In this age of jointstock companies and limited liabilities, it may be interesting to see on what terms the original founders of the Company of St.-Gobain put their heads and their purses together, to establish a great industrial enterprise. Their articles of association were signed by twelve associates on February 1, 1703, some ten years after William Paterson and Lord Halifax laid the foundations of the Bank of England and of the British public debt. The capital of the company, estimated at 2,040,000 livres, was divided into twenty-four shares of 85,000 livres each, called 'sols,' and these again into twelve parts each, called 'deniers,' making a total of 288 'deniers.' These curious designations, taken from the currency of the time, were used down to the overthrow of the restored Bourbon monarchy in 1830. The owners of these shares, or 'deniers,' bound themselves solemnly never to make a loan, but to meet all the expenses of the enterprise by assessments in proportion to their holdings, and always to keep in hand a fund for current expenses of at least one million of livres. They were to receive ten per cent. on their capital, a special honorarium of 1,000 livres a year apiece, and a fee of two crowns for attendance at meetings. All misunderstandings were to be settled by arbitration, and all the proceedings were to be secret. Under these articles St.-Gobain grew up, prospered, withstood the shock of successive political revolutions in France, and kept its place in the front of the great industrial movement of the nineteenth century down to the year 1830. During this long life of over a century and a quarter, the payment of dividends seems to have been suspended for three years only, and that after the Terror, from 1794 to 1797. In 1792, when the Girondins and the Jacobins were tearing France to pieces between them, and courting foreign invasion as a stimulus to domestic anarchy, the works were stopped for a time in Paris, at Tour-la-ville and at St.-Gobain, but only for a time. The very able director of the company, M. Deslandes, originally selected, as I have said, by Madame Geoffrin, and who had vindicated her good judgment by managing the affairs of the company with success for thirty years, resigned his post in 1789. He was a model disciplinarian of the old school. In 1775, finding that some of the workmen at Tour-la-ville had been seduced from their duty by a glassmaker at La Fere-en-Tardenois, M. Deslandes called upon the Intendant at Soissons to clap them into prison. Turgot, the friend of Franklin, objected to this, but M. Deslandes gave him plainly to understand that 'a government which should tolerate such misconduct would be detestable.'