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Financing the Raj: The City of London and Colonial India, 1858-1940 [Hardcover]

David Sunderland

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Book Description

21 Feb 2013
This book explores the financial relationship between the Indian government, as represented by the India Office, and the City of London during the period of direct British rule. The universally accepted view is that the Office acted in the interests of the City and to the detriment of India. Financing the Raj disputes this conclusion. It argues that India was a constituent part of the City, contributing to and benefitting from its operation through the formation of close symbiotic and trust relationships, the exchange of gifts, the recycling of funds, and, perhaps most significantly, the support of the gold standard. The book examines the Office's activities from a British and practical perspective. In the first part, the issue and sale/purchase on the London market of Indian government debt is explored. Next, the author discusses the purchase of silver and the 'scandal' of 1912, when the award of a major contract to the family firm of the Under Secretary of State for India led to accusations of cronyism and fraud. The finance of Indian trade, the management of exchange rates and the transfer from India to London of the money needed to meet the Indian government's UK commitments are then investigated. The book concludes with an analysis of the Office's investment role and its management of the three cash reserves held in the capital. Financing the Raj overturns many myths, demonstrating that those involved in Indian finance did work in the best interests of India and were well aware of the close interrelationship between Indian finance, the City of London and the wider British economy. It will be of interest both to historians of empire and historians of finance. DAVID SUNDERLAND is Reader in Business History at the University of Greenwich and the author of four monographs and numerous articles on the economic history of London, British Imperialism and nineteenth-century social capital. He is also Series and Collection editor of Pickering & Chatto's Britain and Africa series of source monographs.

Product details

  • Hardcover: 256 pages
  • Publisher: Boydell Press; 1 edition (21 Feb 2013)
  • Language: English
  • ISBN-10: 1843837951
  • ISBN-13: 978-1843837954
  • Product Dimensions: 2.3 x 15.2 x 23.5 cm
  • Amazon Bestsellers Rank: 3,232,985 in Books (See Top 100 in Books)

More About the Author

David Sunderland grew up in Knaresborough, North Yorkshire, and has worked as a Business Analyst and an academic. He is the author of five monographs and numerous articles on the economic history of London, British Imperialism and nineteenth-century social capital. He is also Series and Collection editor of Pickering & Chatto's Britain and Africa series of source monographs and the co-editor of a collection of conference papers on corporate governance. He can be contacted via his e-mail address - sunderland980@btinternet.com.

Product Description

Review

A valuable addition to the administrative history of the British Empire and its gentlemanly arm in the City. It will be the first reference for anyone interested in the Raj's financial operations in London and a source of leads for those wishing to set India's experience in a wider context. Most importantly, Sunderland shows what kept the complex mechanisms of Indian finance in the City in motion and ultimately made them tick. REVIEWS IN HISTORY

About the Author

DAVID SUNDERLAND is Reader in Business History at the University of Greenwich and the author of four monographs and numerous articles on the economic history of London, British Imperialism and nineteenth-century social capital. He is also Series and Collection editor of Pickering & Chatto's Britain and Africa series of source monographs.

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