H. STaNLeY FI? ?'O N S (1) Those for whom great security is the /n,/me object, and who invest, therefore, only in "gilt-edsed" for example, cautious persons providing for securities' old age estates, or their children; public bodies and trustees institutions. and . wards o! (2) Investors seeking to provide for their own future and their families who want good security and no trouble in realising the income, but also a more liberal yield than can be had from "gilt edged** secarites. (?) Those who want a good steady yield at a fixed rate from their capits?, but for whom a fairly high rate o! interest is an object o! importance, and who do not mind incurring some risk, or having to take trouble to realize the income. (4) Enterprising investors who will put their money into shares of any sound concern in an established industry, being willing to wait, if necessary, for a return on their money, and to take a moderate risk. ?ome of this class invest as much for an anticipated rise of the capits? value of shares as for dividends. (5) The purely speculative investor who will take ? big risk where he sees good chance of ? big profit. These five classes of investors may have funds, not only for permanent investment, as assumed for the above definitions, but also for temporary dispossl, and the amount of money seeking investment from time to t?e for short periods has usually little or no relation to the amount of money seeking permanent investm9nt. There are various classes of borrowers demanding capital, some on contracts for long period or "perma- nent" investment, others for short periods. If. we regard each class of investor and the class of borrower in each locality separate be five a8 (though interdependent) market, there markets for "permanent** investments, corresponding constituting s will and five markets for short period investments or 1oaus in
