Neglecting a few exceptional older corporations which, indeed, in their essence are not usurious, but of unlimited liability, the shareholding body appeared first, in its present character, in the seventeenth century, and came to its full development in the mid-nineteenth. Was its appearance then due only to the attainment of a certain necessary degree of public credit, or was it correlated with any other force? It seems in accordance with facts to relate it to another force, the development of mechanism, so far as certain representative aspects go. Hitherto the only borrower had been the farmer, then the exploring trader had found a world too wide for purely individual effort, and then suddenly the craftsmen of all sorts and the carriers discovered the need of the new, great, wholesale, initially expensive appliances that invention was offering them. It was the development of mechanism that created the great bulk of modern shareholding, it took its present shape distinctively only with the appearance of the railways. The hitherto necessary but subordinate craftsman and merchant classes were to have new weapons, new powers, they were to develop to a new importance, to a preponderance even in the social body. But before they could attain these weapons, before this new and novel wealth could be set up, it had to pay its footing in an apportioned world, it had to buy its right to disturb the established social order. The dividend of the shareholder was the tribute the new enterprise had to pay the old wealth. The share was the manumission money of machinery. And essentially the shareholder represents and will continue to represent the responsible managing owner of a former state of affairs in process of supersession.