COMPANY-PROMOTING has changed sadly for the worst. A few years ago it was really an interesting occupation, but, owing to various causes, and especially the keen competition which has arisen, and to the large accession to our ranks, it is now risky and really uncomfortable work. The law, too, has been busy tightening its grasp upon all those who are engaged in starting or managing Joint Stock enterprises. Numerous and quite unnecessary technicalities have been introduced, and it is somewhat difficult to steer clear of the many pitfalls which await the unwary.

It is many years since I turned my attention to Company-promoting; prior to doing so I had had a somewhat chequered experience. I had tried many

things and had been more or less successful with all of them. Just before beginning my new operations I was engaged in a not interesting task of securing advertisements for a publication, the utility of which had been suggested to me. I was doing fairly well, but the work was very hard and my partner was inclined to shirk it. I had just completed a rather

unprofitable morning's work, and feeling despondent, I turned into a wine-bar in the City, a few hundred yards from the Royal Exchange. There I met a gentleman and we got into conversation. He told me he was engaged in bringing out a company which was to purchase a patent for manufacturing candles. The subject interested me, and I treated my new acquaintance to several glasses of wine, as well as to numerous questions. By degrees I discovered that he was to pay the patentee about £200 for a valuable (?) invention which he was selling again to the company for no less a sum than £25,000 in cash, and a substantial number of fully-paid shares, which he said he was compelled to take, otherwise the public would not believe in the thing. After a little further conversation I found that this profitable transaction for my friend was the work of a very few days. I think six weeks at the outside. Leaving the wine-bar I reflected on the subject-matter of the conversation I had had. I considered my own position; the numerous insults and disappointments to which I was subjected in securing my advertisements, and the paltry return they yielded when obtained, and contrasted all with the glorious chances I had had expounded to me in the wine-bar. I resolved that night to have done with advertisements and to try patents. The next morning I was early at the wine-bar. As I anticipated, my acquaintance of yesterday was not long in following me. A few glasses of wine ensued and I boldly suggested the subject of a partnership. He jibbed a little, and evidently wanted the whole of his profit. I discussed the patent, asked him if he had any statistics as to the number of candles used nightly; put down various figures on paper for his edification, and ultimately we came to the conclusion that a partnership would not be undesirable, but that the terms upon

which the company was to obtain the patent were very much too low. This was the beginning. After a good deal of haggling we came to terms, but had some considerable difficulty in getting the directors of the candle company to agree to our terms, and they only did so after we had somewhat modified them. The company was launched, but it was not altogether a success; still I cleared by my first effort about £3000 in hard cash, and obtained possession of £5000 worth of fully-paid shares. These, however, I regret to say, proved valueless, as owing to the mismanagement of the company, on the part of the directors, the undertaking very soon afterwards found a resting place in an accountant's office.

Having made a beginning, and being a really energetic man, I very soon set to work with other schemes, and in one year I formed five companies for the purchase of patents, two mining companies, a bank, and an insurance company and a dressmakers' association. I am sorry to say, however, that all these concerns were not successful. I had not quite caught the public fancy, and in two instances I was severely bitten. In fact my banking experience was decidedly disastrous, as the concern which I intended to form into a worthy successor to the Bank of England was very rotten, and it was necessary for all concerned in the matter to change their addresses late at night, as well as their names. I fear a good many of the public suffered as well as myself. I know for several days some suspiciouslooking characters followed me about in a most unpleasant manner; but, after about a week's inactivity, it suddenly occurred to me it would be good for the shareholders to meet and discuss their grievances. In two of my other enterprises I recollected that obnoxious individuals had circularised their fellow shareholders. Why should I not

do likewise? No sooner had I thought of the idea than I was at work, but I had a difficulty to face. I knew if I wrote to the shareholders and gave them my address I would have rather a warm quarter-of-an-hour. I therefore adopted the somewhat bold expedient of calling upon a shareholder, a gentleman whom luckily I found to be an invalid, and after a short interview persuaded him that I was a very much maligned man. He read through my circular and signed it. This was what I wanted. I had it lithographed, signature and all, and taking an address in the City my fellow-shareholders received by the next morning's post a circular from their invalid colleague. As I had anticipated all were ready to support the "invalid" and to heap their abuse on me. I really felt somewhat amused as I opened their letters. Their remarks were very vindictive, and they were quite prepared to support the "invalid" in any steps he might take against the base promoter. Of course, I had a sympathetic reply sent out again from the "invalid," and quite friendly relations. were thus established; in fact, several called, but the old man I had in my employ was careful not to introduce them to the "invalid." Matters were progressing most favourably; a subscription list had been started to defray the costs of any action taken against myself. I opened an account in the name of the "invalid" in one of the banks, and I most scrupulously employed the money thus acquired in paying my office expenses, costs of postage, circulars, etc. The time, however, was getting on, and it was necessary that the shareholders should soon meet, and I foresaw a difficulty in dealing with the "invalid." I thought over several plans, but for a whole week I could not solve the difficulty. On Sunday afternoon, however, I resolved to call on the "invalid." I did so, and imagine my surprise when I found that

the good gentleman had died on the night of my first visit. The difficulty was solved. It was now only necessary to obtain another shareholder, or a gentleman to represent the "invalid." As I came away from the house of the "invalid," who had so ably assisted me but who, alas! had departed this life without knowing how very much he had benefited me, I thought of a friend. of mine who would make an excellent executor for him, and who would be just the person to meet the shareholders and revile` me. I saw him as quickly as possible, and after a little hesitation on his part, I persuaded him to undertake the office. The meeting was called, the executor's address (which, by the way I had written), was excellent, and was received with great applause. Resolutions were carried, the executor was thanked most cordially and everything was left in his hands, and I could, consequently, resume my daily work without fear of interruption. I suppose it is hardly

necessary to say that the "executor" did not take proceedings against me, but was "advised by Counsel that the shareholders had better consent to a voluntary liquidation"; which they did. This event took place during the early years of my promoting experience. These years were not particularly profitable, still I made a few thousands, and lost a few thousands on the Stock Exchange and lived very comfortably.

My time, however, was coming. An ingenious German called upon me one day with a sweet little invention, quite the thing for the ladies. Nearly everyone has seen people struggling with brooms and brushes cleaning carpets. My German caller had invented the neatest little arrangement for accomplishing this without any trouble, and without any dust, that it was possible to imagine, if it would only work. It could be made and