%PDF-1.3 1 0 obj << /Type /Catalog /Outlines 2 0 R /Pages 3 0 R >> endobj 2 0 obj << /Type /Outlines /Count 0 >> endobj 3 0 obj << /Type /Pages /Kids [6 0 R 14 0 R 37 0 R 60 0 R ] /Count 4 /Resources << /ProcSet 4 0 R /Font << /F1 8 0 R /F2 9 0 R /F3 10 0 R >> /XObject << /I1 11 0 R >> >> /MediaBox [0.000 0.000 595.280 841.890] >> endobj 4 0 obj [/PDF /Text /ImageC ] endobj 5 0 obj << /Creator (DOMPDF) /CreationDate (D:20140722165553+01'00') /ModDate (D:20140722165553+01'00') /Title (Financing the Raj: The City of London and Colonial India, 1858-1940) >> endobj 6 0 obj << /Type /Page /Parent 3 0 R /Annots [ 12 0 R ] /Contents 7 0 R >> endobj 7 0 obj << /Length 4159 >> stream q 381.750 0 0 120.000 34.016 687.874 cm /I1 Do Q 0.000 0.000 0.000 rg BT 34.016 676.469 Td /F1 12.0 Tf [(Published on )] TJ ET BT 99.356 676.469 Td /F2 12.0 Tf [(Reviews in History)] TJ ET BT 190.016 676.469 Td /F1 12.0 Tf [( \()] TJ ET 0.000 0.000 0.800 rg BT 197.012 676.469 Td /F1 12.0 Tf [(http://www.history.ac.uk/reviews)] TJ ET 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d 197.012 675.075 m 357.332 675.075 l S 0.000 0.000 0.000 rg BT 357.332 676.469 Td /F1 12.0 Tf [(\))] TJ ET 0.502 0.502 0.502 RG 0.75 w 0 J [ ] 0 d 34.391 653.743 526.499 1.500 re S BT 34.016 615.321 Td /F3 18.0 Tf [(Financing the Raj: The City of London and Colonial India, 1858-)] TJ ET BT 34.016 593.937 Td /F3 18.0 Tf [(1940)] TJ ET BT 34.016 237.683 Td /F1 12.0 Tf [(In 1920, Sir Lionel Abrahams, an Assistant Under Secretary of State at the India Office, likened India?s )] TJ ET BT 34.016 223.427 Td /F1 12.0 Tf [(finances in Britain to ?rivers running into a lake on one side and so many rivers running out of the lake at the )] TJ ET BT 34.016 209.171 Td /F1 12.0 Tf [(other side?. David Sunderland, who quotes Abrahams at the beginning of his study, elaborates the metaphor )] TJ ET BT 34.016 194.915 Td /F1 12.0 Tf [(of rivers, lakes and streams into a ?highly complex ecosystem? connected by the City of London \(itself a )] TJ ET BT 34.016 180.659 Td /F1 12.0 Tf [(?much larger system?\) to the ?vast ocean of international finance and trade? \(p. 1\). The structures of )] TJ ET BT 34.016 166.403 Td /F1 12.0 Tf [(Victorian high finance can be imagined in different ways, yet the Raj?s affairs in the City were indeed )] TJ ET BT 34.016 152.147 Td /F1 12.0 Tf [(complex. They also mattered for many reasons. By the end of the 19th century, Britain?s trade surplus with )] TJ ET BT 34.016 137.891 Td /F1 12.0 Tf [(India allowed the country to balance its payments with the rest of the world. British investments in railways )] TJ ET BT 34.016 123.635 Td /F1 12.0 Tf [(and other infrastructure promoted Indian trade and lined the pockets of the British rentier. The India Office?s )] TJ ET BT 34.016 109.379 Td /F1 12.0 Tf [(weekly auctions of Council Bills supplied rupees to bankers and its silver purchases occasionally moved the )] TJ ET BT 34.016 95.123 Td /F1 12.0 Tf [(bullion market. Finally, the Indian cash and investments held in London to cover a variety of commitments, )] TJ ET BT 34.016 80.867 Td /F1 12.0 Tf [(including payments for interest, pensions and government stores \(the ?Home charges?\), were an enormous )] TJ ET BT 34.016 66.611 Td /F1 12.0 Tf [(pool of liquidity available for short-term lending to City institutions and ultimately the defence of the gold )] TJ ET BT 34.016 52.355 Td /F1 12.0 Tf [(standard itself. Whichever way you looked at it, Britain?s Indian empire was a bulwark of the metropolitan )] TJ ET BT 34.016 563.315 Td /F3 12.0 Tf [(Review Number:)] TJ ET BT 34.016 549.059 Td /F1 12.0 Tf [(1461)] TJ ET BT 34.016 534.803 Td /F3 12.0 Tf [(Publish date:)] TJ ET BT 34.016 520.547 Td /F1 12.0 Tf [(Thursday, 8 August, 2013)] TJ ET BT 34.016 506.291 Td /F3 12.0 Tf [(Author:)] TJ ET BT 34.016 492.035 Td /F1 12.0 Tf [(David Sunderland)] TJ ET BT 34.016 477.779 Td /F3 12.0 Tf [(ISBN:)] TJ ET BT 34.016 463.523 Td /F1 12.0 Tf [(9781843837954)] TJ ET BT 34.016 449.267 Td /F3 12.0 Tf [(Date of Publication:)] TJ ET BT 34.016 435.011 Td /F1 12.0 Tf [(2013)] TJ ET BT 34.016 420.755 Td /F3 12.0 Tf [(Price:)] TJ ET BT 34.016 406.499 Td /F1 12.0 Tf [(75.00)] TJ ET BT 34.016 392.243 Td /F3 12.0 Tf [(Pages:)] TJ ET BT 34.016 377.987 Td /F1 12.0 Tf [(256pp.)] TJ ET BT 34.016 363.731 Td /F3 12.0 Tf [(Publisher:)] TJ ET BT 34.016 349.475 Td /F1 12.0 Tf [(Boydell and Brewer)] TJ ET BT 34.016 335.219 Td /F3 12.0 Tf [(Publisher url:)] TJ ET BT 34.016 320.963 Td /F1 12.0 Tf [(http://www.boydellandbrewer.com/store/viewItem.asp?idProduct=14103)] TJ ET BT 34.016 306.707 Td /F3 12.0 Tf [(Place of Publication:)] TJ ET BT 34.016 292.451 Td /F1 12.0 Tf [(Woodbridge)] TJ ET BT 34.016 278.195 Td /F3 12.0 Tf [(Reviewer:)] TJ ET BT 34.016 263.939 Td /F1 12.0 Tf [(Bernard Attard)] TJ ET endstream endobj 8 0 obj << /Type /Font /Subtype /Type1 /Name /F1 /BaseFont /Times-Roman /Encoding /WinAnsiEncoding >> endobj 9 0 obj << /Type /Font /Subtype /Type1 /Name /F2 /BaseFont /Times-Italic /Encoding /WinAnsiEncoding >> endobj 10 0 obj << /Type /Font /Subtype /Type1 /Name /F3 /BaseFont /Times-Bold /Encoding /WinAnsiEncoding >> endobj 11 0 obj << /Type /XObject /Subtype /Image /Width 509 /Height 160 /Filter /FlateDecode /DecodeParms << /Predictor 15 /Colors 3 /Columns 509 /BitsPerComponent 8>> /Mask [ 255 255 255 255 255 255 ] /ColorSpace /DeviceRGB /BitsPerComponent 8 /Length 3280>> stream x[EQ㎦fVttҒ +3O{?lGDQԯDrB^.ϯ%~'0۠/2>0AG_>0j0GCfE67>rB^}@  !&y+r?INp:erc b8f=rQC!~-Wf^^zF[)G 2ޯe7V_Go3Ke GEGOo8rώ#\1ZY~N6^H}yLxS-!:412V+u\-LSO?xVvZ|GjǮT_8EYJF=Tw^ 7GxfN/S:Ʌ~ʟtt?5n÷J'JcF-GVξx{rO~tJd;#a\7}|~y'>}c2C vR}f׈**h.)_&@pfzjsx:5;S\vKhM5j=!Cn+h"u]a EUN]jn=k<,:Ք>sU!ni~6EJ)¦72?G}[y}_vc$t?iSܟ2Zݞ,VN?_`='RFK1A2qv&X_lLRWY'%:I㢖zb_UEx\>&ɆBˏ~K@ \gYØU4}$8Dv!'Q'*+Εj(UCGo[#< 2Ja(sZi9fZKE Rn`u\9r^Zmɯ׹}mstO4uc~#'jEvۼ Dx[z ޏQ4KL5,5u3>i^uÒ-53ba ~,~/pyt1fMU'CVm:qv~=Y'Es"WsφG?l_kN5}],Ow7 uh`xƫ?zMl7ٻv$A(4Dl(wwH} ?=[=S;yC]^BK>㕪9`Z'Wj;E|:bf>kCԘ#RY,iv쵗~}n'"1u" *uO΄/2^Sxr(!/DD\~mJyZ!MmrA!#u[if|99WB WΡpp}w}sh#,\ &:%˳X?D3 %W0cC?o̲^} F3XLVn]Cߖiϧ!7}yZJ#P7]=)7Ρp;>> Ye^xx{Oafw{ ;>4gfLt ʊ:q%#r/)pv!O4wGh|dS ӣݽހ-gVUC'pBxrB^} 7JA^} /'8!`:r?}}],X  }6y!`/~Br?}Q< >k7vx"] ,' .3jn{-i}|~%-};b6#U)7繎kiEw 㤳:E}[޼c"rꬊ7Dc$~"/Y&zSd:tFȌCrʙ`7u .#[-<)j ?TGS(j~oTup(hjU4PlJ=}|it.ҽ@\wʨuXÞZcx18Wo<~ikOg,ވ\^?EneyZcc0[R١z|zv7_m:_n]a?osS3~j^ hD.a_X'KfBX6w wݶ"Oa:,bvhrWH[uCF-Xfc}>x+Rz)2N-B 7y^٨;[/vg? | |2Sve}=o䑰j[vWjF0{굦?VI~}xM(_TlG__+]:#к?S} c>GŸD7 !w{S{B =x7a?oE#)+Gz:o_4Q<;n?\tt7?mGCџQGu4kņOF>F?#} hP&ђߴM#u!.СtL2^#o nIk_i.~7tr@n 1P~3?.[]=S5b߮~Yo^HFH YBi8a4iom>CKgMy*;?zqEӕ` >zB9iFzC?XF?ޟIܰ펉A}{I5ᄊx%ez#Mp@rߎpi]IOVjzuJt\۰f׺u5><,J~PTJp1)}){9N {!`/> endstream endobj 12 0 obj << /Type /Annot /Subtype /Link /A 13 0 R /Border [0 0 0] /H /I /Rect [ 197.0117 675.3895 357.3317 687.2695 ] >> endobj 13 0 obj << /Type /Action /S /URI /URI (http://www.history.ac.uk/reviews) >> endobj 14 0 obj << /Type /Page /Parent 3 0 R /Annots [ 17 0 R 20 0 R 23 0 R 26 0 R 29 0 R 32 0 R 35 0 R ] /Contents 15 0 R >> endobj 15 0 obj << /Length 8643 >> stream 0.000 0.000 0.000 rg 0.502 0.502 0.502 RG 0.75 w 0 J [ ] 0 d BT 34.016 796.469 Td /F1 12.0 Tf [(economy and a source of considerable business for the City of commerce, capital and credit east of St. Pauls.)] TJ ET 0.000 0.000 0.800 rg BT 34.016 782.213 Td /F1 12.0 Tf [(\(1\))] TJ ET 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d 34.016 780.819 m 48.008 780.819 l S 0.000 0.000 0.000 rg BT 34.016 755.957 Td /F1 12.0 Tf [(Unsurprisingly, there is a long academic tradition of writing about Indian finance and exchange. Famously, )] TJ ET BT 34.016 741.701 Td /F1 12.0 Tf [(John Maynard Keynes, happily re-settled at King?s Cambridge after his own brief career in the India Office, )] TJ ET BT 34.016 727.445 Td /F1 12.0 Tf [(made them the subject of his first book, published in 1913.)] TJ ET 0.000 0.000 0.800 rg BT 316.004 727.445 Td /F1 12.0 Tf [(\(2\))] TJ ET 0.24 w 0 J [ ] 0 d 316.004 726.051 m 329.996 726.051 l S 0.000 0.000 0.000 rg BT 329.996 727.445 Td /F1 12.0 Tf [( The more recent studies by Bhattacharyya and )] TJ ET BT 34.016 713.189 Td /F1 12.0 Tf [(Banerji are well-known.)] TJ ET 0.000 0.000 0.800 rg BT 150.320 713.189 Td /F1 12.0 Tf [(\(3\))] TJ ET 0.24 w 0 J [ ] 0 d 150.320 711.795 m 164.312 711.795 l S 0.000 0.000 0.000 rg BT 164.312 713.189 Td /F1 12.0 Tf [( Sunderland?s monograph, as the title suggests, focuses on financial operations in )] TJ ET BT 34.016 698.933 Td /F1 12.0 Tf [(London itself. In this respect, it is an extension of his earlier administrative histories of the Crown Agents, )] TJ ET BT 34.016 684.677 Td /F1 12.0 Tf [(who managed the finances and other business of the dependent colonies in Britain.)] TJ ET 0.000 0.000 0.800 rg BT 430.952 684.677 Td /F1 12.0 Tf [(\(4\))] TJ ET 0.24 w 0 J [ ] 0 d 430.952 683.283 m 444.944 683.283 l S 0.000 0.000 0.000 rg BT 444.944 684.677 Td /F1 12.0 Tf [( By making )] TJ ET BT 34.016 670.421 Td /F1 12.0 Tf [(comprehensible the ?ecosystem? of Indian finance, Sunderland wants to refute nationalist allegations that the )] TJ ET BT 34.016 656.165 Td /F1 12.0 Tf [(Council of India and an associated ?Lombard Street clique? wasted Indian taxes on costly favours to City )] TJ ET BT 34.016 641.909 Td /F1 12.0 Tf [(friends while also subordinating Indian interests to the London money market. He approaches the task )] TJ ET BT 34.016 627.653 Td /F1 12.0 Tf [(through a detailed examination of the methods and mechanisms of public borrowing, money transfers, and )] TJ ET BT 34.016 613.397 Td /F1 12.0 Tf [(investment. By showing how and why the complex system worked, Sunderland aims to establish the )] TJ ET BT 34.016 599.141 Td /F1 12.0 Tf [(essential probity of India?s financial guardians.)] TJ ET BT 34.016 572.885 Td /F1 12.0 Tf [(The book is in four unequal parts. The first four chapters deal with aspects of capital market operations on )] TJ ET BT 34.016 558.629 Td /F1 12.0 Tf [(account of the Government of India and the guaranteed railways, including London sales and purchases of )] TJ ET BT 34.016 544.373 Td /F1 12.0 Tf [(rupee denominated debt. A single chapter covers silver bullion purchases for coinage, including the 1912?13 )] TJ ET BT 34.016 530.117 Td /F1 12.0 Tf [(scandal over the secret engagement of a firm of dealers with family connections to the Under-Secretary of )] TJ ET BT 34.016 515.861 Td /F1 12.0 Tf [(State and other Liberal politicians. The scandal ran parallel with the Marconi affair and finally prompted )] TJ ET BT 34.016 501.605 Td /F1 12.0 Tf [(Asquith to appoint the 1914 Royal Commission on Indian Finance and Currency.)] TJ ET 0.000 0.000 0.800 rg BT 424.004 501.605 Td /F1 12.0 Tf [(\(5\))] TJ ET 0.24 w 0 J [ ] 0 d 424.004 500.211 m 437.996 500.211 l S 0.000 0.000 0.000 rg BT 437.996 501.605 Td /F1 12.0 Tf [( Four chapters explain )] TJ ET BT 34.016 487.349 Td /F1 12.0 Tf [(the management of the exchanges \(including the operations of the ?exchange banks? which financed private )] TJ ET BT 34.016 473.093 Td /F1 12.0 Tf [(trade\) and the Raj?s monetary transfers to Britain. Finally, two chapters examine the investment of the three )] TJ ET BT 34.016 458.837 Td /F1 12.0 Tf [(reserves of cash held in London: the gold standard and paper currency reserves, and the home balances. A )] TJ ET BT 34.016 444.581 Td /F1 12.0 Tf [(brief conclusion interprets these activities in terms of principal-agent theory, social capital and trust.)] TJ ET BT 34.016 418.325 Td /F1 12.0 Tf [(The level of detail is often painstaking. The otherwise obscure Mysore Debenture Sinking Fund, for )] TJ ET BT 34.016 404.069 Td /F1 12.0 Tf [(example, makes the briefest of cameos when we learn in the context of a discussion of the operation of )] TJ ET BT 34.016 389.813 Td /F1 12.0 Tf [(sinking funds that, exceptionally in 1921, Indian government securities were purchased for early cancellation )] TJ ET BT 34.016 375.557 Td /F1 12.0 Tf [(from that source rather than through the open market, ?resulting in a small saving in broker commission? \(p. )] TJ ET BT 34.016 361.301 Td /F1 12.0 Tf [(60\). Indeed, it would not be too much of an exaggeration to describe the study as a virtual handbook of )] TJ ET BT 34.016 347.045 Td /F1 12.0 Tf [(Indian government finance in London, with each factor affecting the management of Indian public funds )] TJ ET BT 34.016 332.789 Td /F1 12.0 Tf [(carefully listed and summarised. Broadly speaking these operations might be divided into two categories: )] TJ ET BT 34.016 318.533 Td /F1 12.0 Tf [(those peculiar to the Indian finance itself, most obviously the system of Council Bills and the management )] TJ ET BT 34.016 304.277 Td /F1 12.0 Tf [(of balances held to cover the Home charges, and those where India was simply one participant amongst )] TJ ET BT 34.016 290.021 Td /F1 12.0 Tf [(many others in the City?s major markets. The value of Sunderland?s study is what we can learn about both )] TJ ET BT 34.016 275.765 Td /F1 12.0 Tf [(the intricacies of financial administration and the bigger picture.)] TJ ET BT 34.016 249.509 Td /F1 12.0 Tf [(As regards the latter, for example, the opening four chapters on Indian borrowing add to our understanding )] TJ ET BT 34.016 235.253 Td /F1 12.0 Tf [(of the development of London?s capital market from the mid 19th century. Sunderland may not have fully )] TJ ET BT 34.016 220.997 Td /F1 12.0 Tf [(appreciated the finer distinctions between different classes of borrower and consequently misinterprets some )] TJ ET BT 34.016 206.741 Td /F1 12.0 Tf [(sources \(it is unlikely, for example, the evidence collected by the 1875 Select Committee on Loans to )] TJ ET BT 34.016 192.485 Td /F1 12.0 Tf [(Foreign States is relevant to the Indian case\), nevertheless his research confirms how closely India followed )] TJ ET BT 34.016 178.229 Td /F1 12.0 Tf [(the general pattern for British colonies, and conversely how different that pattern was from that for foreign )] TJ ET BT 34.016 163.973 Td /F1 12.0 Tf [(governments.)] TJ ET 0.000 0.000 0.800 rg BT 99.008 163.973 Td /F1 12.0 Tf [(\(6\))] TJ ET 0.24 w 0 J [ ] 0 d 99.008 162.579 m 113.000 162.579 l S 0.000 0.000 0.000 rg BT 113.000 163.973 Td /F1 12.0 Tf [( The India Office, like the other empire borrowers, employed agents rather than contractors )] TJ ET BT 34.016 149.717 Td /F1 12.0 Tf [(\(who bought up all or part of an issue\); its selling methods progressed from private negotiation, to open )] TJ ET BT 34.016 135.461 Td /F1 12.0 Tf [(tender \(first with secret, then with advertised minimum prices\), to subscription at fixed prices; and in the )] TJ ET BT 34.016 121.205 Td /F1 12.0 Tf [(1880s it largely replaced debentures to bearer with inscribed stock whose ownership was registered. )] TJ ET BT 34.016 106.949 Td /F1 12.0 Tf [(Although it is not immediately clear in Sunderland?s account, it is also likely that the ?syndicates? involved )] TJ ET BT 34.016 92.693 Td /F1 12.0 Tf [(in tendering for Indian debt were formed independently, rather than on behalf, of India?s loan agents. In )] TJ ET BT 34.016 78.437 Td /F1 12.0 Tf [(almost every respect, the market for colonial debt functioned differently from that for sovereign borrowers.)] TJ ET 0.000 0.000 0.800 rg BT 34.016 64.181 Td /F1 12.0 Tf [(\(7\))] TJ ET 0.24 w 0 J [ ] 0 d 34.016 62.787 m 48.008 62.787 l S 0.000 0.000 0.000 rg BT 48.008 64.181 Td /F1 12.0 Tf [( It also became remarkably concentrated, particularly after 1905, when Horace Hubert Scott, the broker to )] TJ ET BT 34.016 49.925 Td /F1 12.0 Tf [(the Government of India ? whose family had acted in that capacity over several generations ? joined the firm )] TJ ET endstream endobj 16 0 obj [14 0 R /Fit] endobj 17 0 obj << /Type /Annot /Subtype /Link /A 18 0 R /Border [0 0 0] /H /I /Rect [ 34.0157 781.1335 48.0077 793.0135 ] >> endobj 18 0 obj << /Type /Action >> endobj 19 0 obj [14 0 R /Fit] endobj 20 0 obj << /Type /Annot /Subtype /Link /A 21 0 R /Border [0 0 0] /H /I /Rect [ 316.0037 726.3655 329.9957 738.2455 ] >> endobj 21 0 obj << /Type /Action >> endobj 22 0 obj [14 0 R /Fit] endobj 23 0 obj << /Type /Annot /Subtype /Link /A 24 0 R /Border [0 0 0] /H /I /Rect [ 150.3197 712.1095 164.3117 723.9895 ] >> endobj 24 0 obj << /Type /Action >> endobj 25 0 obj [14 0 R /Fit] endobj 26 0 obj << /Type /Annot /Subtype /Link /A 27 0 R /Border [0 0 0] /H /I /Rect [ 430.9517 683.5975 444.9437 695.4775 ] >> endobj 27 0 obj << /Type /Action >> endobj 28 0 obj [14 0 R /Fit] endobj 29 0 obj << /Type /Annot /Subtype /Link /A 30 0 R /Border [0 0 0] /H /I /Rect [ 424.0037 500.5255 437.9957 512.4055 ] >> endobj 30 0 obj << /Type /Action >> endobj 31 0 obj [14 0 R /Fit] endobj 32 0 obj << /Type /Annot /Subtype /Link /A 33 0 R /Border [0 0 0] /H /I /Rect [ 99.0077 162.8935 112.9997 174.7735 ] >> endobj 33 0 obj << /Type /Action >> endobj 34 0 obj [14 0 R /Fit] endobj 35 0 obj << /Type /Annot /Subtype /Link /A 36 0 R /Border [0 0 0] /H /I /Rect [ 34.0157 63.1015 48.0077 74.9815 ] >> endobj 36 0 obj << /Type /Action >> endobj 37 0 obj << /Type /Page /Parent 3 0 R /Annots [ 40 0 R 43 0 R 46 0 R 48 0 R 50 0 R 52 0 R 54 0 R 56 0 R 58 0 R ] /Contents 38 0 R >> endobj 38 0 obj << /Length 9434 >> stream 0.000 0.000 0.000 rg 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d BT 34.016 796.469 Td /F1 12.0 Tf [(of R. Nivison & Co., whose senior partner Robert Nivison \(later the first Baron Glendyne\) was steadily )] TJ ET BT 34.016 782.213 Td /F1 12.0 Tf [(picking up the loan business of all the self-governing British Dominions except New Zealand.)] TJ ET 0.000 0.000 0.800 rg BT 485.300 782.213 Td /F1 12.0 Tf [(\(8\))] TJ ET 0.24 w 0 J [ ] 0 d 485.300 780.819 m 499.292 780.819 l S 0.000 0.000 0.000 rg BT 34.016 755.957 Td /F1 12.0 Tf [(Sunderland?s conclusions are brief but difficult to argue with. The Raj?s key objectives in the City were the )] TJ ET BT 34.016 741.701 Td /F1 12.0 Tf [(stability of the rupee exchange and the maintenance of Indian credit. The efficient management of India?s )] TJ ET BT 34.016 727.445 Td /F1 12.0 Tf [(finances was essential to attaining both. This understanding of the India Office?s fundamental aims is close )] TJ ET BT 34.016 713.189 Td /F1 12.0 Tf [(to the view of Cain and Hopkins.)] TJ ET 0.000 0.000 0.800 rg BT 193.004 713.189 Td /F1 12.0 Tf [(\(9\))] TJ ET 0.24 w 0 J [ ] 0 d 193.004 711.795 m 206.996 711.795 l S 0.000 0.000 0.000 rg BT 206.996 713.189 Td /F1 12.0 Tf [( Disappointingly, however, the larger questions those historians posed )] TJ ET BT 34.016 698.933 Td /F1 12.0 Tf [(about the influence of the gentlemanly order are not considered here. Nevertheless, the implication of )] TJ ET BT 34.016 684.677 Td /F1 12.0 Tf [(Sunderland?s argument is that the India Office?s financial administration in London is only comprehensible )] TJ ET BT 34.016 670.421 Td /F1 12.0 Tf [(in terms of the gentlemanly culture of the City: ?In reality, it [i.e. the India Office] was a crucial component )] TJ ET BT 34.016 656.165 Td /F1 12.0 Tf [(of a financial ecosystem composed of self-interested institutions and individuals, which survived and )] TJ ET BT 34.016 641.909 Td /F1 12.0 Tf [(prospered through mutual independency? \(p. 213\). India?s interests \(or, more precisely, those of its masters\) )] TJ ET BT 34.016 627.653 Td /F1 12.0 Tf [(were served because agents wanted to maintain their reputations and trust was engendered by relationships )] TJ ET BT 34.016 613.397 Td /F1 12.0 Tf [(that sometimes persisted over several generations. They were bolstered also by exchanges of favours \(or )] TJ ET BT 34.016 599.141 Td /F1 12.0 Tf [(?gifts?\) that promoted cooperative behaviour. In other words, India?s financial advisers and ?service )] TJ ET BT 34.016 584.885 Td /F1 12.0 Tf [(providers? conformed to the same standards as the rest of the City establishment: gentlemen did as they had )] TJ ET BT 34.016 570.629 Td /F1 12.0 Tf [(always tended to do. Relationships of trust and mutual cooperation, however, might often conceal the true )] TJ ET BT 34.016 556.373 Td /F1 12.0 Tf [(location of power. The latter only became apparent when conflicts arose. A running theme throughout )] TJ ET BT 34.016 542.117 Td /F1 12.0 Tf [(Sunderland?s study, particularly in the early 20th century, was the persistent tension between the India )] TJ ET BT 34.016 527.861 Td /F1 12.0 Tf [(Office and the Bank of England, which the former was often obliged to employ, over the Bank?s charges )] TJ ET BT 34.016 513.605 Td /F1 12.0 Tf [(and the working of India?s cash balances.)] TJ ET 0.000 0.000 0.800 rg BT 234.296 513.605 Td /F1 12.0 Tf [(\(10\))] TJ ET 0.24 w 0 J [ ] 0 d 234.296 512.211 m 254.288 512.211 l S 0.000 0.000 0.000 rg BT 254.288 513.605 Td /F1 12.0 Tf [( Sunderland even suspects \(admittedly with little evidence\) it )] TJ ET BT 34.016 499.349 Td /F1 12.0 Tf [(was the Bank that rumbled the India Office with a planted question in the Commons over its secret silver )] TJ ET BT 34.016 485.093 Td /F1 12.0 Tf [(purchases in 1912. Invariably, the officials and their advisers were the ones forced back into line. In these )] TJ ET BT 34.016 470.837 Td /F1 12.0 Tf [(instances, it is hard to avoid the suspicion that financial ?gifts? to the City were sometimes extracted rather )] TJ ET BT 34.016 456.581 Td /F1 12.0 Tf [(than freely given, and those granted in exchange were the rewards for good behaviour.)] TJ ET BT 34.016 430.325 Td /F1 12.0 Tf [(In summary, Sunderland?s study is a valuable addition to the administrative history of the British Empire )] TJ ET BT 34.016 416.069 Td /F1 12.0 Tf [(and its gentlemanly arm in the City. It will be the first reference for anyone interested in the Raj?s financial )] TJ ET BT 34.016 401.813 Td /F1 12.0 Tf [(operations in London and a source of leads for those wishing to set India?s experience in a wider context. )] TJ ET BT 34.016 387.557 Td /F1 12.0 Tf [(Most importantly, Sunderland shows what kept the complex mechanisms of Indian finance in the City in )] TJ ET BT 34.016 373.301 Td /F1 12.0 Tf [(motion and ultimately made them tick.)] TJ ET BT 34.016 338.403 Td /F3 18.0 Tf [(Notes)] TJ ET BT 48.816 307.786 Td /F1 12.0 Tf [(1.)] TJ ET BT 64.016 307.781 Td /F1 12.0 Tf [(The phrase derives from R. C. Michie, )] TJ ET BT 251.984 307.781 Td /F2 12.0 Tf [(The City of London: Continuity and Change, 1850?1990)] TJ ET BT 64.016 293.525 Td /F1 12.0 Tf [(\(London, 1992\).)] TJ ET 0.000 0.000 0.800 rg BT 142.340 293.525 Td /F1 12.0 Tf [(Back to \(1\))] TJ ET 0.24 w 0 J [ ] 0 d 142.340 292.131 m 196.328 292.131 l S 0.000 0.000 0.000 rg BT 48.816 279.274 Td /F1 12.0 Tf [(2.)] TJ ET BT 64.016 279.269 Td /F1 12.0 Tf [(John Maynard Keynes, )] TJ ET BT 177.992 279.269 Td /F2 12.0 Tf [(Indian Currency and Finance)] TJ ET BT 320.972 279.269 Td /F1 12.0 Tf [( \(London, 1913\).)] TJ ET 0.000 0.000 0.800 rg BT 402.296 279.269 Td /F1 12.0 Tf [(Back to \(2\))] TJ ET 0.24 w 0 J [ ] 0 d 402.296 277.875 m 456.284 277.875 l S 0.000 0.000 0.000 rg BT 48.816 265.018 Td /F1 12.0 Tf [(3.)] TJ ET BT 64.016 265.013 Td /F1 12.0 Tf [(S. Bhattacharyya, )] TJ ET BT 152.000 265.013 Td /F2 12.0 Tf [(Financial Foundations of the British Raj: Men and Ideas in the Post-Mutiny Period )] TJ ET BT 64.016 250.757 Td /F2 12.0 Tf [(of Reconstruction of Indian Public Finance, 1858?1872)] TJ ET BT 332.336 250.757 Td /F1 12.0 Tf [( \(Simla, 1971\); A. K. Banerji, )] TJ ET BT 478.328 250.757 Td /F2 12.0 Tf [(Finances in the )] TJ ET BT 64.016 236.501 Td /F2 12.0 Tf [(Early Raj: Investments and the External Sector)] TJ ET BT 290.648 236.501 Td /F1 12.0 Tf [( \(New Delhi ; London, 1995\).)] TJ ET 0.000 0.000 0.800 rg BT 433.628 236.501 Td /F1 12.0 Tf [(Back to \(3\))] TJ ET 0.24 w 0 J [ ] 0 d 433.628 235.107 m 487.616 235.107 l S 0.000 0.000 0.000 rg BT 48.816 222.250 Td /F1 12.0 Tf [(4.)] TJ ET BT 64.016 222.245 Td /F1 12.0 Tf [(D. Sunderland, )] TJ ET BT 139.340 222.245 Td /F2 12.0 Tf [(Managing the British Empire: The Crown Agents, 1833?1914)] TJ ET BT 436.676 222.245 Td /F1 12.0 Tf [( \(Woodbridge, 2004\), )] TJ ET BT 64.016 207.989 Td /F1 12.0 Tf [(and )] TJ ET BT 84.344 207.989 Td /F2 12.0 Tf [(Managing British Colonial and Post-Colonial Development: The Crown Agents, 1914?74)] TJ ET BT 64.016 193.733 Td /F1 12.0 Tf [(\(Woodbridge, 2007\). From the 1840s, the self-governing settler colonies generally took care of their )] TJ ET BT 64.016 179.477 Td /F1 12.0 Tf [(own business though their Agents-General and High Commissioners as well as a variety of financial )] TJ ET BT 64.016 165.221 Td /F1 12.0 Tf [(institutions employed as financial agents.)] TJ ET 0.000 0.000 0.800 rg BT 262.340 165.221 Td /F1 12.0 Tf [(Back to \(4\))] TJ ET 0.24 w 0 J [ ] 0 d 262.340 163.827 m 316.328 163.827 l S 0.000 0.000 0.000 rg BT 48.816 150.970 Td /F1 12.0 Tf [(5.)] TJ ET BT 64.016 150.965 Td /F1 12.0 Tf [(G. R. Searle, )] TJ ET BT 128.672 150.965 Td /F2 12.0 Tf [(Corruption in British Politics: 1895?1930)] TJ ET BT 331.364 150.965 Td /F1 12.0 Tf [( \(Oxford, 1987\), pp. 201?12.)] TJ ET 0.000 0.000 0.800 rg BT 469.340 150.965 Td /F1 12.0 Tf [(Back to \(5\))] TJ ET 0.24 w 0 J [ ] 0 d 469.340 149.571 m 523.328 149.571 l S 0.000 0.000 0.000 rg BT 48.816 136.714 Td /F1 12.0 Tf [(6.)] TJ ET BT 64.016 136.709 Td /F1 12.0 Tf [(A similar point can be made about borrowing for the dependent colonies, Sunderland, )] TJ ET BT 478.952 136.709 Td /F2 12.0 Tf [(Managing the )] TJ ET BT 64.016 122.453 Td /F2 12.0 Tf [(British Empire)] TJ ET BT 135.020 122.453 Td /F1 12.0 Tf [(, ch. 6; for contrasts with foreign governments, T. Suzuki, )] TJ ET BT 415.988 122.453 Td /F2 12.0 Tf [(Japanese Government Loan )] TJ ET BT 64.016 108.197 Td /F2 12.0 Tf [(Issues on the London Capital Market, 1870?1913)] TJ ET BT 302.348 108.197 Td /F1 12.0 Tf [( \(London and Atlantic Highlands, NJ, 1994\), pp. )] TJ ET BT 64.016 93.941 Td /F1 12.0 Tf [(25?6.)] TJ ET 0.000 0.000 0.800 rg BT 90.344 93.941 Td /F1 12.0 Tf [(Back to \(6\))] TJ ET 0.24 w 0 J [ ] 0 d 90.344 92.547 m 144.332 92.547 l S 0.000 0.000 0.000 rg BT 48.816 79.690 Td /F1 12.0 Tf [(7.)] TJ ET BT 64.016 79.685 Td /F1 12.0 Tf [(For details, B. Attard, ?The London Stock Exchange and the Colonial Market: The City, )] TJ ET BT 64.016 65.429 Td /F1 12.0 Tf [(Internationalisation and Power?, in )] TJ ET BT 234.992 65.429 Td /F2 12.0 Tf [(The Foundations of Worldwide Economic Integration: Powers, )] TJ ET BT 64.016 51.173 Td /F2 12.0 Tf [(Institutions, and Global Markets, 1850?1930)] TJ ET BT 280.688 51.173 Td /F1 12.0 Tf [(, ed. Christof Dejung and Niels P Petersson \(Cambridge, )] TJ ET endstream endobj 39 0 obj [37 0 R /Fit] endobj 40 0 obj << /Type /Annot /Subtype /Link /A 41 0 R /Border [0 0 0] /H /I /Rect [ 485.2997 781.1335 499.2917 793.0135 ] >> endobj 41 0 obj << /Type /Action >> endobj 42 0 obj [37 0 R /Fit] endobj 43 0 obj << /Type /Annot /Subtype /Link /A 44 0 R /Border [0 0 0] /H /I /Rect [ 193.0037 712.1095 206.9957 723.9895 ] >> endobj 44 0 obj << /Type /Action >> endobj 45 0 obj [37 0 R /Fit] endobj 46 0 obj << /Type /Annot /Subtype /Link /A 47 0 R /Border [0 0 0] /H /I /Rect [ 234.2957 512.5255 254.2877 524.4055 ] >> endobj 47 0 obj << /Type /Action >> endobj 48 0 obj << /Type /Annot /Subtype /Link /A 49 0 R /Border [0 0 0] /H /I /Rect [ 142.3397 292.4455 196.3277 304.3255 ] >> endobj 49 0 obj << /Type /Action /S /GoTo /D 16 0 R >> endobj 50 0 obj << /Type /Annot /Subtype /Link /A 51 0 R /Border [0 0 0] /H /I /Rect [ 402.2957 278.1895 456.2837 290.0695 ] >> endobj 51 0 obj << /Type /Action /S /GoTo /D 19 0 R >> endobj 52 0 obj << /Type /Annot /Subtype /Link /A 53 0 R /Border [0 0 0] /H /I /Rect [ 433.6277 235.4215 487.6157 247.3015 ] >> endobj 53 0 obj << /Type /Action /S /GoTo /D 22 0 R >> endobj 54 0 obj << /Type /Annot /Subtype /Link /A 55 0 R /Border [0 0 0] /H /I /Rect [ 262.3397 164.1415 316.3277 176.0215 ] >> endobj 55 0 obj << /Type /Action /S /GoTo /D 25 0 R >> endobj 56 0 obj << /Type /Annot /Subtype /Link /A 57 0 R /Border [0 0 0] /H /I /Rect [ 469.3397 149.8855 523.3277 161.7655 ] >> endobj 57 0 obj << /Type /Action /S /GoTo /D 28 0 R >> endobj 58 0 obj << /Type /Annot /Subtype /Link /A 59 0 R /Border [0 0 0] /H /I /Rect [ 90.3437 92.8615 144.3317 104.7415 ] >> endobj 59 0 obj << /Type /Action /S /GoTo /D 31 0 R >> endobj 60 0 obj << /Type /Page /Parent 3 0 R /Annots [ 62 0 R 64 0 R 66 0 R 68 0 R 70 0 R ] /Contents 61 0 R >> endobj 61 0 obj << /Length 4990 >> stream 0.000 0.000 0.000 rg 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d BT 64.016 796.469 Td /F1 12.0 Tf [(2013\); for the foreign market, Suzuki, )] TJ ET BT 249.320 796.469 Td /F2 12.0 Tf [(Japanese Government Loan Issues)] TJ ET BT 416.288 796.469 Td /F1 12.0 Tf [(, ch. 2, and A. L. Mikkelsen, )] TJ ET BT 64.016 782.213 Td /F1 12.0 Tf [(?Red lists, syndicates and underwriting: issuance practices for sovereign loans in the London Market, )] TJ ET BT 64.016 767.957 Td /F1 12.0 Tf [(1870?1914?, seminar paper, Monetary History Group, King?s College London, 20 April 2012 \(cited )] TJ ET BT 64.016 753.701 Td /F1 12.0 Tf [(with the permission of the author\).)] TJ ET 0.000 0.000 0.800 rg BT 230.000 753.701 Td /F1 12.0 Tf [(Back to \(7\))] TJ ET 0.24 w 0 J [ ] 0 d 230.000 752.307 m 283.988 752.307 l S 0.000 0.000 0.000 rg BT 48.816 739.450 Td /F1 12.0 Tf [(8.)] TJ ET BT 64.016 739.445 Td /F1 12.0 Tf [(According to Sunderland, Nivisons was one only of two firms of stockbrokers employed by the India )] TJ ET BT 64.016 725.189 Td /F1 12.0 Tf [(Office \(the other being Mullens, Marshall & Co., the stockbrokers of the Bank of England and )] TJ ET BT 64.016 710.933 Td /F1 12.0 Tf [(Commissioners of the National debt\) over the entire period from 1858 \(p. 32\). He also reports: )] TJ ET BT 64.016 696.677 Td /F1 12.0 Tf [(?Informal underwriting first appeared in the 1860s and involved the recruitment by Nivisons of a )] TJ ET BT 64.016 682.421 Td /F1 12.0 Tf [(group or syndicate of brokers and City institutions? \(p. 39\). Of course, the origin of syndication and )] TJ ET BT 64.016 668.165 Td /F1 12.0 Tf [(Nivison?s activities were not necessarily contemporaneous. Nevertheless this cannot be correct at any )] TJ ET BT 64.016 653.909 Td /F1 12.0 Tf [(time before 1905 for several reasons. In the 1860s, Nivison was still employed as a junior in a )] TJ ET BT 64.016 639.653 Td /F1 12.0 Tf [(Dumfriesshire branch of the British Linen Bank. He did not establish his stockbroking firm until 1886. )] TJ ET BT 64.016 625.397 Td /F1 12.0 Tf [(Just as importantly, until the early 20th century the name that invariably appeared in the prospectuses )] TJ ET BT 64.016 611.141 Td /F1 12.0 Tf [(for India?s sterling loans as ?the Broker for the Secretary of State for India in Council? was one or )] TJ ET BT 64.016 596.885 Td /F1 12.0 Tf [(other member of the Scott family. In fact, the succession of Scotts is usefully summarised in a )] TJ ET BT 64.016 582.629 Td /F1 12.0 Tf [(footnote later in the book. Here, however, the family only appears as the ?brokers? who arranged the )] TJ ET BT 64.016 568.373 Td /F1 12.0 Tf [(India Office?s loans to the London money market. Sunderland does report Hubert Scott?s transfer to )] TJ ET BT 64.016 554.117 Td /F1 12.0 Tf [(the Nivison partnership in 1905, but Nivisons are still described with reference to the preceding period )] TJ ET BT 64.016 539.861 Td /F1 12.0 Tf [(as ?the stockbroking firm that handled the issue of India?s sterling loans? \(p. 194\). Nivison?s career )] TJ ET BT 64.016 525.605 Td /F1 12.0 Tf [(and Scott?s transfer \(along with the Indian business\) is covered in the former?s obituary in )] TJ ET BT 501.608 525.605 Td /F2 12.0 Tf [(The Times)] TJ ET BT 551.276 525.605 Td /F1 12.0 Tf [(, )] TJ ET BT 64.016 511.349 Td /F1 12.0 Tf [(16 June 1930, p.16; for examples of loan prospectuses, )] TJ ET BT 330.644 511.349 Td /F2 12.0 Tf [(The Times)] TJ ET BT 380.312 511.349 Td /F1 12.0 Tf [(, 2 October 1877, p. 6 and 10 July )] TJ ET BT 64.016 497.093 Td /F1 12.0 Tf [(1893, p. 8.)] TJ ET 0.000 0.000 0.800 rg BT 115.016 497.093 Td /F1 12.0 Tf [(Back to \(8\))] TJ ET 0.24 w 0 J [ ] 0 d 115.016 495.699 m 169.004 495.699 l S 0.000 0.000 0.000 rg BT 48.816 482.842 Td /F1 12.0 Tf [(9.)] TJ ET BT 64.016 482.837 Td /F1 12.0 Tf [(P. J. Cain and A. G Hopkins, )] TJ ET BT 206.348 482.837 Td /F2 12.0 Tf [(British Imperialism: 1688?2000)] TJ ET BT 361.016 482.837 Td /F1 12.0 Tf [( \(2nd ed., Harlow,, 2001\), pp. 277?8.)] TJ ET 0.000 0.000 0.800 rg BT 64.016 468.581 Td /F1 12.0 Tf [(Back to \(9\))] TJ ET 0.24 w 0 J [ ] 0 d 64.016 467.187 m 118.004 467.187 l S 0.000 0.000 0.000 rg BT 42.816 454.330 Td /F1 12.0 Tf [(10.)] TJ ET BT 64.016 454.325 Td /F1 12.0 Tf [(There are also many parallels here in other colonial experience.)] TJ ET 0.000 0.000 0.800 rg BT 368.588 454.325 Td /F1 12.0 Tf [(Back to \(10\))] TJ ET 0.24 w 0 J [ ] 0 d 368.588 452.931 m 428.576 452.931 l S 0.502 0.502 0.502 RG 0.75 w 0 J [ ] 0 d 34.391 437.599 526.499 1.500 re S 0.000 0.000 0.000 rg BT 34.016 419.819 Td /F3 12.0 Tf [(Source URL:)] TJ ET 0.000 0.000 0.800 rg BT 104.672 419.819 Td /F1 12.0 Tf [(http://www.history.ac.uk/reviews/review/1461)] TJ ET 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d 104.672 418.425 m 328.316 418.425 l S 0.000 0.000 0.000 rg BT 34.016 393.448 Td /F3 12.0 Tf [(Links:)] TJ ET BT 34.016 379.048 Td /F1 12.0 Tf [([1] http://www.history.ac.uk/reviews/item/49944)] TJ ET endstream endobj 62 0 obj << /Type /Annot /Subtype /Link /A 63 0 R /Border [0 0 0] /H /I /Rect [ 229.9997 752.6215 283.9877 764.5015 ] >> endobj 63 0 obj << /Type /Action /S /GoTo /D 34 0 R >> endobj 64 0 obj << /Type /Annot /Subtype /Link /A 65 0 R /Border [0 0 0] /H /I /Rect [ 115.0157 496.0135 169.0037 507.8935 ] >> endobj 65 0 obj << /Type /Action /S /GoTo /D 39 0 R >> endobj 66 0 obj << /Type /Annot /Subtype /Link /A 67 0 R /Border [0 0 0] /H /I /Rect [ 64.0157 467.5015 118.0037 479.3815 ] >> endobj 67 0 obj << /Type /Action /S /GoTo /D 42 0 R >> endobj 68 0 obj << /Type /Annot /Subtype /Link /A 69 0 R /Border [0 0 0] /H /I /Rect [ 368.5877 453.2455 428.5757 465.1255 ] >> endobj 69 0 obj << /Type /Action /S /GoTo /D 45 0 R >> endobj 70 0 obj << /Type /Annot /Subtype /Link /A 71 0 R /Border [0 0 0] /H /I /Rect [ 104.6717 418.7395 328.3157 430.6195 ] >> endobj 71 0 obj << /Type /Action /S /URI /URI (http://www.history.ac.uk/reviews/review/1461) >> endobj xref 0 72 0000000000 65535 f 0000000008 00000 n 0000000073 00000 n 0000000119 00000 n 0000000342 00000 n 0000000379 00000 n 0000000570 00000 n 0000000652 00000 n 0000004863 00000 n 0000004972 00000 n 0000005082 00000 n 0000005191 00000 n 0000008752 00000 n 0000008880 00000 n 0000008964 00000 n 0000009090 00000 n 0000017786 00000 n 0000017816 00000 n 0000017942 00000 n 0000017978 00000 n 0000018008 00000 n 0000018136 00000 n 0000018172 00000 n 0000018202 00000 n 0000018330 00000 n 0000018366 00000 n 0000018396 00000 n 0000018524 00000 n 0000018560 00000 n 0000018590 00000 n 0000018718 00000 n 0000018754 00000 n 0000018784 00000 n 0000018911 00000 n 0000018947 00000 n 0000018977 00000 n 0000019101 00000 n 0000019137 00000 n 0000019277 00000 n 0000028764 00000 n 0000028794 00000 n 0000028922 00000 n 0000028958 00000 n 0000028988 00000 n 0000029116 00000 n 0000029152 00000 n 0000029182 00000 n 0000029310 00000 n 0000029346 00000 n 0000029474 00000 n 0000029529 00000 n 0000029657 00000 n 0000029712 00000 n 0000029840 00000 n 0000029895 00000 n 0000030023 00000 n 0000030078 00000 n 0000030206 00000 n 0000030261 00000 n 0000030387 00000 n 0000030442 00000 n 0000030554 00000 n 0000035597 00000 n 0000035725 00000 n 0000035780 00000 n 0000035908 00000 n 0000035963 00000 n 0000036090 00000 n 0000036145 00000 n 0000036273 00000 n 0000036328 00000 n 0000036456 00000 n trailer << /Size 72 /Root 1 0 R /Info 5 0 R >> startxref 36552 %%EOF