THE SILVER STANDARD AND THE EVILS OF ITS INSTABILITY 429
manufacture of cotton. The cotton industry was one of the oldest industries of India, but during 100 years between 1750 and 1850 it had failed into a complete state of decrepitude. Attempts were made to resuscitate the industry on a capitalistic basis in the sixties of the ninetenth century and soon showed signs of rapid advance. The story of its progress is graphically illustrated in the following summary in Table XVII:—
TABLE XVII
T HE D EVELOPMENT OF I NDIAN C OTTON T RADE AND I NDUSTRY
| Col1 | Growth of Trade (Average Annual Quantities in each Quinquennium) | Col3 | Col4 | Col5 | Col6 |
|---|---|---|---|---|---|
| 1870-71 to 1874-75 | 1875-76 to 1879-80 | 1880-81 to 1884-85 | 1885-86 to 1889-90 | 1890-91 to 1894-95 | |
| Imports of raw cotton— thousands or cwts. Exports of raw cotton— thousands of cwts. Imports of twist and yarn Number of mills Number of spindles—000— omitted Number of looms—000— omitted Number of persons employed | 23 5,236 33.55 | 52 3,988 33.55 | 51 5,477 44.34 | 74 5,330 49.09 | 89 4,660 44.79 |
| Growth of Industry (at end of each fifth year) | |||||
| 48 1,000 10 ... | 58 1,471 13 39,537 | 81 2,037 16 61,836 | 114 2,935 22 99,224 | 143 3,712 34 ... |
Another industry which figured largely in this expansion of Indian manufactures was jute. Unlike the cotton industry of India, the jute industry was of a comparatively recent origin. Its growth, different from that of the cotton industry, was fostered by the application of European capital, European management, and European skill, and it soon took as deep roots as the cotton industry and flourished as well as the latter did, if not better. Its history was one of continued progress as will be seen from Table XVIII.
This increasing trend towards manufactures was not without its indirect effects on the course of Indian agriculture. Prior to 1870 the Indian farmer, it may be said, had no commercial outlook. He cultivated not so much for profit as for individual self-sufficiency. After 1870 farming tended to become a business and crops came more and more to be determined by the course of market prices than by the household needs of the farmer. This is well illustrated by figures in Table XIX.