Page:Indian Journal of Economics Volume 2.djvu/443

 TO INDIA We may briefly examine s few of the subjects on which he touches, as, for example, the extmnt to which indigenous capital is invested in modern industrial concerns (pp. 96-8). The author states that almost the whole capital of the octton mills has been raised in India; that the tea planta- tions are most of them joint stock concerns registered in the United Kingdom; that the jute industry also is "financed by ]!luropen capital "- and that "the bulk of the capital invested in the coal and gold mines has been imported." If this had been written twenty years ago it would have given s fairly ocrreef impresslon, but stion has changed very much in recent years, more Indian capital having flowed into the the situ- more and lsrge-seae Darjeeling and many bought by Indians, companies, so ths other districts have been increasingly besides their purehams of shares in probably s fourth to one-third of the capital of the iladustry is in Indian ownership. The jute mills and coal and gold mines were practically all, except the smallest, started with British capital, but a steady sale of shares has very largely transferred' the Indians. Many small coal mines have Indians, and it may be estimated that in mines, as well as companies, about half belongs to Indian proprietors. In miscellaneous industries an increasingly large proportion of capital is Indian. In enterprises originated in Bombay capital is almost wholly Indian from the start; but in Bengal and Upper India the ',uropean firms often start enterprises with the inten- tion of selling out a large to the public, mainly Indian paent o! a good dividend be had for the shares. Another important ease of believe_ it to be, occurs in effects of the land tenure "The State takes a certain part of their share-holding of course, as soon as the enables  handsome price to erroneous information, as we the section dealing with he system (p. 401). We read: well-defined share of the rent received by the landlord from his tbnants, say 60 per cent. Such a large share could 5e justified on the ground of State proprietorship of land, but if it is s tax, it appears 4 . ownership to been opened by privately owned the eapital now industries originated by European enterprise, whether still controlled by it or not. For instance the coffee and tea plantations of the South, and the smaller te estates of