The Société des Moulins du Bazacle literally translates to the Bazacle Milling Company - often referred to as the world's first joint-stock company. The company was based upon a series of dams on the river Garonne and founded in 1190. (The dams and turbines still work remarkably well from personal experience)

To raise the capital needed to build these dams, a group of local millers formed a society to which they entrusted their savings, in return for which they received notarized papers attesting to their individual (and group) financial input.

The company was composed of 96 'uchaux', owners with the right to sell without other associated control or right of first refusal. These 'uchaux' traded at a price that varied according to the economic situation, regardless of good or bad operation by the mills.

Mills experiencing unparalleled prosperity and their owners, these "gentlemen of Bazacle" made huge quantities of money. It was the first time capitalistic firms owners derived different amounts of income according to the ownership of their shares.

The company had a monopoly which lasted until the nineteenth century.

Further reading: The History Of The Grain Trade In France, 1400-1710 9781145942660

Source: The History Of The Grain Trade In France, 1400-1710 9781145942660 http://www.fb-bourse.com/les-moulins-du-bazacle/