The Stock Exchange. By Francis Hirst. (Williams and Norgate Is.
net.)—This is a volume of the "Home University Library of Modern Knowledge." It is not always easy to understand—let any ordinary reader try to puzzle out the dealings of the rustic speculator as described in " Wall Street "—but the moral is plain enough : Do not speculate ; " the odds are heavily against the amateur speculator "; in four cases out of five he loses. 17nfor- tunately the way of the man who wants to make a legitimate use of his money, who desires, that is, a safe investment bringing in a moderate interest, is full of perils. Something like ruin may follow operations made in perfect good faith and without the least wish to gamble. We could mention an industrial concern, the £10 shares of which were quoted twenty years ago at more than £20, and can now be bought for a few shillings. Yet there has been no visible catastrophe. The movements of business have left the thing high and dry. Even Consols and other public funds, and railways, are liable to changes which mean much to the ordinary investor. Mr. Hirst's book will be found interesting, and should be useful. Only we remember the saying: "No man profits by the experiences of others ; few profit even by their own."
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