Epstein would earn more money in the long run. Lennon and McCartney thought they would own the whole company, but were given a 20 per cent share each, Epstein 10 per cent, and James and his partner, Charles Silver, owning 50 per cent. George Martin was offered a share in Northern Songs, as well, but he turned it down because his employment with EMI presented a conflict of interest. Another company, Maclen Music, which published Lennon and McCartney's music in the US, was also controlled by Northern Songs. Both Northern Songs and Maclen Music were administered by Dick James Music. Northern Songs also published George Harrison's early compositions, as well as Ringo Starr's. McCartney later explained that they signed all the contracts Epstein presented to them without reading them first, with Lennon adding, "We had complete faith in him [Epstein] when he was running us. To us, he was the expert". James offered George Martin shares as well, but he turned them down, saying it might well be unethical, because he worked for EMI. The money gathered by Northern Songs was channelled into a second company, Lenmac Enterprises, owned by Lennon and McCartney at 40% each and NEMS (North End Music Stores) at 20%. The company collected profits from the UK only. During 1965, to reduce the income tax burden, it was decided to make Northern Songs a public company. 1,250,000 shares were traded on the London Stock Exchange, which were worth 17 pence each ($0.28), but were offered at 66 pence ($1.09) each. Although the trade was scoffed at by various financial institutions, it was expected that the application lists would not remain open for more than 60 seconds, which is exactly what happened, because the lists were oversubscribed. After the offer closed, Lennon and McCartney owned 15% each, worth £195,200 ($320,000), NEMS a 7.5% interest, and James and Silver (who served as Northern Songs' chairmen), controlling 37.5%, with Harrison and Starr sharing 1.6%. The remaining shares were owned by various financial institutions. At the same time, Lennon and McCartney renewed their previous three-year publishing contracts, binding them to Northern Songs until 1973. Harrison also signed with the company in 1965, for a period of three years. To protect his interests, James took out a life insurance policy of £500,000 on Lennon and McCartney. By the summer of 1966, 88 songs by Lennon and McCartney had been recorded and