But as Rome advanced her dominion in the second century B.C., and had to see to an ever-increasing amount of public business, it was discovered that the business of contracting was one which might indeed be risky, but with skill and experience, and especially with a trifle of unscrupulousness, might be made a perfectly safe and paying investment. This was especially the case with the undertakings for raising the taxes in the newly acquired provinces as well as in Italy, more particularly in those provinces, viz. Sicily and Asia, which paid their taxes in the form of tithe and not in a lump sum. The collection of these revenues could be made a very paying concern seeing that it was not necessary to be too squeamish about the rights and claims of the provincials. And, indeed, by the time of the Gracchi all these joint-stock companies had become the one favourite investment in which every one who had any capital, however small, placed it without hesitation. Polybius, who was in Rome at this time for several years, and was thoroughly acquainted with Roman life, has left a valuable record in his sixth book (ch. xvii.) of the universal demand for shares in these companies; a fact which proves that they were believed to be both safe and profitable. These societates were managed by the great men of business, as our joint-stock companies are directed by men of capital and consequence. Polybius tells us that among those who were concerned, some took the contracts from the censors: these were called _mancipes_, because the sign of accepting the contract at the auction was to hold up the hand.[112] Others, Polybius goes on, were in association with these mancipes, and, as we may assume, equally responsible with them; these were the _socii_. It was of course necessary that security should be given for the fulfilment of the contract, and Polybius does not omit to mention the _praedes_ or guarantors[113]. Lastly, he says that others again gave their property on behalf of these official members of the companies, or in their name, for the public purpose in hand. These last words admit of more than one interpretation, but as in the same passage Polybius tells us that all who had any money put it into these concerns, we may reasonably suppose that he means to indicate the _participes_, or small holders of shares, which were called _partes_, or if very small, _particulae_[114]. The socii and participes seem to be distinguished by Cicero in his Verrine orations (ii. 1. 55), where he quotes an addition made by Verres illegally as praetor to a lex censoria: "qui de censoribus redemerit, eum socium ne admittito neve partem dato." If this be so, we may regard the socius as having a share both in the management and the liability, while the particeps merely put his money into the undertaking[115]. The actual management, on which Polybius is silent, was in Rome in the hands of a _magister_, changing yearly, like the magistrates of the State, and