Various
Chambers's Edinburgh Journal, No. 460
In spite of the difficulty of obtaining shares, a pretty large number of them got into the hands of the respectable portion of the public, and the whole were soon taken up. The boats were built by Larboard Starboard, Esq.; and the engines, as a matter of course, were put on board by Messrs Boiler & Rodd; Erebus Carbon, Esq., supplied, at the current rates, the necessary fuel; and at all hours of the day the vessels ran backwards and forwards, carrying customers to Mr Montague Whalebone's hotel, and lodgers to the new tenements, which soon began to rise around it in all directions. Lowriver took amazingly, and rose rapidly in public estimation; the boats filled well, and the speculation promised great things. When, however, after several mouths of undeviating prosperity, the shareholders began to look for some return for their capital in the shape of a dividend, each one of them was individually surprised by a 'call:' L.5 a share was wanted to clear off urgent responsibilities. 'The outfitting costs had been greater than was foreseen,' and the demands upon the shareholders were not likely to be limited to the first call. The victims rushed, as they were invited to do, to the office, to inspect the accounts. The engineer was there to receive them, and, all suavity and politeness, submitted every fact and figure to their investigation. There was nothing to be found fault with—everything was fairly booked; but there was a heavy balance dead against the company. The engineer himself put a long face upon the affair, and shrugged his shoulders, and mumbled something about having burned his own fingers, &c. After this, reports soon got abroad very prejudicial to the value of the investments. Then came the winter, during which few passengers travelled to Lowriver; and with Christmas came another L.5 call. People grew tired of paying 20 per cent. for nothing, and many forfeited their shares by suffering them to be sold to pay the calls. This game went on for nearly three years—all 'calls' and no dividends; until at length it would have been difficult to find five persons out of the original 500 who held shares in the Babel and Lowriver Steam Navigation Company, and there was next to nobody left to call upon.
Years have rolled on since then. Lowriver has grown into a popular and populous marine summer residence. Mr Montague Whalebone, who knew what he was about, having bought and leased the building-ground, has become the owner of a vast property increasing in value every day. Larboard Starboard, Esq., is on the way to become a millionaire, and has several new boats building for the company's service at the present moment. Messrs Boiler & Rodd have quintupled their establishment, and are in a condition to execute government contracts. Erebus Carbon, Esq., has found a market in the company for hundreds of thousands of tons of coal, and, from keeping a solitary wharf, has come to be the owner of a fleet of colliers. At this hour, the company consists of six individuals—the four original projectors, and a couple of old codgers—'knowing files,' who had the penetration, in the beginning, to see through the 'bearing dodge,' and would not be beaten or frightened off. They paid up every call upon shares, and bought others—and then, by shewing a bold front, asserted a voice in the management, and crushed in to a full and fair share of the profits. They have made solid fortunes by the speculation; while the original shareholders, whose money brought the company into existence, have reaped nothing but losses and vexation in return for their capital.
But enough, and more than enough, on the score of the delusive farces which, with pretences almost as transparent as the above, are from time to time played off for the purpose of easing the public of their superfluous cash. Let us glance briefly at a speculation of a different kind, no less a bubble as it proved, but one whose tragic issues have already wrought the wreck of many innocent families, and which, at the present moment, under the operation of the Winding-up Act, is darkening with ruin and the fear of ruin a hundred humble abodes. We have good reason to know its history too well; and we shall, in as few words as possible, present the facts most important to be known to the reader's consideration, with the view of inculcating caution by the misfortunes of others, and shewing at the same time how possible it is, under the present law regulating joint-stock partnerships, for an honest man, by the most inadvertent act, to entail misery upon himself, and destitution upon his offspring.
It is some fifteen or twenty years ago, since a company of two or three speculative geniuses issued a plan for establishing, in a delightful glen situated but a few miles from a well-known Welsh port in the Bristol Channel, a brewery upon an extensive scale. The prospectus, as a matter of course, promised to the shareholders the usual golden advantages. The crystal current which meandered through the valley was to be converted into malt-liquor—so great were the natural and artificial advantages which combined to effect that result—at one-half the cost of such a transformation in any other locality; and the liquor produced was to be of such exquisite relish and potency, that all Britain was to compete for its possession. So plausible was everything made to appear, that men of commercially acquired fortune, of the greatest experience, and of long-tried judgment, invested their capital in the fullest confidence of success. Following their example, tradesmen and employers did the same; and, in imitation of their betters, numbers of persons of the classes of small shopkeepers and labouring-men invested their small savings in shares in the 'Romantic Valley Brewery.' The number of joint-proprietors amounted in all to some hundreds, holding L.20 shares in numbers proportioned to their means or their speculative spirit. Not one in fifty of them knew anything of the art of brewing, or had any knowledge of the locality where the scheme was to be carried out; but no doubt was entertained of the speedy and great success which was promised.
The land was bought, the necessary buildings were substantially erected, and the three principal concocters of the scheme, one of whom was a lawyer, were appointed to manage the concern, and empowered to borrow money in case it should be wanted, to complete the plant, and to work it until the profits came in. They had every advantage for the production of a cheap and superior article: labour, land-carriage, and water-carriage, were all at a low charge in the neighbourhood; and materials, upon the whole, rated rather under than over the average. Year after year, however, passed away, and not a farthing of dividend came to the shareholders; promises only of large profits at some future period—that was all. It happened that none of the shareholders had invested any very large sums, and this was thought a fortunate circumstance, as none of them felt very deeply involved. The rich had speculated with their superfluity, and they could bear to joke on the subject of the Romantic Valley, though they shook their heads when the supposed value of the shares was hinted at. The poor felt it more, and some of the neediest sold their single shares or half-shares at a terrible discount, while they would yet realise something. As time rolled on, several of the older proprietors died off, and willed away, with the rest of their property, the Romantic Valley Brewery shares to their friends and relatives. A considerable number of them thus passed from the first holders to the hands of others, one and all of whom naturally accepted the legacies devised to them, and gave the necessary signatures to the documents which made the shares their own.
Meanwhile, the managers went on working an unprofitable business, borrowing money on the credit of the joint proprietors; and in the face of all the advantages upon which they plumed themselves, plunged deeper and deeper into debt, until, being forced to borrow at a high rate of interest to pay for the use of former loans, they found their credit, in the thirteenth year of their existence, completely exhausted; and then the bubble burst at once in ruin, utter and complete, overwhelming all who were legally connected with it, either by original purchase, by transfer, or by inheritance. Independent country gentlemen, west-country manufacturers, and merchants of substantial capital, were summarily pounced upon by the fangs of the law, and all simultaneously stripped of everything they possessed in the world. Professional men, the fathers of families genteelly bred and educated, were summarily bereft of every farthing, and condemned in the decline of life to begin the world afresh. Not a few, seized with mortal chagrin at the horrible consummation of an affair which had never been anything but a source of loss and annoyance, sunk at once into the grave. Others—accustomed perhaps for half a century to the appliances of ease and luxury, and who were the owners of hospitable mansions, the centres of genteel resort—at the present moment hide their heads in cottages, and huts, and eleemosynary chambers, where they wither in silence and neglect under the cold breath of alien charity. Some, at threescore, are driven forth from a life of indulgence and inactivity, to earn their daily bread. Young and rising tradesmen, who had had the misfortune to inherit from a relative or a patron but a few shares, or even a single one, saw themselves at once precipitated into bankruptcy. One case, for which we can personally vouch, is beyond measure distressing: a gentleman of good fortune dying, had bequeathed to each of a large family of daughters a handsome provision; shortly before the bursting of the fearful bubble, the mother also died, dividing by will her own fortune among the young ladies, and leaving to each one a few shares in the Romantic Valley Brewery. The transference of these shares to the several children made the whole of them liable to the extent of their entire property; and the whole six unfortunates were actually beggared to the last farthing, and cast upon the world to shift as they might. To detail the domestic desolation caused by this iniquitous affair, would require the space of a large volume. It has wrought nothing but wretchedness and ruin to those to whom it promised unexampled prosperity, and it is yet working still more—nor is it likely to stop, for aught that we can see, so long as it presents a mark for legal cupidity. All that could be got for the creditors has been extorted long ago from the wealthier portion of the victims; but the loans are not yet all liquidated, and the claim yet remaining unsatisfied, is now the pretext under which the lawyers are sucking the life-blood from the hard-working and struggling class of shareholders, who, while industriously striving for a respectable position, are considered worth crushing for the sake of the costs, though they will never yield a penny towards the debt.
Besides the persons who have the settlement of affairs in their hands, the original concocters of the company are the only persons who have profited from its operations. They indeed ride gloriously aloft above the ruin they have wrought. The process by which they have managed to extract a lordly independence for themselves, from a scheme which has resulted in the destitution and misery of every other participator, is a mystery we do not pretend to fathom in this case—though it is one of by no means unusual occurrence in connection with bubble-companies of all sorts.
THE OSTRICH
For the following particulars relative to the habits of the ostrich, and the various modes of taking it, we are indebted to a gentleman who spent many years in Northern Africa, and collected these details from native sportsmen, his principal informant being Abd-el-Kader-Mohammed-ben-Kaddour, a Nimrod of renown throughout the Arab tribes of this region.
The ostrich country, says Ben-Kaddour, may be described as a rectangle, of which the towns of Insalah, Figig, Sidi-Okba, and Warklah form the angles; that is, it comprises the northern skirts of the Saharian desert, where water and herbage are plentiful in comparison with the arid plains of the centre. Throughout this region, ostriches may frequently be seen travelling in pairs, or in companies of four or five couples; but wherever there has been a recent fall of rain, one is almost sure to find them grazing together in large numbers, appearing at a distance like a herd of camels. This is a favourable opportunity for ostrich-hunting, especially if the weather is very warm; for the greater the heat, the less vigour have the birds for prolonging the chase. It is well known, that though the ostrich cannot raise itself into the air, it is nevertheless so swift of foot, that it cannot be fairly run down even by the horses of this region, which, on an emergency, are known to run 180 miles in a single day. An ostrich-hunt is, therefore, undertaken by at least ten horsemen together, who, being apprized of the spot where a large group are feeding, approach with extreme caution, and form a cordon round them. To prevent the birds from escaping from the circle thus formed, is all they attempt, and it requires their utmost dexterity. The terrified creatures run hither and thither; and not managing their breath as they would do in an ordinary pursuit, they at length become exhausted, and betray it by flapping their wings. The sportsmen now fall deliberately upon them, and either lead them away alive, or fell them with a blow on the head. Their first care is to remove the skin, so as to preserve the feathers uninjured; the next is to melt down the fat, and pour it into bags formed of the skin of the thigh and leg, strongly tied at the lower end. The grease of an ostrich in good condition fills both its legs; and as it brings three times the price of common butter, it is considered no despicable part of the game. It is not only eaten with bread, and used in the preparation of kooskoos, and other articles of food, but the Arabs reckon it a valuable remedy in various maladies. In rheumatic attacks, for instance, they rub it on the part affected till it penetrates thoroughly; then lay the patient in the burning sand, with his head carefully protected. A profuse perspiration comes on, and the cure is complete. In bilious disorders, the grease is lightly warmed, mixed with salt, and administered as a potion. It acts thus as a powerful aperient, and causes great emaciation for the time; but the patient, say the Arabs, having been thus relieved from all the bad humours in his body, afterwards acquires robust health, and his sight becomes singularly good. The flesh of the ostriches, dressed with pepper and meal, forms the supper of the sportsmen.
Ostrich-shooting is conducted in quite a different manner, and as it is practised only or chiefly during the period of incubation, it is to it we are principally indebted for the acquaintance which the Arabs have gained with the habits of these singular birds.
The pairing-season is the month of August. The reumda (female) is generally shy, and the delim has often to pursue the object of his choice at full speed for four or five days, during which he neither eats nor drinks. When, however, she has consented to be his, she never again quits him till the young ones are reared; and the bond between them is equally respected by all their companions: there is no fighting about mates, as among some other gregarious species.
The period of incubation begins in the month of November, and presents the best opportunity for shooting the ostrich. At this season, also, the feathers are in the finest condition, though the fat is much less abundant. Five or six sportsmen set out together on horseback, taking with them two camels laden with provisions for a month, besides an abundant supply of powder and ball. They search for places where rain has lately fallen, or where pools of water occur, for in such localities there is likely to be that plentiful herbage which never fails to attract the ostrich. Having discovered its footprints, the sportsmen examine them with care. If they appear only here and there on the bare spots, they indicate that the bird has been here to graze; but if they cross each other in various directions, and the grass is rather trampled down than eaten, the ostrich has certainly made her nest in the neighbourhood, and an active but cautious search for it is commenced. If she is only making her nest, the operation may be detected at a great distance, as it consists simply of pushing out the sand from the centre to the circumference of a circle, so as to form a large hole. The sand rises in dense clouds round the spot, and the bird utters a pining cry all day long. When the nest is finished, she cries only towards three in the afternoon. The female sits on the eggs from morning till noon, while her mate is grazing; at noon, he takes her place, and she goes to the pasture in her turn. When she returns, she places herself facing her mate, and at the distance of five or six paces from the nest, which he occupies all night, in order to defend it from enemies, especially from the jackals, which often lie in ambush, ready to take advantage of an unguarded moment. Hunters often find the carcasses of these animals near ostriches' nests.
In the morning, while the reumda is sitting, the sportsmen dig on each side of the nest, and at about twenty paces from it, a hole deep enough to contain a man. In each of these they lodge one of their best marksmen, and cover him up with long grass, allowing only the gun to protrude. One of these is to shoot the male, the other the female. The reumda, seeing this operation going forward, becomes terrified, and runs off to join her mate; but he does not believe there is any ground for her terror, and with somewhat ungallant chastisement, forces her to return. If these preparations were made while the delim was sitting, he would go after her, and neither would return. The reumda having resumed her place, the sportsmen take care not to disturb her; it is the rule to shoot the delim first, and they patiently wait his return from the pasture. At noon, he takes his place as usual, sitting with his wings outspread, so as to cover all the eggs. In this position, the thighs are extremely prominent, and the appointed marksman takes aim at them, because, if he succeeds in breaking them, there is no chance of escape, which there would be if almost any other part were wounded. As soon as he falls, the other sportsmen, attracted by the report, run up and bleed him according to the laws of the Koran. They hide the carcass, and cover with sand every trace of the blood that has been shed. When the reumda comes home at night, she appears not uneasy at the absence of her mate, but probably concluding that he was hungry, and has gone for some supper, she takes his place on the eggs, and is killed by the second marksman in the same way as the delim. The ostrich is often waylaid in a similar manner at its usual drinking-place, a good shot being concealed in a hole, whence he fires on it. The ostrich drinks nearly every five days when there is water; otherwise it can do without it for a much longer time. Nothing but excessive thirst induces it ever to approach a human habitation, and then it flies as soon as it is satisfied. It has been observed, that whenever the flashing lightning announces an approaching storm, it hastens towards the water. Though single birds may often be shot on these occasions, it is a much less certain sport than killing them on the nest, and less profitable, as in the latter case the eggs form no contemptible part of the spoil.
The nest of an ordinary pair contains from twenty-five to thirty eggs. But it often happens that several couples unite to hatch together: in this case, they form a great circular cavity, the eldest couple lay their eggs in the centre, and the others make a regular disposition of theirs around them. Thus, if there are four younger couples, they occupy the four angles of a square. When the laying is finished, the eggs are pushed towards the centre, but not mixed; and when the eldest delim begins to sit, all the rest take their places where their eggs have been laid, the females observing similar order. These associations are found only where the herbage is very plentiful, and they are understood always to be family groups, the centre couple being the parents of the rest. The younger birds lay fewer and smaller eggs—those of one year old, for instance, have only four or five. The period of incubation is ninety days.
In the case of several couples associated thus in the same nest, the sportsmen do not attempt to destroy any but the old ones; for if they were to set about making as many holes as there were ostriches, the whole company would take fright and decamp. But perhaps it is determined to leave them all in peaceable possession for the present, and rather make a prey of the brood when hatched. The watching of the nests in such cases has led to further observations. The eggs of each pair are disposed in a heap, always surmounted by a conspicuous one, which was the first laid, and has a peculiar destination. When the delim perceives that the moment of hatching has arrived, he breaks the egg which he judges most matured, and at the same time he bores with great care a small hole in the surmounting egg. This serves as the first food of the nestlings; and for this purpose, though open, it continues long without spoiling, which is the more necessary, as the delim does not break all the eggs on the same day, but only three or four, and so on, as he hears the young ones stirring within. This egg is always liquid, but whether by a provision of nature in its original composition, or through the instinct of the parent-birds in avoiding to keep it covered like the rest, is not ascertained. The young ones, having received this their first nourishment, are immediately dried in the sun, and begin to run about; in a few days they follow the parent-birds to the pastures, always returning to shelter under their wings in the nest.