are not always to be trusted. These persons
purchase shares either for investment or as a
speculation -- in this latter case with a know-
ledge or, at all events, a safe presumption that
they will go to a premium, that is, rise in value
to considerably more than their nominal amount,
either from their own merits, or from an active
demand for them on the part of the public, or by
artificial stimulation. The holders know pretty
well when the highest price has been reached,
and then sell out with great advantage to them-
selves. It is often at that moment that the _tyro_
is recommended to buy, or is seized with a desire
to have a share in so good a concern, and parts
with his money. The knowing speculator has
taken his profit, and sees with grim satisfaction
the shares gradually declining in value, until
they arrive at the position of more than one-
third of existing companies which are now
quoted at a discount.


FINANCIAL LAND AND INVESTMENT COMPANIES.

These companies are mostly formed for the
purpose of employing their capital in the
Colonies, where money commands a higher
rate of interest, and can be more profitably
employed than in this country.