No. 9. 



Joint-stock Companies. 



275 



For the Farmers' Cabinet. 

 Joint-stock Companies. 



I remember the rage for Joint-stock com- 

 panies, which swept through England about 

 the year 1825; and am tempted to copy from 

 a record of the time, an account of " The 

 Caledonian Dairy Company," for the amuse- 

 ment of your readers : its purpose was to 

 supply the inhabitants of Edinburgh with 

 pure milk. The land was purchased for 

 £8,000, and £14,000 more were expended 

 in the erection of a building, which is thus 

 described : 



" In the front of the edifice is a semicir- 

 cular projection, in the centre of which is 

 the principal entrance, having a column on 

 either side for the support of a handsome 

 pediment. The interior of this projection 

 contains a saloon, correspondent with it in 

 form, and through which the visitor passes 

 into the great Byre, which is supported by 

 two rows of cast-iron pillars; the stalls being 

 divided by the same metal, and capable of 

 containing 200 cows under one roof. It is 

 30 feet high, and from the centre of it rises 

 a large dome, for the purpose of light and 

 ventilation; it is also lighted, and air ad- 

 mitted at both ends and on one of the sides: 

 and from a gallery over the principal door, 

 the visitor has a pleasing view of the whole. 

 The troughs are of stone, and each is sup- 

 plied with a pipe, by means of which it can 

 readily be cleansed, or water admitted for 

 the common drink of the animals. Arched 

 vaults extend below, through the whole 

 length of the Byre, into which the urine 

 passes and the dung is conveyed, from 

 whence the contents are removed through 

 a tunnel, opening on the main road. 



" Over the saloon is a room for the Direc- 

 tors, and one above that for the servants. 

 The other part of the building, that parallel 

 with the Byre, contains the manager's 

 house, counting-house, churning-house, en- 

 gine-house to churn the cream, stores for 

 potatoes, lofts for hay, steaming-house, sta- 

 bles for horses, a shed for the bull, and every 

 thin? that can be required in such a place ; 

 the land next the road being tastefully laid 

 out as a lawn and shrubbery, with an ice- 

 house for the milk in summer. But, like all 

 other speculations of the kind, it did not an- 

 swer ! There were never more than 160 or 

 170 cows in the Byre, and thefe rapidly di- 

 minished in number, until the magnificent 

 concern was so plainly a losing one, that it 

 was abandoned by the company." 



Now, with this enormous outlay for build- 

 ings, land, stock, &c, the wages of mana- 

 ger, servants, cost of food for cows, with 

 wear and tear and casualties, what would 



be reasonable to calculate as the probable 

 income for the support of the concern — the 

 largest sum that could have been in the con- 

 templation of the company] Why, supposing 

 that each cow gave two gallons of milk a 

 day, the whole year — which is a very large 

 yield — the whole quantity for 200 cows, 

 would be 146,000 gallons, which, at 10 

 cents per gallon, first hand, would amount 

 to $23,360, about one half of which sum 

 would go for rent of land and buildings, at 

 10 per cent, on the cost of erection ; so that 

 each cow would have to pay about £50 per 

 annum, for rent of stall ; leaving the other 

 half to pay interest for stock, manager's and 

 servants' wages, food, taxes, wear and tear 

 and casualties, and a hundred other expenses 

 not easily calculated ! But the delusion was 

 of short duration ; a few months witnessed 

 the end of all " Joint-stock companies," but 

 the effects of the mania are still felt by hun- 

 dreds of weak minded persons, who were so 

 infatuated as to believe that the time was 

 come for every one to make a rapid fortune, 

 without inquiring who were to be the con- 

 tributors, if every one was to be a receiver. 

 We are all apt to say, such things will be a 

 warnmg for the future; but there will be no 

 such thing — we are all ripe for another 

 start — it is only to show us that 500 per 

 cent, is to be made by speculation, and the 

 most sober minded amongst us, will be 

 drawn from their " proprieties :" witness 

 the morns mania, where all proposed to be 

 sellers of trees, and no buyers, leave alone 

 the making of silk, which scarcely an indi- 

 vidual contemplated, except on a very small 

 scale, to show how profitable it would be to 

 purchase his stock of trees — to keep them 

 himself, being quite out of the question. 

 But there is one speculation in which we 

 may all indulge — it is, in highly manuring 

 and cultivating our lands — to be sure, we 

 are promised no more than from 40 to 50 

 per cent, interest, on the capital invested, 

 but until we can do better, suppose that we 

 submit to do business in this small way? 

 depending upon it, however, that a " Lo 

 here !" will soon again be heard, and an- 

 other rush will take place, with the same 

 fatal termination ! I am here tempted to 

 relate an anecdote, the truth of which may 

 be relied upon. On the south side of the 

 Isle of Wight, England, there once lived a 

 plain, honest, hard working country trades- 

 man, who had, by dint of industry and keep- 

 ing at home, saved up a considerable sum of 

 money; but he was tempted to join a "Joint- 

 stock company" in the neighbourhood, and 

 adventured his all, in fitting out a vessel in 

 the fruit trade, by which he was told he 

 would double his money the first voyage. 



