Chambers's Edinburgh Journal, No. 460: Volume 18, New Series, October 23, 1852 — John Shaqi
Chambers's Edinburgh Journal, No. 460: Volume 18, New Series, October 23, 1852Various
History
Chambers's Edinburgh Journal, No. 460: Volume 18, New Series, October 23, 1852
Various
Periodicals
What is to be done with the money which is realised in the ordinary
course of affairs, has latterly become a kind of puzzle. There it goes
on accumulating as a result of industry; but what then? A person can
but eat one dinner in the day; two or three coats are about all he
needs for the outer man; he can but live in one house at a time; and,
in short, after paying away all he needs to pay, he finds that he has
not a little over for--investment. Since our young days, this word
investment has come remarkably into use. All are looking for
investments; and as supply ordinarily follows demand, up there rise,
at periodical intervals, an amazing number of plans for the said
investments--in plain English, relieving people of their money. A few
years ago, railways were the favourite absorbents. Railways, on a
somewhat more honest principle, may possibly again have their day.
Meanwhile, the man of money has opened up to him a very comprehensive
field for the investment of his cash: he can send it upon any mission
he chooses; he may dig turf with it, or he may dig gold; he may catch
whales, or he may catch sprats, or do fifty other things; but if he
see it again after having relinquished his hold upon it, he must have
exercised more discretion than falls to the lot of the majority of Her
Majesty's lieges in their helter-skelter steeple-chasing after 20 per
cent. Our present business, however, is not with legitimate
speculation, but with schemes in which no discretion is exercised, or
by which discretion is set to sleep--in a word, with bubble
investments; and the history of many of the most promising of these
speculations may be read in the following brief and not altogether
mythical biography, of an interesting specimen which suddenly fell
into a declining way, and is supposed to have lately departed this
life.
The Long Range Excavator Rock-Crushing and Gold-Winning Company was
born from the brain of Aurophilus Dobrown, Esq., of Smallchange Dell,
in the county of Middlesex, between the hours of ten and eleven at
night on the 14th of October 1851. It was at first a shapeless and
unpromising bantling; but being introduced to the patronage of a
conclave of experienced drynurses, it speedily became developed in
form and proportion; and before it was ten days old, was formally
introduced, with official garniture, to the expectant public, by whom
it was received with general approbation and favour. The new company,
in a dashing prospectus, held forth a certain prospect of enormous
advantages to shareholders, with an entire exemption from
responsibility of every sort. The shares were a million in number, at
one pound each, without any further call--on the loose-cash principle,
and no signing of documents. Aurophilus Dobrown was chairman of the
committee of management.
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