Merchants and Bills of Exchange

Calcutta Merchants circa 1850.

The agents of credit instruments were inextricable from the instruments themselves. Merchants and bankers used credit instruments according to the rules, laws or customs governing their networks. Within a given network several kinds of credit instruments supporting different types of transactions inevitably evolved. Bills of exchange in particular, performed functions dictated by mercantile customs, norms and laws. Over time, specific bills of exchange acquired known classifications and functions which transcended individual networks. These instruments allowed merchants from one
community or region to conduct business with other merchants in far-flung locations.

A British Indian Promissory Note

In this video podcast I talk about a British Indian promissory note dating back to 1859. The note shows all the hallmarks of formalisation, and demonstrates some of the financial workings of the British Raj. Notes like these were keystones to financing the expansion of British Indian commercial activities both in the era of the British East India Company and the British Raj. Many of these promissory notes drew on the networks and resources of Indian indigenous bankers or merchants, as well as affluent British merchants.