Was the nineteenth-century Denbighshire coalfield a worthwhile investment? An analysis of the investors and their returns

Abstract

As the nineteenth century progressed, more capital was needed to finance industry and businessmen found that they were increasingly unable to raise the funds required from a small pool of family, friends and acquaintances. The introduction of limited liability in 1855 provided a solution to this problem and share ownership became increasingly widespread. The purpose of this article is to analyse the shareholders of Denbighshire coal companies in terms of their occupation, geographical location and motives for ownership, and also to examine whether their shareholdings gave them a reasonable return on investment.