The
charter of the latter as of 1564 allowed a common seal, perpetual
existence, liberty to purchase lands, and liberty to exercise
their government in any part of the nation. It was controlled by a
group of rich Londoners, no more than 50, who owned the bulk of
the cloth exported. There were policies of insurance given by
groups of people for losses of ships and their goods. Marine
insurance was regulated.
New companies were incorporated for many trades. They were
associations of employers rather than the old guilds which were
associations of actual workers. The ostensible reason was the
supervision of the quality of the wares produced in that trade.
(Shoemakers, haberdashers, saddlers, and curriers exercised close
supervision over these wares.) They paid heavily for their patents
or charters.
There was no sharp line between craftsman and shopkeeper or
between shopkeeper and wholesale merchant. In London, an
enterprising citizen could pass freely from one occupation to
another. Borrowing money for a new enterprise was common.
Industrial suburbs grew up around London and some towns became
known as specialists in certain industries. The building crafts in
the towns often joined together into one company, e.g. wrights,
carpenters, slaters, and sawyers, or joiners, turners, carvers,
bricklayers, tilers, wallers, plasterers, and paviors. These
companies included small contractors, independent masters, and
journeymen.
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