THE history of the capitalization of other trades is not so illuminating as that of the pioneer engi- neering firm. In the first place, London was the only town where the bankers had control over large capitals,1 and, in many cases, appeal had even yet to be made from London to Amsterdam;2 and the history of the connexion between one banking house and an industry must have been fairly typical. Moreover, in many industries large scale production and large capital could exist side by side with a small scale production and a very small capital,3 but this was impossible in the steam-engine business, combined as it was with a monopoly.
However, it is worth noticing the development of capitalism in the potteries and the iron trades. Mining and canals were, even in Adam Smith's time, openings for joint-stock enterprise, and will be noted as such.4
1. L. Grindon, Manchester Banks,p. 32 In Manchester in 1772 the bankers business consisted in simple money changing.
2. Cunningham, op. cit.,Vol 2, p324. Boulton'sloans from Wiss and Hope, both Amsterdambankers and merchants
3. The potteries and the iron founfries were obvious cases in point among non-textile trades v. suprapp.45-9
4. Adam Smith op.cit.,Vol.2,pp.242-4. Scott has a defence of a joint stock companies against Adam Smith's strictures. Scott, op cit.,passim