go BOOK IV. 



often admits others to share with him, and they join with him in forming a 

 company, and they each lay out a part of the expense and share with him 

 the profit or loss of the mine. But the title of the mines or tunnels remains 

 undivided, although for the purpose of dividing the expense and profit it 

 may be said each mine or tunnel is divided into parts®. 



This division is made in various ways. A mine, and the same thing 

 must be understood with regard to a tunnel, may be divided into two halves, 

 that is into two similar portions, by which method two owners spend 

 an equal amount on it and draw an equal profit from it, for each possesses 

 one half. Sometimes it is divided into four shares, by which compact 

 four persons can be owners, so that each possesses one-fourth, or also two 

 persons, so that one possesses three-fourths, and the other only one-fourth ; 

 or three owners, so that the first has two-fourths, and the second and third 

 one-fourth each. Sometimes it is divided into eight shares, by which plan 

 there may be eight owners, so that each is possessor of one-eighth ; some- 

 times there are two owners, so that one has five-sixths® together with one 

 twenty-fourth, and the other one-eighth ; or there may be three owners, in 

 which one has three-quarters and the second and third each one-eighth ; 

 or it may be divided so that one owner has seven-twelfths, together with 

 one twenty-fourth, a second owner has one-quarter, and a third owner has 

 one-eighth ; or so that the first has one-half, the second one-third and one 

 twenty-fourth, and the third one-eighth ; or so that the first has one-half, 

 as before, and the second and third each one-quarter ; or so that the first 

 and second each have one-third and one twenty-fourth, and the third one- 

 quarter ; and in the same way the divisions may be adjusted in all the other 

 proportions. The different ways of dividing the shares originate from the 

 different proportions of ownership. Sometimes a mine is divided into 

 sixteen parts, each of which is a twenty-fourth and a forty-eighth ; or it may 

 be divided into thirty-two parts, each of which is a forty-eighth and half a 

 seventy-second and a two hundred and eighty-eighth ; or into sixty-four 

 parts of which each share is one seventy-second and one five hundred and 

 seventy-sixth ; or finally, into one hundred and twenty-eight parts, any one 

 of which is half a seventy-second and half of one five hundred and seventy- 

 sixth. 



Now an iron mine either remains undivided or is divided into two, 

 four, or occasionally more shares, which depends on the excellence of the 

 veins. But a lead, bismuth, or tin mine, and Ukewise one of copper or even 

 quicksilver, is also divided into eight shares, or into sixteen or thirty-two, 

 and less commonly into sixty-four. The number of the divisions of the silver 

 mines at Freiberg in Meissen did not formerly progress beyond this ; but 



^Such a form of ownership is very old. Apparently upon the instigation of Xenophon 

 (see Note 7, p. 29) the Greeks formed companies to work the mines of Laurion, further 

 information as to which is given in note 6, p. 27. Pliny (Note 7, p. 232) mentions the 

 Company working the quicksilver mines in Spain. In fact, company organization was 

 very common among the Romans, who speculated largely in the shares, especially in those 

 companies which farmed the taxes of the provinces, or leased public lands, or took military 

 and civil contracts. 



^The Latin text gives one-sixth, obviously an error. 



