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The very introduction of joint-stock companies, to which, in part, Scott owed his ruin, has made a confusion between professional and commercial occupations which did not then exist; but even now I think it would hardly be considered decent for a public servant, discharging judicial functions, to carry on actual business in a private trading concern.
Moreover, they induced the Bank of England to establish branches in a few provincial towns and to make advances upon merchants' goods to the amount of three millions. It cost a greater effort to break down the monopoly of the Bank of England by legalising joint-stock banks in the provinces, though not within a distance of sixty-five miles from London.
The development of the joint-stock company system has introduced a new factor into the problem of the supply of capital, which is of immense though but dimly perceived importance. The directors of a company are technically no more than the servants of the shareholders.
Ah! she is truly the worthy friend of that knave Hafner, whom his daughter's broken engagement has not grieved, in spite of his discomfiture. I forgot to tell you that he had just sold Palais Castagna to a joint-stock company to convert it into a hotel. I laugh," he continued with singular acrimony, "in order not to weep, for I am arriving at the most heartrending part.
In the year 1850, I was induced by a proposition from the Benedict & Burnham Co., of Waterbury, to enter into a joint-stock company at my place in New Haven, under the name of the Jerome Manufacturing Co. They were to put in thirty-five thousand dollars, and I was to furnish the same amount of capital.
It was generally understood that Robert J. Walker, United States Secretary of the Treasury, was then a partner in this mining company; and a vessel, the bark Gray Eagle, was ready at San Francisco to sail for New York with the title-papers on which to base a joint-stock company for speculative uses.
He looked on with the same grave, attentive stolidity, occasionally nodding his head, as he was wont of yore when he received a deputation on sugar duties or joint-stock banks, and when he made, as was his custom when particularly perplexed, an occasional note on a sheet of foolscap paper. 'An Opposition in an age of revolution, continued Lady Everingham, 'must be founded on principles.
If a moderate capital were sufficient, the great utility of the undertaking would not be a sufficient reason for establishing a joint-stock company; because, in this case, the demand for what it was to produce, would readily and easily be supplied by private adventurers. In the four trades above mentioned, both those circumstances concur.
The "London University," as it was called, was opened in 1828, when classes were formed in arts, law, and medicine, but not in divinity. It was technically a joint-stock company, and the attempt of the shareholders to obtain a charter of incorporation was successfully resisted by the universities of Oxford and Cambridge.
Upon which, as upon the ghost of Broglio's Breeches, Valori had to hear "incessant sarcasms" at this time. For the common cause he accomplished nearly nothing by this Moravian Expedition. But, to his own mind, it was rich in experiences, as to the Joint-Stock Principle, as to the Partners he now had.
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