unds--sentimental grounds, both good and bad, included. The Virginia
'Plantation' was still more remote and risky and appealed to an
ever-increasing number of the speculating public. Many an investor put
money on America in much the same way as a factory hand to-day puts
money on a horse he has never seen or has never heard of otherwise than
as something out of which a lot of easy money can be made provided luck
holds good.

The modern prospectus was also in full career under Elizabeth, who
probably had a hand in concocting some of the most important specimens.
Lord Bacon wrote one describing the advantages of the Newfoundland
fisheries in terms which no promoter of the present day could better.
Every type of prospectus was tried on the investing public, some
genuine, many doubtful, others as outrageous in their impositions on
human credulity as anything produced in our own times. The
company-promoter was abroad, in London, on 'Change, and at court. What
with royal favor, social prestige, general prosperity, the new national
eagerness to find vent for surplus commodities, and, above all, the
spirit of speculation fanned into flame by the real and fabled wonders
of America, what with all this the investing public could take its
choice of 'going the limit' in a hundred different and most alluring
ways. England was surprised at her own investing wealth. The East India
Company raised eight million dollars with ease from a thousand
shareholders and paid a first dividend of 87-1/2 per cent. Spices,
pearls, and silks came pouring into London; and English goods found vent
increasingly abroad.

Vastly expanding business opportunities of course produced the spirit of
the trust--and of very much the same sort of trust that Americans think
so ultra-modern now. Monopolies granted by the Crown and the volcanic
forces of widespread speculation prevented some of the abuses of the
trust. But there were Elizabethan trusts, for all that, though many a
promising scheme fell through. The Feltmakers' Hat Trust is a case in
point. They proposed buying up all the hats in the market so as to
oblige all dealers to depend upon one central warehouse. Of course they
issued a prospectus showing how everyone concerned would benefit by this
benevolent plan.

Ben Jonson and other playwrights were quick to seize the salient
absurdities of such an advertisement. In _The Staple of News_ Jonson
proposed a News Trust to collect all the news of the world,