著者

武内 達子

出版者

経営史学会

雑誌

経営史学 (ISSN:03869113)

巻号頁・発行日

vol.16, no.3, pp.48-76,iii, 1981-10-30 (Released:2009-11-06)

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A principal problem in the management of an industrial enterprise is the judgement in the combination between possible technologies and goods. In iron industry, the amount of pig iron produced in Britain in the industrial revolution was almost doubled in decade, and more than half of the goods were castings for various uses.In the present paper, the goods of Newton Chambers, iron works specialized to foundry, were analysed based upon Day Books between 1793-1833 at an interval of ten years. The goods were classified into seven groups: (1) goods sold to merchants, mainly domestic uses, (2) tools and machine components, (3) rails and wheels for mines, (4) pig iron, (5) ballasts, (6) water pipes, and (7) gas pipes and components of gas works plants. The company did not produce guns and components of steam engines. The constitution of goods and its variation over the period revealed the trace of the activity of entrepreneur.The goods which characterize Newton Chambers were cast-iron pipes. Their high quality and low price stimulated new social needs. The great demands for iron pipes had started from 1807 in London for water works and for gas light companies after 1814. The percentage of pipes in the annual sale in 1813 was 20%, in 1823 30%, and 1833 49%. Newton Chambers could survive in serious depressions after Napoleonic War by the great demands for iron pipes.It is concluded that the success of Newton Chambers is the judgement of adoption and improvement of the production technology for mass production of standardized castings, which combined successfully with the newly developed public works for the improvement of city environments.

著者

武内 達子

出版者

社会経済史学会

雑誌

社會經濟史學 (ISSN:00380113)

巻号頁・発行日

vol.46, no.3, pp.269-292, 375-374, 1980-09-15

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An important problem of capital formation in the industrial revolution is to find the facts how the neccessary capital was financed in the various stages of the development of an industrial enterprise. Accepted theories of the financing of industrial enterprises in capital formation in Great Britain are : (1) Capital is mainly financed by the partners and the very high-rate of the growth of capital is realized by the reinvestment of the gross profit, and (2) Loans from individuals or banks were basically short-term credit for circulating capital. These assumptions, however, are seemed to be based in some fragmental evidences, and they must be tested in the actual state of financing of an industrial enterprise. The present paper makes an analysis of the original records of Newton Chambers, an ironworks in Sheffield founded in 1793. The facts obtained from the account books, such as great ledger, stock book, etc., between 1792 and 1806 are summarized as follows. Expenditure for "building and fixture" of the ironworks continued for the first eleven years, amounting to about £ 11,000. The sources of almost all capitals freshly supplied by the partners were an oversea-trade merchant in Sheffield and London merchants. The supply of the fresh capital continued also for the same early years, amounting to about £ 11,OOO. In the very early stage of the company, there were a lot of loans from individuals, industrialists and others, and from a bank in Sheffield and the neighbourhood. The former supplied about £ 2,500 as long-term credit and the latter £ 4,700 at the peak of overdraft as a kind of long-term credit. The overdraft after the first six years was only circulating capital fluctuating in one year cycle. The present study revealed the detailed complementary relationship between partners' capital and loans. The fact that, in the first five years, the total amount of long-term loans was greater than that of capital supplied by the partners is an evidence of the importance of loans in the industrial financing. Furthermore, it became clear that the very high-rate of the growth of capital in the early stage of the company's history was the result of both the reinvestment of the gross profit and the continuous supply of fresh capital from the partners.

著者

武内 達子

出版者

Business History Society of Japan

雑誌

経営史学 (ISSN:03869113)

巻号頁・発行日

vol.16, no.3, pp.48-76,iii, 1981

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A principal problem in the management of an industrial enterprise is the judgement in the combination between possible technologies and goods. In iron industry, the amount of pig iron produced in Britain in the industrial revolution was almost doubled in decade, and more than half of the goods were castings for various uses.<BR>In the present paper, the goods of Newton Chambers, iron works specialized to foundry, were analysed based upon Day Books between 1793-1833 at an interval of ten years. The goods were classified into seven groups: (1) goods sold to merchants, mainly domestic uses, (2) tools and machine components, (3) rails and wheels for mines, (4) pig iron, (5) ballasts, (6) water pipes, and (7) gas pipes and components of gas works plants. The company did not produce guns and components of steam engines. The constitution of goods and its variation over the period revealed the trace of the activity of entrepreneur.<BR>The goods which characterize Newton Chambers were cast-iron pipes. Their high quality and low price stimulated new social needs. The great demands for iron pipes had started from 1807 in London for water works and for gas light companies after 1814. The percentage of pipes in the annual sale in 1813 was 20%, in 1823 30%, and 1833 49%. Newton Chambers could survive in serious depressions after Napoleonic War by the great demands for iron pipes.<BR>It is concluded that the success of Newton Chambers is the judgement of adoption and improvement of the production technology for mass production of standardized castings, which combined successfully with the newly developed public works for the improvement of city environments.

著者

武内 達子

出版者

社会経済史学会

雑誌

社會經濟史學 (ISSN:00380113)

巻号頁・発行日

vol.47, no.3, pp.265-288, 348-347, 1981-10-20

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Capital formation in an industrial enterprise can be analyzed by the construction of assets and its variation with the development of the company. Because various assets in account books during the industrial revolution in Britain were not well-classified, fixed capital in an industrial enterprise has not been adequately defined in the debates of capital formation so far developed by many authors. The author has analyzed in a previous paper the content of debtor in balance sheets of Newton Chambers, and revealed the importance of loans in the early period of its history (1792-1806). The present paper analyzed creditor, the opposite side of balance sheets, in 1799-1850(earlier period), and 1817-1820(later period). The material assets in the stock books were classified into three groups: (1)fixed assets(buildings, fixtures, machines, tools and other equipments), (2)circulating assets(raw materials, half-finished goods, and goods stock), and (3)other assets which were considered not indispensable for production of goods,(such as firms, lands, shop stocks, sunday school, etc.). The immaterial assets were divided into two groups: (4)ordinary account of credit sales (charge account) which amount to about 65 % of annual turnover, and (5) long-term credits which arose on sales and are considered to be due after more than one year. In the present analysis, fixed capital is detined by (1), circulating capital by(2)+(4), and surplus capital by(3)+(5). The surplus capital is treated as useful for the analysis of the growth of an industrial enterprise. The ratio of the fixed to circulating capital in the present definition was almost constant in the both periods, but the surplus capital greatly increased in the later period, by as large as one thirds of total assets. In the period after the completion of Thorncriffe Iron Works of Newton Chambers, the the surplus capital was very small and the percentage of the fixed capital to the total capital was about 45-50%. The same percentages of two cotton enterprises (M'Connel Kennedy and Oldknow Cowpe) in the similar stages of their growth were about 40-45 %. It has been said that some of surplus capital flowed out of industrial activity, but the amount was very small in Newton Chambers, and most of the surplus capital was used as credit for other newly established industrial enterprises. The variation of the construction of assets in Newton Chambers can be regarded as an elementaly unit of capital formation in the industrial revolution in Britain.