727 / 868
S T
o
p1oyt:d. TI:!!
th¡~
t:rm
tU!;
b~~o cxt~:ldt'J
fan )¡er,
\hol1~h
imí'r(\;'crl:,',
to
li:!"ily
Oloy
f,;r.\
of
mr.nl!j'
which
h.:~
b::.:n
lc:nt tu
th~ ~uf('rpmcnt,
On
condi lion af
rcccivin~
a
CCrt ílm
ímcrcll till
")(~
mon.:y is repa,,¡, anJ w:\ich m::kl:s a pan of
th ~
n,Hioo;.!
dcbt. As
th~
rr:cu,ity uoth of (he
goVt'roment
and of
lh.!
!"uhlic
cOll1r.u~ies
is c:ílccmed prcfe r.ble to
Ihal
o f ;¡ny
Pl'l t,t;C
ptrh,n, as the: Ilo..:ks are
n: goliable
and may
be
r~ij
al
~I'y
liu ",
and as tho: :nterc:ft is al ways
pU!lélu:dl y
paid
\\ h..!:l d"H:;
ro
they
are thrn:by
cnabled
to bflf rotV mo·
ney on a I..,w! r illterdt
lhan wb at could
be
obtained
from
)cndlilf, il
l~
;>rivate perfC'lns,
when.:
lht!r~
mull bc..alw:ilys
fume
dan;::: r of lolir.C hIJth prlOc!pctl
"' 0<1 Intcrdl.
Hut as
CVI!:y
c:lpi t.d Uock or fund uf a comp:.ny is
raifcd
for
a
paniculH purpofe,
and
¡¡mucd by p. tl!;:ment tOa. cer·
tJio fU01 ,
il
nccc([\rily foil0''''·5, that when that
fu nd is
con1'
plealed. no 1I0ck can be bough t
of
th""!'
compll.ny; though
Iharcs ."I! e.uly purchafed may be l!"ansfcrreJ (ro01 oo'! p: r·
fon to another. , 'his bei ng the c"Je, thcre is
(1
equeod y a
grei\t J i(propo¡tioo belween lhe origin,t1 v<tlue
of
the Iha res,
and wh al is Jti\'en fo r theOl \(fhen transferred : for ir llaere
.u e more buyers than (d lers .
a
perfon wno is indifFt:r<'nt
aboul (elling '.ViII not pan with his
fh~re
wilhoul a confi–
derabl..:
pro~ t
to himfe lf ; and,
0 0
lhe cooHu y, if maoy
a.re¿ iCpoCed
'0
fell. aod fcIV inehned
'0
buyo ,hc "aluc of
fuch fh ares will natur:t ll yf<tll, in proportion
(O
the impiu ience
_of
lhoCe who .....ant
lO
Iurn their Uock ioto fpecie.
T hefe obfe n'alioros
·m~y
[erve tO gi ye our readers fome
idel of the
nat ~re
of that unjuH¡(idble and diOlone/l prac
, ice cd l, d
JI.e.!
j . bbing,
.he my(lery of wh,eh eonG(ls in
nOlhio!f more lh ao this : T he pcrfons concerned io that
p raétice.
WllO
art: denominated Clock-jobbers , nuke coot raéls
to buy or fell, al a certaio difl. nt tinl'!, a certaio qU.1 ntity
of fome pan icular fl ock , ag?inn which time they end!:3vour,
::lccording as lheir contiaét ¡s, either to rair!: or lower flleh
l1ock,
by
raifi og rumours and fprcading fillitious /lories in
order to ioduce people either lO fell out in
a
¡ urry, ?nd
confequentl y cheap, if Ihey are
10
deliver Hock. or
10
be·
come unwdhng
lO
(eJI,
and confequently tOmake it dearc:r,
jf th ey are tOreceive Cl:ock.
T he perfoos who make thefe cont raéls are
oOt in
¡::eoeral
pOÍtdfed of any real flock ; and wheo the time comes that (hey
a re
fa
rcceive or ncliyer
Ihe
quanl iry lhey haYe contra{ted
for, .hcy only p' r fueh • Cum of moncy as makes .he dif
ference be1ween Ihe price lhe Oock .\VilS
al
wheo they made
t he coofraél . and (he price it hilpper.s tO be
:H
wheo lh e
cootrall is
(\
lIr.II~d;
and
il
is
00
uncommoo lhiog for pero
fons not worth
100
L
to make contraéts for the buyiog or
felling ' 00,000 1. (loek. In .he la nguage of Exehange Al·
Icy• •he buyer in .his e. fe is colltd .hc Bun, .nd .hc feller
Ihe R' H . .
Bt fide (hefe, 1here are: a"other {et of men,
\vho.
thouRh
of
a
hir.her rank, may properJy <::oou&h come: under the
filme d( DOmioalioo. T hefe are your great mooied men,
who are oe" lel s in llock. and cootraét:crs with the covernOlt!Dt
wheoeyer aoy ocw money is
10
be borrowr-d. T heCe io.
o eed are nOl fiélítious,
but
real buyers .and fdlers of Oock;
bu. by " ifi ng (.Ifc hopcs. or erealing groundlc(s
fe.rs.by
pre:teodin~
10
huy or (eH Jarce fJ uanll1!eS of llock on a
(ud–
den ,
by
u1inr. the forc·mentiooed Cel
of m~n
as their ¡nn lu·
mc:ots
and
ot her hke pratlices, arc enablcd tOrai{e or low!.:r
t ~.c
Uod ,s one: or two per ct'nt.
::u
p)r"fure.
Howc\ltr , Ihe real value: o( ooc (fock ahoye anolher,
0 0
;zcCO\lnt of its being more prcfila.ble to t!lC propricton, or
S T O
any
t hin~
Iha t wiU rcally, or only in irn ¡¡ginatinn,
:!.rrl!tl:
the credll
of
a cOOlpAny. or
er.dan~u
lhc }!O'/ernOlent, by
\\'11Ich that
creoil
1S
(ecuren,
m'lÍt
n:Hur:tlly
h3\'~
a
.onri–
dt:rable
t
ffd l:
on lhe Ib cks .
Th llS.
Wilh rd j"lc!l: to lhe
¡nteren of the proprietors.
:1
Ih arc:
jI!
Ihe
(lock of
il
tr::aJi .'g
comp<lny which produc,!s
5
1.
or
6
i.
r l!r cene pcr aon .
muO
be
OI?re valu.l.ble
th~n
;.tn
ann11lly with governruent fe–
curity,
{h 'lI
produces
0 0
more
t h;m
3
1.
ó r
á
1.
per Ctor.
per annum ;
2nd
con(tqoently fuch Hock mun
(di
at
i\
higher
price th,¡o fuch
itn
annuilY. Though it
muU
be ob(erved.
that
a
nJ,Ire
In
the ftork of a ·t radlng cOa'lpany produciog
5 I or 6
1.
per ceol.
~er
410:"'1)01.
will not felch
fa
mu.:h
Otoncy
:lt
oHlkel as
a
gov~rn;l)l!nt
annuity producing
dH~
Cune
(U01;
hecAufe (he
lt:~u rlly
of the compaoy is not rcc.
konld equ<l.1ro that o: the goveromeol , and l he cootinuance
of their pAylng fo nlu::h per : nnum is more preCM rious.
as
lhetr di"id!:nd ¡s, or
ough t 10
be, always in propon ion lO
lhe profi ts
uf
th~ir· 1
rane.
As Ihe (lock· uf ,he E a(l [ndi•••he bank . • nd Sou.h· S..
conlp:mies, are rliHingui!hed by ddi t rent dcnomioatiom, f\nd
are of a very difraent nature,
we
{hall give a fhor;: h,ftory
of
each of th;' m,
t("I~eth~r
wlth
:lO
account
of
Ihe d fft'fcnt
(lo<ks caeh is po(fc(fed uf; beginning wi,h .be Ea(l India
eompany, as .hc lir(l e
(l.bl'(hcd .
O( Iht E.¡i
India
e.",pa".j .
T
he.reis
DO
tradiog comp"ny in Europe, lhe DQtch Eatl
I ndia company excepted, which can be put in competítion
with IIus . lts
\VdS
fi rll eA.{blifhed
10
the htter end of
the
relgn of C}ueeo. Elizabeth
j
?nd ilS
vrivil~ges
hn e been en·
l::I.rgeJ, or confirmcd. by
~Imon
every mon.rch lince. les
Ihues. or fubfcr ipnuns , were or:gio,¡lIy only
50
1.
llerling;
.od i"
e.pi••1only 369,8<) . 1. 5
S.
bUI .he direllors h.–
víng aconfiderable di,·,dend
tO
nlike in 1676, it wasagreed
( O
jOlo
the
pror.ls10
¡he
cA piti\I, by whicb {he Onres were
uoubled. aod
conC~quently
each bec;ufle of·JOO
1.
l'alue, and
.h. copica1739.78 2 1. 10 s. ;
'0
whieh eapi..
!.
if 963 ,639 1.
, he prohlS
01
.he company
'0
.he
ye..
168 5. be .dded, Ihe
" holc 1I0ek " ill be found ' o be 1.7° 3.4° 2
1.
However
t
this comp;¡ny hayí ng fu itai. ed feve rallo(fcs
by .hc DUlCh, .nd .he fubjca s of .he gre.. Mogul , w. s
¡.
a decliniog way al lhe Revolutioo, wheñ the war with France
rcdueed i. fo low, .h•• i, app<.ring fc.,eely pofiibly.o b<
{u pported. a oew one
was
ercéled. T he merchaDtS formiog
¡he oetv
Edrt
India
comp.nyreceivcd their charter in 1698.
hn jr.g,
in
conlider.Jtion of Ihe grlnl thereor. lent the co•
• ernment tWOnlilJioos;u 8 'per
CCOl.
pcr aonum; aod pulh.
iog their trade with vigour, lhey fooDc:n ried on twice the
buGnefs .h.. was <,'er done
by
.hc old
eomp.ny. Bo. af–
ter the t\Vo compao:cs had {ubfilled a
fcw
yean in a Cepnalc
(
1.1.te.O1eaDS were contri\'ed
10
uoite them; which
WOlS
ef·
feaed io
170~ )
wQeo
a
oew charter wa, graoted Ihem under
.hc .itle of :he
Uni.cdCompany of Mcrehaots <rading ' 0
.he Ea(l lndics.
T o
the
two millioos advanced by lhe new compilny. the:
united compiloy io the
6th
of q\1een Anne lenl the
go.~r n·
mem
1,20 0 ,000 1.
u hich madc: lhe(r whole loao amono!
10
j ,2CO.OOO
I A
further fum
""3S ..
Ifo lenl by lbe comp.1oy
~o
173°, 0 0
a renew ..
1
oro their cha rter. Ihe interell of
~ hlCh
is
n.d.ll("('d
103
rer
C('OL
and called Ihe
India ;
r
er
CCOl.
annulllt"s.
As [O
InJI::!:
nock,
lt
is of
a
quite J ifferent n;¡ture ; ror
as that
¡s- nol moocv put
OUI 10 ¡nleren, bUl
lhe
tradlnP.
•
- (loel>