consideration all the chances and changes to which the business is liable, including the possibilities of political changes of tariff, taxation, or industrial legislation which may affect its profits. In the case of such investment, I am quite aware that I have no right to call upon the public to protect me from loss or depreciation of my capital due to any of these causes. The political conditions of my country are taken into calculation at the time of my investment. If I invest in consols, I fully recognise that no right of political interference with foreign policy affecting my investment is accorded to me in virtue of my interest as a fund-holder. But, if I invest either in the public funds or in some private industrial venture in a foreign country for the benefit of my private purse, getting specially favourable terms to cover risks arising from the political insecurity of the country or the deficiencies of its Government, I am entitled to call upon my Government to use its political and military force to secure me against those very risks which I have already discounted in the terms of my investment. Can anything be more palpably unfair?
It may