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[1].
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; sometimes there are two owners, so that one has five-sixths[2] 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 likewise 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.
