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The German knew what opinion he was held in by the public, and that without the prestige of Cayrol's name, and behind that, the house of Desvarennes, he would never have been able to float the European Credit as it had been. He was too cunning not to know this, and Cayrol having declined to join him, he looked round in search of a suitable person to inspire the shareholders with confidence.
The folly of the greater number of the commissioners and shareholders amounted to infatuation; a thousand pounds per annum given in some cases to entertain the Chilian authorities; libraries of well-bound geological books; miners brought out for particular metals, as tin, which are not found in Chile; contracts to supply the miners with milk, in parts where there are no cows; machinery, where it could not possibly be used; and a hundred similar arrangements, bore witness to our absurdity, and to this day afford amusement to the natives.
Research has rendered it probable that the companies of the time were composed of an outer as well as of an inner circle; that the mass of shareholders differed from those who were the promoters, managers and active agents in the concern, that the liability of the former at least was limited and that their shares, whether small or great, were transmissible and subject to the fluctuations of the market.
No doubt, if he should find it remunerative, the shareholders of the Burra Burra would find it still more so, and it would be the interest of the proprietors of the larger mines to enter into similar engagements; but, on a due consideration of this important subject, I am led to believe that to make smelting works successful in South Australia, Companies must purchase the ore, and carry it off to localities suitable for the operation.
The fears of the interested shareholders outran even the hatred of Cayrol. What would the judges call Herzog's underhand dealings? Would it be embezzlement? Or forgery? Would they come and arrest the Prince at her house? The house of Desvarennes, which had never received a visit from a sheriff's officer, was it to be disgraced now by the presence of the police?
He prided himself on the fact that his hotel was not like other New York hotels, which were run by impersonal companies and shareholders and boards of directors, and consequently lacked the paternal touch which made the Cosmopolis what it was. At other hotels things went wrong, and clients complained.
Let us suppose the House of Commons existing alone and by itself to appoint the Premier quite simply, just as the shareholders of a railway choose a director.
They did not even condescend to explain to shareholders the exact limits of their liabilities when they informed them that the directors in their goodness, refrained from asking any more than a thousand, or five hundred, or even two hundred and fifty francs.
They would, therefore, have been in a position at any moment to close their ranks and admit fresh generations of workers only as employees at competitive wages instead of as shareholders, thus creating at one stroke a new capitalist class and a new proletariat. ... In short, the socialism of Owen led him to propose a practical scheme which was not even socialistic, and which, if it could possibly have been carried out, would have simply arbitrarily redistributed the capital of the country without altering or superseding the capitalist system in the least."
He sold his house to meet the next two payments, and just as the third payment came due the company went into liquidation, and it consumed all their available assets to discover that there was nothing left for the shareholders. And Simple Simon began life over again. Of the High Class Eskimo
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