| Company type | Agency House |
|---|---|
| Founded | 18th century in British India |
| Founders | James Mackillop and George Cruttenden |
| Headquarters | Fort William, India, Calcutta, , |
Area served | British India |
| Services | Trading and Banking |
Cruttenden, Mackillop and Company, Limited, often simply called Cruttenden and Co., was an agency house in British India founded by traders and merchants from Scotland.
History
The two founders of the agency house were James Mackillop and George Cruttenden. [1] [2] Mackillop's relative had previously been a partner at the agency house of Palmer and Company. [3] He later founded the agency house by the name of Cruttenden, Mackillop and Company in Kolkata. [4] One of the notable employees of the Cruttenden, Mackillop and Company agency house was Benjamin Wolff who was able to get rich from the indigo trade of British India. [5]
Like many other agency houses of the time, the main business of Cruttenden, Mackillop and Company was the sale and export of commodities such as indigo. [6] Cruttenden Mackillop & Co. also tendered the ship Sourabaya for the conveyance of iron. In 1816 private tonnage had to be arranged through the agency houses of Calcutta for the conveyance of 10,000 bags of need to the settlement. [7]
During its peak, Cruttenden and Co. was among the five largest agency houses in British India. [8] [9] [7]
The Cruttenden, Mackillop and Co. agency house failed in January 1834 due to major economic downturn affecting the British India. [10] The main cause of the economic crisis was the unexpected fall in the prices of commodities such as Indigo. [7]
Legacy
The legacy of Cruttenden and Co. and its role in shaping the economic fortunes of India have been widely recognized. It has been credited as a major pioneer in the history of banking in India. [7]
The failure of the early Indian financial firms also led to the passing of the Companies Act, 1860 which granted limited liability to banking companies. Many of the early Indian banks had been partnership firms with unlimited liability. [7]
See also
References
- ^ "MACKILLOP, James (1786-1870), of 4 Montagu Square, Mdx. | History of Parliament Online". www.histparl.ac.uk. Retrieved 25 June 2024.
- ^ Blog, Vicki's (2 June 2014). "Family Connections: 52 Ancestors #29 George Mackillop". Family Connections. Retrieved 25 June 2024.
- ^ Pichon, Alain Le (10 August 2006). China Trade and Empire: Jardine, Matheson & Co. and the Origins of British Rule in Hong Kong, 1827-1843. OUP/British Academy. ISBN 978-0-19-726337-2.
- ^ Pichon, Alain Le (10 August 2006). China Trade and Empire: Jardine, Matheson & Co. and the Origins of British Rule in Hong Kong, 1827-1843. OUP/British Academy. ISBN 978-0-19-726337-2.
- ^ "The Wolff Collection of Master Drawings". www.bruun-rasmussen.dk.
- ^ "Indian Banking history". www.gatewayhouse.in.
- ^ a b c d e Singh, s b (1966). European Agency Houses In Bengal 1783-1833.
- ^ "Cruttenden and Co largest agency British houses" (PDF). www.egyankosh.ac.in.
- ^ "Aldous Avoiding negligence and confusion" (PDF). www.etheses.lse.ac.uk.
- ^ Alexander's East India and Colonial Magazine: 1835,7/12. 1835.
External links
- Internet Archive www.archive.org
- Banking history of India www.gatewayhouse.in
- London School of Economics www.etheses.lse.ac.uk
- Biography of George Mackillop www.connectingthefamily.blogspot.com
| Company type | Agency House |
|---|---|
| Founded | 18th century in British India |
| Founders | James Mackillop and George Cruttenden |
| Headquarters | Fort William, India, Calcutta, , |
Area served | British India |
| Services | Trading and Banking |
Cruttenden, Mackillop and Company, Limited, often simply called Cruttenden and Co., was an agency house in British India founded by traders and merchants from Scotland.
History
The two founders of the agency house were James Mackillop and George Cruttenden. [1] [2] Mackillop's relative had previously been a partner at the agency house of Palmer and Company. [3] He later founded the agency house by the name of Cruttenden, Mackillop and Company in Kolkata. [4] One of the notable employees of the Cruttenden, Mackillop and Company agency house was Benjamin Wolff who was able to get rich from the indigo trade of British India. [5]
Like many other agency houses of the time, the main business of Cruttenden, Mackillop and Company was the sale and export of commodities such as indigo. [6] Cruttenden Mackillop & Co. also tendered the ship Sourabaya for the conveyance of iron. In 1816 private tonnage had to be arranged through the agency houses of Calcutta for the conveyance of 10,000 bags of need to the settlement. [7]
During its peak, Cruttenden and Co. was among the five largest agency houses in British India. [8] [9] [7]
The Cruttenden, Mackillop and Co. agency house failed in January 1834 due to major economic downturn affecting the British India. [10] The main cause of the economic crisis was the unexpected fall in the prices of commodities such as Indigo. [7]
Legacy
The legacy of Cruttenden and Co. and its role in shaping the economic fortunes of India have been widely recognized. It has been credited as a major pioneer in the history of banking in India. [7]
The failure of the early Indian financial firms also led to the passing of the Companies Act, 1860 which granted limited liability to banking companies. Many of the early Indian banks had been partnership firms with unlimited liability. [7]
See also
References
- ^ "MACKILLOP, James (1786-1870), of 4 Montagu Square, Mdx. | History of Parliament Online". www.histparl.ac.uk. Retrieved 25 June 2024.
- ^ Blog, Vicki's (2 June 2014). "Family Connections: 52 Ancestors #29 George Mackillop". Family Connections. Retrieved 25 June 2024.
- ^ Pichon, Alain Le (10 August 2006). China Trade and Empire: Jardine, Matheson & Co. and the Origins of British Rule in Hong Kong, 1827-1843. OUP/British Academy. ISBN 978-0-19-726337-2.
- ^ Pichon, Alain Le (10 August 2006). China Trade and Empire: Jardine, Matheson & Co. and the Origins of British Rule in Hong Kong, 1827-1843. OUP/British Academy. ISBN 978-0-19-726337-2.
- ^ "The Wolff Collection of Master Drawings". www.bruun-rasmussen.dk.
- ^ "Indian Banking history". www.gatewayhouse.in.
- ^ a b c d e Singh, s b (1966). European Agency Houses In Bengal 1783-1833.
- ^ "Cruttenden and Co largest agency British houses" (PDF). www.egyankosh.ac.in.
- ^ "Aldous Avoiding negligence and confusion" (PDF). www.etheses.lse.ac.uk.
- ^ Alexander's East India and Colonial Magazine: 1835,7/12. 1835.
External links
- Internet Archive www.archive.org
- Banking history of India www.gatewayhouse.in
- London School of Economics www.etheses.lse.ac.uk
- Biography of George Mackillop www.connectingthefamily.blogspot.com