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 and New York, and some of the buyers, who were quick enough in turning round and selling, made mouth-watering plums out of the gamble. Those who did not are still waiting for the growth of those modern El Dorados, and in the meantime look ruefully at a tin-box full of unsaleable title deeds.

But there is no need to go abroad to see big fluctuations in real property values. Some of us can remember the time when ground near Hindhead fetched less than £10 an acre as heathy and indifferent grazing. Since Hindhead became a health resort and an opulent suburb the price per acre ranges up to £2,000. Contrariwise, streets of what were formerly fashionable mansions in certain parts of London are now dwelt in by a precarious population of weekly lodgers and are little better than slums.

Such are fluctuations which the investor in mortgages has to face. But if the fluctuation be upward he is paid off and has to find another investment. If it be downward, he loses his money or some of it, after a host of worries and legal technicalities and expenses. For you and me, it is a case of "no bid." As Dante says, "let us not speak of them, but look and pass."