THE COMPANY AS PAST0RALI8T 239 



came into existence, and held, each of them, a number 

 of runs. Out of these the larger and incorporated Joint- 

 stock companies would naturally have developed. As 

 a matter of fact, no such evolution took place. The 

 industrial development of the Motherland here cut across 

 the growth of the pastoral industry in Australia at an 

 angle. 



The second and, still more, the third decades of the 

 eighteenth century witnessed the rise of the joint-stock 

 company. Having recently resided in England, where 

 he observed the phenomenon. Captain John Mc Arthur's 

 scheming brain devised such a company in Australia for 

 the encouragement of the pastoral industry. Austraha 

 was not England, and the requisite capital could not 

 then be raised. The aid of Government was therefore 

 to be invoked. Especially was its financial assistance 

 requested, the assignment of convict servants desired, 

 and the importation of merinos at Government expense 

 demanded. The Government, by way of security, was 

 to have a certain number of shares in the Company, and 

 (in order to obviate the danger of mutiny) the estates 

 of the Company were to be placed in the interior, at a 

 distance of at least five miles beyond the settled districts. 

 The demands were perhaps unreasonable ; at all events, 

 Macquarie seemed to dread the removal of convicts 

 beyond practicable Government control. Accordingly, 

 though the proposal was approved of by so advanced, 

 yet sober, a mind as that of Commissioner Bigge, the 

 Company was not formed. Perhaps it was best so. 

 Pastoralists were put on their mettle, and their efiforts 

 were in due time crowned with success. The individua- 

 list and independent pastoralist was evolved. 



The time of the Australian company was not; yet 

 come. The time of the English company was, however, 

 at hand. In 1825 — a great year for the formation of 

 Joint-stock companies in England — the Australian Agri- 

 cultural Company was formed by a number of Members 

 of Parhament and other gentlemen connected with the 

 wool-trade. It received vast grants on easy terms. 



