ABSTRACT
The later nineteenth century saw the emergence of the large-scale industrial company in Great Britain. One aspect of this process was the amalgamation of a number of businesses to take advantage of technical, financial and marketing economies of scale. 1 A parallel theme in the 1880s and 1890s was the conversion of family partnerships into joint stock, limited liability companies and subsequently a public quotation on the stock exchange; 2 perhaps to raise more capital, place a valuation on partners’ shares or as a first step in a merger or amalgamation. This meant a more active use of the stock exchange for domestic manufacturing firms, as Hannah has shown, the number quoted rising tenfold between 1885 and 1907. 3
