DRIFT OF CAPITAL.
In considering the extent of the drift Of British capital to other countries and into the securities of other countries, it is well, perhaps, to remember the part which has been played in this matter by the great number of new trusts which have been formed in this country and also the great amount of new capital which has been put out by existing Trusts. Altogether very many millions must be represented, and there is no doubt .that to secure good yields and also in accordance with the general principles_governing the geo- graphical distribution of funds by Trusts, some large amounts of British money have been invested in foreign 'securities, both American and European. No doubt America also, through its 'Trusts and other financial groups, has made some purchaseS of English securities.
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