ome of these the paid up capital is absurdly small,
and the recent collapse of the largest and of two smaller native banks
has drawn attention to the extremely risky nature of the business done.
Of course European and Hindu family banking businesses of the old type
stand on quite a different footing. Some of the cotton and other mills
are joint-stock concerns.

CHAPTER XVI

EXPORTS AND IMPORTS

~Trade.~--In 1911-12 the exports from the Panjab, excluding those by land
to Central Asia, Ladakh, and Afghanistan, were valued at Rs.
27,63,21,000 (L18,421,000), of which 61 p.c. went to Karachi and about
10 p.c. to Calcutta and Bombay. Of the total 27 p.c. consisted of wheat,
nearly the whole of which was dispatched to Karachi. All other grains
and pulses were about equal in value to the wheat. "Gram and other
pulses" (18 p.c. of total exports) was the chief item. Raw cotton
accounts for 15, and oil-seeds for 10 p.c. The imports amounted in value
to Rs. 30,01,28,000 (L20,008,000), little more than one-third being
received from Karachi. Cotton piece goods (Foreign 22, Indian 8-1/2
p.c.) make up one-third of the total. The other important figures are
sugar 12, and metals 11 p.c. The land trade with Afghanistan, Central
Asia, and Ladakh is insignificant, but interesting as furnishing an
example of modes of transport which have endured for many centuries, and
of the pursuit of gain often under appalling physical difficulties.

CHAPTER XVII

HISTORY--PRE-MUHAMMADAN PERIOD, 500 B.C.--1000 A.D.

~In Hindu period relations of Panjab were with western kingdoms.~--The
large tract included in the British province of the Panjab which lies
between the Jamna and the Ghagar is, having regard to race, language,
and past history, a part of Hindustan. Where "Panjab" is used without
qualification in this section the territories west of the Ghagar and
south of Kashmir are intended. The true relations of the Panjab and
Kashmir during the Hindu period were, except for brief intervals, with
Persia, Afghanistan, and Turkistan rather than with the great kingdoms
founded in the valley of the Ganges and the Jamna.

~Normal division into petty kingdoms and tribal confederacies.~--The
normal state of the Panjab in early times was to be divided into a
number of small kingdoms and tribal republics. Their names and the areas
which they occupied varied from time to time. Names of kingdoms that
have been rescued from oblivion are Gandhar