The plan of compelling each new member to become a shareholder or proprietor was devised to meet this difficulty, and in a measure it has succeeded. “Within the course of the next half century,” says the _Quarterly Review_, “it is pretty certain that the Stock Exchange, as a company, will belong to the members, of whom each will have a stake in the enterprise; and that happy consummation, when it arrives, will put an end to a good many minor problems which still harass the House in its workings, and possibly check those bolder plans for reform which are advocated by many of the members.”[105] The difficulties arising from these causes had their origin, as we have seen, as far back as the year 1801, when the new building was erected. As only the wealthier members of the association had provided the capital for the Capel Court structure, in order to protect their investment, they demanded control of its financial affairs; thus the Stock Exchange thenceforth consisted of two distinct bodies, proprietors and subscribers. While there is but one way by which a man may become a member of the New York Stock Exchange, in the London Exchange there are various ways. The most direct way, and the easiest but most expensive way, is to pay an entrance fee of 500 guineas, and find three members who will stand surety for four years for the sum of £500 each, this £500 being forfeited to the estate if the member is “hammered”--i. e., if he fails during the period. The candidate must in addition buy three Stock Exchange shares, the price of which at present is about £190 each.[106] He must also purchase from a retiring member a nomination, which can be bought at present for £40, although they have sold as high as £700. Candidates who wish to join the Exchange under easier conditions may have their entrance fees reduced to 250 guineas if they have served for four years in the Stock Exchange as a clerk; and for these candidates concessions are also made in respect to sureties, of which they need provide but two, and to shares, of which they are required to buy but one instead of three. The committee is also empowered to elect each year a few candidates without nomination. This is a rather curious practice which requires a word of explanation. In England, as elsewhere, there is a latent objection to monopolies of all forms, and the foresighted governors of the Exchange, with an eye to the possibility of difficulties that might be raised against their institution at some time in the future on the ground of monopoly, hit upon this expedient as a precautionary measure. Should such objection be raised, the governors have only to admit a few more members without nomination. The door is thus thrown open; and there is no _de facto_ monopoly. It is very simple and very ingenious.