The work of the Stock Exchange

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Monograph

Identifikator:: 1012149900

URN:: urn:nbn:de:zbw-retromon-24397

Document type:: Monograph

Author:: Obst, Georg http://d-nb.info/gnd/11759296X

Title:: Geld-, Bank- und Börsenwesen

Edition:: 30., völlig veränd. Neuauflage

Place of publication:: Stuttgart

Publisher:: C.E. Poeschel Verlag

Year of publication:: 1937

Scope:: 1 Online-Ressource (XVI, 566 Seiten)

Digitisation:: 2018

Collection:: Business and Management Classics

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Erster Teil. Geld und Geldsurrogate

Collection:: Business and Management Classics

THE EVOLUTION OF SECURITIES not as yet highly organized, were neither easily salable nor readily available to the average Englishman as investments. Compared with our own times the business world of the seventeenth and eighteenth centuries was poor, slow-moving, risky, wasteful, and inefficient. Steam power had not yet been harnessed to industry and transportation, and large business organizations as we know them today were, if only for this reason, still impossible. The manufacturer of 1700 could pro- duce his wares only by hand and in small quantities—con- sequently he made little effort to concentrate his manufacturing under a single factory roof, but let it out piecemeal to his employees to be performed in their cottages. From this last fact the term “cottage industry” is used to designate the manu- facturing enterprises of this period. Seventeenth Century Transportation.—But even if such an inefficient system had permitted the manufacturer to produce large quantities of goods they could not have been distributed quickly, securely, or in considerable amounts by the clumsy stage coaches and canals of that period. Macaulay has drawn a graphic picture of English transportation conditions * in the latter decades of the seventeenth century: There were no railways, except a few made of timber from the mouths of the Northumbrian coal pits to the banks of the Tyne. There was very little internal communication by water. A few attempts had been made to deepen and embank the natural streams, but with slender success. Hardly a single navigable canal had been even projected. [t was by the highways that both travellers and goods generally passed from place to place . . . on the best lines of communication ‘he ruts were deep, the descents precipitous, and the way often such as it was hardly possible to distinguish, in the dusk, from the unenclosed heath and fen which lay on both sides. . . . It was only in fine weather that the whole breadth of the road was available for wheeled vehicles. Often the mud lay deep on the right and the left, and only a narrow track of firm ground rose above the quagmire. . . . It hap- pened almost every day, that coaches stuck fast, until a team of cattle » Macaulay. “History of England,” Ch. III,

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