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 to put the task of investment management into the hands of bodies specially organized for this purpose.

"It is," he says, "a task that can be properly undertaken only by an organization in which men of varied experience and training in the financial field unite with the single purpose of applying their best combined judgment continuously, with the least managerial complications, to the supervision of a single investment fund in which a large number of individual investors may participate. Thus, alone, may the best results be obtained."

This conclusion points the way for the investor in favour of investment in something like the British Trust Companies, by means of which he acquires ownership in companies which exist for the purpose of taking off his shoulders the burden of choosing investments, and becomes at once associated with a co-operative investment body of the kind indicated by Mr. Smith. By this system he passes over to hands which certainly are more skilful and experienced than his own the task of making a selection among the thousands of investments which will do so well for him if he chooses well and will inflict disappointment upon him if he makes mistakes.

That a holding in a prosperous and well