The European companies gradually gained power – first securing a variety of concessions from local courts, then the monopoly rights to trade. This resulted in a decline of the old ports of Surat and Hoogly through which local merchants had operated. Exports from these ports fell dramatically, the crRead more
The European companies gradually gained power – first securing a variety of concessions from local courts, then the monopoly rights to trade. This resulted in a decline of the old ports of Surat and Hoogly through which local merchants had operated. Exports from these ports fell dramatically, the credit that had financed the earlier trade began drying up, and the local bankers slowly went bankrupt. In the last years of the seventeenth century, the gross value of trade that passed through Surat had been Rs 16 million. By the 1740s it had slumped to Rs 3 million.
A variety of Indian merchants and bankers were involved in this network of export trade – financing production, carrying goods and supplying exporters. Supply merchants linked the port towns to the inland regions. They gave advances to weavers, procured the woven cloth from weaving villages, and carRead more
A variety of Indian merchants and bankers were involved in this network of export trade – financing production, carrying goods and supplying exporters. Supply merchants linked the port towns to the inland regions. They gave advances to weavers, procured the woven cloth from weaving villages, and carried the supply to the ports. At the port, the big shippers and export merchants had brokers who negotiated the price and bought goods from the supply merchants operating inland.
Before the age of machine industries, silk and cotton goods from India dominated the international market in textiles. Coarser cottons were produced in many countries, but the finer varieties often came from India. Armenian and Persian merchants took the goods from Punjab to Afghanistan, eastern PerRead more
Before the age of machine industries, silk and cotton goods from India dominated the international market in textiles. Coarser cottons were produced in many countries, but the finer varieties often came from India. Armenian and Persian merchants took the goods from Punjab to Afghanistan, eastern Persia and Central Asia. Bales of fine textiles were carried on camel back via the north-west frontier, through mountain passes and across deserts. A vibrant sea trade operated through the main pre-colonial ports. Surat on the Gujarat coast connected India to the Gulf and Red Sea Ports; Masulipatam on the Coromandel coast and Hoogly in Bengal had trade links with Southeast Asian ports.
Wages increased somewhat in the early nineteenth century. But they tell us little about the welfare of the workers. The average figures hide the variations between trades and the fluctuations from year to year. For instance, when prices rose sharply during the prolonged Napoleonic War, the real valuRead more
Wages increased somewhat in the early nineteenth century. But they tell us little about the welfare of the workers. The average figures hide the variations between trades and the fluctuations from year to year. For instance, when prices rose sharply during the prolonged Napoleonic War, the real value of what the workers earned fell significantly, since the same wages could now buy fewer things. Moreover, the income of workers depended not on the wage rate alone. What was also critical was the period of employment: the number of days of work determined the average daily income of the workers. At the best of times till the mid-nineteenth century, about 10 per cent of the urban population were extremely poor. In periods of economic slump, like the 1830s, the proportion of unemployed went up to anything between 35 and 75 per cent in different regions.
Seasonality of work in many industries meant prolonged periods without work. After the busy season was over, the poor were on the streets again. Some returned to the countryside after the winter, when the demand for labour in the rural areas opened up in places. But most looked for odd jobs, which tRead more
Seasonality of work in many industries meant prolonged periods without work. After the busy season was over, the poor were on the streets again. Some returned to the countryside after the winter, when the demand for labour in the rural areas opened up in places. But most looked for odd jobs, which till the mid-nineteenth century were difficult to find.
What happen when the European companies gradually gained power?
The European companies gradually gained power – first securing a variety of concessions from local courts, then the monopoly rights to trade. This resulted in a decline of the old ports of Surat and Hoogly through which local merchants had operated. Exports from these ports fell dramatically, the crRead more
The European companies gradually gained power – first securing a variety of concessions from local courts, then the monopoly rights to trade. This resulted in a decline of the old ports of Surat and Hoogly through which local merchants had operated. Exports from these ports fell dramatically, the credit that had financed the earlier trade began drying up, and the local bankers slowly went bankrupt. In the last years of the seventeenth century, the gross value of trade that passed through Surat had been Rs 16 million. By the 1740s it had slumped to Rs 3 million.
See lessHow the Indian merchant and banker were involved in network of export trade?
A variety of Indian merchants and bankers were involved in this network of export trade – financing production, carrying goods and supplying exporters. Supply merchants linked the port towns to the inland regions. They gave advances to weavers, procured the woven cloth from weaving villages, and carRead more
A variety of Indian merchants and bankers were involved in this network of export trade – financing production, carrying goods and supplying exporters. Supply merchants linked the port towns to the inland regions. They gave advances to weavers, procured the woven cloth from weaving villages, and carried the supply to the ports. At the port, the big shippers and export merchants had brokers who negotiated the price and bought goods from the supply merchants operating inland.
See lessThe finer quality of cotton come from where?
Before the age of machine industries, silk and cotton goods from India dominated the international market in textiles. Coarser cottons were produced in many countries, but the finer varieties often came from India. Armenian and Persian merchants took the goods from Punjab to Afghanistan, eastern PerRead more
Before the age of machine industries, silk and cotton goods from India dominated the international market in textiles. Coarser cottons were produced in many countries, but the finer varieties often came from India. Armenian and Persian merchants took the goods from Punjab to Afghanistan, eastern Persia and Central Asia. Bales of fine textiles were carried on camel back via the north-west frontier, through mountain passes and across deserts. A vibrant sea trade operated through the main pre-colonial ports. Surat on the Gujarat coast connected India to the Gulf and Red Sea Ports; Masulipatam on the Coromandel coast and Hoogly in Bengal had trade links with Southeast Asian ports.
See lessWhat was the reason behind the mid-nineteenth century, about 10 per cent of the urban population were extremely poor?
Wages increased somewhat in the early nineteenth century. But they tell us little about the welfare of the workers. The average figures hide the variations between trades and the fluctuations from year to year. For instance, when prices rose sharply during the prolonged Napoleonic War, the real valuRead more
Wages increased somewhat in the early nineteenth century. But they tell us little about the welfare of the workers. The average figures hide the variations between trades and the fluctuations from year to year. For instance, when prices rose sharply during the prolonged Napoleonic War, the real value of what the workers earned fell significantly, since the same wages could now buy fewer things. Moreover, the income of workers depended not on the wage rate alone. What was also critical was the period of employment: the number of days of work determined the average daily income of the workers. At the best of times till the mid-nineteenth century, about 10 per cent of the urban population were extremely poor. In periods of economic slump, like the 1830s, the proportion of unemployed went up to anything between 35 and 75 per cent in different regions.
See lessWhy most of the worker looked for odd jobs, which till the mid-nineteenth century?
Seasonality of work in many industries meant prolonged periods without work. After the busy season was over, the poor were on the streets again. Some returned to the countryside after the winter, when the demand for labour in the rural areas opened up in places. But most looked for odd jobs, which tRead more
Seasonality of work in many industries meant prolonged periods without work. After the busy season was over, the poor were on the streets again. Some returned to the countryside after the winter, when the demand for labour in the rural areas opened up in places. But most looked for odd jobs, which till the mid-nineteenth century were difficult to find.
See less