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 permanent investment represented by a theatre. This becomes readily apparent upon an analysis of the business methods employed in the organization of the dramatic industry. The basis of this organization was the banding together of players into associations or partnerships, the members of which acted together, held a common stock of garments and play-books, incurred joint expenditure, and daily or at other convenient periods divided up the profits of their enterprise. In a legal document an associate of such a company is described as 'a full adventurer, storer and sharer among them'; the term in ordinary use was 'sharer'. No doubt the sharing arrangement was in origin traditional; it is described in 1614 as 'accordinge to the custome of players'. But it became convenient to formulate it in a legal agreement or 'composition', which provided for the co-operation of the sharers and defined their relations to each other. Thus the composition of the Duke of York's men in 1610 bound them to play together for three years, and deprived a member who left without the consent of his fellows of any interest in the common stock. Under that of Queen Anne's men about 1612 a retiring sharer was entitled to a payment at the rate of £80 for a full share. Such provisions, which were intended to obviate the breaking up of a stock, and of themselves indicate a substantial investment of capital, seem to have been usual. Alleyn had £50 on leaving the Admiral's men in 1597, Jones and Shaw £50 in 1602; under the composition of the same company, then the Prince's men, in 1613, a sharer retiring with consent was entitled to £70. Both the Queen's and the Prince's men made a similar allowance to the widow of a sharer. Each of the sharers signed a bond for the observance of the composition, which also covered certain disciplinary regulations imposed by the company on its members. Thus the articles signed by Robert Dawes, on joining the Lady Elizabeth's men in 1614, not only made him a partaker in the contractual and financial liabilities of the company, but also exposed him to penalties if he missed plays or rehearsals, or came late or in a state of intoxication, or took apparel or other common property away from the theatre. As the compositions grew more detailed and the enterprises more important, it proved convenient that one of the sharers should be appointed, formally or informally, to act as trustee and manager for the rest, to receive and make payments, to hold the composition, bonds, licences, and other legal papers, and generally to look after the business