DOI Page / Citation link:
https://doi.org/10.11588/diglit.27741#0077
which the old and cautious banks, welt
established for some years before in the
city, were not prepared to give, ft was
felt that more monetary institutions to
meet the demands of the merchants and
traders was necessary. So it came to
pass that the earlier surplus of cotton
realisations came to be invested in
shares of new banks. The very first of
its kind that was established in 1863 was
the Asiatic Banking Corporation. Ori-
ginally it was named the Bombay Joint
Stock Bank, but owing to its having
received a charter, the name came to be
changed. It was projected originally in
England by some Anglo-Indian mer-
chants of Calcutta and Bombay, but a
most influential local board of directors
was formed consisting of Mr. Gavin
Steel, a member of the esteemed house
of Messrs. Grey & Co., Mr. Cawasji
Jehanghir Readymoney, who was after-
wards knighted, one of the strongest
" pillars " of local finance and a Director
49
4
established for some years before in the
city, were not prepared to give, ft was
felt that more monetary institutions to
meet the demands of the merchants and
traders was necessary. So it came to
pass that the earlier surplus of cotton
realisations came to be invested in
shares of new banks. The very first of
its kind that was established in 1863 was
the Asiatic Banking Corporation. Ori-
ginally it was named the Bombay Joint
Stock Bank, but owing to its having
received a charter, the name came to be
changed. It was projected originally in
England by some Anglo-Indian mer-
chants of Calcutta and Bombay, but a
most influential local board of directors
was formed consisting of Mr. Gavin
Steel, a member of the esteemed house
of Messrs. Grey & Co., Mr. Cawasji
Jehanghir Readymoney, who was after-
wards knighted, one of the strongest
" pillars " of local finance and a Director
49
4