STOCKS, or Public Funds in Enema. By the word stock was originally meant, a particular sum of money, contributed to the establishing of a fund to enable a company to carry on a certain trade, by means of which the person became a partner in that trade, and received a. share of the profit made thereby, in pro portion to the money employed. But this term has been extended further, though improperly, to signify any sum of money which has been lent to the go vernment, on condition of receiving a certain interest till the money is repaid, and which makes a part of the national debt. As the security both of the go vernment and of the public companies is esteemed preferable to that of any pri vate person, as the stocks are negotiablei and may be sold at any time, and as the interest is always punctually paid when due ; so they are thereby enabled to borrow money on a lower interest than what could be obtained from lending it to private persons, where there must be al ways some dahger of losing both princi pal and interest. But as every capital stock or fund of a company is raised for a particular purpose, and limited by par liament to a certain sum, it necessarily follows, that when that fund is complet ed, no stock can be bought of the com pany; though shares already purchased may be transferred from one person to another. This being the case, there is frequently a great disproportion between the original value of the shares and what is given for them when transferred ; for if there are more buyers than sellers, a person, who is indifferent about selling, will not part with his share without a con siderable profit to himself : and on the contrary, if many are disposed to sell, and few inclined to buy, the value of such shares will naturally fall, in plroportion to the impatience of those who want to turn their stock into specie. See Foams.
For the sake of those who deal much in the stocks we shall give a Table, show ing the comparative value per cent. of the several public funds, and the annual interests produced by 1001. invested at different prices.
&row, among ship-carpenters, a frame of timber, and great posts made ashore, to build pinnaces, ketches, boats, and such small craft, and sometimes small frigates. Hence we say a ship is on the stocks, when she is a building.
&rocas a wooden machine to put the legs of offenders in, for the securing of disorderly persons, and by the way of punishment in divers cases, ordained by statute, &c. And it is said that every ville, within the precinct of a town, is in dictable for not a pair of stocks, and shall forfeit five pounds.