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Similar evils have become almost equally rife in England, and on the Continent; and I believe the decay of commercial morality, and of the sense of all higher obligations than those of a pecuniary nature, on both sides of the Atlantic, is to be ascribed more to the influence of joint-stock banks and manufacturing and railway companies, to the workings, in short, of what is called the principle of "associate action," than to any other one cause of demoralization.
This is a point to which, along with other general questions connected with the industrializing of China, I shall return in my last chapter. It is said by Europeans who have business experience in China that the Chinese are not good at managing large joint-stock companies, such as modern industry requires.
Thus, whereas at the opening of the Meiji era, every manufacture was of a domestic character, and such a thing as a joint-stock company did not exist, there are now fully 11,000 factories giving employment to 700,000 operatives, and the number of joint-stock companies aggregates 9000.
It ought to be tried but how one's tenants would loathe it, and quite natural too! At present if things go wrong, if it's not the fault of the Government or the weather, it's the farmer's own fault. On my joint-stock estate every director and manager would feel that all his colleagues were letting him down and destroying his profits.
I kept the joint-stock purse, ordered all the dinners, paid all the turnpikes, conducted facetious conversations with the post boys, and regulated the pace at which we travelled. The luggage was in Forster's department; and Maclise, having nothing particular to do, sang songs. Heavens!
They may also have a joint-stock sluice at the mouth of the tunnel one company having the privilege of using the sluice one week, and the other the next. All the dirt brought out in a week can readily be washed in a day. The work of taking out the pay-dirt after the main tunnel has been cut, is called "drifting;" and the holes made by the men engaged in it are termed "drifts."
"Gentlemen, I propose that we immediately form an American joint-stock company for the purchase of lands and excavations of statues here, with proper connections in Wall Street to bull and bear the stock." All. "Agreed." "Dearest Mary, this is the most celebrated statue in the world. This is the renowned 'Capitoline Venus' you've heard so much about. How strange it seems this place!
This total exemption front trouble and front risk, beyond a limited sum, encourages many people to become adventurers in joint-stock companies, who would, upon no account, hazard their fortunes in any private copartnery. Such companies, therefore, commonly draw to themselves much greater stocks, than any private copartnery can boast of.
This table is taken from the annual banking numbers of the Economist. It will be noticed that in 1886 there were in England 109 joint-stock banks with 1547 offices, whose accounts were tabulated in the Economist's annual review. Their total paid-up capital was 38-1/2 millions, their deposit and current accounts were just under 300 millions, and their total liabilities were 377 millions.
He put his hand in his side-pocket, and drew out a quantity of papers neatly arranged, tied, and indorsed. The old men instantly bestowed a more watchful sort of attention on him. "This, gentlemen, is a list of the joint-stock companies created last year. What do you suppose is their number?" "Fifty, I'll be bound, Mr. Richard." "More than that, Skinner. Say eighty."
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