85 
Part I] Lindsay and Harlows Lac and Shellac 
He may, of course, act as a commission agent and secure supplies for 
a principal ; but, in most cases, the shellac is his own property, of 
which he disposes at the highest available rates. 
The broker on the other hand works, in theory at any rate, 
purely on a commission basis. He also has his agents in up-country 
markets and thus keeps in touch with forthcoming supplies and their 
prices. He visits the offices of the principal shippers, ascertains 
their requirements, with particulars of quantity, quality and price, 
and closes the business on offers received through his up-country 
agents. 
The shipper is usually a merchant of good standing with prin¬ 
cipals or agents in London, New York and other foreign markets. 
Three-quarters of the export trade is conducted on the basis of “ for¬ 
ward delivery ” contracts, and the quality is then guaranteed to a 
type such asTN, St. I, etc. So far as spot goods are concerned, the 
merchant purchases on samples brought to him by the brokers or 
dealers and is influenced chiefly by the lightness of the colour in 
estimating the value of a consignment. He will also, to be on the 
safe side, secure from a local analytical chemist a certificate showing 
on analysis the percentage of rosin admixture or the freedom from 
rosin. The class of business preferred is naturally that wherein a 
definite offer is received by cable from London or New York, which 
can be accepted if shellac is available at a suitable price or rejected 
if it is not. The profits in this business are rarely high, but they are 
certain. In the alternative, offers may be cabled to London or New 
York firms for acceptance or refusal. Or, again, shipments may be 
made to London or New York agents for consignment sale if the 
trend of prices in the foreign market seems favourable. 
Local industries. 
The local industries of India at present employing lac as a raw 
material are not numerous, but there is 
no reason why these local demands should 
not increase. Imitation fruits and toy animals are made of lac, 
or of wood coated with lac- The Indian toy trade is still in its 
infancy, but steps are being taken by the Commercial Intelligence 
Department of Calcutta, in conjunction with Directors of Indus¬ 
tries in India and with the Indian Trade Commissioner in 
London, to interest foreign markets in Indian toys. Bangles are 
manufactured from kiri . Gramophone records are turned out in 
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