About Investments/Chapter 10


text: Hints About Investments/Chapter 11

title: Hints About Investments/Chapter 11


text: Hints About Investments/Chapter 12

title: Hints About Investments/Chapter 12


text: Hints About Investments/Chapter 13

title: Hints About Investments/Chapter 13


text: Hints About Investments/Chapter 14

title: Hints About Investments/Chapter 14


text: Hints About Investments/Chapter 15

title: Hints About Investments/Chapter 15


text: Hints About Investments/Chapter 16

title: Hints About Investments/Chapter 16


text: Hints About Investments/Chapter 17

title: Hints About Investments/Chapter 17


text: Hints About Investments/Chapter 18

title: Hints About Investments/Chapter 18


text: Category:Indexes validated in December 2023


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516 Armstrong's V. monticola, which is a larger plant, with larger laxer foliage, and longer always simple racemes. Others correspond with the V. Cockayniana of this work, which has flatter and more obtuse glaucous leaves, black when dry, simple very pubescent racemes, and larger flowers. States of V. Traversii, with more closely placed leaves than usual, have also had the name of V. lævis applied to them.

27. V. elliptica, Forst. Prodr. n. 10.—A copiously branched shrub or small tree 5–20 ft. high; branches terete, ringed v?ith the scars of the fallen leaves, the younger ones more or less hoary with short soft white hairs, which are often arranged in two opposite lines. Leaves petiolate, close-set, horizontally spreading, uniform, ½–1¼ in. long, ¼–½ in. broad, elliptic-oblong or obovate-oblong, apiculate, slightly truncate at the base, pale-green, coriaceous, nerveless, margins edged with a white pubescent line, midrib prominent beneath; petioles short, erect and appressed to the branch. Racemes numerous near the tips of the branches, short, 1–1½ in. long, erect, glabrous or nearly so, laxly 4–12-flowered; pedicels slender, each with a small lanceolate bract at the base. Flowers large, ⅓–⅔ in. diam., white or white with purple lines, sweet-scented. Calyx ⅛–⅙ in. long, 4-partite; segments ovate, acute or acuminate. Corolla-tube slightly longer than the calyx; limb large, 4-lobed; lobes spreading, ovate. Capsule ¼ in. long, broadly ovate, acute, twice as long as the calyx.—''A. Rich. Fl. Nouv. Zel. 189; A. Cunn. Precur. n. 379; Raoul, Choix, 43; Hook. f. Fl. Antarct. i. 58; Fl. Nov. Zel. i. 193; Handb. N.Z. Fl. 209; Armstr. in Trans. N.Z. Inst. xiii. (1881) 351; Kirk in Trans. N.Z. Inst.'' xxviii. 526. V. decussata, ''Ait. Hort. Kew, i. 20; Bot. Mag.'' t. 242.

Var. odora, Cheesem.—Smaller, 2–4 ft. high, sparingly fastigiately branched. Leaves smaller and more closely placed, horizontally spreading, ½–⅔ in. long, about ¼ in. broad, elliptic-ovate, rigid, somewhat concave. Flowers large, white, ⅓ in. diam., very sweet-scented. Calyx-segments obtuse.—V. odora, ''Hook. f. Fl. Antarct.'' i. 62, t. 41.

Western coast from West Wanganui and Cape Foulwind southwards; east and southern coasts of Otago. ''H. H. Travers! Capt. G. Mair!'' Not uncommon on the coast, also on the islands in Foveaux Strait and on The Snares. Abundant. Var. odora: Auckland Islands, in woods near the sea, not uncommon, Sir J. D. Hooker. December–January.

A most distinct species, easily recognised by the pale-green elliptic apiculate petiolate leaves, and very large white flowers. It is also a native of the Falkland Islands, Fuegia, and South Chili. I have ventured to refer to it the V. odora of Hook, f., a platit which is only known by the description and plate in the "Flora Antarctica." In the Handbook Hooker reduced it to V. buxifolia, a view which was also adopted by Kirk (Trans. N.Z. Inst. xxviii. 524). But judging from the description and plate, for I have seen no authentic specimens, it cannot possibly be placed with that plant, which differs altogether in habit, in the smaller densely imbricated shining leaves, in the shorter racemes with large concave bracts, and in the smaller flowers, which I have never


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Veronica.] observed to be fragrant. On the other hand, it agrees with V. elliptica in habit, in the shape of the leaves, in the crowded terminal racemes, and in the large white fragrant flowers, differing mainly in the smaller size and more rigid concave leaves. Mr. N. E. Brown, who has kindly examined the types for me, states that the plant is quite distinct from V. buxifolia, and in his opinion should be regarded as a distinct species endemic in the Auckland Islands.

28. V. Matthewsii, Cheesem. n. sp.—An erect glabrous shrub 2–4 ft. high or more; branches stout, terete, often purplish-red when young. Leaves close-set, sessile, suberect or spreading, ¾–1½ in. long, ⅓–⅔ in. broad, oblong or elliptic-oblong, obtuse or subacute, rounded at the base, thick and coriaceous, flat, quite entire. Racemes near the tips of the branches or rarely lateral, large, 2–4 in. long including the stout naked peduncle, obtuse or tapering, densely many-flowered; rhachis stout, pubescent; pedicels very short, stout; bracts ovate or ovate-lanceolate, acute or obtuse. Flowers large, ¼–⅓ in. diam. or more, white or purplish. Calyx deeply 4-partite; segments oblong or oblong-ovate, obtuse, often with purplish margins. Corolla-tube twice as long as the calyx; limb spreading, 4-lobed; lobes subequal, broadly oblong, rounded at the tip. Ovary pubescent at the tip. Capsule ¼ in. long, elliptic-oblong, obtuse or subacute, about twice as long as the calyx.

29. V. Balfouriana, ''Hook. f. Bot. Mag.'' t. 7556.—"An erect glabrous shrub 3 ft. high, with dark-brown bark and suberect flexuous purplish-brown or reddish branches. Leaves subsessile, ⅓–¾ in. long, in loosely approximate pairs, spreading and decurved, elliptic-ovate, obtuse or subacute, quite entire, coriaceous, bright pale-green and shining above, with narrow red-brown margins. Racemes opposite, axillary from the base of the last year's shoots, 2–3 in. long, erecto-patent, very many-flowered, peduncle stout, flowers crowded; pedicels about as long as the calyx, puberulous; bracts ovate, obtuse or acute, about as long as the pedicel. Sepals about ⅙ in. long, acute, ciliolate. Corolla pale violet-blue, ½ in. diam., tube as long as the sepals; lobes rounded, three upper subequal, the lower narrower. Stamens as long as the corolla-lobes or shorter; anthers red-brown, bases of cells rounded. Capsule ellipsoid, about one-third longer than the sepals or less."


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Reverend Doctor Folliott having promised to return to dinner, walked back to his vicarage, meditating whether he should pass the morning in writing his next sermon, or in angling for trout, and had nearly decided in favor of the latter proposition, repeating to himself, with great unction, the lines of Chaucer:


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when his attention was attracted by a young gentleman who was sitting on a camp stool with a portfolio on his knee, taking a sketch of the Roman Camp, which, as has been already said, was within the enclosed domain of Mr. Crotchet. The young stranger, who had climbed over the fence, espying the portly divine, rose up, and hoped that he was not trespassing. "By no means, sir," said the divine, "all the arts and sciences are welcome here; music, painting, and poetry; hydrostatics, and political economy; meteorology,


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 transcendentalism, and fish for breakfast."

A pleasant association, sir, and a liberal and discriminating hospitality. This is an old British camp, I believe, sir.

Roman, sir; Roman: undeniably Roman. The vallum is past controversy. It was not a camp, sir, a castrum, but a castellum, a little camp, or watch-station, to which was attached, on the peak of the adjacent hill, a beacon for transmitting alarms. You will find such here and there, all along the range of chalk hills, which traverses the country from north-east to south-west, and along the base of which runs the ancient Ikenild road, whereof you may descry a portion in that long strait white line.


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 I beg your pardon, sir: do I understand this place to be your property?

It is not mine, sir: the more is the pity; yet is it so far well, that the owner is my good friend, and a highly respectable gentleman.

Good and respectable, sir, I take it, mean rich?

That is their meaning, sir.

I understand the owner to be a Mr. Crotchet. He has a handsome daughter, I am told.

He has, sir. Her eyes are like the fish


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 pools of Heshbon, by the gate of Bethrabbim; and she is to have a handsome fortune, to which divers disinterested gentlemen are paying their addresses. Perhaps you design to be one of them. No, sir; I beg pardon if my questions seem impertinent; I have no such design. There is a son too, I believe, sir, a great and successful blower of bubbles. A hero, sir, in his line. Never did angler in September hook more gudgeons. To say the truth, two very amiable young people, with whom I have some little acquaintance, Lord Bossnowl, and his sister, Lady Clarinda, are reported to be on the point of concluding a double marriage with Miss


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 Crotchet and her brother; by way of putting a new varnish on old nobility. Lord Foolincourt, their father, is terribly poor for a lord who owns a borough.

Well, sir, the Crotchets have plenty of money, and the old gentleman's weak point is a hankering after high blood. I saw your acquaintance, Lord Bossnowl, this morning, but I did not see his sister. She may be there, nevertheless, and doing fashionable justice to this fine May morning, by lying in bed till noon.

Young Mr. Crotchet, sir, has been, like his father, the architect of his own fortune, has he not? An illustrious example of the reward of honesty and industry?

As to honesty, sir, he made his fortune in


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 daunted me not, and, as I lacked neither zeal nor devotion, I thought it still possible not to destroy the good opinion which the authorities had conceived of me. I had now no chance of feigning with malefactors. The mask fallen, I was in their eyes a spy, and nothing but a spy. Yet I was a spy under better circumstances than the majority of my colleagues; and when I could not do otherwise than appear openly, yet my secret services of former periods profited me much, either by the connections I had formed, or by the vast number of facts and descriptions of all sorts that I had arranged and stored in my memory. I could then, like a certain king of Portugal, (but with more certainty than he,) judge of men by their looks, and point out to the police those dangerous persons who should be removed from society. The arbitrary power of the police at this period, and the faculty of administrative detentions, which formed its strong hold, left me a prodigious latitude for the exercise of my physiognomical knowledge, founded on positive experience. But, I thought that as it so greatly regarded the public welfare, I must not act with levity. Certainly, nothing would have been easier to me than to have filled the prisons; the thieves, and by this title all were denominated who had been committed for trial for any act contrary to honesty, were not ignorant that their fate was in the hands of the first as well as the last agent; and that to bring upon them a sentence of indefinite imprisonment at Bicêtre, only a statement was necessary whether true or false. Those particularly, who had been already in the hands of justice, were more exposed to the consequences of such denouncements, as no one took the trouble of minute inquiry: there were, besides, in the capital, a multitude of noted characters, of bad repute, whether merited or not, who were not treated with any greater consideration. This method of repression had serious consequences, since the innocent might be condemned as well as the guilty, the reformed confounded with the incorrigible. Certainly, when any feast or solemnity attracted a large


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 the city of London, and if that commodity be of any value there, you will find it in the price current. I believe it is below par, like the shares of young Crotchet's fifty companies. But his progress has not been exactly like his father's. It has been more rapid, and he started with more advantages. He began with a fine capital from his father. The old gentleman divided his fortune into three not exactly equal portions; one for himself, one for his daughter, and one for his son, which he handed over to him, saying, "Take it once for all, and make the most of it; if you lose it where I won it, not another stiver do you get from me during my life." But, sir, young Crotchet doubled, and trebled, and quadrupled it, and is, as you say, a striking example of the reward of industry; not that I think his labor has been so great as his luck.


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 concourse of strangers to Paris, that the streets might be somewhat cleared, it was very convenient to have what was called a raffle; but the ceremony over, of course they set at liberty those prisoners against whom there was nothing but presumptive evidence, and thus associations of crime were formed during incarceration, by the very means adopted to prevent it. He who, having withdrawn from his former coarse of life, had returned to an honest mode of existence, was compulsorily driven to vicious habits, and relapsed, in spite of himself, into his former ways. Another with a bad reputation, just about to adopt a different line of conduct, by being cast amongst these vile characters, and confounded with them, was lost without hope of return. The system adopted was most deplorable, and I planned another, which consisted not in apprehending the suspected, but catching in the very act those who were justly suspected. For this purpose, I classed the thieves according to the particular branch of the profession that each followed, and in each catalogue I took care so to arrange my information, that I might learn how they were severally engaged; so that not one robbery was committed but I was informed of it, and learnt the names of the perpetrators. Very frequently my spies, men or women, for I had them of both sexes, had shared in the crime; I knew it; but with a persuasion that they would, in their turn, be pointed out to me by some other false comrade, who would denounce them, I consented to their remaining behind the curtain, under a certain proviso.

Justice lost nothing from this tolerance; denounced or denouncers all reached the same termination—the Bagne; there was impunity for none. I certainly felt a repugnance at employing such agents, and particularly at being bound to keep silence concerning them, when I was convinced of their culpability, but the security of Paris prevailed over considerations purely moral.

"If I speak," I said to myself, when I had business with a spy of this sort, "I shall convict a rogue, but if


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 But, sir, is all this solid? is there no danger of reaction? no day of reckoning to cut down in an hour prosperity that has grown up like a mushroom?

Nay, sir, I know not. I do not pry into these matters. I am, for my own part, very well satisfied with the young gentleman. Let those who are not so look to themselves. It is quite enough for me that he came down last night from London, and that he had the good sense to bring with him a basket of lobsters. Sir, I wish you a good morning. The stranger having returned the reverend gentleman's good morning, resumed his sketch, and was intently employed on it when Mr. Crotchet made his appearance, with Mr. Mac Quedy and Mr. Skionar, whom


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 he was escorting round his grounds, according to his custom with new visitors; the principal pleasure of possessing an extensive domain being that of showing it to other people. Mr. Mac Quedy, according also to the laudable custom of his countrymen, had been appraising every thing that fell under his observation; but, on arriving at the Roman camp, of which the value was purely imaginary, he contented himself with exclaiming: "Eh! this is just a curiosity, and very pleasant to sit in on a summer day."

And call up the days of old, when the Roman eagle spread its wings in the place of that beechen foliage. It gives a fine idea of duration, to think that that fine old tree must have sprung from the earth ages after this camp was formed.


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 How old, think you, may the tree be?

I have records which show it to be three hundred years old.

That is a great age for a beech in good condition. But you see the camp is some fifteen hundred years, or so, older; and three times six being eighteen, I think you get a clearer idea of duration out of the simple arithmetic, than out of your eagle and foliage.

That is a very unpoetical, if not unphilosophical, mode of viewing antiquities. Your philosophy is too literal for our imperfect vision. We cannot look directly into the nature of things; we can only catch glimpses of the mighty shadow in the camera obscura


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 I do not now spare him, fifty of his comrades, whom he is about to betray to me, will escape the punishment of the laws;" and this calculation prescribed a line of conduct to me, which I followed up as long as it was useful to society. Between the thieves and myself hostilities were not less lasting; I only allowed the enemy certain terms, and tacitly granted safeguards, safe-conducts, and truces, which died a natural death on the least infraction thereof. The false comrade becoming the victim of another false comrade, I had no power to interpose between the crime and the repression of it, and the perfidious delinquent fell, betrayed by a rogue not less treacherous than himself. I thus made thieves serve for the destruction of thieves; that was my method, and it was excellent; the proof is, that in less than seven years, I placed in the hands of justice more than four thousand malefactors. Whole classes of thieves were at bay, and amongst the number was those called the rouletiers, (who plunder baggage from travelling carriages;) I was anxious to reduce them all to inaction; I made the attempt, which was nearly fatal to me. I can never forget M. Henry's remark on this occasion: "It is not doing well only, but you must also give proof that you have done well."

Two of the most daring rouletiers, named Gosnet and Doré, alarmed at my efforts to put a stop to their depredations, came to a resolution to devote their services to the police, and in a short time they procured the arrest of a great many of their comrades, who were all convicted. They appeared zealous; I owed to their informations some most important discoveries, and particularly of several fences; the more dangerous, as in business they enjoyed a reputation for honesty. After services of this nature I thought I could trust them; I asked for their admission as secret agents, with an allowance of one hundred and fifty francs per month. They wished nothing more, they said; their ambition was limited to the hundred and fifty francs per month.


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 of transcendental intelligence. These six and eighteen are only words to which we give conventional meanings. We can reason, but we cannot feel, by help of them. The tree and the eagle, contemplated in the ideality of space and time, become subjective realities, that rise up as landmarks in the mystery of the past.

Well, sir, if you understand that, I wish you joy. But I must be excused for holding that my proposition, three times six are eighteen, is more intelligible than yours. A worthy friend of mine, who is a sort of amateur in philosophy, criticism, politics, and a wee bit of many things more, says: "Men never begin to study antiquities till they are saturated with civilization."


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 What is civilization? It is just respect for property. A state in which no man takes wrongfully what belongs to another, is a perfectly civilized state. Your friend's antiquaries must have lived in El Dorado, to have had an opportunity of being saturated with such a state. It is a question of degree. There is more respect for property here than in Angola. That depends on the light in which things are viewed.

Mr. Crotchet was rubbing his hands, in hopes of a fine discussion, when they came round to the side of the camp where the pic-


text: The Problem of China/Chapter 7

title: The Problem of China/Chapter 7


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 I believed them, and as I saw in them my future colleagues, I evinced a confidence almost boundless; we shall see how they deserved it.

For some months two or three particularly adroit rouletiers had arrived at Paris, where they did not sleep. Declarations poured in upon the prefecture; they committed robberies with incredible audacity, and it was the more difficult to catch them in the fact, as they only went out at night, and as, in their expeditions on the roads round the capital, they were always armed to the teeth. The capture of such brigands must confer honour upon me; to effect it, I was ready to confront all peril, when one day Gosnet, with whom I had often conversed on the subject, said to me, "Jules, if you wish to catch Mayer, Victor Marquet, and his brother in the fact, there is but one way; you must come and sleep at our house, and then we shall be better able to go out at the proper hours."

I believed Gosnet was sincere; and agreed to go and instal myself immediately in the apartment which he shared with Doré, and we soon began to make our nocturnal explorations together on the route which Mayer and the two Marquets generally frequented. We frequently met them, but unwilling to seize them, except in the commission of some robbery, or at least with the spoil in their possession, we were compelled to let them pass. We had already made several of these fruitless tours, when I began to remark at my companions' domicile something which gave me cause of disquiet. There was somewhat of constraint in their conduct towards me, and they might (I thought) be plotting against me. I could not read their thoughts, but at all risks, I was never with them without being armed with a brace of pistols, of which they had no knowledge.

One night that we were going out, Doré suddenly complained of an attack of colic, which tormented him most excruciatingly; the pains became more and more severe, he was torn and bent double by them, and it was


text: The Problem of China/Chapter 8

title: The Problem of China/Chapter 8


text: The Problem of China/Chapter 11

title: The Problem of China/Chapter 11


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 evident that he could not go out in such a condition. The party was consequently postponed until next day, and as there was nothing to be done, I laid down again and fell asleep. A few moments afterwards I awoke and jumped up, thinking I heard a noise at the door, and repeated blows proved that I was not mistaken. What did they want? Was their business with us? That was not probable, for no person knew our retreat. One of my companions arose, I made him a signal to be still, but he got out of bed; then, in a low voice, I recommended him to listen, but not open; he went to the door, whilst Gosnet, who was in an adjacent chamber, did not stir. The knocking continued, and as a precautionary measure, I made haste to put on my drawers and waistcoat. Doré having done the same, returned to his post, but, whilst he was listening, his mistress gave me a look so expressive, that I had no difficulty in understanding it; I lifted up my mattress at the feet, and what did I see? a large bunch of skeleton keys and a crow-bar. All was now apparent, I saw at once through the plot, and to frustrate it, I hastened to place the keys in my hat, and the crow-bar in my drawers; then going to the door I listened in my turn; they were talking in a low tone, and I could not hear a word that passed; however, I conceived that so early a visit was not without its motive, and taking Doré into the second room, told him I would endeavour to ascertain who it was.

"As you like," was the reply.

Some person knocking again, I asked who was there? "Is not M. Gosnet here!" some one inquired in a low tone of voice.

"M. Gosnet is below stairs, the door underneath."

"Thank'ye, excuse our disturbing you."

"Oh, there is no harm done."

They went down; I opened the door without any noise, and at two jumps reached the privy, into which I flung the crow-bar, and was about to throw the keys also, but some person entered behind, and I recognised


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 an inspector named Spiquette, belonging to the staff of the juge d'instruction, who instantly recognised me.

"Why do you follow me?"

"Oh, for nothing; it is M. Vigny, the juge d'instruction, who desires to see you, and speak to you."

"If that be all, I will put on my breeches and follow you."

"Make haste, let me take your place, and wait for me."

I awaited the inspector, and we went down together. The chamber was filled with gendarmes and spies; M. Vigny was in the midst of them, who instantly read to me a mandate, issued against me as well as against my hosts and their wives; then, to fulfil the instruction of his commission, he ordered the most exact search. It was not difficult to see through the whole affair, particularly when Spiquette, lifting up the mattress, and astonished at finding nothing, cast a peculiar look at Gosnet, who appeared stupified with amazement. His disappointment did not escape me. I saw that he was completely upset, and being myself quite reassured, I said to the magistrate,—

"Sir, I see, with the hope of making himself of importance, some person has overshot his mark. You have been deceived; there is nothing here to suspect; besides, M. Gosnet could not allow it. Would you, M. Gosnet? Answer to the judge."

He could not do otherwise than confirm my assertion, but only muttered out his words, and it required no conjuration to penetrate the bottom of his soul.

The search concluded, we were tied, put into two coaches, and conducted to the Palais, where we were placed in a small room called the Souricière, (rat-trap.) Shut up with Gosnet and Doré, I took care how I expressed my suspicions of them. At noon we were interrogated, and at evening were transferred, my two companions to La Force, and I to Sainte-PelagieSainte-Pélagie [sic]. I know not how it was, but the bunch of keys, which I kept in my hat, was not observed by any of the persons


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 turesque gentleman was sketching. The stranger was rising up, when Mr. Crotchet begged him not to disturb himself, and presently walked away with his two guests.

Shortly after, Miss Crotchet and Lady Clarinda, who had breakfasted by themselves, made their appearance at the same spot, hanging each on an arm of Lord Bossnowl, who very much preferred their company to that of the philosophers, though he would have preferred the company of the latter, or any company, to his own. He thought it very singular that so agreeable a person as he held himself to be to others, should be so exceedingly tiresome to himself: he did not attempt to investigate the cause of this phenomenon, but was contented with acting on his knowledge of the fact, and giving himself as little of his own private society as possible.


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 The stranger rose as they approached, and was immediately recognised by the Bossnowls as an old acquaintance, and saluted with the exclamation of "Captain Fitzchrome!" The interchange of salutation between Lady Clarinda and the Captain was accompanied with an amiable confusion on both sides, in which the observant eyes of Miss Crotchet seemed to read the recollection of an affair of the heart.

Lord Bossnowl was either unconscious of any such affair, or indifferent to its existence. He introduced the Captain very cordially to Miss Crotchet; and the young lady invited him, as the friend of their guests, to partake of her father's hospitality, an offer which was readily accepted.

The Captain took his portfolio under his right arm, his camp stool in his right hand, offered his left arm to Lady Clarinda, and


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 followed at a reasonable distance behind Miss Crotchet and Lord Bossnowl, contriving, in the most natural manner possible, to drop more and more into the rear.

I am glad to see you can make yourself so happy with drawing old trees and mounds of grass.

Happy, Lady Clarinda! oh, no! How can I be happy when I see the idol of my heart about to be sacrificed on the shrine of Mammon?

Do you know, though Mammon has a sort of ill name, I really think he is a very popular character; there must be at the bottom something amiable about him. He is certainly one of those pleasant creatures whom every body abuses, but without whom


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 47. Chin Swee Road ... ... 48. Chhoa Lam Street. 49. Church Street 50. Circular Road 51. Clarke Street ...

(i) Kong chioh-a chiu-long lai. (ii) Chin-sui koi (iii) Siok- ui suaⁿ teng. Siok-ui suaⁿ teng Go-tai thien kiong (i) Chap-saⁿ hang au (ii) Chap-peh keng au. (i) Gi-hok kong-si au

Chau-long noi Chan-sui kai ... ... Ng-toi thin kong (i) Shap-sam hong hau. (ii) Shap-pat kan hau. ... (ii) San yi-fuk kong-si hau-pin


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XXVI.]

“To-day, at early morning, told me mermaidens two,

That we should home return not. Now rede I what to do:

Look to your weapons, heroes, ye needs must well beware;

Here have we mighty foemen, and warily must fare.

“I thought to catch her lying, that wily mermaiden:

She swore that none among us should ever come again

Alive unto our country, except the priest alone:

Whom therefore I this morning have done my best to drown.”

Then quickly flew these tidings, from troop to troop they spread;

From the keen heroes’ faces for grief the colour fled;

To sorrow then began they that this court-ride should lead

To bitter death as ending: in sooth, they had good need.

Nigh Mœringen the place was where they the flood had cross’d.

The ferryman of Else there, too, his life had lost.

And thereupon said Hagen: “Seeing that I have made

Foes on the road, I doubt not that we shall be waylaid.

“To-day that self-same boatman at early dawn I slew;

Ye know right well the story. Now buckle quickly to,

That if this day should Gelfrat or Else here essay

To fall upon our people, they shall the damage pay.

“For such bold men I know ye, this cannot fail to be,

’Twere well to let your horses, therefore, go quietly,

That none should deem we’re passing along the roads in flight.”

“That counsel will I follow,” said Giselher the knight.


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 內廊酒仔石貢 街瑞振 頂山惠淑 頂山惠淑 宮天代五 後行三十 後間八十 後司公福義 便後司公福義新

(i) (See under Cheang Hong Lim Lane). (ii) (This is an adaptation, meaning simply Chin-swee Road—it is not commonly used excpt by Babas.) (ii) 'Siok Wee's plantation.' (The land about here belonged to Kiong Siok Wee.) (See under Chin Swee Road above.) 'Heavenly palace of the five generations. ('Thien kiong' Heavenly palace is an abbreviation for 'thien hok kiong' i.e. palace of heavenly bliss; there is a temple of this name in this street, in which five josses of different seⁿ or clan-names are enshrined.) (i) 'Behind the thirteen shops'. (ii) 'Behind the eighteen buildings'. (Cf. Boat Quay). (i) 'Behind the Gi-hok Kongsi (house).' (ii) 'Behind the New Gi-hok Kongsi (house) Cf. Carpenter street. The new Gi-hok Kongsi house was near here.)


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 52. Clive Street 53. Club Street ... 54. Clyde Street 55. Clyde Terrace 56. Coleman Street ... ... 57. Collyer Quay ...

Kam-kong ka-poh (i) Toa-mng lai (ii) Chui-lan teng Thih pa-sat ma-ta-chhu tui-bin hang. Uaⁿ-tiam khau (i) Chin-seng chhu-piⁿ ... (iii) Hiok-ni sin chhu au. (i) Tho-kho au ...

Kam-kong ka-pok (i) Tai-mun noi (ii) Sui-lan theng Thit pa-sat ma-ta-liu bui-min hong. Wun-tim hau. ... (ii) Chan-seng tai-ok fong pin ... ... (ii) Tho-fu hau hoi pin


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could have occurred nowhere but in England, where men and sea interpenetrate, so to speak—the sea entering into the life of most men, and the men knowing something or everything about the sea, In the way of amusement, of travel, or of bread-winning.

We were sitting round a mahogany table that reflected the bottle, the claret-glasses, and our faces as we leaned on our elbows. There was a director of companies, an accountant, a lawyer, Marlow, and myself. The director had been a Conway boy, the accountant had served four years at sea, the lawyer—a fine crusted Tory, High Churchman, the best of old fellows, the soul of honour—had been chief officer in the P. & O. service in the good old days when mail-boats were square-rigged at least on two masts, and used to come down the China Sea before a fair monsoon with stun’-sails set and aloft. We all began life in the merchant service. Between the five of us there was the strong bond of the sea, and also the fellowship of the craft, which no amount of enthusiasm for yachting, cruising, and so on can give, since one is only the amusement of life and the other is life itself.

Marlow (at least I think that is how he spelt his name) told the story, or rather the chronicle, of a voyage:—

“Yes, I have seen a little of the Eastern seas; but what I remember best is my first voyage there. You fellows know there are those voyages that seem ordered for the illustration of life, that might stand for a symbol of existence. You fight, work, sweat, nearly kill yourself, sometimes do kill yourself, trying to accomplish something—and you can't. Not from any fault of yours. You simply can do nothing, neither great nor


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 薄加公監 內門大 亭蘭萃 巷面對厝打嗎虱巴鐵 口店碗 邊厝成振 邊旁屋大成振 後厝新尼最 後庫土 邊海後庫土

'Kampong Kapor'. (This street is in the Kampong Kapor district and has no definite name. Cf. Dunlop street.) (i) 'Within the big gate'. (This has disappeared). (ii) 'Chu-lan pavilion' (see under Ann Siang Hill). 'The lane opposite the Police Station near the iron market.' 'Crockery-shop mouth,' i.e. opposite the mouth of the street where these shops are. (i) 'Beside Chin Seng's house." (ii) 'Beside Chin Seng's big house.' ('Chin Seng' was the chop of the late Tan Kim Cheng, a well known citizen of Singapore.) (iii) 'At the back of Tan Hiok Ni's new house.' (i) 'Behind the godowns.' (ii) 'Behind the godowns by the seaside.'


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330 the old skipper, leaning back in the stern of the long-boat, had fallen on his breast, and he looked as though he would never wake. Farther out old Mahon’s face was upturned to the sky, with the long white beard spread out on his breast, as though he had been shot where he sat at the tiller; and a man, all in a heap in the bows of the boat, slept with both arms embracing the stem-head and with his check laid on the gunwale. The East looked at them without a sound.

"I have known its fascination since: I have seen the mysterious shores, the still water, the lands of brown nations, where a stealthy Nemesis lies in wait, pursues, overtakes so many of the conquering race, who are proud of their wisdom, of their knowledge, of their strength. But for me all the East 1s contained in that vision of my youth. It is all in that moment when I opened my young eyes on it. I came upon it from a tussle with the sea—and I was young—and I saw it looking at me. And this is all that's left of it! My God! Only a moment, an instant, a beat of the eyelid, and all is gone. All! The strength, the ignorance, the romance, the hopes, the glamour—youth! … A flick of sunshine upon a strange shore, the time to remember, the time for a sigh, and—good-bye! Night. Good-bye …!"

He drank.

“Ah! The good old time—the good old time. Youth and the sea. You have known it. What was it? What was there in it? Eh? Not the life itself. Hey? What? Glamour and the sea, the good, strong sea, the salt, bitter sea, that could whisper to you and roar at you and knock your breath out of you."

He drank again.

"By all that's wonderful, it is the sea, I believe, the sea itself—or is it youth alone? Who can tell? But you here—you all had something out of life: money, love—whatever one gets on shore—and, tell me, wasn't that the best time, that time when we were young at sea; young and had nothing, on the sea that gives nothing, except hard knocks—and sometimes a chance to feel your strength—that only—what you all regret?"

And we all nodded at him: the man of finance, the man of accounts, the man of law, we all nodded at him over the polished table that like a still sheet of brown water reflected our faces, lined, wrinkled; our faces marked by toil, by deceptions, by success, by love; our weary eyes looking still, looking always, looking anxiously for something out of life, for something that never comes, that while it is expected is already gone, gone past, gone unseen, gone in a flash—gone together with the youth, with the strength, with the romance of illusions.

2em


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144 wisdom, but in those taught of the Spirit, comparing spiritual things with spiritual. But the natural man receiveth not the things of the Spirit of God, for they are foolishness unto him." And these are, he says, the ineffable mysteries of the Spirit, which we alone are acquainted with. Concerning these, he says, the Saviour has declared, "No one can come unto me, except my heavenly Father draw some one unto me." For it is very difficult, he says, to accept and receive this great and ineffable mystery. And again, it is said, the Saviour has declared, "Not every one that saith unto me. Lord, Lord, shall enter into the kingdom of heaven, but he that doeth the will of my Father which is in heaven." And it is necessary that they who perform this [will], not hear it merely, should enter into the kingdom of heaven. And again, he says, the Saviour has declared, "The publicans and the harlots go into the kingdom of heaven before you." For "the publicans," he says, are those who receive the revenues of all things; but we, he says, are the publicans, "unto whom the ends of the ages have come." For "the ends," he says, are the seeds scattered from the unportray- able one upon the world, through which the whole cosmical system is completed; for through these also it began to exist. And this, he says, is what has been declared: "The sower went forth to sow. And some fell by the wayside, and was trodden down; and some on the rocky places, and sprang up," he says, "and on account of its having no depth [of soil], it withered and died; and some," he says, "fell on fair and good ground, and brought forth fruit, some a hundred, some sixty, and some thirty fold. Who hath ears," he says, "to hear, let him hear." The meaning of this, he says, is as follows, that none becomes a hearer of these mysteries, unless only the perfect Gnostics. This, he says, is the fair and good land which Moses speaks of: "I will bring

1 1 Cor. ii. 13, 14.

2 John vi. 44.

3 Matt. vii. 21.

4 Matt. xxi. 31.

5 The word translated "revenues" and "ends" is the same —.

6 : some read.

7 1 Cor. x. 11.

8 Matt. xiii. 3-9; Mark iv. 3-9; Luke viii. 5-8.


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Rh pected. The best part of the day had been consumed in Gell's search, but now we knew the worst it was useless and unadvisable to continue lying off the same spot, so we proceeded late in the afternoon to drop gently down towards New Orleans. We were still some three miles above that city when the sun went down, but its last rays showed us a sight that filled us with surprise and excitement, for steaming up to meet us was a large fleet of river boats, stemming the strong current with their powerful engines, and slowly, but surely, advancing up stream. What was the meaning of this? Had another township determined, like ourselves, to commit their fortunes to the water? Had the citizens of New Orleans taken to their boats, and were they wandering in search of a new home? And if so, why were they going upwards, into the heart of the Continent, whence all others had fled?

Full of misgivings, and scarcely daring to entertain the thought that was forming in my mind, I judged it well to take all precautions. First I stopped the boats, and drew them quietly under the shelter of the wooded bank. Then I signalled "all lights out," then "silence"; injunctions which were promptly


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62 obeyed. This prompt obedience was our salvation.

For as the flotilla approached I perceived by means of the lights they carried, that my fear was not groundless, These were no vessels of human workmanship. The obscure process of development had not confined its marvellous action to engines of terrestrial type, but had produced broods of aquatic monsters to dispute with us the kingdom of the sea. I foresaw that even in the remotest island of the Pacific we could no longer he assured of safety.

The rapid fall of night, and the great breadth of the mighty river saved us from the observation of this new foe. I watched the vessels narrowly as they passed. Each appeared to be armed with arms, or 'feelers,' of immense length, with which they continually swept the surface of the water before them, as though in search of prey, but really, as I imagine, to remove snags and obstacles from their course. As soon as they had fairly passed us, I gave orders to unmoor, and with only sufficient steam to give us steerage way we floated silently down to the furthermost wharves of the dark and silent city. Fortunate indeed was it for us that we had a sufficiency of river pilots, who knew every


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Rh sandbank sawyer and creek from New Orleans to St. Louis, and from St. Louis to St. Paul or Omaha. By their advice, we slipped up a retired creek three-quarters of a mile below the city, where we trusted to remain out of sight and knowledge of the foe.

The night passed quietly away. We had every reason to suppose that New Orleans, like the other cities on the river, was deserted. Not a light had been observed in its numberless buildings as we had floated past on the previous evening. Willing however to assure myself of the fact, I sent an exploring party under Gell to see if there were still any relics of its human occupants. There was, indeed, another and more important duty they had to undertake. It was no part of my plan to wait at New Orleans till idleness and panic had demoralized our little band, nor was I inclined, by staying on American soil an hour longer than necessary, to risk the danger of discovery and attack. My design, communicated to Gell and Aurelia alone, was to find some ship or ships of the United States' Navy in the dockyards, and to sail at the first possible moment for the Sandwich Islands. The native population of these fertile isles


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Rh Dana, a youth of about nineteen, and the warrant officers. With them I arranged that we should leave New Orleans the next day; that my people should be distributed on board the three vessels, and the crew of the Roanoke likewise; that I should be the head of the whole party, and that the officers of the Roanoke should have the sole charge of the navigation.


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Rh formed a cul-de-sac, where he stopped before a small but neat looking house marked "No. 16." The door was open; he entered. As he passed through room after room he seemed overcome with emotion. At last he went into one where he found a young woman's hat and gloves, the sight of which caused him to burst into tears.

"They are hers," he sobbed. "Forgive me, Sir, for not at once believing your story. I see now that it is only too true. For all these months I have looked forward to my return and to our meeting, and to think it should be like this!" and the poor fellow sobbed afresh.

He took the gloves, placed them in his breast and softly we left the room. As we returned to the wharf he told me the whole story. He had been engaged to be married, nay the date was fixed, when he was suddenly offered the position of First Lieutenant on board the "Roanoke," and after much hesitation the marriage was postponed till his return. His grief and disappointment were extreme, and it was with a view to alleviating them that I told him of the grievous loss to William Gell and myself of our beloved Aurelia,


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70 which though it had occurred so few days before, seemed to belong to the dim and distant past. When we reached the boat he was calm, but in the deepest dejection.

On the return journey I tried to rouse him by discussion of our plans. I begged him and his crew to accompany us. I pointed out the impossibility of remaining on this deserted country, the need we were in of able seamen, and the various reasons that had led me to select the Sandwich Islands as our future home. He listened and assented to all I said, but without enthusiasm. When we reached the Roanoke the officers and men were amazed at the alteration in their commander. However he calmly told them that my tale was only too true; that any of the officers who wished to see for themselves might do so, and that I had convinced him that the best course was to unite with us and seek a new home in some remote island.

I tried to converse with him about taking some of his crew on hoard our other vessels, but he seemed unable to fix his attention on business and at last recommended me to his subordinates, who were Lieut.


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272

“But who shall now our people across the country show?”

They answer’d: “That shall Volker, for right well doth he know

The highways and the byways, a gallant minstrel he.”

Before their wish was utter’d, the fiddler they could see

Standing well-arm’d before them. He bound his helmet on,

And on his battle-mantle the glorious colour shone.

As signal, on a lance-shaft, a pennon red he bore.

But with the kings, thereafter, he fell on trouble sore.

Meanwhile the boatman’s murder became to Gelfrat known

By message all undoubted; and eke the news had gone

To Else the most mighty; and sore aggrieved were they.

They sent to call their chieftains, who came without delay.

In space of time the shortest,— I would to you make known,—

Were seen unto them riding men, who erewhile had done

Sore scathe and dread achievements in direst stress of war.

Of such there came to Gelfrat seven hundred men or more.

Their foemen fierce to challenge to ride they then began,

Led by their lords aforesaid. Too readily they ran

To catch the doughty strangers and wipe away their shame.

Of their retainers many by death thereafter came.

Meanwhile, Hagen of Tronjé for that had taken care;

(How could a hero better for all his friends beware?)

Together with his liegemen the watch by night kept he,

As did his brother Dankwart: ’twas done right prudently.


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Rh at the responsibility laid up on me. Might it not be (for we knew not what had happened in Europe and elsewhere) that we were risking the whole hope of the human race, or at least the sole remnants of its highest types, upon the chances of a single voyage, and exposing the whole stock of that inestimable plant, mankind, to the risk of destruction by fire or shipwreck? Well at least if this were so there would be none left to blame my rashness. But indeed I felt we were in the hands of Providence. In Faith, like the Egyptian sower of old, I would cast my corn upon the waters, trusting to find it increased and multiplied after many days.

I pondered upon these things till I dozed. As I passed into the land of dreams I seemed to hear a distant rushing sound that grew and grew, and then gradually died away. The cooler morning air swept my brow with restful touch and I knew no more.

Bright and cloudless dawned the day of our departure from our ancestral soil. Yet the glory of nature was dimmed, nay extinguished, by one more scene in the tragedy of sorrow. It was on this wise. From the moment of sunrise our people were busily


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72 last night on the American Continent was hot and oppressive. I lay awake hour after hour, thinking over the strange fate that had befallen our country, and forecasting the destinies of the little remnant of which I was leader. America was become a geographical expression. Her amazing wealth and fame were no more:—

But even as these sad words crossed my mind there came by way of contrast and consolation others more cheering:—

So was it written of the old House of Judah, and was it not possible that after a more complete and terrible uprooting our national vine might have a still more glorious renewal than they? As I pondered these things and thought how we were about to commit the whole population of a continent to three frail undermanned ships, I trembled


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XXVI.]

The day its course had ended and light they had no more.

He fear’d for friends and comrades with heavy dread and sore.

Their road throughout Bavaria beneath their shields they track’d,

And ere they long had ridden the heroes were attack’d.

On both sides of the roadway behind them, coming fast,

They heard the tramp of horse-hoofs, too noisy in their haste.

Then spake the gallant Dankwart: “Here will they fall on us!

Now fasten on your helmets,— ’twere wise to wait them thus.”

They halted on their journey, naught else was to be done.

They saw how in the darkness the polish’d bucklers shone,

Until at last would Hagen no longer brook delay:

“Who hunts us on the highway?” to him must Gelfrat say.

In this wise then the Margrave— he of Bavaria—spake:

“Our foemen we are seeking, and now are on their track.

I know not who hath slain me my ferryman this day,

He was a skilful hero, and sorrow well I may.”

To him spake he of Tronjé: “And was that boatman thine?

He would not take us over. The guilt thereof is mine,

For then I slew the warrior; in sooth, there was good need,

Since at his hands I elsewise had got my death instead.

“I offer’d him for guerdon good gold and raiment fine

To ferry us, O hero! unto this land of thine,

Which anger’d him so sorely that he at me a blow

Aim’d with a sturdy barge-pole; then I grew fierce enow,


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Rh both of us however continued to peer through our glasses until I judged the nearest machines were about two miles off, at which range our shot should tell with effect, when I motioned to my companion and said, "Now!"

A deep-voiced oath from Gell made me turn sharply round. Where were the men? Not one left in the position where I had placed them. Poor cowards! Taking advantage of our long and anxious watch, they had silently slunk away, man by man, dropped their arms, and now were running in utter panic across the bridge that protected the town. Yes, and the officers too. I promised myself that if ever I got hold of those wretches it would not be my fault if they were not tried by drum-head court-martial, backed against a wall, and shot by a file of their own men, too good a fate for such curs.

I believe I turned white with passion, but was too utterly angry to give vent to any oath or invective. On the contrary I looked at my comrade and said icily, "Dear me, Gell, it is a great pity for you to stay here. Pray run away, if you wish to. Don't mind me. I should run too, only I have got a stitch


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274

“And clutching at my broadsword, I paid him back again

With blows that deeply wounded; so was the hero slain.

Amends therefore I’ll make thee, howe’er thou thinkest good.”

Then fell the two to wrangle: both were of stubborn mood.

“Full well I knew,” said Gelfrat, “that when this way did ride

Gunther and his retainers, much ill would us betide

Through Hagen, lord of Tronjé. Not hence alive goes he;

For my poor boatman’s murder he must the forfeit be.”

Above their bucklers bent they their lances for the thrust,

Sir Gelfrat and Sir Hagen; each at the other must.

Then Else, too, and Dankwart came riding gallantly,

To try each other’s mettle;  the fight raged fiercely.

How otherwise might heroes more featly try their strength?

By a hard lance-thrust smitten Hagen the bold, at length,

From off his horse fell backwards, by Gelfrat’s hand laid low

His saddle-bow was broken and downfall he must know.

Among the yeomen’s lances arose a clashing sound.

Then up again rose Hagen, who, whilom on the ground

From Gelfrat’s blow, had fallen upon the meadow-grass.

His mood, methinks, to Gelfrat of sort ungentle was.

Who held in charge their horses, that is to me unknown;

The twain were now dismounted and on the sand stood down,—

Hagen, to wit, and Gelfrat, who at each other flew;

The folk of either aided — who of the combat knew.