DOI Page / Citation link:
https://doi.org/10.11588/diglit.27741#0087
was increased, advances were made on a
variety of supposed substantial securi-
ties, with a highly fictitious value, were
in a considerable degree responsible for
the wild speculation which set in and
of which, as already observed, the Asiatic
Banking Corporation was the original
forerunner.
But the story of the aftermath will be
narrated in a subsequent chapter. Here
it is essential to acquaint the reader with
the opinion of the Bombay Chamber of
Commerce, some of the leading Members
of which body were no doubt promoters
and directors themselves and therefore
no mere onlookers of the drama which
was unfolding before their very eyes.
In its report for 1863-64, the Chamber
observed: "One of the principal fea-
tures of the year in Bombay has been
the great increase in banking and
financial companies which we have lately
witnessed. Another feature has been the
59
variety of supposed substantial securi-
ties, with a highly fictitious value, were
in a considerable degree responsible for
the wild speculation which set in and
of which, as already observed, the Asiatic
Banking Corporation was the original
forerunner.
But the story of the aftermath will be
narrated in a subsequent chapter. Here
it is essential to acquaint the reader with
the opinion of the Bombay Chamber of
Commerce, some of the leading Members
of which body were no doubt promoters
and directors themselves and therefore
no mere onlookers of the drama which
was unfolding before their very eyes.
In its report for 1863-64, the Chamber
observed: "One of the principal fea-
tures of the year in Bombay has been
the great increase in banking and
financial companies which we have lately
witnessed. Another feature has been the
59