Joint-stock associations are fast superseding banks, and they are now
invading the position of strictly mercantile firms. Three firms, Messrs. Robinson and Fleming, Redfern Alexander and Co., and Lane, Hankey, and Co., have united under the title of the London Merchants' Company, with a nominal capital of 1,500,0001. There seems no distinct reason why a great mer- cantile business should not be conducted by a cabinet as well as a bank or a railway, but the practice will generally be confined to houses of moderate means. A firm with the uncontrolled disposal of very large capital, will be apt to believe it can make more for itself without the fetter of too much advice, and without being subjected to that kind of publicity which always accompanies joint-stock operations. The effect of the change therefore will probably be to make competition more equal, the little firms com- bining and the big firms standing alone.
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