Permanent finance for public and private companies

Abstract

The whole financial pattern of industry in Great Britain has changed completely since the beginning of this century. Sixty years ago, with a few notable exceptions, the whole of industry was conducted by small family businesses financed by the families concerned from their own resources or those of their friends. Only a handful of industrial and commercial companies had their securities quoted on a Stock Exchange. The Stock Exchanges then dealt principally in British Central and local Government Securities, railway and public utility stocks and in the Bonds of foreign countries. Now the volume of British Government Securities has ballooned through official spending, in peace as well as in two wars, the railways have been nationalised, a great many Foreign Bonds have disappeared somewhat ignominiously and a great many British industrial and commercial companies have become public and sold their shares to the general public by means of a Stock Exchange quotation.