om the Fr. _chambre de la compagne_, and
Ital. _camera della compagna_, the storeroom for provisions on board
ship, is the use of "companion" for the framed windows over a hatchway
on the deck of a ship, and also for the hooded entrance-stairs to the
captain's cabin.

COMPANY, one of a number of words like "partnership," "union," "gild,"
"society," "corporation," denoting--each with its special shade of
meaning--the association of individuals in pursuit of some common
object. The taking of meals together was, as the word signifies (_cum_,
with, _panis_, bread,) a characteristic of the early company. Gild had a
similar meaning: but this characteristic, though it survives in the
Livery company (see LIVERY COMPANIES), has in modern times disappeared.
The word "company" is now monopolized--in British usage--by two great
classes of companies--(1) the joint stock company, constituted under the
Companies (Consolidation) Act 1908, which consolidated the various acts
from 1862 to 1907, and (2) the "public company," constituted under a
special act to carry on some work of public utility, such as a railway,
docks, gasworks or waterworks, and regulated by the Companies Clauses
Acts 1845 and 1863.

1. _Joint Stock Companies._

The joint stock company may be defined as an association of persons
incorporated to promote by joint contributions to a common stock the
carrying on of some commercial enterprise. Associations formed not for
"the acquisition of gain" but to promote art, science, religion, charity
or some other useful or philanthropic object, though they may be
constituted under the Companies (Consolidation) Act 1908, seldom call
themselves companies, but adopt some name more appropriate to express
their objects, such as society, club, institute, college or chamber. The
joint stock company has had a long history which can only be briefly
sketched here. The name of "joint stock company" is--or was--used to
distinguish such a company from the "regulated company," which did not
trade on a joint stock but was in the nature of a trade gild, the
members of which had a monopoly of foreign trade with particular
countries or places (see Adam Smith, _Wealth of Nations_, bk. v. ch. i.
pt. iii.).

The earliest kind of joint stock company is the chartered (see CHARTERED
COMPANIES). The grant of a charter is one of the exclusive privileges of
the crown, and the crown has from time to time exercised it in
furtherance of trading e