Russian commercial company trading in Constantinople – the first joint-stock enterprise in Russia established

February 24 (March 7), 1757 by the decree on the "Privilege to Moscow first guild merchant Hostatov and his comrades in the foreign trade on behalf of Temernikovsky port, and the naming of this trading association the Russian commercial company trading in Constantinople " was established the first joint-stock company in Russia.

The actual steps to use joint-stock form of entrepreneurship in Russia were made in the reign of Peter I. October 27 (November 6), 1699 the emperor issued a decree on the “Establishment of trade companies for merchants like in other countries; division of cities into provinces in accordance with trades, with the subordination of small towns to the main provincial city and  reckoning of commoners with crafts in Sloboda", and 8 (19) November 1723 he issued the decree on the “Diligent supervision over Russian goods so that they would be sold for money rather than exchanged for goods; on the expansion of trade with France, Spain and Portugal; on whale fishery; on establishment of a company; on sending to foreign lands of young people from the merchant class to learn about commerce.”

In 1730-1740's in St. Petersburg continued to think about the creation of a joint-stock company. The Senate appealed to the merchants to create it "for the greater benefit of the Treasury and the merchants," but for a long time no one wanted to join. 2 (13) March, 1755 the Senate issued a decree on the "Appeal to Russian merchants for the establishment of a trading company under Temernikovsky port", which read "... should any merchant wish to create a trading company under Temernikovsky port to trade in Constantinople and in other areas, he must submit his conditions to the Governing Senate in order to obtain some advantages..."

In 1756, merchants Vasily Hastatov, Nikita Shemyakin and Alexei Yaroslavtsev developed special "conditions" to create a "share trading company", with registered capital of 100 thousand rubles decomposed into 200 shares. Finally, on February 24 (March 7) 1757, the company was founded. As the first and only volunteers the merchants - founders of the joint-stock company – were appointed its directors.

Capital of the established company comprised of parts, called shares. Shareholders' rights were ensured with a ticket and could be freely disposed of, so that the buyer obtained not only the right but also the obligation to make additional contributions to the development of the enterprise.

The new company was granted the right to exclusive trade with Constantinople and other ports of the Black Sea, while "... those who had not joined the company and had not put their shares, were forbidden at all times to trade in Constantinople and other local places…”

Separately it was stipulated that the authorities must provide the company with "any assistance in trade," and the commander of the Don Army, Major General Efremov was told to "protect it and guard."

The merchants were allowed to install the main offices of the joint stock company in Moscow, and in Temernikovsky or Cherkassky port, "where it would be useful and safe at their discretion...".

The company’s capital (books, letters, shares) "were not subject not only to seizure, but neither to arrest or investigation, or any revisions even brief ones for any reasons, pretexts and denunciations..."

The joint-stock company at the early stages led to a significant rise in foreign trade on the Don. The only port of the time in the south of Russia – Temernikovsky - attracted dozens of merchant ships. Shareholders leased for a small fee shops, warehouses, living spaces to Russian merchants, who came from all over Russia. Special military units accompanied trade caravans of foreign traders.

"Russian commercial company trading in Constantinople" had been efficiently trading until 1762.

Later in Russia were created: Joint Stock Bank of issue, Russian-American Company, etc.

Lit.: Полное собрание законов Российской империи. СПб., 1830. Т. 14. № 10368, С. 322-323; № 10694 С. 726-733.

Based on the Presidential Library’s materials:

Атлас Российской империи состоящий из 64 карт [Карты]. Б. м., 1835. Карта № 60;

Полное собрание законов Российской империи. СПб., 1830. Т. 3 (1689-1699). № 1706. С. 653-654;

Полное собрание законов Российской империи. СПб., 1830. Т. 7 (1723-1727). № 4348. С. 152-153.