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39-488: Sri Rajangam was the deputy Chief mechanical engineer of South Indian Railways (SIR). He was the first native Indian to become the works manager of Golden Rock Railway Workshop , situated in Ponmalai (Golden Rock), Tiruchirapalli , Tamil Nadu. Even his immediate successor in 1946 was a British man. He is also credited as one of the engineering co-inventors of the water-saving Jaison Water Tap . Together with friends such as

78-405: A Carnatic musician as well as a writer of published essays and one-act plays. Chief mechanical engineer Chief mechanical engineer and locomotive superintendent are titles applied by British, Australian, and New Zealand railway companies to the person ultimately responsible to the board of the company for the building and maintaining of the locomotives and rolling stock . In Britain,

117-424: A direct representation of any underlying asset. The relationship between financial capital, money , and all other styles of capital , especially human capital or labor , is assumed in central bank policy and regulations regarding instruments as above. Such relationships and policies are characterized by a political economy – feudalist , socialist , capitalist , green , anarchist or otherwise. In effect,

156-619: A month, subsequently for another month, and so on) and remained so on medical certificate, until his death on 13 February 1948. In their official obituary, the ILE described him as "one of the most progressive Locomotive men in India" and acknowledged his many ideas and suggestions that were incorporated in the workshops of the SIR. In 1922, he married Lakshmi Rajangam (1910–2009), a famous Carnatic classical music composer, vocalist and violinist and litterateur, who

195-681: A professional body for these trades in Scotland. The specialism of mechanical engineering became established on the railways, with an emphasis on moving parts; and, in terms of importance, this was concerned with designing and building of reliable locomotives , carriages and waggons. Private companies designed and built these items to order and could offer standard designs to railway companies as well as "specials" to meet specific customer's requirements; otherwise railway companies could and did establish workshops to build their own locomotives and carriages. In August 1837, for example, Isambard Kingdom Brunel,

234-452: A stable store of value. If this is very important, inflation control is key - any amount of money inflation reduces the value of financial capital with respect to all other types. If, however, the medium of exchange function is more critical, new money may be more freely issued regardless of impact on either inflation or well-being. Socialism , capitalism , feudalism , anarchism , and other civic theories take markedly different views of

273-517: Is immediately required and saving the surplus. Financial capital can also be in the form of purchasable items such as computers or books that can contribute directly or indirectly to obtaining various other types of capital. Financial capital has been subcategorized by some academics as economic or " productive capital " necessary for operations, signaling capital which signals a company's financial strength to shareholders, and regulatory capital which fulfills capital requirements . Fixed capital

312-476: Is known as own capital or equity , whereas that which is granted by another person or institution via debt instruments is called borrowed capital, and this must usually be paid back with interest. The ratio between debt and equity is named leverage . It has to be optimized as a high leverage can bring a higher profit but create solvency risk. Borrowed capital is capital that the business borrows from institutions or people, and includes debentures: Own capital

351-467: Is money firms use to purchase assets that will remain permanently in the business and help it make a profit. Factors determining fixed capital requirements: Firms use working capital to run their business. For example, money that they use to buy stock, pay expenses and finance credit. Factors determining working capital requirements: Capital contributed by the owner or entrepreneur of a business, and obtained, for example, by means of savings or inheritance,

390-410: Is private capital that owners of a business (shareholders and partners, for example) provide, sometimes called owners equity. The ownership interest is typically represented in preferred shares , and may be of various types, for example: These typically have preference over the common shares . This means the payments made to the shareholders are first paid to the preference shareholder(s) and then to

429-456: Is provided by lenders for a price: interest . Also see time value of money for a more detailed description of how financial capital may be analyzed. Furthermore, financial capital, is any liquid medium or mechanism that represents wealth , or other styles of capital . It is, however, usually purchasing power in the form of money available for the production or purchasing of goods, etcetera. Capital can also be obtained by producing more than what

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468-511: Is synonymous with the net assets or equity of the entity. Under a physical concept of capital, such as operating capability, capital is regarded as the productive capacity of the entity based on, for example, units of output per day. Financial capital maintenance can be measured in either nominal monetary units or units of constant purchasing power. Accordingly, there are three concepts of capital maintenance in terms of International Financial Reporting Standards (IFRS): Financial capital

507-506: The Liverpool and Manchester Railway (L&MR), which opened in 1830, there was indecision on whether to use fixed engines and ropes or moving locomotives. Cases had arisen of locomotives being too heavy and breaking the cast iron rails that they had to run on; and locomotive wheels breaking and/or falling off. Finally, the L&;MR's board agreed the use of moving locomotives; and the rolling stock

546-421: The social capital (not just credits) of bond-issuers, insurers, and others who issue and trade in financial instruments. When payment is deferred on any such instrument, typically an interest rate is higher than the standard interest rates paid by banks, or charged by the central bank on its money. Often such instruments are called fixed-income instruments if they have reliable payment schedules associated with

585-639: The CME at Golden Rock Railway Workshop. In 1936, he was elected as associate member of the Institution of Locomotive Engineers (ILE) and served as the honorary secretary of the South India branch for many years. Circa 1945-1946, he was offered to head the Chittaranjan Locomotive Works . However, he could not take up the position as he developed cancer. Since 30 March 1947, he was on sick leave (at first for

624-505: The Corps into its "senior" arm, as railway inspecting officers . These officers retained their former military rank within the Inspectorate. It was to be 1985 before a railway inspecting officer without a previous military career was appointed: the officer transferred across from the "junior" arm: as a former railway employment inspector . Over the same period, of almost a century and a half,

663-536: The Engineer responsible for the Great Western Railway , appointed Daniel Gooch locomotive superintendent to the company; and it was his responsibility to provide the locomotives, the accommodation for them and the running and the repair shops. Gooch suggested a green field site, New Swindon, and this was to lead to the building of a railway works, a railway village and eventually the town of Swindon . Swindon

702-491: The Inspectorate was headed by a retired officer of the Corps of Royal Engineers as its chief inspecting officer . Other, former army officers, such as Charles Blacker Vignoles , were to gain new careers on the railways when they became under-employed after the Napoleonic War . In Britain, the various railway companies appointed and employed an engineer or chief engineer, who was usually a civil engineer by profession. This

741-977: The equity shareholders. A contract regarding any combination of capital assets is called a financial instrument , and may serve as a Most indigenous forms of money (wampum, shells, tally sticks and such) and the modern fiat money are only a "symbolic" storage of value and not a real storage of value like commodity money. Normally, a financial instrument is priced accordingly to the perception by capital market players of its expected return and risk. Unit of account functions may come into question if valuations of complex financial instruments vary drastically based on timing. The " book value ", " mark-to-market " and " mark-to-future " conventions are three different approaches to reconciling financial capital value units of account. Like money, financial instruments may be "backed" by state military fiat , credit (i.e. social capital held by banks and their depositors), or precious metals resources. Governments generally closely control

780-474: The first graduate of his family. After completing his education as a mechanical engineer, Sri Rajangam first worked for 4 years at Negapatam (Nagapattinam) at the shops (central workshop before it was moved to Trichy in 1928) there. In 1929, he was appointed an assistant mechanical engineer. Until 1936, he served as assistant to works manager, assistant mechanical engineers in two locomotive districts and as personal assistant to

819-723: The innovator-entrepreneur J.P. Subramonya Iyer of Travancore and engineer S.L. Narayanan , he developed a water-saving tap named Jaison Water Tap that was later introduced widely across the Indian Railways. Sri Rajangam was born as the second son of Mada Theru Manaankutty Iyer. He had six siblings, including three elder sisters, an elder brother and two younger sisters. Rajangam studied at Ambasamudram and Maharaja's College, Trivandrum (today University College Thiruvananthapuram) and later obtained his bachelor's degree in engineering and mechanical engineering diplomas from College of Engineering, Guindy at Madras city, thereby becoming

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858-452: The landowners along the proposed route and, in Britain, an Act of Parliament obtained (different terminology is used in other countries), then construction might begin either by a new company specially formed to build and run it or by an existing company. Design, construction and day-to-day operation of the canal or railway was managed by men who might otherwise work for the promoters. Some of

897-429: The means of money supply and other regulations on financial capital represent the economic sense of the value system of the society itself, as they determine the allocation of labor in that society. So, for instance, rules for increasing or reducing the money supply based on perceived inflation , or on measuring well-being , reflect some such values , reflect the importance of using (all forms of) financial capital as

936-518: The pioneer railway builders were self-taught, but others had gained their engineering experience constructing canals, or in military service. In Britain, the Institution of Civil Engineers had been founded in London in 1818, with Thomas Telford as its first president and its formation pre-dated many of the railway schemes. It obtained a Royal Charter in 1828. Later, the Institution of Mechanical Engineers

975-508: The post of locomotive superintendent was introduced in the late 1830s, and chief mechanical engineer in 1886. In the early Victorian era , projected canal or railway schemes were prepared by groups of promoters who hired specialists such as civil engineers , surveyors , architects or contractors to survey a route; and this resulted in the issue of a prospectus setting out their proposals. Provided that adequate capital could be raised from potential investors, agreements obtained from

1014-480: The production of other goods and services (e.g. shovels for gravediggers, sewing machines for tailors, or machinery and tooling for factories). Financial capital generally refers to saved-up financial wealth , especially that used in order to start or maintain a business. A financial concept of capital is adopted by most entities in preparing their financial reports . Under a financial concept of capital, such as invested money or invested purchasing power , capital

1053-533: The railways, various new systems such as telegraphs , telephones and electrical signalling systems were introduced; and responsibilities of these systems were transferred to the signal and telegraph (S&T) department. Financial capital Financial capital (also simply known as capital or equity in finance , accounting and economics ) is any economic resource measured in terms of money used by entrepreneurs and businesses to buy what they need to make their products or to provide their services to

1092-580: The responsibility of their Chief Engineer, but they would have been ordered from shipyards. Isambard Kingdom Brunel set an example, designing three great steamships: the SS Great Western , the SS Great Britain and the SS Great Eastern – the first two being built at Bristol shipyards and the third at Millwall , London. The Institute of Engineers and Shipbuilders in Scotland was formed in 1857 as

1131-513: The role of financial capital in social life, and propose various political restrictions to deal with that. Financial capitalism is the production of profit from the manipulation of financial capital. It is held in contrast to industrial capitalism , where profit is made from the manufacture of goods. It is common in Marxist theory to refer to the role of finance capital as the determining and ruling class interest in capitalist society, particularly in

1170-453: The sector of the economy upon which their operation is based (e.g. retail, corporate, investment banking ). In other words, financial capital is internal retained earnings generated by the entity or funds provided by lenders (and investors ) to businesses in order to purchase real capital equipment or services for producing new goods or services . In contrast, real capital (or economic capital ) comprises physical goods that assist in

1209-466: The supply of it and usually require some "reserve" be held by institutions granting credit. Trading between various national currency instruments is conducted on a money market . Such trading reveals differences in probability of debt collection or store of value function of that currency, as assigned by traders. When in forms other than money, financial capital may be traded on bond markets or reinsurance markets with varying degrees of trust in

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1248-1122: The uniform rate of interest. A variable-rate instrument, such as many consumer mortgages , will reflect the standard rate for deferred payment set by the central bank prime rate , increasing it by some fixed percentage. Other instruments, such as citizen entitlements , e.g. " U.S. Social Security ", or other pensions, may be indexed to the rate of inflation, to provide a reliable value stream. Typically commodity markets depend on politics that affect international trade, e.g. boycotts and embargoes, or factors that influence natural capital , e.g. weather that affects food crops. Meanwhile, stock markets are more influenced by trust in corporate leaders, i.e. individual capital , by consumers, i.e. social capital or "brand capital" (in some analyses), and internal organizational efficiency, i.e. instructional capital and infrastructural capital . Some enterprises issue instruments to specifically track one limited division or brand. " Financial futures ", " Short selling " and " financial options " apply to these markets, and are typically pure financial bets on outcomes, rather than being

1287-474: Was a desire to improve the prestige, and salary, of the locomotive superintendent and a means of achieving those aims was to seek to regrade the post as chief mechanical engineer (CME). John Aspinall of the Lancashire and Yorkshire Railway was the first CME to be appointed to that post in 1886. A further six British railway companies created the post of CME between 1902 and 1914. The chief mechanical engineer

1326-485: Was a permanent management role in the company in contrast to that of contractors, for instance, who were only hired to perform specific tasks such as construction of the line. The chief engineer had his own department (and budget) and was an important company official. The chief engineer was responsible for all engineering functions: civil, which included bridges, viaducts, tunnels and track; and, later, mechanical, which included rolling stock . In some early railways, such as

1365-489: Was formed in 1847, with George Stephenson as its first president. The Corps of Royal Engineers , a British military organisation, was older than both of these civilian engineering institutions and it had extensive experience of (military) railway operations. For this reason, for almost 150 years from its foundation by the Board of Trade in 1840, Her Majesty's Railway Inspectorate recruited suitably qualified retired officers from

1404-507: Was not the only example of railway town or community that was created in England: Crewe being another. Initially, when a railway company chose to build its own rolling stock in house, the mechanical engineering aspect was regarded as a subsidiary function to that of the chief engineer and this was reflected in various job titles, such as chief of locomotive department , locomotive foreman and locomotive superintendent . Later, there

1443-417: Was responsible for all aspects of locomotives and that included their design, testing and modification of existing designs. The early mechanical engineer was concerned with mechanical moving parts and for many years this responsibility also included railway signalling , particularly points and semaphore signals , as these were entirely mechanically operated. With the introduction of low-power electricity to

1482-510: Was selected from various specialist builders by competition, at the Rainhill Trials . Soon afterwards, many railway companies were to set up their own railway workshops, although railway companies continued to buy-in locomotives from specialist manufacturers, such as Robert Stephenson and Company which was founded by George and Robert Stephenson in 1828. Some railway companies operated their own ferries, boats, and ships and these would also be

1521-536: Was the daughter of T.S. Sankara Aiyar, Financial Commissioner, Railway Board. Lakshmi was only 12 years old at the time of their wedding, as it was common practice then. The couple had two daughters (Saroja Krishnamurthy and Seetha Subramanian) and two sons (R.R.Sankarasubramanian aka Ramani and R.R.Balakrishnan aka Bala). On 13 February 1948, at the age of 45, Sri Rajangam died due to cancer. After his early death, his wife Lakshmi brought up their remaining 3 young children while she worked at All India Radio , Trichy as

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