The British Press; or, Morning Literary Advertiser.
London, England, 1825-07-22 00:00:00

rss.

JODIT-Sr6v comPA
TO THE EDITOR OF THE BRITISH PRESS.

Sot,—The multitude of Joint-Stock Companies now in
existence, and the daily increase which it appears to re-
ceive, present a subject for consideration deeply interesting!
with regard to individual welfare, and of no slight import-
ance in relation to the national prosperity. It is a subject
which requires and deserves calm and sober discussion,
though it has hitherto seldom called forth anything but
prejudice, affectation, and cant. From whatever cause it
may have proceeded, certain it is that never before was
there such a mass of interests created, which endured so
I passively the very principle of its existence to be assailed,
or exerted so little energy in its defence. The African
slave trade was never without its able and zealous de-
fenders ; yet the projectors and capitalists who now cul-
-1 bark in joint-stock speculations submit. without resistance,
to the most sweeping imputations of knavery or fully. It
is my intention, Sir, if you can afford me the necessary
apace in your columns, to enumerate some of the more
obvious considerations connected with the prevailing nzania,
—to adopt a term which the fully of fashion has appro-
prlated to this subject; to point out the nature and degree
of the evils it is calculated to produce • to show, at the same
time, that those evils are not unmixed ; and finally, if not
to strike the balance of good and evil, at least to indicate the
way, and exemplify-the temper, in which the question may
be rationally and beneficially discussed.
The chief immediate evil produced by these Companies
!is the gaming to which they give rise. For a considerable
period from the creation of a Joint-Stock Company, the
money actually paid upon each share is usually i•• -onside-
rabic. Thus, individuals possessing a small capital arc
enabled to hold a great number of shares, and are tempted
1 to do so in the hope of a speedy rise in their market value;
permanent investment being equally remote from their in
tention and beyond their means. This evil, which I sea-
lily admit to he such, is however vastly over rated in public
estimation. The spirit of gaming has always existed, and
txerciaed great influence iu human society: so far as the
establishments in question have strengthened or extended
the dominion of this baneful passion, they have unques-
tionably been mischievous; but they have rather varied the
sphere of its operation, and changed the objects to which
it is applied, than had the effect of increasing its virulence
or diffusing its contagion. We see an old and well-known
evil in a new region and under another form, with some
increase perhaps to its actvity. Are we therefore justified
in denouncing Joint-Stock Companies as the creators of a
disease which they have only modified ? Nor is the modifi-
eition itself either hurtful or indifferent. If men will
game, they will generally also pay some attention to, and
strive to acquire some knowledge of, the subjects with
which their gaming is connected. In this point of view,
it will mot be denied that mining is preferable to the prize
ring, or that Bolivar is an object snore worthy of attention
than Jem Ward.
The truth indeed is, that the gaming incidental to the
creation of the new Companies is a very small part of the
goneral subject. It will speedily wear itself out. The
effective demand for this mode of permanent investment
constitutes the natural limit beyond which the creation of
new Companies cannot greatly extend ; as, by successive
calls, the shares of the existing Companies become heavier,
that is, assume more the character of solid property, and as
at the same time their prospects become more fully deve-
loped, gaming in shares will gradually abate. The hn-
pulse of novelty and the mists of ignorance, both so favour-
able to the spirit of gaming. will cease together ; gaming,
in the only offensive sense of the word, Will cease at the
sante time. The great question then remains, what may
we rationally expect to be the effects upon individual hap-
piness and national prosperity of that new distribution of
cripital, and new creation of interests, which Joint-Stock
Companies are about to produce? I have already trespassed
so far upon your space and patience, that I dare not touch
a question so extensive and important in the present letter.
T. B.

The Pospectus of a New Company, to be termed the
" British and Foreign Tobacco an. Snuff Manufacturing
Company," is about to be issued. In a country where
there is so large a consumption of this article in every
form that it takes, and in every class of society, whatever
tends to place the supply in respcctab'e and competent
hinds, must be serviceable. There appears to be no rea-
son against the formation of a West Indian Tobacca Com.
pany upon the same footing as the great East India Tea
Company. By rendering the traffic exclusively British a
new and valuable market for Biitith laheur and British
capital might be opened in our Western Colonies.
We understand that it is intended to establish a Literary
and Scientific Institution, for persona engaged in commer-
eial and professional pursuits, in the western parts of the
metropolis. The objects of this Institution will be—lst. '
The establishment of a library of reference and circula-
' tion, and rooms for reading and conversation.---211. The
formation of classes amongst the members, to assist them
in the acquisition of the ancient and modern languages.—
Sd. The delivery of lectures on the most interesting an
important subjects in the departments of literature affil
science; including polite literature, history, mathematics,
political economy, and natural and moral philosophy. To
carry Iliac objects into effect a public meeting will shortly
be held, of which due notice will be given.
Although the residence of so many of our countrymen
on the Continent has been felt by tradesmen, the more ob-
serving
begin to see good arising out of it, from the
gradual introduction there of a taste for many comforts,',
that may be termed peculiarly English, and the supply of
which must for some time be derived exclusively from 'I
British markets, and in no article is this more manifested
than in the extended orders received from the continent for
carpets. This taste has received a new impulse, and
! although many, ill-versed in the science of political
:economy, attempt to depreciate the substitution of machi-
nery for manual labour, wears glad to find it increasing
in every branch, and in none more than in carpet weaving,
since the consequent cheapness of this valuable article of
domestic orrament and convenience will materially con-
tribute to its introduction among the middle classes of
I society throughout a considerable part of the continent,
particularly in the northern districts, where its utility, it
is obvious, must be so fully appreciated. The extension of,
this manufacture from. British looms will be of the greatest
as-scquence, because the wool used is entirely of British
growth. We feel therefore wen-anted in wishing success
1 to the very ingenious establishment recently projected, and
about to continence in that article at Battersea ; it is a
similar principle which has enabled Manchester, Glasgow,
Leeds, &c. to nearly monopolise all markets fur their ma-
nufactures. Recent experience has shown that perhaps
there is no article, the manufacture of which may be ex-
tended with more advantage than carpets, even in this
country, but still more for exportation to the continent,
where they have but rceemlx_ been introduced: and it may
be anticipated that at no remote pet Mel it may be numbered
among the staple manufactures of the country, and de-
serving, in common with them, of every possible en-
couragement.
I Sir WALTER SCOTE.—Sir Walter Scott visited the Bank
of Ireland cn Monday ; he then proceeded to the residence
of the Provost, and was introduced by him into the Col-
lege Library. The door of the Library was guarded by a
surly porter, and not even the ladies who came to catch a
glimpse of the " Great Unknown," could obtain admis-
sion. This is worthy of that College, where a system of
' exclusion and illiberality has long prevailed—a system ab-
horrent to the pursuits of literature, and disgraceful to the
country. A curious circumstance occurred during Sir
Walter's visit on Saturday to the Library adjoining St.
! Patrick's Cathedral. The Deputy Librarian, Si leo happens
to be a Collegian, having got into conversation with the
"Great Unknown," wished to take him by surprise, and
I thereby prove his own dexterity. With this view he ex-
claimed, " Oh, Sir Walter, do you know that it is only
lately I have had time tb get through your Reilgau:iti, t.'
Sir Walter—" Sir, I never met with such a book." The
Librarian stood rebuked, and said nothing. Sir Walter
is exceedingly lame. The lameness, we should thick, by
! I is manner of walking, prOceeds from a hip disease, with
which he was probably affiisted in his youthful days. The
sketch given of him in Peter's Letters. is ettrernely faith-
ful. Ile partook of a dejeune at the Provost's, and dined
in 1110 eveniug with Mr. W. 11Iartstenge.—Dutlin Eveni»g
;Bee-islet .
hasMrseitulll,eci• rftrormotrEnitgolawnAzalzigisarvreanwereadble
gentleman
,toa
lesatis-
faction of his friends, the misundestanding between him
and Mr. PalVSQll.—l:rtElin 2ifGr ;lag Reesten

1.11.11