Cruttenden, Mackillop and Company
| Company type | Agency House |
|---|---|
| Founded | 18th century in British India |
| Founders | Scottish traders and merchants |
| Headquarters | Fort William, India, Calcutta, , |
Area served | British India |
| Services | Trading and Banking |
Cruttenden, Mackillop and Company, Limited, often simply called Cruttenden and Co., was an Agency House in British India founded by traders and merchants from Scotland.
History
Background
The founder Mackillop's relative had previously been a partner at the Agency Houses in British India of Palmer and Company.[1]
He later founded a new agency house by the name of Cruttenden, Mackillop and Company in Kolkata.[2]
Business
Like many other Agency Houses of the time, the main business of Cruttenden, Mackillop and Company was the sale and export of commodities such as indigo.[3]
Messrs Cruttenden Mackillop & Co , also tendered the ship ‘Sourabaya’ for the conveyance of iron In 1816 private tonnage had to be arranged through the Agency houses of Calcutta for the conveyance of 10,000 bags of need to the settlement.[4]
Demise
During its peak, Cruttenden and Co. was among the five largest Agency Houses in British India.[5][6][7]
Failure
The Cruttenden, Mackillop and Co. agency house failed in the January 1834 due to major economic downturn affecting the British India. The main cause of the economic crisis was the unexpected fall in the prices of commodities such as Indigo.[8]
Legacy
The legacy of the Cruttenden and Co. and its role in shaping the economic fortunes of India have been widely recognized. It has been credited as a major pioneer in the history of Banking in India.[9]
The failure of the early Indian financial firms also led to the passing of the Companies Act, 1860 which granted limited liability to banking companies. Many of the early Indian Banks had been partnership firms with unlimited liability.[10]
