The Sun.
London, England, 1825-03-05 00:00:00

PUBLIC COMPANIES.

The observations of the Logo CHANCELLOR
respecting Public Companies were well intend..
ed, and meant to guard the unwary against the
losses they might incur by entering into impru-
dent speculations; but if they create a panic in
the public opinion so as to depreciate the property
embarked in these Companies, whether good or
bad, they will cause an injury that can never be
repaired, and by paralising the exertions of those
who embark in meritorious and spirited under-
takings, not only arrest the rising property of
the country, but also throw thousands oflhe in
out of employment. The most beneficial
undertakings are carried on by Companies, and
which could not be effected by single individuals,
except the few who are already too rich ; but
in Companies each troy embark his 100 L, 2001,,
or 10001. according to his means) in different
undertakings, and by not intrustiug too much in
any one, make it a kind of insurance, as far as
human prudence can effect it, to avoid 'the risque
of loss. In mines of copper, coals, &c. for in,
stance, if a man embark 2,00 W. in one"tnine
may lose the whole, and his adjoining neighbour
gain 20 per cent.; but if he embark 1001. only
in 20 different mines or adventures, he will most
likely clear on the average from 7 to 15 per cent.
for his money. It is notorious that some over-
grown Ironmasters, and several other over-bearing
monopolizers, will often sell, even under prime
cost, to crush persons of moderate capital, which
must be lost in the contest, and the former
thus secure the whole trade to themselves; but
Companies, like the bundle of rods, may be
formed equal, not only to contend with, but to
keep those all-devouring monsters in order, and
at the same time benefit themselves and theb'
country. Such Directors as have lately appeared
before us will never lend their good names, ob-
tained by many years of virtuous exertion, to de-
ceive the Public for the few hundreds they might
obtain ; and the Papers that have published-their
names, instead of exposing, have only proved
the value set upon their services. If Acts of
Parliament or Charters be made necessary to en•
able Companies to act, none but those who have
parliamentary interest will have any chance of
success; the delay, also, and the expence is an
_Hydra that will deter those not accustomed to
the modern golden mode of taming it. The pre-
sent Ministers have shewn such a noble spirit of
independence, and of liberal and open competition
in trade, that we are sure they will never pass.
a Bill that shall prevent Englishmen uniting
to employ their capital in raisi►►g from the soil of
England, Ireland, Wales, and Scotland, thy
wealth they contain, and employing its inhabit.-
ants, thereby forcing the capital out of the king.
dom in foreign speculations. Such Companies,
therefore, as can bear the test of scrutiny, need
fear no Bills or Lawyers' doubts, which can only
frighten children of an older growth, and thoste
drones who prefer vegetating on their idle 3 and
32 per cent. to improving the fortunes of them.

selves and posterity, and at the same time bent_
filing a country which, by its industry and enter_
prize, has raised itself to be the admiration of
the world.