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The Application of Efficiency Principles; By George H. Shepard

The Application of Efficiency Principles; By George H. Shepard


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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1917. Excerpt: ... Chapter X STANDARDS 181. N the China coast twenty years ago, in the absence _S of any Chinese coinage except the valueless "cash," money of all countries circulated and was so mixed with counterfeits and clipped and plugged coins, that every business house of any importance kept an expert judge of money called the "shrof" and would accept no money until it had been passed by him. When the shrof passed a coin, he stamped his mark on it and minor traders judged of the value of coins by their shrof marks. Every financial transaction of importance required the services of the shrof with his expert judgment, and weighing and stamping of all money that changed hands. Think of the clumsiness and inefficiency of such methods compared with those to which we are accustomed! We little realize that William III delivered the English-speaking peoples from similar inefficiencies in dealing with their debased and clipped currency by appointing Sir Isaac Newton a seventeenth century Scientific Manager of the mints of the realm; and that, to the latter's determination of accurate standards of the coin and his institution of milled edges in order that any alteration of these standards in circulation might be easily detected, we owe the result that our money now serves easily and with commercial accuracy as a standard of value. 182. In business, the determination of standards is becoming a matter of more and more importance. The time is not far distant when the business manager, if he is to succeed, will have to know, when he burns coal to generate power, how many horse-power hours he ought to get for every pound; if he uses cloth to make garments, how many yards should be cut for every one; if he employs labor, how many hours of work should go into every job. That we have b...


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Product Details
  • ISBN-13: 9781459006744
  • Publisher: General Books
  • Publisher Imprint: General Books
  • Height: 246 mm
  • No of Pages: 100
  • Spine Width: 5 mm
  • Width: 189 mm
  • ISBN-10: 1459006747
  • Publisher Date: 01 Feb 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 195 gr

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