nd had cost its owner L25 2s., while by the then latest
catalogue value it totalled up to L368 1s. 3d.

Shrewd business men are those who frequently invest large sums in
stamps. The amounts spent annually by some wealthy collectors range
from L1,000 to L10,000. One well-known Parisian collector, whose life
has been largely devoted to his philatelic treasures, and who employs
two secretaries to look after his collection, has, it is estimated,
spent at least L200,000 on his stamps since 1870.

If investment were the Alpha and Omega of stamp collecting, every
collector of standing would bemoan lost opportunities. Many a great
rarity of to-day could have been had for a few shillings a few years
ago. The Cape errors were sold by Stanley Gibbons at 2s. 6d. each. The
"Transvral" error was sold by the same generous firm at 4s., and
others in similar proportion in the day of opportunity.

To-day it is the fashion to look back with regret on those lost
opportunities, and to nurse the belief that such opportunities are
never likely to return. But experience shows that in every decade of
stamp collecting the common stamp of to-day may be the rarity of
to-morrow. In many a series of stamps some one of the lot from some
cause or another gets scarce, and the price appreciates from year to
year till the original price paid for the stamp in pence is
represented by pounds.

[Illustration]

XIV.

What to Collect and How to Collect.

The questions, "What to collect?" and "How to collect?" are much more
easily asked than answered. Each individual will differ in taste, in
inclination, in method, in time at his disposal, and last, but not
least, in the depth of his pocket. The most that can be done is to
outline a general plan, founded upon general experience.

Collectors are divided into two classes--the general collector and the
specialist. The general collector takes everything that comes in his
way, and knows no limitations, no exclusions of this country or that.
The specialist, on the other hand, confines his attention to the
stamps of one or more particular groups or divisions, or even to one
particular country.

The most experienced collectors, whether general or specialist, almost
invariably advise the beginner to start as a general collector. As a
beginner he will have no experience to guide him in the choice of a
particular group or division; and until he has travelled over the
ground as a general collector it wi