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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A.D. 1776 1850, Under the uence of mew conditions facilities were given for the formation of joint stock ~ompanies 316 LAISSEZ FAIRE introduction of improved facilities for traffic has tended to Jepress the landed interest relatively to the merchant and manufacturer. 274. The development of the means of transport during the first half of the nineteenth century was accompanied by considerable changes in business organisation. The new undertakings, which were called for in order to carry on the trade of the country, were on such a scale that they offered a field for associated rather than private enterprise. This form of trading had been greatly discredited’, since the era of speculation, when the South Sea Scheme had been floated. In 1719 the Bubble Act was passed®, which prohibited the formation of companies with transferable shares, unless they obtained incorporation by charter from the Crown or by Act of Parliament. Unincorporated companies had no legal existence, since they could neither sue nor be sued, and they were not partnerships, as the shares were being constantly transferred ; they were an anomaly in the business world, since contracts could not be enforced or debtsrecovered. Even the chartered corporations had an unfair advantage in trade; as the members were only liable for the amount of their contribution, and no individual was personally responsible for the debts incurred by the corporation. When in 1825 the Bubble Act was repealed?, and opportunity was given for the formation of joint-stock companies, pains were taken to protect the public in their dealings with companies. Power was given to the Crown, when granting a charter of incorporation to a trading company, to render the members who composed it personally liable for the whole or any part of the debts of the rorporation. From this time onwards, when the complete responsibility of the members of corporations was secured, there has been e tendency to facilitate the formation of joint-stock companies rather than to discourage them. In 1844 arrangements were made by which trading companies could obtain a Certificate of Incorporation on simple conditions and without the delay and expense which were involved in appealing to 1 Napier, in 4 Century of Law Reform, 580. 26 Geo. Lc. 18, § 18. + 6 Geo. IV. cc. 91. 4 7 and 8 Viet. ¢. 110. .

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