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Management, finance and cost control in the Midlands charcoal iron industry

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  • P. W. King

Abstract

The iron industry was fully industrialized by the seventeenth century. The initial ironmasters were landowners, with clerks managing their ironworks. Professional ironmasters emerged from the clerks by the 1600s. The largest iron businesses (such as that of the Foley family described here) had general managers. Loans (secured by bonds) were important for business finance, including for paying up share capital. Accounting varied between charge and discharge-oriented systems of double entry bookkeeping and those maintained according to the classic Italian method. Cost accounting was not systematically practised, but yields from raw materials were monitored and the information contained in the financial accounts contained data relevant to performance decision making. Managers were trained on the job by experienced managers.

Suggested Citation

  • P. W. King, 2010. "Management, finance and cost control in the Midlands charcoal iron industry," Accounting History Review, Taylor & Francis Journals, vol. 20(3), pages 385-412.
    • Handle: RePEc:taf:acbsfi:v:20:y:2010:i:3:p:385-412
    DOI: 10.1080/09585206.2010.514410
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    Cited by:

    1. Hoskin, Keith & Macve, Richard, 2012. "Contesting the indigenous development of “Chinese double-entry bookkeeping” and its significance in China’s economic institutions and business organization before c.1850," LSE Research Online Documents on Economics 42583, London School of Economics and Political Science, LSE Library.
    2. Edwards, John Richard, 2016. "Asset valuation, profit measurement and path dependence in Britain to 1800," The British Accounting Review, Elsevier, vol. 48(1), pages 87-101.

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