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the first step in an extended process of expansion and merger. The limited liability of the corporation proved better suited to this than the personal liability with which Hamilton, Bethune and the rest of the older generation of proprietors had been burdened. By 1874 the seven direc tors and two senior managers were shouldering the responsibilities which before had been entirely those of the owner-manager. This `managerial revolution' had in a practical way made possible the extension of the com pany's activities beyond the limits of the Royal Mail Line. The Canadian Navigation Company was one of the first generation of limited liability shipping corporations on the inland waters of Canada. In the four years between the passage of its charter and its actual use about a dozen firms were incorporated by Parliament. 5 8 Of these only one other scheme was intended to operate on the lakes, the North Western Navigation Company of Capt. Thomas Dick and other members of the Toronto mercantile and political elite.59 Most firms, like the Richelieu Company, were simply a limited liability incarnation of a previously existing joint stock association. While many of the existing interests on the upper St. Lawrence and the Great Lakes would be slow to convert that capital into a corporation, few of the new interests entering the lake trade would venture much on unlimited personal liability after Hamilton's lesson. The COMPOSITE HULL had frames (ribs) of iron and a wood hull. The design was intended to strengthen wood hulls so they could carry heavy engines and bulk cargoes. By the 1880s many shipbuilders were constructing entire ships in steel thus overcoming the strength limita tions of a wood hull. REFERENCES NOTES CHARTERING in the passenger steam trades meant the lease or ren tal of a vessel for the period of one or several seasons. In the 1830s and 1840s a term of three seasons was quite common. The person or firm who chartered the steamer was responsible for normal upkeep, in surance and with hiring a competent crew. STOCK SUBSCRIPTIONS In most business promotions of the nine teenth century, the company would open a stock book or ledger. In vestors would then enter their names and the amount of stock or shares, they were willing to buy. Usually, investors were required to pay a small percentage of this immediately, say 20%. At regular inter vals they would be informed that an installment, worth say another 10% of the total, was due. Being seriously behind in payments could lead to the forfeiture of the stock including any money already paid. The reference to PAID-UP STOCK then is to the amount of money actually received by the treasurer and not the amount pledged. Dividends were always issued on the amount paid up. The process of INCORPORATION, of creating a limited liability, joint stock corporation, in the early nineteenth century meant getting a specific act of legislation. Beginning in 1836, a series of general incor poration acts were passed. These allowed investors to create companies by fulfilling a few basic conditions, usually having paid in a certain percentage of stock and registration with the proper authorities. The general acts specified which kinds of companies could be incorporated: shipbuilding (1850), harbours (1853), drydocks, marine railways (1864). 1 Frederick H. Arm strong `Capt. Hugh Richardson: First Harbour Master of Toronto,' Inland Seas 31 (1975):34-40, 49-50. Peter Baskerville, 'Donald Bethune's Business,' O ntario History 67 (1975): 1 35-49, Henry C. Klassen, 'L. H. Holton: Mon treal Businessman and Politician, 1817-1867' (Ph.D. diss., University of Toronto, 1970). Gerald J. J. Tulchinsky, T h e River Barons: M o n tre a l B usinessm en and the G ro w th o f In d ustry a nd Transportation, 1837-53 (Toronto: University of Toronto Press, 1977). Both Edwin E. Horsey, `The Gildersleeves of Kingston: Their Activities, 1816-1930' (M.A. diss., Queen's University, 1942) and a derivative study, Anna G, Young Great la k es Saga: T h e Influence o f one Family on the D evelop m e n t o f C a n ad ian Shipping on the G rea t Lakes, 1816-1931 (Owen Sound: Richard son, Bond and Wright, 1965) contain all the necessary evidence but fail to analyze it. 2 A. D. Chandler Jr, T h e V isib le H a n d : T h e M a na g eria l R evolution in A m erica n Business (Cambridge, Mass., 1977). Sidney Pollard, T h e Genesis o f M o d e m M a na g e m en t: A S tu dy o f the Indu stria l R evolution in G rea t B ritain (London: Edward Arnold, 1965). For a discussion of Canadian railways see Peter Baskerville, `The Boardroom and Beyond: Aspects of the Upper Canadian Railroad Com munity' (Ph.D. thesis, Queen's University, 1973). 3 R. C. B. Risk, `The Nineteenth-Century Foundations of the Business Cor poration in Ontario,' University o f Toronto l a w Journal, 23 (1973): 270-306. 4 Thomas E. Appleton, Ravenscraig: T h e A lla n R oyal M a il L in e, (Toronto: McClelland and Stewart, 1974). Brian Young and Gerald J. J. Tulchinsky, `Sir Hugh Allan,' in D ictionary o f Canadian Biography, 11:5-15. R. T. Naylor, T h e H istory o f C a n ad ia n B usiness, 1867-1914 (Toronto: James Lorimer, 1975), 1:49. 5 For background on the Royal Mail Line see Walter Lewis, `Until Further Notice: The Royal Mail L in e and the Passenger Steamboat Trade on Lake Ontario and the upper St. Lawrence River, 1838-1875', (M.A. diss., Queen's University, 1983). 6 The main components of their line, th e Bag State and the O n ta rio were wooden hulled vessels built in 1849 and 1847 respectively. Public Archives of Canada (hereafter PAC), Records of the D epartm ent of Transport, RG 12, A1,vol. 322, pp. 30-31. Erik Heyl, E arly A m erica n Steamers (Buffalo: Erik Heyl, 1953-69), 3:265,6:19-21. Under normal circumstances these would have been due for retirem ent. 7 W e e k ly B ritish W h ig (Kingston), 22 May, 28 June, 16 Aug, 1861. 8 K. R. Macpherson, `Thomas Dick,' in D ictionary o f Canadian Biography (Toronto: University of Toronto Press, 1966-85), 10:230-31. Donald Swainson, `The NorthWest Transportation Company: Personnel and Attitudes,' in Historical and Scientific Society of Manitoba, Papers, 3d Ser., no. 26 (1969-70): 70. 9 William Hugh Coverdale, Tadoussac T h e n a nd N o w : A H isto ry and Narrative o f the K ingdom o f the Saguenay, (1942), 21-22. Lady Dufferin, Mg Canadian Journal, 1872-1878, ed. Gladys Chantler Walker (Don Mills: Longmans Canada, 1969), 62-68,116-120. A Trip to M u r r a y B a y, Riviere du Loup, C acouna, Tadoussac, T h e Saguenay and H a ! Ha! Bay (Montreal: J. C. Becket, 1868). Samuel J. Kelso, Notes on the Saguenay for Tourists and Others (Quebec: Morning Chronicle. 1862). 10 W e e k ly B ritish W h ig , 22 May 1861. 11 Ibid., 21 March 1861. 12 I bid., 11 April 1861 (quoting Hamilton Spectator). 13 Ibid., 19 April 1861. 14 J. Ross Robertson, L andm arks o f Toronto: A C o lla tio n o f H istorical Sketches o f the O ld Tow n o f York from 1792 un til 1833, and o f Toronto from 1834 to (1914) (Toronto: J. Ross Robertson, 1894-1914) 2:980. James Croil, Steam N a v ig a tio n and its R ela tion to the C om m erce o f C a n ad a a nd the U n ited States (Toronto: William Briggs, 1898), 316. PAC, RG 12, A1, vol. 206, pp. 173-186; vol. 179, p. 50. D a ily N e w s (Kingston), 18 Oct. 1859. W alter Lewis, 'Steamboat Promotion and Chang ing Technology: the Careers of James Sutherland and the M a g n et, ' O n ta rio H isto ry, 77 (September 1985):22i-22. 13