85 
figure in the first middleman’s account, as he buys ex- 
store in Calcutta. 
Correspondingly when the first middleman sells the 
shells in the natural condition to a second his profit 
diminishes to the modest rate of 40 to 45 per cent. in 
years when he buys from Government at about Rs. roo 
per 1,000 as he can always count on selling wholesale in 
Calcuttasat irom Rs. 140 to’ 150" per T0090, With oa 
higher initial cost as in the case of the season 1909-10, 
when the combine had to pay Rs. 121~-9--9 per 1,000 
under more stringent conditions as to payment for the 
small sizes, it is possible the ring may not be able to 
advance their wholesale rates for Tuticorin shells 
sufficiently to obtain their usual 40 or 45 per cent. of 
clear profit asthis would entail a selling rate of not less 
than Rs. 184 per 1,000, whereas the rateruling when I 
left Calcutta was only Rs. 160 per 1,000 ; there was how- 
ever talk of an enhancement of price at an early date. 
In this connection it should be clearly understood that 
such rates are current Only among the big dealers in 
Calcutta, Dacca, Nadia and other sub-distributing 
centres who usually have intimate relations with the 
heads of the ring and may be said to work in conjunction 
with them. To small dealers and to cutters in outside 
places increased rates are charged. It seems also to be 
one of the aims of the ring to prevent workers in outlying 
centres from cutting shells—it pays them better to dis- 
courage thisand to supply only cut material from their 
own factories at greatly increased rates, as they are thus 
able to double their profit with ease. To retain their 
grip on such lucrative trade it is no wonder the combine 
are willing and able to spend money freely with the 
object of breaking any rival who may dare to challenge 
their trade oligarchy ; out of my personal knowledge 
I can say they have independently evolved many of 
the trade intrigues of which the American Trusts are 
accused ; indeed I fancy that the working of a ‘“com- 
bine” was understood in India indays before American 
Finance was born. 
Workshops where the labour employed is largely 
devoted to the production of annular sections of shells— 
bracelets in the rough—are located at a few only of the 
larger centres. I knowthis branch of trade is carried on 
