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THE WHEEL OF FORTUNE
(1) by establishing new mills and increasing the output or producing capacity of each mill and (2) by increasing the number of hand-looms and improving them. All these activities can go together. The notion of a competition between the hand-loom and the power mill has been shown by such an eminent economist as Prof. Radha Kamal Mukerjea to be "altogether wrong." Says Mr. Mukerjea in his Foundations of Indian Economics:
"The hand-loom does not compete with the mill, it supplements it in the following way:
- (1) It produces special kinds of goods which cannot be woven in the mills.
- (2) It utilizes yarn below and above certain counts which cannot at present be used on the power-mill.
- (3) It will consume the surplus stock of Indian spinning mills which need not then be sent out of the country.
- (4) Being mainly a village-industry, it supplies the local demand, at the same time gives employment to small capitalists, weavers and other village workmen and
