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Updated: June 23, 2025
There will be great scope for the shareholding dilettanti, great opportunities for literary quacks, in "national" movements, language leagues, picturesque plotting, and the invention of such "national" costumes as the world has never seen.
In quite a similar way the shareholding body will buy up all the clever and more enterprising makers and designers of clothing and adornment, he will set the fashion of almost all ornament, in bookbinding and printing and painting, for example, furnishing, and indeed of almost all things that are not primarily produced "for the million," as the phrase goes.
Enterprises will come and go, the relative values of kinds of wealth will alter, old appliances, old companies, will serve their time and fall in value, individuals will waste their substance, individual families and groups will die out, certain portions of the share property of the world may be gathered, by elaborate manipulation, into a more or less limited number of hands, conceivably even families and groups will be taxed out by graduated legacy duties and specially apportioned income taxes, but, for all such possible changes and modifications, the shareholding element will still endure, so long as our present progressive and experimental state of society obtains.
And the very diversity, laxity, and weakness of the general shareholding element, which will work to prevent its organizing itself in the interests of its property, or of evolving any distinctive traditions or positive characters, will obviously prevent its obstructing the continual appearance of new enterprises, of new shareholders to replace the loss of its older constituents....
The shareholding class, the rout of the Abyss, the speculator, may develop in countless ways according to the varying development of exterior influences upon them, but of the most typical portion of the central body, the section containing the scientific engineering or scientific medical sort of people, we can postulate certain tendencies with some confidence.
In vain the Marquis pointed out that the shareholders had received a fifteen per cent, dividend for years and years past, and that really, for once in a way, they ought to be prepared to sacrifice a temporary advantage for the sake of future prosperity. The thought of those regular high dividends gave rise to no gratitude in shareholding hearts; it seemed merely to render them the more furious.
At the opposite pole of the social scale to that about which shareholding is most apparent, is a second necessary and quite inevitable consequence of the sudden transition that has occurred from a very nearly static social organization to a violently progressive one.
Even if she is a serious and labour-loving type, some shareholder may tempt her with the prospect of developing her exceptional personality in ease and freedom and in "doing good" with his money. With the continued growth of the shareholding class, the brighter-looking matrimonial chances, not to speak of the glittering opportunities that are not matrimonial, will increase.
From a man and his wife and his children making things at home, we get two or three men going into partnership and hiring a few of their neighbors at day wages. Then we get the system of "shareholding," with hundreds or thousands of people as partners in a manufacturing enterprise which they never visit. The people who owned the shares were the ones who owned the tools.
The shareholding body is altogether too chaotic and diffused for positive defence. And the question of the prolonged existence of this comparatively new social phenomenon, either in its present or some modified form, turns, therefore, entirely on the quasi-natural laws of the social body.
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