lishments, carried on principally by joint stock companies. Besides other firms, there are twenty-eight companies, of which the greater number are employed in the manufacture of rolled and sheet-brass, copper, wire buttons, German silver, pins, cutlery, books-and-eyes. The others are employed in manufacturing hosiery, felt, cloth, webbing, covered buttons, umbrella trimmings, leather, &c.
The official statements of these companies show that their respective capitals vary in amount to a very great extent, and that they are in some cases remarkably small:—
| There are | 2 | with a capital of $6,000 (about £1,200). | ||
| 5 | between $10,000 | (£2,000), and $20,000 | (£4,000). | |
| 13 | $20,000 | $100,000 | (£20,000). | |
| And the rest | $100,000 | $253,000 | (£50,000). | |
Great facilities are afforded in many of the States for the formation of manufacturing companies. The liabilities of partners not actively engaged in the management are limited to the proportion of the capital subscribed by each, and its amount is published in the official statements of the Company. In the case of the introduction of a new invention, or a new manufacture, the principle of limited liability produces most beneficial results. Persons who from their connections or occupations are likely to be interested in, or profited by, the new invention or manufacture, readily associate together and subscribe
