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As with any vehicle of today, vessels in the 1800's (and earlier) had to be registered. Registration had to be done in specific ports, usually large ones. Prior to 1840 Yarmouth vessels had to be registered in Halifax. From 1840 to the present ships and boats from Yarmouth and the surrounding area have been registered in Yarmouth.

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Ship 'Ruby' of Yarmouth entering Hong Kong.
1888
Yarmouth, Nova Scotia

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The Registry Book was kept by a government official, often the Collector of Customs, and in it he would write the particulars of the vessel which would include the date, official number of the vessel, name, location and date of building (and sometimes the name of the builder or superintendent), rig, number of masts, number of decks, type of construction, main materials in construction, and whether or not it had a figurehead. As well it would include the owner or owners and, if the latter, the number of shares held by each.

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Page from Yarmouth Shipping Register.
1878
Yarmouth, Nova Scotia

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In Canada, as in Britain, a vessel was broken down into 64 shares. Why sixty-four? Well, something whole can be broken into halves, then quarters, then eights, sixteenths, thirty seconds and sixty fourths. Beyond this the shares were really too small to be of any consequence.

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Abel Cutler Robbins, shipowner
1880
Yarmouth, Nova Scotia

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One owner might own the whole vessel - all 64 shares. Or, as in the case of the ship 'Ruby', built in 1878, one man, Abel Cutler Robbins, owned 60 shares and Capt. James F. Robbins owned 4 shares (for a total of 64). James F. Robbins was likely the first master of the 'Ruby'. This is surmised as the major owners often liked their captains to have a monetary share in the vessel in order that the master would take better care of the ship and its business since he, too, would be making a profit.

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Transactions from Yarmouth Shipping Register
1892
Yarmouth, Nova Scotia

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Several years later A.C. Robbins sold four more shares to Capt. John A. Tilley, then four more to Capt. Byron Robbins, then four more to Capt. Josiah Crosby. Each of these transactions is recorded in the Register by date with a summary of current owners also shown for that date.

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List of shareholders from Yarmouth Shipping Register
1892
Yarmouth, Nova Scotia

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On January 31st, 1888 a transaction shows that Byron Robbins had died. His four shares were transferred to his widow, Maggie A. Robbins. The listing of shares for that date show as follows:
    Abel C. Robbins 48
    James F. Robbins 4
    John A. Tilley 4
    Josiah Crosby 4
    Maggie A. Robbins 4
Total 64
   Shares in vessels might also be mortgaged and that also shows up in the Register.
   Sometimes there appears a notation that all shares have been transferred to the ship's master along with a comment 'empowering the captain to sell the ship at any place outside the Dominion of Canada' sometimes a specific sum of money is mentioned as the selling price but this is usually made confidentially to the captain.

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Bill of Sale
1895
Yarmouth, Nova Scotia

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If a sale was made then the Register for that vessel was closed and a letter sent to London to indicate that the vessel was, as frequently worded, 'Sold to foreigners'.
This method of ownership allowed many people to invest in Yarmouth shipping. The sale of shares was advertised in 'The Yarmouth Herald' and other Yarmouth papers. If a ship was successful and dividends were paid then a person might be able to buy more shares and, hopefully, add to their wealth.
Another method of making money was by investing in the various marine insurance companies that were set up to insure the vessels. These started in Yarmouth in 1809 and by the 1870's some six marine insurance companies were in business. Any shipowner or individual might hold shares in one or even several of these companies. This method of insuring the vessels shared the risks widely while, at the same time, paying dividends to the shareholders.

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Killam Brothers interior
1910
Yarmouth, Nova Scotia