The British Press; or, Morning Literary Advertiser.
London, England, 1825-07-27 00:00:00

TO THE EDITOR OF THE BRITISH PRESS.

St It ,—Haveug in my last letter endeavoured to reduce to
its just dimensions the evil of gaining, as incidental to the
!formation and progress of Joint-Stock Companies, I now
proceed to offer some remarks upon the general character
and tendency of such institutions.
In a country like England, abounding in wealth, and
having an immense state-debt, it is obvious that there must
exist a veep numerous class of persons, possessing in va-
rious degrees the pecuniary means of embarking in corn-
! mercial and oaks enterprises, but without a sufficient por-
tion of the activity, energy and talent, or wanting the con-
nexions, the technical information, or the time necessary
for pursuing them. This class comprehends, in fact, all
individuals who have a surplus income, from whatever
source it may arise, and who by habit or situation are
averse to the struggles, or remote from the scenes of active
life. Joint-Stock Companit a present the only method by
which any portion of the capital of this extensive class can
be actively employed, so as to preserve a direct interest to,
the owner.

IVluther these companies may eventually prodnce
benefit or injury to the class I have mentloned, must de-
pend upon the general prosperity, or failure, of the various
undertakings in which it shall have embarked. It is pro-
betle that many of them will succeed ; it cannot be doubted
that many of them will fail. In this, its in every thing
else, the highest prosperity will be the reward of these in-
dividuals who exercise the justest discrimination. I think
it however a general advantage that, whilst all former
' modes of investment are left open, one of a new character
is added to their number. The range of individual choice
is thus extended, anew chance is afforded, a new stimulus
imparted. That class which forms, perhaps, the most
inert of our social masses is quickened into new life ; the
keen sense of pecuniary interest comes in aid of every
former incentive to the pursuit of various and extensive in-
formation.

Independently of their effect upon the fortune of indi-
viduals, the existence of Joint-Stock Companies, for the'
purposes of commerce or adventure, will, if carried to
any considerable extent, have a natural influence upon the
general condition of the mercantile world. The directors li
of such establishments, actingon behalf of a numerous and
dispersed body of subscribers, will be bound to govern
their conduct almost entirely by general ru'cs and prin-
ciples. The passions of hope cad fear which tyrannise over
the breasts of individuals, will exercise over theirs but a
limited and regulated sway. And these arc the passions
which exaggerate in every market all the natural and
substantial causes of vicissitude of price. Founded in
speculation, these Companies may thus eventually t•perate
as the sedative to speculation. The markets in which they'
have the most to do will be found the least susceptible of
groundless fluctuation. By their operations they will
oounteract—hy their example compose much needless and
injurious eff,rvesceuce. They will, in fine, give to coin-
,coerce a broader and a steadier basis.

If Joint-Stock Companies have any teatimes to giv'e
greater steadiness to the prices of commodities, they must
have a like tendency in relati6n to the value of labour. The
latter tendency is indeed manifest on the slightest reflec-
tion. If the price of a mineral, or of an article of manu-
facture, is unusually depressed, what individual producer
is likely to be so patient under innnetliate loss as the ma-
nagers of a Joint-Stock ? 11'ho will look further through
the gloom? Who will be so tardy and reluctant to reduce
the wages, or decrease the number of their labourers ?
These considerations, Sir, arc thrown out with a view
to provoke discussion. They proceed upon the supposition
that Joint-Stock Companies are generally, at the present
day, projected and countenanced with a serious view to the
ultimate advantage of the shareholders—that they are not
mere contrivances for ohtai-ing possession of other people's
money. That this is the more generous supposition will
not be denied ; that it is also the more rational one I shall,
in my next letter, endeavour to show. T. B.

Mr. Ramage, of Aberdeen, gives an account of a white
leech found in a stickleback, wi.ich, when disengaged, was
as large as the fish that had enclosed it. The stickleback
died immediately ; and the leech, which had all the mo-
tions of the common leech, died in about twelve hours.
Mr. Ramage supposes that the latter must have been swal-
lowed, when of a minute size, for food, and had gown, and
preserved life, in the small gut of the fish, till the accident
happened which protruded it, full grown, for his observa-
tion.