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In deposits belonging to private individuals and other investments, the firm possessed about six millions of capital altogether. "Now, if Nucingen had himself brought out a joint-stock company, with the shares of which he proposed to indemnify his creditors after more or less ingenious manoeuvring, he might perhaps have been suspected. He set about it more cunningly than that.
When a company of merchants undertake, at their own risk and expense, to establish a new trade with some remote and barbarous nation, it may not be unreasonable to incorporate them into a joint-stock company, and to grant them, in case of their success, a monopoly of the trade for a certain number of years.
When they trade upon a joint stock, each member sharing in the common profit or loss, in proportion to his share in this stock, they are called joint-stock companies. Such companies, whether regulated or joint-stock, sometimes have, and sometimes have not, exclusive privileges.
In the meantime, a remonstrance was offered by certain planters and merchants, interested in trading to the British sugar colonies in America, alleging, that the price of negroes was greatly advanced since the forts and settlements on the coast of Africa had been under the direction of the committee of the company of merchants trading to that coast; a circumstance that greatly distressed and alarmed the petitioners, prevented the cultivation of the British colonies, and was a great detriment to the trade and navigation of the kingdom; that this misfortune, they believed, was in some measure owing to the ruinous state and condition of the forts and settlements; that, in their opinion, the most effectual method for maintaining the interest of that trade on a respectable footing, next to that of an incorporated joint-stock company, would be putting those forts and settlements under the sole direction of the commissioners for trade and plantations; that the preservation or ruin of the American sugar colonies went hand in hand with that of the slave trade to Africa; that, by an act passed in the year one thousand seven hundred and fifty, for extending and improving this trade, the British subjects were debarred from lodging their slaves and merchandise in the forts and settlements on the coast; they, therefore, prayed that this part of the act might be repealed; that all commanders of British and American vessels, free merchants, and all other his majesty's subjects, who were settled, or might at any time thereafter settle in Africa, should have free liberty, from sunrise to sunset, to enter the forts and settlements, and to deposit their goods and merchandise in the warehouses thereunto belonging; to secure their slaves or other purchases without paying any consideration for the same; but the slaves to be victualled at the proper cost and charge of their respective owners.
If we compare the London and Westminster Bankwhich is the first of the joint-stock banks in the public estimation and known to be very cautiously and carefully managedwith the Bank of England, we shall see the difference at once. The London and Westminster has only 13 per cent of its liabilities lying idle. The Banking Department of the Bank of England has over 40 per cent.
Friedrich recognizes his ingenuities, impetuosities, and superior talent in war; wrote high-flown Letters of praises, now and then, in years coming; but, we may guess, would hardly wish to meet Maurice in the way of joint-stock business again.
But others agreed to go on adventure, i.e. to accept the adventurers' offer that their personal adventure to Virginia would be counted as one share, at the minimum, in the common joint-stock.
In the mean time, innumerable joint-stock companies started up everywhere. They soon received the name of Bubbles, the most appropriate that imagination could devise. The populace are often most happy in the nicknames they employ. None could be more apt than that of Bubbles.
The modern 'underwriter, all the world over, is the direct descendant of the Elizabethan who wrote his name under the conditions of a given risk at sea. Joint-stock companies were in one sense old when Elizabethan men of business were young. But the Elizabethans developed them enormously. 'Going shares' was doubtless prehistoric. It certainly was ancient, medieval, and Elizabethan.
The ameliorations wrought in favor of the pecuniary interest in modern institutions tend, in another field, to substitute the "soulless" joint-stock corporation for the captain, and so they make also for the dispensability, of the great leisure-class function of ownership.
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