DIRECTOR   Themistokles Hightower


egarding the first of these questions, it appears that no single individual could engage in such an undertaking with the same chance of success as a Company can do, let the capital of the individual be what it may,—because, from the united skill of individuals, who have experience in various departments, a concern under the direction of a Company will have advantages which no single individual could bestow; and, at the same time, the amount of capital required, is what very few individuals can command: while of those who can do so, fewer still have the inclination to bestow the attention that is requisite for its suc.cess. A little serious reflection on this subject will lead us to .perceive, that, of all objects, this is the most worthy the attention of a Joint Slock Company ; and the discussion of the two other points will enable me to state ray reason for thinking so. The next subject for our consideration then, is, the SECURITY which the proposal holds out. Loss in business arises to individuals from two sources. The first is from the difficulty of finding customers willing to deal with us at a profitable rate ; and the other is from our customers not fulfilling what they engage to fulfil. Our difficulty in finding customers arises also from two sources :—from the competition of others making the supply exceed the demand, or from our articles having gone out of use. Regarding the effects of competition, we are, by the adoption of the proposed measures, completely secure from all injury. On the contrary, a similiar establishment erected in our immediate neighbourhood will increase the comfort of the inhabitants, and the value of both properties, at the same time. A third and a fourth will still add to those advantages; and the value of the whole will continue to increase with their number, till the world shall be saturated with wealth. If similar exertions on the part of others tend only to increase the advantages of the inhabitants of these villages, then, as a matter of necessity, the real value of the property must increase with these advantages. This will, at any rate, secure the Capital so expended from all injury from •competition. The chances of losing customers from our article going Out of use, is our next consideration. The articles upon which the Capital is expended, are, arable Land, Dwelling-houses, (constructed in the way by. which the greatest amount of comfort can be obtained at the cheapest rate,) Manufactories for producing the necessaries and comforts of life, Machinery, Utensils, Furniture, &<•., all situated in tlio most honllliv. the most convenlent, and the most agreeable situation which can be procured. No person who is capable of reflecting, will fail to discover that such property is almost the only species to which the objection is not applicable ; for all property which is ndt of this description is truly liable to sink in value for this very reason.