A hundred years ago September 6, 1918 Archives

From the Archives (Sept. 6, 1918): Indian Banking Development.

In the course of a paper on Indian banking development read this evening [September 6] Sir Daniel Hamilton says: The war is now made the excuse for holding up India’s gold in London, but the same thing happened before the war and the same thing will happen after unless India has her own expert bankers in London to protect her interests and keep an eye on the London Mahajan. Having strengthened themselves by annexing India’s gold the London bankers now propose to come out here to annex India’s banking profits. The Government has done well in stopping the game. India is well able to build up a banking system of her own, the greatest in the world, without the help of London and it is to be hoped that whatever form of Government is in power here, it will see that no London bank is allowed to get its finger in the banking pie to pull out the plums which India needs so badly for herself. Summing up my remarks, I would suggest that in view of the forthcoming political changes and the post-war developments of all kinds, which the reform scheme foreshadows, the Government appoint as early as possible a committee of bankers, business men and co-operative workers to consider and suggest what changes in the banking machinery of India are necessary and devisable with a view to the development of her man-power and her resources.

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