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Asian Capital in the Age of European Domination: The Rise of the Bazaar, 1800–1914

  • Rajat Kanta Ray (a1)
Abstract

There was a time when the economic confrontation between East and West was perceived as a confrontation between Gemeinschaft and Gesellschaft. ‘East is East and West is West, and never the twain shall meet,’—thus wrote J. H. Boeke, quoting Rudyard Kipling with warm approval. The notion has since been undermined by deeper explorations into the history of the Chinese and Indian merchant bankers, and the Jews of the Islamic world. Over large parts of Java, with which Boeke was most familiar, there was indeed a sharp contrast between the local communal economy and the sophisticated capitalism of the Dutch colonists. It appeared an inevitable process of history that the Dutch corporations should subjugate the petty Javanese communities of princes, peasants and pedlars. It was also taken for granted that the phenomenon was general and that European gesellschaft did not confront and conquer such petty gemeinschaften in Java alone. But when the individual studies of the Chinese, Indian and Islamic—Jewish long-distance trade and credit networks are seen in over-all perspective, the impression that emerges is one of confrontation, at the higher level, between two gesellschaften: one of European origin, the other Eastern. Nor does it appear to be the sort of outright collision that simply resulted in the latter being broken up and relegated to a corner. The idea nevertheless persists that the ‘bazaar economy’ of the East was a debased, fragmented and marginal sector absorbed and peripheralized within the capitalist world economy of the West.

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1 Van Leur J. C., Indonesian Trade and Society. Essays in Asian Social and Economic History (Bundung, 1955), pp. 214, 132–5, 201–7.

2 Boeke J. H., Economics and Economic Polity of Dual Societies as Exemplified by Indonesia (New York, 1953), pp. 1214.

3 Ibid., p. 15.

4 Steensgaard Niels, Carracks, Caravans and Companies (Copenhagen, 1973), passim.

5 The notion of the capitalist world economy is set out in Wallerstein Immanuel, The Modern World System: Capitalist Agriculture and the Origins of the European World-Economy in the Sixteenth Century (New York, 1974);The Modern World System II: Mercantilism and the Consolidation of the European World-Economy 1600–1750 (New York, 1980);The Modern World System III: the Second Era of Great Expansion of the Capitalist World-Economy 1730–1840 (San Diego, 1988);The Capitalist World-Economy (Cambridge, 1975).

6 Geertz Clifford, Peddlers and Princes. Social Change and Economic Modernization in Two Indonesian Towns (Chicago, 1963), p. 28;Geertz Clifford, ‘Suq: the bazaar economy in Seffrou’, in Geertz Clifford, Geertz Hildred and Rosen Lawrence, Meaning and Order in Moroccan Society. Three essays in Cultural Analysis (Cambridge, 1979), p. 214.

7 The distinction is officially set out in Government of India, Agricultural Marketing in India: Marketing Series no. 5. Report on Fairs, Markets and Produce Exchanges in India (Delhi, 1943), passim.

8 Government of India, Report of the Controller of Currency for the year 1927–28, p. 17.

9 For a more detailed discussion of the bazaar rate and the sense in which the term bazaar was used, see Ray Rajat Kanta, ‘The bazaar: changing structural characteristics of the indigenous section of the Indian economy before and after the Great Depression’, Indian Economic and Social History Review, vol. 25, 3 (1988).

10 Sailing skills were redundant in the steamship age. What was needed, to carry on forward transactions, was financial and accounting skills.

11 Meilinck-Roelofsz M. A. P., Asian Trade and European Influence in the Indonesian Archipelago between 1500 and about 1630 (the Hague, 1962), pp. 58;Gupta Ashin Das, Indian Merchants and and the Decline of Surat c.1700–1750 (Wiesbaden, 1979), pp. 1015;Goitein S. D., A Mediterranean Society. The Jewish Communities of the Arab World as Portrayed in the Documents of the Cairo Geniza (Berkeley, 1967), pp. 229–48.

12 See Murphy Rhoads, ‘The Treaty Ports and China's Modernization’, in Elvin Mark and Skinner G. William (eds), The Chinese City between Two Worlds (Stanford, California, 1974);Bayly C. A., Rulers, Townsmen and Bazaars. North Indian Society in the Age of British Expansion 1770–1870 (Cambridge, 1983).

13 Tamagna Frank M., Banking and Finance in China (New York, 1942), p. 5;Keynes John Maynard, Indian Currency and Finance (London, 1913), pp. 195–6.

14 The Indian Central Banking Enquiry Committee officially stated in 1931: ‘In India there are two money markets, namely, the Indian money market or bazar, and the market controlled by banking institutions working on western lines.’ Indian Central Banking Enquiry Committee 1931, vol. 1, part 1, Majority Report, p. 401. The sense in which the term ‘bazaar’ was used here differs materially from Geertz's.

15 The Reporter of External Commerce wrote to the Board of Commerce in Bengal on 13 August 1798: ‘The prices of money in Bengal rises and falls (sic) in the same proportion as any other commodity.’ Bengal Board of Trade (Custom) Proceedings, 14 08 1798, quoted in Kumar G., Select Documents on Indian Trade and Industry (1773–1833) (Patna 1981), p. 31;Cooke C. N., The Rise, Progress and Present Condition of Banking in India (Calcutta, 1863), p. 28.

16 Quoted by Davis John Francis, China: A General Description of that Empire and Its Inhabitants (London, 1857), vol. 2, pp. 272–3.

17 As narrated by Ma Tuan-lin, traders returning from the capital, preferring light luggage, took their money, which was encashable in any of the provincial treasuries, in the form of paper notes, what was then known as flying currency. Wagel Srinivas R., Chinese Currency and Banking (Shanghai, 1915), pp. 146–7.

18 Kalhana, Rajatarangini, translated by Pandit Ranjit Sitaram (New Delhi, 1977), pp. 208, 209, 211.

19 Wagel, Chinese Currency and Banking, pp. 147–57;Morse Hosea Ballou, The Trade and Administration of the Chinese Empire (London, 1908), pp. 129–43;Tamagna, Banking and Finance in China, pp. 13–16.

20 Goitein S. D., Letters of Medieval Jewish Traders (Princeton, 1973), pp. 20, 314;Goitein, A Mediterranean Society, pp. 229–48;Goitein S. D., Jews and Arabs. Their Contacts through the Ages (New York, 1964);Udovitch Abram L., ‘Commercial Techniques in Early Medieval Islamic Trade,’ and Spuler Bertold, ‘Trade in the Eastern Islamic Countries in the Early Centuries,’ in Richards D. S. (ed.), Islam and the Trade of Asia. A Colloquim (Oxford, 1970), pp. 13, 54.

21 Jain L. C., Indigenous Banking in India (London, 1929), p. 10;Raychaudhuri Tapan and Habib Irfan (eds), The Cambridge Economic History of India, vol. 1 C.1200–C.1750 (Hyderabad, 1982), p. 86.

22 Briggs John (trans.), History of the Rise of the Mahomedan Power in India till the year A.D. 1612. Translated from the Original Persian of Ferishta Mahomed Kasim, vol. 2 (London, 1829), pp. 308–9.

23 The Adinath Temple at Dilwara built by Shah Vimal (A.D. 1031–A.D. 1150);the Neminath temple of Tejpal and Vastupal, two brothers of the Porwal Bania community, at Dilwara (A.D. 1230); the Chaumukha temple at Ranakpur built by Cholashah Jai Singh (A.D. 1332); the Chaumukha temple at Palitana (A.D. 1618); the Girnar temples (12th century onwards), the Parsvanath temple at Lodorva rebuilt by Tharu Shah (A.D. 1617).

24 Bhandari (treasurer) Naraji helped Rao Jodha found Jodhpur. Bachhraj, a Jain mutsuddi, accompanied Rao Bika in his northern expedition from Jodhpur and assisted in organizing the new Bikaner state. Hamir Singh was helped in the recovery of Mewar from the Delhi Emperors by Mehta Jalasi, and Maharana Pratap by his minister Bhamashah. Singh Man of Ambar and Jai Singh were accompanied in their expeditions by several Jain bankers. Oswal Jati ka Itihas (Indore, 1934), passim.

25 Bhargava Brijkishore, Indigenous Banking in Ancient and Medieval India (Bombay, 1934), p. 28.

26 One route took them to Agra, and further east to Patna and Dacca. A southern route across the Aravalli Range took many of them, including the Nagar Seth family, to Ahmadabad. Oswal Jati ka Itihas cites numerous examples of Bania bankers following Rajput warriors through the length and breadth of the Mughal empire, especially to the rich provinces of Bengal and Gujarat. The Jain bankers formed a large colony in Agra, the capital of Akbar's empire and the heart of the money market. Gopal Surendra, ‘Jain Merchants in Eastern India under the Great Mughals’, in Tripathi Dwijendra (ed.), Business Communities of India. A Historical Perspective (New Delhi, 1984), pp. 70–4;Report of the Bikaner Banking Enquiry Committee (Bikaner, 1930), pp. 96–7.

27 Tavernier describes in detail how he and Hindu merchants used these exchange services between Aurangabad and Golkunda.

28 Habib Irfan, ‘Banking in Mughal India,’ in Raychaudhuri Tapan (ed.), Contributions to Indian Economic History (Calcutta, 1960), pp. 1011.

29 Habib Irfan, ‘The System of Bills of Exchange (Hundis) in the Mughal empire,’ in Indian History Congress. Proceedings of the Thirty-third Session, (Muzaffarpur, 1972), pp. 290303.

30 Tavernier Jean Baptiste, Travels in India, trans. Ball V., ed. Crooke W. (London, 1925), vol. 1, pp. 36–8.

31 The banker's letters of exchange thus covered overseas insurance Ibid.

32 Cited by Chaudhuri K. N., The Trading World of Asia and the English East India Company 1660–1760 (Cambridge, 1978), pp. 184, 354.

33 Tamagna, Banking and Finance in China, pp. 15–17;Wagel, Chinese Currency and Banking, pp. 155–60;Jones Susan Mann, ‘Finance in Ningpo: the “Ch'ien Chuang”, 1750–1880’, in Willmott W. E. (ed.), Economic Organization in Chinese Society (Stanford, 1972), pp. 47–9, 60–1;Jones Susan Mann ‘The Ningpo Pang and Financial Power in Shanghai,’ in Elvin and Skinner, The Chinese City Between Two Worlds, pp. 73–81.

34 Purcell Victor, The Chinese of Southeast Asia (Kuala Lumpur, 1980), pp. 395, 407–8.

35 Raffles to Lord Minto, 10 June 1811, letter quoted in Raffles Sophia, Memoir of the Life and Public Services of Sir Stamford Raffles, Particularly in the Government of Java 1811–1816 and of Bencoolen and Its Dependence 1817–1824; with Details of the Commerce and Resources of the Eastern Archipelago, and Selections from His Correspondence.By His Widow (London, 1830), p. 72.

36 Raffles to Minto, 25 June 1812, ibid., p. 129.

37 Ibid., pp. 116–18.

38 Furnivall J. S., Studies in the Social and Economic Development of the Netherlands East Indies (Rangoon, 1933), part III C. State Pawnshops in Netherlands India, p. 1.

39 Earl George Windsor, The Eastern Seas. Or Voyages and Adventures in the Indian Archipelago in 1832–33–34 Comprising a Tour of the Island of Java—Visits to Borneo, the Malay Peninsula, Siam, &c; Also an Account of the Present State of Singapore, with Observations on the Commercial Resources of Archipelago (London, 1837), p. 31.

40 Cameron John, Our Tropical Possessions in Malayan India. Being a Descriptive Account of Singapore, Penang, Province Wellesley, and Malacca; Their Peoples, Products, Commerce and Government (London, 1867, reprint Kuala Lumpur, 1965), pp. 210–19.

41 Sir Frank Swettenham's Malayan Journals 1874–1876, ed. Burns P. L. and Cowan C. D. (Kuala Lumpur, 1975), 20, 21, 25 11 1874, pp. 152–7.

42 Gupta Das, Indian Merchants and the Decline of Surat, passim.

43 Quoted in Bhargava, Indigenous Banking, pp. 223–4.

44 Duff J. Grant, History of the Mahrattas (London, 1826), vol. 1, p. 390.

45 National Register of Private Records, no. 5 (National Archives of India 1973), no. 351, p. 158SirMalcolm John , A Memoir of Central India (London, 1824), vol. II, pp. 38, 50.

46 The documents in the private archives of the Jaipur rulers contain copies of the hundis by which the Jaipur bankers transmitted the chauth (tribute) payable to Sindhia Daulat Rao to the Gwalior bankers in 1810.National Register of Private Records no. 1 (National Archives of India 1971), Descriptive list of Documents in the Kapad Dwara Collection, Jaipur, nos. 1069, 1070, 1072, p. g8.

47 Quoted by Bayly, Rulers, Townsmen and Bazaars, p. 172.

48 Ibid., p. 211; Subramanian Lakshmi, ‘Capital and Crowd in a Declining Asian Port City: The Surat Riots of 1795,’ Modern Asian Studies, 19, 2 (1985).

49 Ibid.

50 Government of India, Department of Revenue and Agriculture, Memorandum on the Restriction of the Power to Alienate Interests in Land (Confidential, Calcutta, 1895), pp. 3, 7.

51 Oswal Jati ka Itihas, passim; Sen Surendra Nath, Eighteen Fifty Seven (n.p. 1957), passim.

52 Arasaratnam Sinhappah, ‘Dutch Commercial Policy and Interests in the Malay Peninsula 1750–1795’, in Kling Blair B. and Pearson M. N. (eds), The Age of Partnership (Honolulu, 1979), pp. 173–4.

53 Selections from the Records of the Bombay Government, New Series no. 24 (Bombay, 1856), Memoir Descriptive of the Navigation of the Gulf of Persia, by Captain Brucks G. B. (1829), pp. 613, 632.

54 Selections from the Records of the Bombay Government. New Series no. 212. Hadthramut and the Arab Colonies in the Indian Archipelago, by Van Den Berg L. W. C. (translated into English by Sealey C. W. H., Bombay, 1887), pp. 4551.

55 Lal Mohan, Travels in the Punjab, Afghanistan, Turkistan to Balk, Bokhara, and Herat; and a Visit to Great Britain and Germany (London, 1846), p. 438.

56 Lal Munshi Mohan, Journal of a Tour through the Punjab, Afghanistan, Turkistan, Khorasan, and Port of Persia in Company with Lieut. Burnes and Dr Gerard (Calcutta, 1834), pp. 67–8, 122.

57 Parliamentary Papers [hereafter PP], vol. 46, 18681869, Papers Relating to the Trade of India with Eastern Turkestan;Morse, Trade and Administration of China, pp. 302, 316.

58 Davis, China, vol. 2, p. 379. The remark applies no less appropriately to India.

60 Ibid., pp. 358–9; Morse, Trade and Administration of China, pp. 307–14.

61 Royle J. Forbes, On the Culture and Commerce of Cotton in India and Elsewhere (London, 1851), pp. 3943.

62 PP, vol. 46, 18681869, Report on the operations of the Cotton Department for the year 1867 by Rivett-Carnac Henry, p. 421.

63 Government of India, Ministry of Shipping and Transport, Report of the Inland Water Transport Committee, 10 1970, pp. 4, 43.

64 Indian Cotton Committee, Minutes of Evidence (Calcutta, 1920), vol. V, part II, passim.

65 Morse, Trade and Administration of China, pp. 307–11.

66 Wagel, Chinese Currency and Banking, pp. 7–8.

67 Hall D. G. E., A History of South-East Asia (London, 1964), p. 552.

68 A Review of the Effect of Low Exchange on the Export trade of India (govt. publication, n.p., n.d., in National Library of India bound volume of 1890s), p. 43.

69 Selections from the Records of the Government of India, Foreign Department, no. CLXV, Report on the Administration of the Persian Gulf Residency and Muscat Political Residency for the year 1878–79 (Calcutta, 1880), pp. 29, 110–12, 121;Hadthramut and the Arab Colonies in the Indian Archipelago, p. 51; No. 12265 dated 18 March 1907 from the Collector of Customs, Calcutta, to the Marine Secretary, Government of Bengal, quoted in Indian Shipping Series, Pamphlet no. 2, The Deferred Rebate System (Bombay 1923), pp. 2932.

70 Ibid., pp.6, 45–6.

71 The Imperial Gazetteer of India. The Indian Empire, vol. II, Economic (new ed. Oxford, 1908), p. 441;Mackenzie Compton, Realms of Silver. One Hundred Years of Banking in the East (London, 1954), p. 40.

72 PP, vol. 9, 1866.Minutes of Evidence taken before the Select Committee on East India Communication. Evidence of William Hamilton Drake of Parry & Co. of Madras, p. 45.

73 PP, vol. 22, 1887.Gold and Silver Commission. First Report of the Royal Commission to Inquire into the Recent Changes in the Relative Values of the Precious Metals (London 1887). Evidence of Bythel J. K., p. 100.

74 Ibid., p. 114.

75 For an account, see Baster A. S. J., The Imperial Banks (London, 1929);Mackenzie Compton, Realms of Silver;Tyson Geoffrey, 100 years of Banking in Asia and Africa (London 1963);The Indian Central Banking Enquiry Committee Report.

76 Elridge Frank R. (Chief of the Far Eastern Division of the United States Bureau of Foreign and Domestic Commerce), Trading with Asia (New York, 1921);Gold and Silver Commission, Evidence of Provand A. D., PP, vol. 22, 1887, pp. 168–75.

77 Van Den Berg N. P., The Money Market and Paper Currency of British India (Batavia, 1884).

78 Report of the Controller of Currency for the year 1927–28 (Government of India, Calcutta, 1928), p. 17;PP, vol. 61, 18981899. Minutes of Evidence before the Currency Committee, part I, evidence of Arthur Allan, pp. 548, 563.

79 PP, vol. 23, 1886.Third Report of the Royal Commission appointed to Inquire into the Depression of Trade and Industry (London, 1886), Appendix B, pp. 371–72.

80 PP, vol. 61, 1898–99. Minutes of Evidence before the Currency Committee, part I, evidence of E. Vincent, pp. 680, 682.

81 PP, vol. 23, 1886. Third Report of the Royal Commission on Depression of Trade and Industry, Appendix D, pp. 480–1.

82 PP, vol. 22, 1887, Gold and Silver Commission, evidence of A. D. Provand, p. 169, and evidence of D. McLean of Hongkong and Shanghai Bank, p. 268.

83 Hadthramut and the Arab Colonies in the Indian Archipelago, pp. 32, 47.

84 Wright Arnold (ed.), Twentieth Century Impressions of British Malaya. Its History, People, Commerce, Industries and Resources (London, 1908);Wright Arnold (ed.), Twentieth Century Impressions of Netherlands India. Its History, People, Commerce, Industries and Resources (London, 1909).

85 Bhargava, Indigenous Banking in Ancient and Medieval India, pp. 165–9.

86 PP, vol. 23, 1886, Third Report of the Royal Commission on Depression of Trade and Industry, Appendix D, p. 484;Longrigg Stephen Hemsley, Iraq, 1900 to 1950. A Political, Social and Economic History (Oxford, 1953), pp. 1011, 28.

87 Government of India. Trade Mission to the Near East and Africa. Report (Calcutta, 1928), pp. 712, 22, 51–7.

88 Longrigg, Iraq, pp. 10–11.

89 Jackson Stanley, The Sassoons (London, 1968), passim.

90 Elridge, Trading with Asia, p. 112.

92 Hao Yen-Ping, The Comprador in Nineteenth Century China. Bridge between East and West (Harvard, 1970), pp. 2, 63.

93 Ibid., p. 95.

94 Ibid., p. 42.

95 Morse, Trade and Administration in China, p. 169.

96 C 9376, Indian Currency Committee 1898, Index and Appendices to the Evidence Taken before the Committee Appointed to Inquire into the Indian Currency (London, 1899), Appendix no. 50, Currency and Prices in China—Memorandum by Jameson George, Consul General in Shanghai, p. 94.

97 Ibid.; Davis, China, vol. 2, p. 372.

98 C.9376, Index and Appendices (see fn. 96), Appendix no. 50, Memorandum by Jameson George, Currency and Prices in China, p. 94.

99 Morse, Trade and Administration in China, pp. 158, 161.

100 C.9222, Indian Currency Committee 1898, Minutes of Evidence Part II (London, 1899), evidence of MacDonald John Matheson of the firm of Matheson & Co., p. 217.

101 Davis, China, vol. 2, p. 372.

102 Ibid., p. 373.

103 Jones Susan, ‘Finance in Ningpo,’ p. 48;Mackenzie, Realms of Silver, pp. 76–7.

104 Wagel, Chinese Currency and Banking, pp. 156–7.

1O5 Jones Susan, ‘Finance in Ningpo,’ 66–77.

106 Wagel, Chinese Currency and Banking, pp. 163–6;Tamagna, Banking and Finance in China.

107 Wagel, Chinese Currency and Banking, pp. 163–4, 171–8, 212.

108 Tamagna, Banking and Finance in China, pp. 20–1.

109 Jones Susan Mann, ‘The Ningpo Pang and Financial Power in Shanghai,’ pp. 73–81.

110 Ibid., pp. 84–5.

111 Hao, The Comprador in Nineteenth Century China, p. 116.

112 Tamagna, Banking and Finance in China, pp. 65–6.

113 Ibid., p. 76.

114 Wagel, Chinese Currency and Banking, pp. 183–5.

115 Ibid., p. 206.

116 Ibid., pp. 213–15; Jones Susan, ‘The Ningpo Pang and Financial Power in Shanghai,’ pp. 91–3.

117 Wagel, Chinese Currency and Banking, p. 169.

118 Ibid., pp. 178, 213–15.

119 Chao Kang, The Development of Cotton Textiles Production in China (Harvard, 1977), pp. 142–55, 168–217.

120 Davis, China, vol. 2, pp. 372–6

121 Ruling of Justice Norman C. J. in Grant, Smith & Co. vs. Juggbundhu Shaw quoted in T. A. Pearson, The Law of Agency in British India, pp. 8–12;Chapman Emmet A., India as a Market for American Goods (US Department of Commerce, 1925), p. 8.

122 For example, the banking house of Tarachand Ghanshyamdas had the Burma Oil Agency under Shaw, Wallace & Co. Townsend Harry, Shaw Wallace & Co., 1886–1947 (Calcutta), passim.

123 Ralli Brothers Limited 1951 (n.p.); Volkart Brothers 1851–1951 Centenary Souvenir (n.d., n.p.), passim.

124 Jan Shakir and Jan Aulam v. Ullah Ahmud, Adalat Sadar Diwani, 1 08 1806, in The Indian Decisions (Old Series), ed. Rao T. A. Venkataswamy and Rao T. S. Krishnaswamy, vol. VI (Madras, 1912), p. 147.

125 Narondas v. Bhagwandas Naronji Kanji, Bombay High Court (1906), Pollack F. and Mulla D. F.. Indian Contract Act and Specific Relief Acts (Bombay, 1919), pp. 702–3.

126 Buchanan Francis, An Account of the Districts of Bihar and Patna in 1811–1812 (Patna, n.d.), passim.

127 Hoey William, A Monograph on Trade and Manufacturers in Northern India (Lucknow, 1880), pp. 5963.

128 Roy Sripati, Customs and Customary Law in British India (Calcutta, 1911), p. 548.

129 MrBuch's evidence from NWP trade, Report of the Indian Famine Commission, PP, 1881, vol. 71, part II, p. 457.

130 Barjatiya M. L., Bharat ka Vyaparik Itihas (in Hindi, Indore, 1928), passim.

131 For an account of these changes in the native banking system, see Cooke, Rise, Progress and Present Condition of Banking in India, p. 13ff;Hoey, Trade and Manufactures in Northern India, p. 26;Jain, Indigenous Banking, pp. 23ff.

132 Cooke, op.cit., pp. 81–2.

133 Gazetteer of Baroda State by Bahadur Rao Desai G. H. and Clarke A. B., vol. 1 (Bombay, 1923), p. 327.

134 Amended Rules for Bills of Exchange with Additional Rules for Transfer Receipts, Letters of Credit and Cheques Prescribed by the Board of Audit (Calcutta, 1861), pp. 5, 10.

135 Cooke, Rise, Progress and Present Condition of Banking in India, p. 21.

136 A huge traffic in hundies had sprung up between Bombay and Calcutta by the mid-1860s, assisted by the readiness with which the Presidency Banks of Bombay and Bengal discounted shroffs' paper. PP, 1868–69, vol. 15, Minutes of Evidence taken in England and Proceedings there before the Commissioners Appointed to Inquire into the Failure of the Bank of Bombay (London, 1869), evidence of James Blair, p. 232.

137 Report of the Bihar and Orissa Provincial Banking Business Committee 1929–30 (Patna, 1930), vol. 1, pp. 185–6; PP, 1863, vol. 45, Papers Relative to Certain Claims against the late Native Government of Oudh, p. 7.

138 Roy Sripati, Customs and Customary Law, p. 541;Cooke, op.cit, pp. 82–3; Capital, 25 April 1898, ‘Currency and Money Market in India’; C.9376, Indian Currency Committee 1898, no. 30, Memorandum on Discount Rates in India, p. 67.

139 PP, 1868–69, vol. 15, evidence of James Blair cited above (fn. 136), p. 234. For reference to an even earlier list of shroffs held by the Bank of Western India in 1845, see Douglas James, Glimpses of Old Bombay and Western India with other Papers (London, 1900), pp. 21, 121.

140 This classification occurs, in a slightly different form, in C.9376, Indian Currency Committee 1898, Appendix no. 30, Memorandum on Discount Rates in India by Anderson J. A. and Ross H. M., p. 67.

141 Selections from the Records of the Government of the Punjab and Its Dependencies. New Series no. XII. Report on Current Rates of Interest on Loan Transactions in the Punjab (Lahore, 1876), pp. 413.

142 C. 9037, p. 548; C. 9376, p. 70.

143 See rates given in Banking and Monetary Statistics of India (Reserve Bank of India, Bombay, 1954), especially Tables 1, 2, 3, 5 and 6, for the growing correspondence, most markedly during the depression of the 1930s, between the bank rate and the bazaar rate.

144 This was the opinion of Arthur Allan, President of the Bengal Chamber of Commerce. C. 9037, p. 563. See also the evidence of S. H. Sleigh, Treasurer of the Bombay Presidency Bank, C. 9376, p. 70.

145 Evidence of MacDonnell A. P., C. 9037, pp. 694–700; evidence of W. H. Cheetham, C. 9222, p. 30.

146 Barjatiya Mohanlal, Bharat ka Vyaparik Itihas, passim; Agarwal Jati ka Itihas (Agarwal History Office, Bhanpura, Indore, 1937), pp. 78, 209–213.

147 Furnivall, Netherlands East Indies (see fn. 38), paper III, State and Money Lending, p. 2.

148 Elridge, Trading with Asia, p. 197.

149 Raffles' minute ‘On the Administration of the Eastern Islands 1819’ printed in appendix to Sophia Raffles, Memoir (see fn. 35).

150 Raffles to Minto, 10 June 1811, and Raffles to Ramsey, 8 January 1813, quoted in Memoir, pp. 84, 185–6;Phipps John, A Practical Treatise on the China and Eastern Trade: Comprising the Commerce of Great Britain and India, Particularly Bengal and Singapore, with China and the Eastern Islands … Adapted to the use of Merchants, Commanders, Pursers and Others connected with the trade of China and India (Calcutta, 1835), pp. 201–4.

151 Raffles minute 1819; Earl, The Eastern Seas (see fn. 39), pp. 23–4, 237.

152 Purcell, Chinese in Southeast Asia, p. 249.

153 Earl, Eastern Seas, pp. 365–7. A Chinese trader of Singapore wrote in 1848: ‘The number of men that arrive in junks annually amounts to about 10,000. Some of these, after remaining in Singapore for a few days or months proceed to Rhio, Penang, Padang, Acheen, Java, Minto, Pahang, Malacca and other parts in the Archipelago’.Chin Siah U, ‘The Chinese in Singapore,’ The Journal of the Indian Archipelago and Eastern Asia (JIAEA), vol. II, 1848.

154 Raffles Sophia, Memoir, p. 44.

155 Earl, Eastern Seas, pp. 142–3.

156 For an account see Gungwu Wang, A Short History of the Nanyang Chinese (Singapore, 1959).

157 Letter quoted in Raffles Sophia, Memoir, p. 537.

158 Notes on the Chinese in the Straits,’ JIAEA, vol. IX, 1855.

159 Phipps, Practical Treatise, p. 263.

160 Davidson G. F., Trade and Travel in the Far East, or Recollections of Twenty One Years Passed in Java, Singapore, Australia and China (London, 1846), pp. 56–7;Turnbull C. M., The Straits Settlements 1826–67. Indian Presidency to Crown Colony (Singapore, 1972), p. 164.

161 The most prominent of these, according to a newspaper list of 1857, were Arbuthnot, Latham & Co., Ashton & Co., Borneo Company Limited, Crawford, Colvin & Co., and P & O Company. Charles Burton Buckley, An Anectotal History of Old Times in Singapore (Singapore, 1984, 1st edn, 1902), p. 647.

162 Earl, Eastern Seas, pp. 24–5, 32–3.

163 Ibid., p. 224.

164 Ibid., p. 130.

165 Ibid., p. 317.

166 Ibid., p. 407.

167 Cameron, Our Tropical Possessions (see fn. 40), pp. 55–6, 59–60.

168 Ibid., pp. 57–8.

169 Notes on the Chinese in the Straits,’ JIAEA, vol. IX, 1855.

170 Davidson, Trade and Travel, pp. 56–7.

171 Turnbull, Straits Settlements, pp. 169, 185;Ken Wang Lin, ‘The Trade of Singapore 1819–1869’, Journal of the Malayan Branch of the Royal Asiatic Society, vol. XXXIII, part 4 (12 1960), pp. 81–3.

172 Thompson J., The Straits of Malacca, Indo-China and China or Ten Years of Travels, Adventures and Residence Abroad (London 1875), p. 12.

173 Siang Song Ong, One Hundred years' History of the Singapore Chinese. Being a Chronological Record of the Contribution of the Chinese Community to the Development, Progress and Prosperity of Singapore; of Events and Incidents concerning the Whole or Sections of that community; and of the Lives, Pursuits and Public Service of Individual Members thereof from the Foundation of Singapore on 6th February 1819 to its Centenary on 6th February 1919 (London, 1923).

174 Ibid., pp. 171–3.

175 Davis, China, p. 378.

176 Wang, History of Nanyang Chinese, pp. 24–5.

177 Purcell, Chinese in Southeast Asia, passim.

178 See the business directories of Wright Arnold (ed.), Twentieth Century Impressions of British Malaya and Twentieth Century Impressions of Netherlands India, both issued from London in 1908 and 1909 respectively.

179 Song, One Hundred Years of Singapore Chinese, pp. 163–4, 349–50.

180 Elridge, Trading with Asia, p. 197.

181 Conversely, China goods bulked more in Singapore than imports from British India. Cameron, Our Tropical Possessions, p. 183.

182 On American consular reckoning, the risks in this trading zone were ‘mostly Chinese whose reputations are usually beyond reproach’. Elridge, Trading with Asia, pp. 208–9.

183 Vaughan J. D., The Manners and Customs of the Chinese in the Straits Settlement (Singapore, 1879), p. 8.

184 Wright, Twentieth Century Impressions of British Malaya, p. 726.

185 Ibid., p. 716.

186 Wright, Twentieth Century Impressions of Netherlands India, p. 550.

187 Quoted in Hao Yen-Ping, The Comprador in Nineteenth Century China. Bridge between East and West (Harvard, 1970), p. 117.

188 Song, One Hundred Years of Singapore Chinese, pp. 114–17, 353–6;Chong-Yah Lim, Economic Development of Modern Malaya (Kuala Lumpur, 1967), pp. 231–7.

189 Wright, Twentieth Century Impressions of Netherlands India, pp. 546–8;Wright, Twentieth Century Impressions of British Malaya, p. 180;Song, One Hundred Years of Singapore Chinese, pp. 352–3;Suryadinata Leo, Eminent Indonesian Chinese. Biographical Sketches (Singapore, 1978), pp. 106–7.

190 Quoted in Song, One Hundred Years of Singapore Chinese, p. 374.

191 Callis Helmut G., Foreign Capital in Southeast Asia (New York, 1942), cited by Purcell, Chinese in Southeast Asia, pp. 127, 200, 282, 457.

192 Cameron, Our Tropical Possessions, p. 135.

193 Phipps, Practical Treatise, p. 318.

194 Cameron, Our Tropical Possessions, pp. 165ff.

195 Blundell Peter, The City of Many Waters (London, 1923), p. 126.

196 Phipps, Practical Guide, pp. 23–4. The first mention of such handnotes is with reference to the ones English piecegoods merchants took from Chinese dealers as security during the English occupation of Java, i.e. before the birth of Singapore.

197 Phipps, Practical Guide, pp. 23–4.

198 Cameron, Our Tropical Possessions, p. 139.

199 Mackenzie, Realms of Silver, pp. 105–6.

200 Anstey V., Trade of the Indian Ocean, (London, 1929), p. 140.

201 Jones Susan, ‘The Ningpo Pang,’ and E. J. M. Rhoads, ‘Merchant Associations in Canton 1895–1911’, in Elvin and Skinner, The Chinese City, pp. 76–7, 103–4.

202 Earl, Eastern Seas, pp. 286–7, 291–2.

203 Wright, Netherlands India, p. 287.

204 Vaughan, Manners and Customs of the Chinese, pp. 98, 109, 113.

205 Cameron, Our Tropical Possessions, p. 142.

206 ‘… the Chinese,’ wrote Raffles to Minto on 10 June 1811, ‘from their peculiar language and manner, form a kind of separate society in every place where they settle, which gives them great advantage over every competitor in arranging monopolies of trade.’ Quoted in Memoir, p. 73.

207 Wright, British Malaya, pp. 154–60.

208 Wright, Netherlands India, p. 448.

209 Song, One Hundred Years of Singapore Chinese, pp. 170–1.

210 Ibid., pp. 217–18.

211 Wright, Netherlands India, pp. 509–12.

212 Song, One Hundred Years of Singapore Chinese, pp. 170–1.

213 For details, ibid., pp. 217–18.

214 Mackenzie, Realms of Silver, p. 108.

215 Annual Remittances by Chinese Immigrants in Singapore to their Families in China,’ JIAEA, vol. I, 1847, p. 35.

216 Song, Singapore Chinese, p. 187.

217 Vaughan, Manners and Customs of the Chinese, p. 10.

218 Song, Singapore Chinese, pp. 67–8.

219 Wright, British Malaya, p. 145.

220 Day Clive, The Policy and Administration of the Dutch in Java (London, 1904), p. 362.

221 Ibid., p. 361.

222 Song, Singapore Chinese, pp. 353–6.

223 Ibid., p. 474.

224 Vaughan, Manners and Customs, p. 3.

225 Thurston Edgar, Castes and Tribes of Southern India (Madras, 1909), vol. V, pp. 254–7.

226 Wright, British Malaya, p. 141.

227 Price Pamela Gwynne, ‘Resources and Rule in Zamindari South India 1802–1903: Sivagangai and Ramnad as Kingdoms under the Raj’, Wisconsin University Ph.D. Thesis 1979, pp. 177206.

228 Pillai A. Savarinatha, ‘Monograph on Nattukottai Chettis' Banking Business,’ in Madras Provincial Banking Enquiry Committee, vol. III, Written Evidence (Madras, 1930), p. 1170.

229 Baker Christopher John, An Indian Rural Economy 1880–1955. The Tamilnad Countryside (Delhi, 1984), p. 283.

230 Pillai, ‘Monograph’, p. 1170.

231 Ibid.

232 Ibid., pp. 1170–1; Thurston, Castes and Tribes, vol. V, pp. 260–3.

233 Pillai, ‘Monograph’, p. 1171.

234 Report of the Burma Provincial Banking Enquiry Committee (Rangoon, 1930), p. 204.

235 Raghavaiyangar S. Srinivasa, Memorandum on the Progress of the Madras Presidency during the last Forty Years of British Administration, (Madras, 1893), p. cclxxiv.

236 Thurston, Castes and Tribes, pp. 254–7, Pillai, ‘Monograph’, pp. 1171–2.

237 Ibid., p. 1171.

238 Raghavaiyangar, Memorandum, p. cclxxiv.

239 Pillai, ‘Monograph’, pp. 1179–80.

240 Ibid., pp. 1171, 1175, 1180.

241 Ibid., p. 1170; Celyon Banking Commission, vol. I, Report (Colombo, 1934), p. 41.

242 Chattopadhyay Haraprasad, Indians in Sri Lanka: a Historical Study (Calcutta, 1979), pp. 149–52, 159;Mackenzie, Realms of Silver, p. 90.

243 Ceylon Banking Report, pp. 28, 40, 44.

244 Pillai, ‘Monograph’, p. 1170.

245 Burma Banking Report, vol. I, p. 190.

246 Ibid., p. 343.

247 Ibid., 213.

248 Ibid., vol. III, p. 499

249 Ibid., vol. I, p. 211–13, vol. II, pp. 170–2.

250 Ibid., vol. I, p. 211.

251 Pillai, ‘Monograph’, p. 1179.

252 Burma Banking Report, vol. III, p. 499; vol. I, p. 191.

253 Quoted in Thurston, Castes and Tribes, vol. V, p. 250.

254 Pillai, ‘Monograph’, p. 1174.

255 Burma Banking Report, vol. I, p. 211

256 Ibid., p. 213.

257 Mackenzie, Realms of Silver, pp. 105–10, 112.

258 Pillai, ‘Monograph’, p. 1180.

259 Mackenzie, Realms of Silver, pp. 112–13.

260 Pillai, ‘Monograph’, p. 1186.

261 Burma Banking Report, p. 205;Ceylon Banking Report, p. 33.

262 Seshadri R. K., A Swadeshi Bank from South India. A History of the Indian Banking 1907–1982 (Madras, 1982), passim.

263 Gupta Das, Indian Merchants and the Decline of Surat, passim;Subramanian, ‘Capital and Crowd’; Douglas, Glimpses, p. 119.

264 Rao T. A. Venkataswamy and Rao T. S. Krishnaswamy (ed.), The Indian Decisions (Old Series), vol. IV, Supreme Court Reports (Madras, 1912), pp. 707–23.

265 Russell R. V. and Hiralal Rai Bahadur, The Tribes and Castes of the Central Provinces of India, (London, 1916), vol. II, p. 442.

266 Gazetteer of the Bombay Presidency, vol. IX, part II (Bombay, 1899), pp. 36, 49.

267 Ibid., vol. IX, part I (Bombay, 1901), passim.

268 Bombay Presidency Gazetteer, vol. IX, part II, p. 44.

269 Thurston, Castes and Tribes, vol. V, p. 257.

270 Russell and Hiralal, Tribes and Castes, vol. II, pp. 440–1.

271 Gupta Das, Indian Merchants and the Decline of Surat, passim.

272 For a comprehensive survey of the new Gujarati trade in the Western Indian Ocean in its fully developed form in the twentieth century, see Government of India, Trade Mission to the Near East and Africa. Report (Calcutta, 1928).

273 Presumably Gujarati Banias. Bhatias from Cutch and Lohanas from Sind—also Hindu Bania castes—were not yet so active in the long-distance sea-faring trade.

274 Selections from the Records of the Bombay Government. New Series no. XLIX. A History of Arabia Felix or Yemen Including an Account of the British Settlement of Aden, by Captain Playfair R. L. (Bombay, 1859), p. 22.

275 Aden's population in 1839: Arabs—4812; Indian Muslims—2557; African Muslims—3627; Hindus—5611; Parsees 61; Jews—1244; Christians (Europeans)—1129; Miscellaneous—1659; Total—20,738. Ibid., p. 14.

276 Ibid., p. 16.

277 Ibid., p. 14.

278 Ibid.

279 Trade Mission to the Near East and Africa, pp. 123–5.

280 Memoir Descriptive of the Navigation of the Gulf of Persia by Captain Brucks G. B. (1829) (see fn 53), pp. 631ff. Brucks does not mention a Bania colony in Kuwait. Possibly this sprang up subsequently.

281 Ibid., p. 631.

282 Ibid., pp. 544, 566–69, 631.

283 Ibid., p. 631.

284 Ibid., pp. 632–3.

285 Ibid., p. 633.

286 Chattopadhyay Haraprasad, Indians in Africa. A Socio-Economic Study (Calcutta, 1970), pp. 384ff.

287 Ibid., pp. 387–9.

288 Selections from the Records of the Bombay Government. New Series no. 59. Report on the Zanzibar Dominions (Byculla, 1861), by Lt Col Rigby C. P. (Consul), dated 1 07 1860, p. 19.

289 Ibid., p. 22; Chattopadhyay, Indians in Africa, p. 384.

290 Ibid.

291 Rigby, Zanzibar Dominions, pp. 4–5.

292 Ibid., p. 5.

293 Ibid., p. 8.

294 Chattopadhyay, Indians in Africa, pp. 386–7.

295 Rigby, Zanzibar Dominions, pp. 21–2.

296 Quoted in Chattopadhyay, Indians in Africa, pp. 384–6.

297 Ibid., p. 386.

298 Quoted in ibid., p. 389.

299 Ibid., pp. 387–9.

300 Ibid., pp. 396–401.

301 PP, 1905, vol. 85, Trade with the Muscat Region. Report on the condition and prospects of British trade in Oman, Bahrein and Arab Ports in the Persian Gulf by MacLean H. W., c.d. 2281, p. 735.

302 Ibid., p. 737; Government of India Ministry of Commerce, Report of the Indian Trade Delegation to the Middle East (New Delhi, 1948), p. 5.

303 Trade Mission to the Near East and Africa, p. 7.

304 Ibid., p. 196.

305 Ibid., p. 182.

306 PP, Trade with Muscat Region, p. 735

307 Ibid, p. 737.

308 Ibid, p. 738–9.

309 Ibid, pp. 735, 738.

310 Trade Mission to the Near East and Africa, pp. 122–5.

311 Report on the Work of the Indian Trade Commissioner in East Africa for the Year 1922, by Leftwich C. G. (Delhi, 1923). pp. 3, 8.

312 Trade Mission to the Near East and Africa, pp. 172–3.

313 Ibid., p. 155.

314 Ibid., p. 174.

315 Ibid., pp. 182, 188–9.

316 That is the sense in which Clifford Geertz has used it. The notion has been refuted by the progress of empirical historical research. See, in particular, Bayly C. A., Rulers, Townsmen and Bazaars. This pioneering work has done much to dispel simplified notions of the bazaar in the academic world.

317 I am indebted deeply to: Ashin Das Gupta, Rhoads Murphy, Amiya Kumar Bagchi, Dilip Basu, Sugata Bose, Charles Coppel, and Sekhar Bandopadhyay.

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Modern Asian Studies
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