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Books > History > World history > From 1900
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Financing the Raj - The City of London and Colonial India, 1858-1940 (Hardcover, New)
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Financing the Raj - The City of London and Colonial India, 1858-1940 (Hardcover, New)
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A detailed analysis of how government in India was financed during
the period of direct British rule. 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 throughthe 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 awardof 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 themoney
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 andthe
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.
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