Unit Twenty-three

　　Capital and Labour

　　In the last half of the nineteenth century capital and labour were enlarging and perfecting their rival organizations on modern lines. Many an old firm was displaced by a limited liability company with a bureaucracy of salaried managers. The change met the technical requirements of the new age by engaging a large professional element and prevented the decline in efficiency that so commonly spoiled the fortunes of family firms in the second and third generation after the energetic founders. It was moreover a step away from individual initiative, towards collectivism and municipal and state-owned business. The railway companies, though still private business managed for the benefit of shareholders, were very unlike old family business. At the same time the great municipalities went into business to supply lighting, trams and other services to the taxpayers.

　　The grown of the limited liability company and municipal business had important consequences. Such large, impersonal manipulation of capital and industry greatly increased the numbers and importance of shareholders as a class, an element in national life representing irresponsible wealth detached from the land and the duties of the landowners; and almost equally detached from the responsible management of business. All through the nineteenth century, America, Africa, India, Australia and parts of Europe were being developed by British capital, and British shareholders were thus enriched by the worlds movement towards industrialization. Towns like Bournemouth and Eastbourne sprang up to house large comfortable classes who had retired on their incomes, and who had no relation to the rest of the community except that of drawing dividends and occasionally attending a shareholders meeting to dectate their orders to the management. On the other hand shareholding meant leisure and freedom which was used by many of the later Victorians for the highest purpose of a great civilization.

　　The shareholders as such had no knowledge of the lives, thoughts or needs of the workmen employed by the company in which he held shares, and the paid manager acting for the company was in more direct relation with the men and their demands, but even he had seldom that familiar personal knowledge of the more patriarchal system of the old family business now passing away. Indeed the mere size of operations and the numbers of workmen involved rendered such personal relations impossible. Fortunately, however, the increasing power and organization of the trade unions, at least in all skilled trades, enabled the workmen to meet on equal terms the managers of the companies who employed them.

　　rival n.1.競爭對手 2.可與匹敵的人a.競爭的,對抗的 vt.與競爭

　　rivalry n.競爭,競賽,對抗

　　contend vi.1.爭奪 2.搏斗 vt.聲稱,主張

　　displace vt.1.取代,替代 2.迫使離開家園

　　liability n.1.責任 2.負債,債務 3.不利條件

　　handicap n.缺陷vt.妨礙,使不利

　　hinder vt.阻礙,妨礙

　　bureaucracy n.1.官僚主義 2.政府機構,官僚

　　engagement n.1.訂婚,婚約 2.約會

　　energetic a.精力充沛的,充滿活力的

　　brisk a.1.輕快的,生氣勃勃的 2.興隆的,繁忙活躍的

　　robust a.強壯的,健康的

　　limp a.軟弱的,無生氣的,無精神的

　　initiative n.1.主動性 2.主動的行動,倡議 3.主動權

　　initiate v.1.開始,創造,發起 2.使初步了解 3.接納新成員 n.新加入組織的人

　　municipal a.市的,市政的

　　municipality n.自治市;市政當局

　　shareholder n.股票持有人,股東

　　shareholding a.股權

　　tram n.有軌電車

　　locomotive n.機車

　　consequence n.1.結果,后果 2.重要,重大

　　consequent a.作為結果的,隨之發生的

　　manipulate vt.1.操縱,控制,影響 2.熟練操作,使用

　　manipulation n.1.操作,使用 2.操縱,控制

　　detach vt.拆卸,使分開,使分離

　　dividend n.1.紅利,股息 2.回報,效益 3.被除數

　　patriarchal a.1.家長的,父權制的 2.古老的

　　Unit Twenty-three

　　Capital and Labour

　　In the last half of the nineteenth century capital and labour were enlarging and perfecting their rival organizations on modern lines. Many an old firm was displaced by a limited liability company with a bureaucracy of salaried managers. The change met the technical requirements of the new age by engaging a large professional element and prevented the decline in efficiency that so commonly spoiled the fortunes of family firms in the second and third generation after the energetic founders. It was moreover a step away from individual initiative, towards collectivism and municipal and state-owned business. The railway companies, though still private business managed for the benefit of shareholders, were very unlike old family business. At the same time the great municipalities went into business to supply lighting, trams and other services to the taxpayers.

　　The grown of the limited liability company and municipal business had important consequences. Such large, impersonal manipulation of capital and industry greatly increased the numbers and importance of shareholders as a class, an element in national life representing irresponsible wealth detached from the land and the duties of the landowners; and almost equally detached from the responsible management of business. All through the nineteenth century, America, Africa, India, Australia and parts of Europe were being developed by British capital, and British shareholders were thus enriched by the worlds movement towards industrialization. Towns like Bournemouth and Eastbourne sprang up to house large comfortable classes who had retired on their incomes, and who had no relation to the rest of the community except that of drawing dividends and occasionally attending a shareholders meeting to dectate their orders to the management. On the other hand shareholding meant leisure and freedom which was used by many of the later Victorians for the highest purpose of a great civilization.

　　The shareholders as such had no knowledge of the lives, thoughts or needs of the workmen employed by the company in which he held shares, and the paid manager acting for the company was in more direct relation with the men and their demands, but even he had seldom that familiar personal knowledge of the more patriarchal system of the old family business now passing away. Indeed the mere size of operations and the numbers of workmen involved rendered such personal relations impossible. Fortunately, however, the increasing power and organization of the trade unions, at least in all skilled trades, enabled the workmen to meet on equal terms the managers of the companies who employed them.

　　rival n.1.競爭對手 2.可與匹敵的人a.競爭的,對抗的 vt.與競爭

　　rivalry n.競爭,競賽,對抗

　　contend vi.1.爭奪 2.搏斗 vt.聲稱,主張

　　displace vt.1.取代,替代 2.迫使離開家園

　　liability n.1.責任 2.負債,債務 3.不利條件

　　handicap n.缺陷vt.妨礙,使不利

　　hinder vt.阻礙,妨礙

　　bureaucracy n.1.官僚主義 2.政府機構,官僚

　　engagement n.1.訂婚,婚約 2.約會

　　energetic a.精力充沛的,充滿活力的

　　brisk a.1.輕快的,生氣勃勃的 2.興隆的,繁忙活躍的

　　robust a.強壯的,健康的

　　limp a.軟弱的,無生氣的,無精神的

　　initiative n.1.主動性 2.主動的行動,倡議 3.主動權

　　initiate v.1.開始,創造,發起 2.使初步了解 3.接納新成員 n.新加入組織的人

　　municipal a.市的,市政的

　　municipality n.自治市;市政當局

　　shareholder n.股票持有人,股東

　　shareholding a.股權

　　tram n.有軌電車

　　locomotive n.機車

　　consequence n.1.結果,后果 2.重要,重大

　　consequent a.作為結果的,隨之發生的

　　manipulate vt.1.操縱,控制,影響 2.熟練操作,使用

　　manipulation n.1.操作,使用 2.操縱,控制

　　detach vt.拆卸,使分開,使分離

　　dividend n.1.紅利,股息 2.回報,效益 3.被除數

　　patriarchal a.1.家長的,父權制的 2.古老的