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The Wise Investor


peaceful look in his eyes. There was no tiredness,
no ghosts and no pain. "I love you Kate," he said
softly. "You are a beautiful woman, and a very kind
friend." He hugged her for a long time.
Kate and John had rested in the park for some
time, and talked about family and the things they had
been doing recently. John was stronger and more
relaxed than Kate had seen him for a long time.
"Kate," John said confidently, "I have not
forgotten our talks about money. We have made a
great deal of progress. When I look back on the
way you thought when we started," he said with a
mischievous grin, "I realise just how far we have
come. Now, my dear, it is time to move along to the
next topic. Once again, we will visit our old friends
in the valley."
Kate was pleased. She had begun to feel guilty
that the talks were a drain on her grandfather. He
was an old man, and they had talked long and hard
about many issues. She had even noticed a slow
deterioration in his energy, and this had worried her
even more. Now, however, he looked ready to take
on the world.
"Many years had passed since the valley had
first been settled. An active trade and commerce
had developed. There was buying and selling,
lending and borrowing, companies and a
government.
The government collected taxes, as all
governments do, and companies carried on business
between themselves and with individuals. The
activities of the goldsmiths had developed into a
banking system, and now there were organisations
that acted solely as banks, without any other
business such as goldsmithing.
By this time, gold was used exclusively for
buying and selling. It was far simpler than trading
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