468 
THE TROPICAL AGRICULTURIST. [January f, i88g. 
aDd even the nomenclature of the concerns depend not 
a little upon the idiosyncracies of the respective 
nationalities. The first group is denominated English, 
as the mills comprised therein are managed by English 
firms, one of them having the management of five of 
the following seven concerns. The accounts given are 
for the year ending June, 1888, exoept when other- 
wise mentioned. 
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Businoss men will draw their own conclusions from 
these several figures. W e are only concerned here in 
elucidating some of the points requiring explanation. 
For example, mill No. 1 , the Anglo-Indian, charges no 
commission. This mill is an Anglo-Indian concern in 
reality as well as in name, its capital being partly sub- 
scribed in England and partly in India, and its accounts 
are rendered in rupees, as well as in sterling money. 
Its directorate is in Manchester, and it is managed here 
by a paid staff; hence no commission. But its ac- 
counts show the working of a law of compensation. For, 
whereas its mill and office establishments, including 
directors' and committees' fees, amount to Rl,38,224, a 
mill of about the same size in tho group and with nearly 
the same capital— the Empress (No. 3)— is managed at 
a cost of only Rl,23,78l in these several items, and has 
paid besides R12.291 for commission to its agents We 
have not Riven the block account of the several mills 
iu the table, but its total cost for this group, including 
machinery, buildings, and laud, amounts to 58 lakhs ni 
rouud numbers. The difference between this item, and 
the amount of the paid-up capital, say, 41 laks, is 
17 lakhs, so that out of 31 and odd laks of loan capital 
only, about 14 lakhs represents the working capital. 
This amount of borrowed capital, together with 6 
lakhs of reserve, enabled the mills to earn R9,07,777 
of profit, or equal to nearly 23 per cent on the paid-up 
capital, and that after paying interest at 5$ per cent, 
on the borrowed money. No wonder, then, that they 
find it to their advantage to deal with " other people's 
money," taking the risk of carrying a heavy lien 
on their heads. So long as money is cheap and times 
are smooth, such a course is plain sailing, but 
when times change the lien is sure to press with a 
double weight. In this view it is fortunate that the 
mills, instead of dividing the whole of the profits of 
over nine lakhs, carry the greater portion to in- 
crease their reserves, to provide for their wear and 
tear, and to make other provisions for streugthening 
their financial position. The earnings of the Connaught 
Mill (No. 2), it will be seen, are close upon 40 per 
cent, but its block account is over ten lakhs against a 
paid-up capital of only 4 l-5th lakh, so that it is obliged 
to use over nine lakha of ''other people's money." 
This is rather a risky position for times of financial 
pressure, and it is therefore a relief when we rind it 
keeping three-fourths of its earnings as at stand-by, 
distributing one-fourth amongst the shareholders. 
The next group we give is the Parsee group, and 
it comprises nine mills, of which four (Nos. 3, 7, 8, 9). 
may be described as old concerns. Their accounts, 
too, are given as on 30th June, 1888, except when 
otherwise indicated. 
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