The Industrial Revolution

Bibliographic data

Monograph

Identifikator:: 1027928145

URN:: urn:nbn:de:zbw-retromon-159926

Document type:: Monograph

Author:: Cunningham, William http://d-nb.info/gnd/128907487

Title:: The Industrial Revolution

Place of publication:: Cambridge

Publisher:: The University Press

Year of publication:: 1922

Scope:: xxii S., S. 404-886

Digitisation:: 2021

Collection:: Economics Books

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JOINT-STOCK COMPANIES 821 was concluded in 1842 by a treaty, under which Hong-kong A-D.1776 was ceded to England, and trade at Shanghai, Canton, Amoy, Ningpo, and Foo-chow-foo was opened to British subjects; while the monopoly of the Hongists, as the agents for foreign trade, was entirely done away. For good or for evil, the system of relieving the Govern- ment of responsibility for distant trades, by conferring com- bined political and trading rights on an exclusive company, had come to an end. The East India Company had lost its hon the trading character, and continued as an administrative body nant of for political and military purposes till the outbreak of the monopoly Mutiny in 1857, when the governmental system of India was hw as reconstructed. The other great seventeenth century company which survived, retained its character as a trader, but had lost much of its political significance’. Since the conquest of Canada, the forts on Hudson's Bay had ceased to be the out- posts of English encroachment on the sphere of French influence. In so far as the company form has been retained in more recent times in connection with the development of Borneo or of Rhodesia? there is no real reversion to the old type. The company system has been adopted, not as a means of relieving the Government of responsibility, but as an administrative form through which the duty of the State, for the protection of English traders and of native races, can be most effectively exercised. In the same decade, in which the last vestiges of monopoly 7%e danger in the foreign trade of the country were being broken down, zz; es it became necessary to guard against the danger of a new id, “2Jo" monopoly arising in connection with internal communications, Sommuns- In countries where railways had been built by the State, the difficulty of protecting the public welfare from private interests did not arise; but in England, the development of the new system of transport was left to associated enterprise, and was effected by joint-stock companies. The legislature had anticipated that the roads laid down by the railway companies would be available for private persons to run their own engines and waggons, subject to the payment of tolls. It 1 See above, Pp. 279 n. 4. t Nicholson. Political Economy, 11. 254.

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