The companies generally confined
trade to men who were primarily merchants and not shopkeepers. In
1553 explorer Sebastian Cabot formed the Muscovy Company, which
was granted a monopoly in its charter for trade with Russia. It
was oriented primarily to export English woolen cloth. It was the
first company trading on a joint stock, which was arranged as a
matter of convenience and safety. The risks were too great for any
few individuals. It hired ships and assigned space to each member
to ship his goods at his own risk. The dividend was return to the
subscribers of the capital put in plus an appropriate share of any
profits made on the voyage. I.e. the money was divided up. The
members began leaving their money with the company for the next
voyage. A general stock grew up. In 1568 were the first industrial
companies: Mines Royal, and Mineral and Battery Works. The cloth,
mining, iron, and woodcraft industries employed full-time workers
on wages. In the ironworks and foundries, the furnace blowing
engines were worked by water wheels or by a gear attached to
donkeys or horses. The forge hammers were worked at first by
levers and later by water wheels. The day and night hammering
filled the neighborhood with their noise.
Land held in common was partitioned. There were leases of mansion
houses, smaller dwelling houses, houses with a wharf having a
crane, houses with a timber yard, houses with a garden, houses
with a shed, shops, warehouses, cellars, and stables.
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