INDIA 605 



Bombay a Central Cooperative Bank has been founded by a leading Hindu merchant, Sir 

 V. D. Thackersey, with a Government guarantee on its 4% debentures. It lends, only with 

 the approval of the official registrar, at an interest which must not exceed 8 %, and half of 

 its surplus profits above 6 % must ultimately be devoted to rebates on the interest payable. 



Mines and Minerals. The mining of coal, which is mainly concentrated in Bengal, has 

 recently been subject to vicissitudes. While the total output increased from an average of 

 10 million tons during the five years ending 1908 to 12 million tons in 1910, the price fell Con- 

 siderably. The difficulties of local transport by both land and sea have become so trouble- 

 some that the railways with headquarters at Bombay were compelled in 1912 to invite con- 

 tracts from Japan and Natal. The production of the gold mines in Mysore remains constant 

 at about 545,000 ounces a year; the Hutti mine in Hyderabad yields about 15,000 ounces; 

 but the mines in the Bombay district of Dharwar have all closed down, owing to disappoint- 

 ing results at deep levels. The production of manganese, chiefly in the Central Provinces 

 and Madras, has increased from an average of 500,000 tons during the five years ending 

 1908 to 800,000 tons in 1910; and India may now claim to be the largest producer of high- 

 grade ore in the world. The production of petroleum in Burma has similarly increased from 

 an average of 146 million gallons during the five years ending 1907 to 215 million gallons in 

 1910; while the refining of the crude oil and the manufacture of petrol, paraffin, &c., have be- 

 come an important industry at Rangoon. The iron industry, elsewhere languishing, has 

 made a memorable start at Sachi, on the hilly borders of the Central Provinces and Orissa. 

 Here the Tata Iron and Steel Company, with a capital of ij millions raised entirely in India, 

 began work early in 1912. Equipped with'the most modern machinery for smelting, pud- 

 dling, forging, &c., it is intended to produce 87,000 tons of iron and steel in the year. The 

 Government have erected a laboratory close by, .at Kalimati, for testing the steel rails pro- 

 duced for use on the State railways, and Japan has already give a large order for steel. 



Manufactures. In manufactures, the most important event has been the passing ot a 

 new Factory Act, which came into force on July I, 1912. The chief provisions applying to 

 textile factories are: that no person shall be employed for more than 12 hours, no woman for 

 more than 10 hours, and no child for more than 6 hours ia any one day; that no person shall 

 be employed before 5:30 a.m. or,after 7 p.m.; and that mechanical or electrical power shall 

 not be used for more than 12 hours in the day. 



The cotton mills, chiefly centred in the Bombay Presidency, have passed through a long 

 period of depression, though the number of both spindles and looms increases year by year. 

 While the spinning of yarn has been generally unremunerative, the weaving of cloth, especially 

 of the finer fabrics, is steadily advancing. During the five years ending 1910-11, the number 

 of looms has risen from 55,000 to 79,000, and the production of woven goods from 159 to 231 

 million pounds. Another Tata company, with a capital of more than a million again raised 

 entirely in India, has begun operations at Lonauli in the Western Ghats for providing elec- 

 trical energy for the many industries of Bombay city. Jute mills, which are concentrated 

 at Calcutta and mainly in English hands, have enjoyed almost unbroken prosperity. In 

 1910 the total number of factories under inspection in all India was 2,271, employing 800,000 

 persons, of whom 116,000 were women and 52,000 children. Mention may here be made of 

 the recent development of banks, under Indian management and with Indian capital, with 

 their headquarters at Bombay. One of these subscribed for the greater part of the Govern- 

 ment loan of three crores (2 millions) issued in 1912. 



Commerce. The foreign trade reflects the series of favourable harvests. During the 

 four years ending 1911-12, imports of merchandise have increased from 81 to 92 millions, 

 exports of merchandise from 100 to 151 millions, and the net imports of treasure from II to 

 28 millions. The "balance of trade" in favour of India thus rose from 8 to 31 millions. 

 Among imports, while cotton yarn shows a continuous decline, other cotton manufactures 

 (almost entirely from England) have increased from 23 to 30 millions. Large increases are 

 also shown in sugar (from Java), and in copper, the usual material for household vessels. 

 Among exports, raw cotton continues to rank first, but the second place is now held by 

 oilseeds, though raw jute and jute manufactures combined more than equal cotton. The 

 export of rice depends upon the harvest in Burma, as that of wheat does upon the harvest 

 in the. Punjab. Within the last year barley has been sent in large quantities to England. 

 About 62 % of the total imports come from the United Kingdom, but only about 26 % of the 

 total exports are consigned thither. A notable feature during 1911-12 has been a fall in the 

 imports of silver, accompanied by a very large rise in the imports-of gold, both bullion and 

 coin. Gold is no doubt hoarded and used for jewellery; but sovereigns are now common in 

 circulation in some parts, while since 1910 the amount of gold held by Government in the 

 paper currency reserve in India has increased from 9 to 20 millions, 



Railways. Railways have, fully participated in the favourable seasons which India has 

 recently enjoyed. Contrasted with a loss of i| millions under this head in the financial year 

 1908-9, gains are shown of more than f of a million in 1909-10, of 2 millions in 1910-11, and 

 of more than 3 millions in 1911-12, But; as all the railways do not belong to Government, 

 it will be more convenient to take figures for the last calendar year. Between 1909 and 1911, 

 the total length of line open increased from 31,484 to 32,839 miles, while the total mileage 

 under construction or sanctioned at the close of 1911 was 2,675; the total capital outlay on 



