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Updated: June 3, 2025
Commenting himself upon this statement, he adds in a footnote: "I say 'have to. For only when the means of production and distribution have actually outgrown the form of management by joint-stock companies, and when, therefore, the taking them over by the State has become economically inevitable, only then even if it is the State of to-day that effects this is there an economic advance, the attainment of another step preliminary to the taking over of all productive forces by society itself."
Leaving aside their old, cautious policy, they undertook without hesitation the largest enterprises. Foreign railroads, national loans, vast joint-stock companies, these were the things that now occupied Smithers & Co.
The public buildings do not deserve much notice; the Eagle Theatre, a joint-stock concern, being the only building of much interest. There are, however, several spacious hotels, and two or three banks, that boast some architectural merit, although much, I believe, cannot be said as to their stability.
In Italy, England, and Germany, women make it a point of honor to leave men to fight their own battles; they shut their eyes to their husbands' work as perseveringly as our French citizens' wives do all that in them lies to understand the position of their joint-stock partnership; is not that what you call it in your legal language?
In reply to another question, Professor Queerspeck stated that no substitute for the purposes to which these arcades were at present devoted had yet occurred to him, but that he hoped no fanciful objection on this head would be allowed to interfere with so great an undertaking. ‘MR. JOBBA produced a forcing-machine on a novel plan, for bringing joint-stock railway shares prematurely to a premium.
Secondly, The directors of a joint-stock company have always the management of a large capital, the joint stock of the company, a part of which they may frequently employ, with propriety, in building, repairing, and maintaining such necessary forts and garrisons.
There is every indication that we are to see new developments of the power of aggregated capital to serve civilization, and that the new developments will be made right here in America. Joint-stock companies are yet in their infancy, and incorporated capital, instead of being a thing which can be overturned, is a thing which is becoming more and more indispensable.
This tended to great stability in the financial world, as the Bank of England, although a private joint-stock association, has from its foundation in 1694 been practically the fiscal agent of the government, having the management of the public debt, paying dividends upon it, holding the government moneys, making advances when necessary, helping the collection of the public revenue, and being the central bank of the other banks.
The Australian Insurance Banking Record informs me that there are no less than 24 joint-stock banking companies, with 750 branches doing business in Australia. They all pay dividends of from 6 to 18 per cent. to their shareholders, besides putting handsome sums every year to their reserve funds, so that banking business is fairly profitable here.
The stockbroker had been the secret inaugurator of two or three joint-stock companies, though figuring to the outer world only as director; and in the getting-up of these companies Horatio had been a useful instrument, and had received liberal payment for his labours. Unhappily, so serene an occupation as promoting cannot go on for ever; or rather, cannot remain for ever in the same hands.
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