period.

The men of business may be divided into two classes, according as they
undertook work for the State or on their own account entirely. It does
not follow that these two classes were mutually exclusive; a man might
very well invest his money in both kinds of undertaking, but these two
kinds were totally distinct, and called by different names. A public
undertaking was called _publicum_,[109] and the men who undertook it
_publicani_; a private undertaking was _negotium_, and all private
business men were known as _negotiatores_. The publicani were always
organised in joint-stock companies (_societates publicanorum_);
the negotiatores might be in private partnership with one or more
partners,[110] but as a rule seem to have been single individuals. We
will deal first with the publicani.

In a passage of Livy quoted just now it is stated that at the
beginning of the Hannibalic war money was advanced to the State by
societates publicanorum; Livy also happens to mention that three of
these competed for the privilege. Thus it is clear that the system of
getting public work done by contract was in full operation before that
date, together with the practice on the part of the contractors of
uniting in partnerships to lessen the risk. System and practice are
equally natural, and it needs but a little historical imagination to
realise their development. As the Roman State became involved in wars
leading to the conquest of Italy, and in due time to the acquisition
of dominions beyond sea, armies and fleets had to be equipped and
provisioned, roads had to be made, public rents to be got in, new
buildings to be erected for public convenience or worship, corn had to
be procured for the growing population, and, above all, taxes had
to be collected both in Italy and in the provinces as these were