His hope is that before the next instalment is due he will re-sell to a purchaser and make $5 or more profit per foot out of the purchaser. The second buyer is also a speculator in increments. He pays his instalment with the same hope of selling at a satisfactory advance price before the second or third instalment becomes due. So it goes on. It is all right if you are one of the early purchasers and get rid of the lots according to your expectation, but if the speculation fever is very high and the expectations as to the future of the town or the district of the town in which the estate is situated are too rosy, the lots are sure, within a limited time, to be forced up to a selling price far beyond their intrinsic value, and a too sanguine buyer at last will find himself in possession of them and have them left unsaleable upon his hands. As it was put to me by a shrewd man very familiar with the business, “It is the last man who will get the pinch.” If you go in for Real Estate speculation you must take care not to be the last man. The head of a great Canadian financial corporation said to me, “There is plenty of money to be made out of Real Estate if you can trust the man you deal with, but my advice to all my friends is to avoid as far as they can long-range Real Estate speculation. It is safer to put money into good industrial investments. The profits may not be so quick or so great, but there is much less risk.” Several Real Estate men were perfectly frank in describing to me the dangers of Real Estate investment by men not in the know dealing with Real Estate men in whom they have not the fullest reason to put confidence. “The thing,” said one of them, “may look all right on the map. The map shows you that the lots for instance, are within two or three minutes of the post office or the Town Hall. So they are, but you want to know just where the post office or the Town Hall is in its relation to the business and the best residential quarters of the town. It may be that the location of the post office was fixed when the township site was first laid out. It was expected then that the town would grow from the post office location as a centre, but for some reason or other it has not grown all round the post office, but has spread away, say, east and south and has not spread north and west. The lots shown to you on the map may be north or west of the post office and not be worth $10 a foot, whereas if they were at an equal distance east or south they would be worth $25 or $30 a foot. Or the post office in those infant days may have been given to somebody by a bit of favouritism and been located just where it is because the man happened to have a lot there, without regard to the public convenience at all, and it is now practically stranded. Again, the Town Hall, by the same mysterious tendencies of growth, may be three or four hundred yards out of the profit-making centre and the lots shown to you may be in a comparatively unprofitable area.