Most businesses in the British Isles have been controlled by a single operator (so‐called ‘sole trader’, e.g., farmer, merchant, manufacturer) with unlimited liability for debts. Partnerships (typically with family or friends) have also existed, particularly in trade and industry (again with unlimited liability). In the 12th–16th centuries town craftsmen and traders often belonged to GUILDS; they regulated rather than conducted economic activity. Likewise, most OVERSEAS TRADING COMPANIES (from 14th century) regulated merchants.
JOINT‐STOCK COMPANIES were formed in England from 1553 (1567 in Scotland), capitalized by shareholders with transferable shares, and managed by directors and officers. Most received legal corporate status through a Crown charter. Mainly from the late 17th century, companies were also formed under articles of association. In Scotland, the Council for Trade, established 1661, authorized companies and granted privileges (to over 50 undertakings, 1661–1707). Companies developed ways to limit risks (e.g., in 18th century by vesting assets in trustees). Following the SOUTH SEA BUBBLE, the 1720 ‘Bubble Act’ (for Great Britain) discouraged formation of joint‐stock companies by requiring a charter or legislation. It was unenforced in Scotland, where some legal personality also became recognized for partnerships (retaining unlimited liability).
Repeal of the Bubble Act in 1825 reauthorized joint‐stock companies without charter or legislation. From 1844, UK companies could be incorporated by registration, and from 1856 most registered companies could declare LIMITED LIABILITY (using abbreviation ‘Ltd’). Registration was compulsory for larger companies from 1862. From the 1880s many partnerships became limited‐liability companies; public companies (with publicly traded shares) generally adopted limited liability. UK companies increased from 9300 in 1885 to 62,700 in 1914.
Legislation affecting partnerships began in 1890; company legislation was consolidated in 1908. From 1974 ‘public limited companies’ were distinguished (as ‘PLCs’) from private companies. After 1921, Northern and southern Ireland developed their own company law (former reintegrated with UK 2006).
BUTE, 3RD EARL OF
(b. 25 May 1713 at Edinburgh, SE Scotland; d. 10 March 1792 at London, England, aged 78). John Stuart succeeded as earl in 1723 and lived in England from 1745. In 1747 he met FREDERICK, PRINCE OF WALES (son of King GEORGE II), while attending horse races and became a favourite of the prince (d. 1751) and a confidant of his son George.
After George became king (1760; see GEORGE III), he appointed Bute as (northern) SECRETARY OF STATE (March 1761). Bute also entered the House of Lords as a Scottish representative peer. By Nov. he was chief minister, and was appointed first lord of the Treasury in May 1762, succeeding the earl of NEWCASTLE. He sought to build a non‐party ministry based on the KING’S FRIENDS.
Bute’s ministry declared war on Spain (Jan. 1762), and negotiated the Peace of PARIS, ending the SEVEN YEARS WAR (Feb. 1763). Bute then removed the surviving ministers from Newcastle’s administration. But he encountered resistance with a proposed CIDER TAX (1763). He was mercilessly satirized, especially by John WILKES. Worn down, he resigned in April 1763 (succeeded by George GRENVILLE).
The ROCKINGHAM WHIGS claimed that Bute’s ‘secret influence’ undermined later ministries, but by 1765 he was politically inactive. See also BUTE FAMILY; PITT, WILLIAM, THE ELDER.
BUTE, 2ND MARQUESS OF(b. 10 Aug. 1793 at Dumfries House, Ayrshire, Scotland; d. 18 March 1848 at Cardiff, Glamorgan, Wales, aged 54). A great‐grandson of the 3rd earl of BUTE, John Crichton Stuart inherited his grandfather's title and widespread estates in 1814, including CARDIFF and much of the S Wales coalfield. He built Cardiff's first substantial dock (opened 1839), inaugurating development that eventually resulted in Cardiff becoming the world's chief coal‐exporting port. See also BUTE FAMILY; COAL INDUSTRY, WALES.BUTE FAMILY
A Scottish noble family (a branch of the Stewart family, descended from an illegitimate son of King ROBERT II); important in Great Britain in 18th–20th centuries. Members include the prime minister in 1762–3 (see BUTE, 3RD EARL OF).
In 1766 John Stuart (1744–1814), the 3rd earl's son and heir, married the heiress of the CARDIFF Castle estate (Glamorgan, Wales) and in 1796 was created marquess of Bute. His grandson and heir, John Crichton Stuart (1793–1848), invested heavily in Cardiff (see BUTE, 2ND MARQUESS OF). John Patrick Crichton Stuart (1847–1900), the 3rd marquess, considerably rebuilt Cardiff Castle, which was presented to Cardiff in 1947 by John Crichton Stuart (1907–56), the 5th marquess.
BUTLER, JOSEPHINE(b. 13 April 1828 at Glendale, Northumberland, England; d. 30 Dec. 1906 at Wooler, Northumberland, aged 78). From a landed background, Butler in the 1850s–60s helped poor women in OXFORD, Cheltenham and LIVERPOOL, and from the late 1860s campaigned for women’s rights (e.g., education, property ownership). Convinced that the INDUSTRIAL REVOLUTION had disadvantaged women economically, she pressed reforming ideas in about 90 books and pamphlets. From 1869 she was a leading campaigner against the CONTAGIOUS DISEASES ACTS (repealed 1886) and female prostitution although she was critical of the coercive approach of the PURITY MOVEMENT.BUTLER, ‘RAB’
(b. 9 Dec. 1902 at Attock Serai, Punjab, India; d. 8 March 1982 at Great Yeldham, Essex, England, aged 79). Richard Austen Butler (known as ‘Rab’) was a Conservative MP 1929–65, a minister in the British NATIONAL GOVERNMENT from 1931, and education minister (1941–5) in the wartime coalition. His name became associated with the 1944 Act that expanded secondary education (see BUTLER EDUCATION ACT).
After the war Butler led the Conservatives in adopting full employment and social security as central policies. The congruence with Labour was nicknamed ‘BUTSKELLISM’.