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2 38 AfETH0D.S OF SOCfAL REFORM.
masters to dissolve the mystery surrounding their profits in
some degree. There is not the slightest necessity to make
known positive losses, and all that need be published is the
amount of oxcesa, if any, beyond a, certain fixed minimum,
tho trulh of the report and the accuracy of the accounts to
bo certified by auditors or accountants of high position. I
confess 1 should have little hope of masters overcoming their
strong prejudices against such a proceeding were it not for one
circumstance. The extension of limited liability companies
will tend to render trade much less secret; for where there
are a score or more of shareholders, any mystery about the
rata of profit iu out of the question. No doubt limited companies
are a little out of favour just at prosent, owing to
rcnctiou nftor their recent rash creation. But there is a great
futuro for joint-stock enterprise in one form or another, and
when thoro are many Shareholders among the capitalists, 1 see
no reason whatever why the partnership principle should not
st vnc~ bo adopted as regards the men. The first to bring
this principle into operation should be large companies owning
coal mines, iron works, or any other large factories employing
many labourers. And ns a joint-stock company can less
depoud upon vigilant superintendence of their business wheu
the managers are not the actual capitalists, it is all the more
necessary thnt timy should give each man an interest in
the result. I pcrfectly feel how slowly this principle must
make its way among private employers, but there are, nevertheless,
many large companies existing which might embrace
the principle at once without the slightest difficulty. Not to
do so will argue, I should think, the greatest blindness to
their own interests, and to those of the country generally. It
is but a few years since the Legislature upheld the prejudice
that it wos impo8sible to allow anyone to share profits without
obIiging him to share the risks. But in the Act of 1862 this
prejudice was given up, and I do trust that any other prejudices
which stand in the way of this gr& reform may shortly
be dissolved, now that the law gives a full opportunity for the
trial.
It may be ssid that no firm would long stand if they could