Marsden Brothers & Company Limited

Marsden Brothers & Company Limited was incorporated on 18 December 1920 under the Indian Companies Act 1913. Initial authorized capital was Rs. 15,000 divided in to 3,000 shares of Rs. 5 each. In 1948, this was  increased to Rs. 6,15,000 by an issue of 12,000 Redeemable Cumulative Preference shares of Rs. 50 each.
As seen from the certificate, the company was a Managing Agency house, established to manage the family run Marsden Spinning and Manufacturing Company Limited. This company too was managed by a family controlled Agency.
Managing Agency system, a dominant force in India's industrial development since the mid-19th century, faced increasing scrutiny for its potential for mismanagement and abuse and was officially abolished in April 1970. This decision followed a period of increasing restrictions and criticism particularly after India's independence in 1947. This caused many managing agencies to sell their stakes and exit the business by the mid-1960’s. The Companies Act, 1956 had also imposed significant limitations on the powers and functions of managing agents.
Uploaded here is a Cumulative Redeemable PREFERENCE Share issued in 1948 for Rs 50 each. The share is issued to a member of the promoter group – Mr & Mrs Ben Marsden. It is signed by Mr Charles Marsden as Permanent Director and Bru Marsden as Agent. 
It is worth noting that the certificate bears a pre Printed Mr. & Mrs salutation before the name of the beneficiary.  Probably aware that the shares would all be issued in joint names.

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