VI WINNIPEG BEACH VII LISTER'S DISSATISFACTION VIII THE TEST IX BARBARA PLAYS A PART X VERNON'S CURIOSITY PART IITHE RECKONING I VERNON'S PLOT II BARBARA'S RETURN III LISTER CLEARS THE GROUND IV A DISSATISFIED SHAREHOLDER V CARTWRIGHT'S

" Mrs. Cartwright looked relieved and Cartwright resumed: "All the same, I don't see her object for telling you she was a shareholder.

Look at the endless columns of stock and share quotations in the daily papers, and consider the armies of those who scan these lists over their breakfast-tables with the one view of finding some-where an industrial concern whose slave-driven toilers will yield the shareholder 5, 6, 7, 8, 10, 12 per cent, on his capital.

The Indian has been the victim of the same kind of neglect, the same abortive processes, the same malpractices as have the life insurance policyholders, the bank depositor, the industrial and transportation shareholder.

That under these circumstances no practical method had been proposed except to organize a new corporation capitalized at one million instead of ten, to the stock of which each shareholder in Horse's Neck might subscribe in proportion to his holdings, at par, and to which the assets of the old corporation should be transferred practically for its debts.

In all this the shareholder, as the directors occasionally assure themselves, has no real grievance, for he will gain in the long run, from the appreciation in the capital value of his shares, all and perhaps more than all that he foregoes in the meantime in the way of dividends.

In the long run the shareholder is not injured; but in the meantime he is in effect compelled, without any consciousness of the proceeding, to save and to reinvest in the company a portion of the dividends, which he might otherwise have spent.

The restaurants of London were energetically discussed, and their merits urged by each particular partisan with an enthusiasm which would have delighted a shareholder.

He had been too cheap to go to the annual shareholder's meeting where he would not have found the qualities he looked for in management.

," I said, "I'm content to be a preference shareholder.

whosoever shall have secured a contract from the censors shall not be accepted as associate or shareholder.

Crassus, no doubt a large shareholder, urged them on.]

A bank could not break without some of us being concerned in the smash, and I remember to my sorrow that when the Birmingham Banking Company came to grief I was an unfortunate shareholder.

The citizen is a shareholder in the state.

A lawyer or a doctor will on quite general principles argue for the most extreme trade-unionism in his own profession, while he thoroughly agrees with a denunciation of trade-unionism addressed to him as a railway shareholder or ratepayer.

Consequently the shareholders in a company run all the risks that industrial enterprise is heir to, and the return, if any, that comes into their pockets depends on the ability of the enterprise to earn profits over and above all that it has to pay for raw material, wages and other working expenses, all of which have to be met before the shareholder gets a penny.

All these variations in the position of the shareholder, however, do not alter the great essential difference between him and the creditor, the man who lends money to a Government or enterprise with a fixed rate of interest, and, in most cases, a claim for repayment sooner or later.

The shareholder, whether preference or ordinary, puts his money into a venture with no claim for repayment, unless the company is wound up, in which case his claim ranks, of course, after that of every creditor.

By means of this system, the risk of a shareholder in a company is limited to a definite amount, usually the amount that has been paid up on his shares or stock, though in some cases, such as bank and insurance shares, there is a further reserve liability which is left for the protection of the companies' customers.

A SHAREHOLDER IN A GAS COMPANY INTRODUCED.

Well, Sir, what is it? Shareholder.

You have a grievanceas a shareholder of one of these

His first work, "Venus and Adonis," appeared in 1593, and "Lucrece" the year after; became connected with different theatres, and a shareholder in certain of them, in some of which he took part as actor, with the result, in a pecuniary point of view, that he bought a house in his native place, extended it afterwards, where he chiefly resided for the ten years preceding his death.

Against the frauds of directors, the English shareholder has only a sham security.

In Prussia the Government protects the shareholder, and inspects the accounts severely.