To sum up the causes of failure of the old chartered companies, they are to be attributed to (1) bad administration; (2) want of capital and credit; (3) bad economic organization; (4) distribution of dividends made prematurely or fictitiously.
To use the expression of Sir William Mackinnon, the shareholders have been compelled in some cases to "take out their dividends in philanthropy."
The dividends paid by these mines amounted to about £1,750,000 sterling.
The telegraph companies proposed to effect an amalgamation so as to enable the services to be consolidated and extended, and they proposed to submit to various conditions for the protection of the public, such as maximum rates and limitation of dividends, with the provision that new issues of capital should be offered by auction, but public opinion was averse to the proposal.
That the association is compulsory; and that dividends are paid, not in money, but in social advantage.