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large measure, be a work of supererogation. Moreover, we hope that the diagrams showing the relation between Factory and Commercial books will, with the numerous specimens the book contains, render the information we have to present of service to those who, while concerned in manufacture, and therefore interested in our subject, have not occasion to inquire closely into the practice of accounts.

The various Appendices dealing with the legal, financial, and other questions connected with factory administration are submitted in the belief that they will be regarded as indicative of matters calling for the careful consideration of those engaged in industrial pursuits.

October, 1887.

NOTE TO THE FOURTH EDITION.

IN preparing this edition for the press we have thought it well to refer to some matters of factory routine and registration which have not been dealt with in former editions. The Appendices have also been brought as closely as possible up to date, Appendix E now containing a summary of the provisions of the Factory Acts of 1889 and 1891, as well as the earlier Acts.

We take the opportunity of again remarking (as on the occasion of the Third edition) how gratified we have been to observe the increased amount of attention which has been given, by Accountants and others interested in the routine of manufacturing establishments, to the subject treated of in this work, since the First edition was published in 1887. BEDFORD PARK, LONDON, W.

August, 1893.

CONTENTS.

INTRODUCTORY.

The Development of the Modern Factory System.—The

Advantage of Combination and Specialization of Labour.

- Legislation.—The History of the Factory System.-

Extension of Routine and Registration.—The Need

for Factory Books of Account.-Fundamental Principles

of Book-keeping Applicable, but Special Methods Re-

quired.-Requirements of a Manufacturing Business.

- The Need of Analysis of Expenditure—of ascertain-

ing Profit or Loss on Individual Transactions—on
Branches of Business.—Stock ascertainable without
Survey.-Its Comparison with Cash.—Cost in Relation
to Indirect Charges and Depreciation.—The Utility of
Systematised Factory Books—and Accurate Accounts
—their Moral Effect on Employés.—Inadequacy of
ordinary Commercial Books—Assimilation of Factory
Books with them.-Consistency of Specialization with
Concentration in Accounts.—Merging of Departmental
Books in General Ledger.—The Utility of Adequate
Office Organization-its Economy.-The Specialization
of Labour.-The Scope of this Work-its Relation
to Treatises on General Book-keeping.–Specimen

Page

LABOUR

Initial Step in the Organization of a Factory.—The Utility

of a proper Wages System-it Minimises Error-Pre-
vents Fraud.—“Dummy Men.”—Piece-work. — Sick
and other Funds.-Factory Acts.-Receipts from Em-
ployés.-Systematic Allocation of Wages.-Registration
of Time.-Time Office.-Workmen's Checks.—Mess
Room. —Time Book. — Absentee Book. — Overtime
Book.-Analysis of Time.-Time Boards or Records.
-Time Allocation Book.—Verification of Time.-Out-
Works Time Records.-Check on Excessive Overtime
Work.—Returns and Analysis of Overtime-Solidarity
of Labour.-Premiums for Punctuality.--Fines for Un-
punctuality.-Piece-work.–Forms to be used—Settle-
ment of Balances-Non-continuous Working -- Log
Book-an Analysis Book-its Advantages.-Advice
of Men Engaged, Dismissed, or Fined.-A Wages Rate
Book.— Records of Service of Employés.-Supple-
mental Wages Advice.-The Wages Book—its Com-
pilation and Analysis.—Stoppages and Deductions.-
The Truck Act.-Receipts for Wages.-Amounts not

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