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Agency houses also contributed to the formation of early
British banking, with Palmer and Co. forming the Bank of Hindustan. The Bank of Hindustan was a legally separate organization but was closely linked to Palmer and Co. Both companies would collapse in the 1830s, leading to the loss of deposits
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century. This managing agency system would form the basis for trading public companies in India, controlling 70% of all publicly traded companies in India by 1955. This system came into existence when the agency house Carr, Tagore, and
Company first took control of a joint-stock company in 1936.
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Many companies would start to accept deposits from
British nationals across India. This would end up leaving many widows, soldiers, and civil servants destitute in the 1830s when the collapse of the indigo trade would lead to the collapse of every single agency house in India at the time. Some
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The agency house laid the roots for the economy of colonial India by starting to introduce the first forms of financial practices such as banking, trading, and managing stock. These companies would form the foundation of the managing agency system in India, which would last well into the 20th
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Agency houses also served as a crossroads for Indian trading information, often possessing knowledge of which goods would be in demand for both the
British and Indian markets. As the agency house's importance grew in the colonial economy, more financial activities would be taken on by these
108:, would be a rare example of a business collaboration between British and Indian nationals. This company, along with a few others, would start the practice of managing joint-stock companies, bringing in outside investors to businesses in India. Carr, Tagore, and Company would manage 6
63:'s monopoly over trade within India meant that agency houses played a less significant role during the 17th and 18th centuries. As power started to shift directly to the British Empire in the 19th century agency houses would start to take a more active role in the colonial economy.
370:
Webster, Anthony (2006). "The
Strategies and Limits of Gentlemanly Capitalism: The London East India Agency Houses, Provincial Commercial Interests, and the Evolution of British Economic Policy in South and South East Asia 1800-50".
86:, to be paid later after the products had been sold. Alongside arranging imports, exports of Indian materials such as Indigo, spices, tobacco, and Ivory were major elements of an agency house's business.
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Agency houses would facilitate the trade of goods between
Britain and India by arranging the import and export of goods to and from India. Companies would buy textiles and other processed British goods on
98:, racked up massive amounts of debt with the London-based firm Cockerell & Trail amounting to £600,000 (valued at £57,000,000 as of 2023) before they collapsed.
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states that “ should be open to all His
Majesty's Subjects”, which permitted the private trade of goods in India, ending the East India Company's monopoly over the
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led to a general downturn of the
British economy. This downturn would lead to the collapse of twenty agency houses and largely the concept as a whole.
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Despite the major collapse, many new agency houses took their place during the same decade, building on the foundations of older collapsed companies.
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78:. This new freedom allowed agency houses to trade for their own accounts, increasing the volume of trade handled by these firms dramatically.
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A few agency houses would continue operation during the 19th century until the invention of synthetic indigo dye in 1882 by
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During company rule in India, agency houses facilitated the trade of different commodities including textiles, tobacco, and
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for many people. While under the control of the East India
Company, these agency houses contributed to establishing the
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398:
Chapman, S. D. (1988). "The Agency Houses: British
Mercantile Enterprise in the Far East C. 1780–1920".
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Kling, Blair B (1966). "The Origin of the Managing Agency System in India".
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152:List of notable agency houses
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487:History of Agency Houses
430:Journal of Asian Studies
264:Roy, Tirthankar (2014).
165:very first bank in India
114:Sugar Duties Act of 1846
106:Carr, Tagore and Company
30:Not to be confused with
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74:outside of the tea and
72:Indian colonial economy
248:"India's Indigo Crash"
190:Cruttenden and Company
186:Mackintosh and Company
123:at the German company
331:S. B., Singh (1966).
228:Company rule in India
183:Fergusson and Company
161:Alexander and Company
110:joint-stock companies
304:"History of Banking"
463:www.gatewayhouse.in
163:- They founded the
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174:Palmer and Company
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