TRUST COMPANIES.
That there is much to be said for Mr. Withers' final arguments at the end of his book for the ordinary investor taking refuge in the acquisition of shares in a well-managed Trust, I do not doubt, although I am not at all sure so far as the Ordinary shares are concerned that the path is not somewhat barred by the fact that many of the best stand at prices where the yield to the investor is no better than can be obtained from British Government stocks themselves. Personally, I rather inciine to the view that any person with reasonable intelligence who carefully studies Mr. Withers' latest book should not have to rely too implicitly for his investments even upon a well-managed Trust. No doubt he will include in his list some of the bist Trust stocks themselves, and so round off, as it were, this general principle of average. There is one invest- ment, however, which he will not regret, and that will be a purchase of the volume which I have very imper-
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