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ÆT. 28] years of work. Burne-Jones and Morris had indeed by now established a claim to this equality. But even Faulkner, as their friend, was swept in with the rest as an artist of reputation and a profound student of the decorative arts.

The circular is said, no doubt with truth, to have set up the backs of the established firms of decorators, and the new firm met with some obloquy. But it throve in spite of their jealousy. By the end of the year the business was in full working order, and began to be put under more formal management. In January, 1862, a further call of ₤19 a share was made on the partners, raising the paid-up capital to ₤140, which was never increased till the dissolution of the firm in 1874. A few hundred pounds of further capital was supplied by loans, which bore, or were supposed to bear, interest at five per cent., from Morris himself and from his mother. Work done for the firm by any member was credited to his account at fixed rates, and paid for like any other debt. Morris was to receive a salary of ₤150 as general manager; and in May Faulkner was formally appointed book-keeper and business manager at the same salary.

The weak point of the whole business was the want of anything like real capital. For each piece of work executed a price could be charged, such as customers were found willing to pay, which covered the cost of its production. But the output was slow, the sales uncertain, and there was no reserve to draw upon; the conduct of the work was therefore necessarily from hand to mouth, and had to be guided by the exigencies of the moment. Any extension of the business, however ultimately remunerative, threw its finances off their very unstable equilibrium. In the