[15] The Oceanic Settlements comprise the more easterly French islands, administered by a Governor, with Privy and Administrative Councils, &c., the seat of government being at Papeete, in Tahiti. VII STAMP-COLLECTING AS AN INVESTMENT CHAPTER VII STAMP-COLLECTING AS AN INVESTMENT The collector, the dealer, and the combination--The factor of expense--Natural rise of cost--Past possibilities in British "Collector's Consols," in Barbados, in British Guiana, in Canada, in "Capes"--Modern speculations: Cayman Islands--Further investments: Ceylon, Cyprus, _Fiji Times_ Express, Gambia, India, Labuan, West Indies--The "Post Office" Mauritius--The early Nevis, British North America, Sydney Views, New Zealand--Provisionals: _bonâ fide_ and speculative--Some notable appreciations--"Booms." If we define the philatelist as a lover of postage-stamps, we may very properly express the view that his affections should be chiefly centred upon their historic and philatelic associations. Stamp-collecting for most of us is a recreation and a respite from the anxieties of the money-market, and many collectors are quite content with the joys of collation and research. At the same time we are not out of sympathy with the individual who, "Whatever thing he had to do He did, and made it pay him too." He represents one of the strongest influences in the collecting world, and is no doubt a tower of strength, imparting stability to the stamp-market. The term "amateur" is little used in connection with our pursuit, and the quibbles which seem inseparable in other pursuits, from the endeavour to draw an imaginary line round the amateur to separate him from the professional, are all but non-existent in philately. We use the terms "collector" and "dealer," but that one is not the negation of the other is clear from the admission of the compound term "collector-dealer," which combination applies to a very great proportion of the more promiscuous portion of the philatelic world. The mere vending of postage-stamps would not, I think, convert the collector into the collector-dealer, as by the ingenious and widespread system of stamp-exchanges collectors are obliged to put a price upon their duplicates, and cash is the universal medium of exchange. In a broad sense the collector-dealer class is composed of collectors who are glad to enjoy their hobby, but are under the necessity, or have the desire, to make their hobby pay for itself, and perhaps yield an addition to their regular income. It is perhaps due to the all-absorbing character of the hunt for rare stamps that collectors and dealers enjoy unrestrained intercourse in most of the societies, though in the Royal Philatelic Society the rules forbid the admission of regular dealers to membership.