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 should desire to oblige), and with this comforting thought we may go on to consider the question how by means of it we can best benefit ourselves. In other words how can we most easily secure the investor's ideal as described above?

It aims at the least possible risk, the largest and most quickly growing income, and the greatest capital appreciation that can be had with due regard to safety. One form of investment, however, and one which should be the first consideration of those who would leave dependents in poverty if they died, does not yield an income but demands periodical payments. Life insurance has to be secured by most of us before we think of putting money into anything else, and it is a process by which we invest little by little, year by year, and receive nothing by way of income until we have reached a certain age or until the receiving is done for us by our executors.

A question was begged and perhaps a heresy was uttered when part of the investor's ideal was said to be expanding income and capital appreciation; it is also possible that the use of this latter term may puzzle the uninstructed. As usually carried out, investment is done through the purchase of securities on a Stock Exchange; there are other methods which will