EXCELLENCE
SINCE 1767
THE HISTORY OF FORBES & COMPANY LIMITED
Continued...
Commerce was not John Forbes’ only preoccupation.
Some of the most prestigious institutions in the
city of Mumbai owe their existence to his association
and involvement; the Rajabai Clock Tower, the Town
Hall; one of the oldest buildings in the city, the
Royal Asiatic Society Library; one of the finest
book collections in Asia, the Turf Club; easily
the most prestigious in Mumbai, India’s first
dry dock, the Bombay Chamber of Commerce, railway
lines to boost commercial traffic within the city
and suburbs and the most noteworthy venture for
all posterity, the Bombay Reclamation Project; a
project started by Forbes nearly two hundred years
ago and since, sustained by the government, changing
the geography of the city of Mumbai, year after
year.
It was way back, in 1764, sometime in the month
of May that Western enterprise in the Orient was
commencing its ascent steadily to its climax. The
port of Mumbai had already gained renown as the
doorway to India. It was in this background that
a young Scot walked the deck of the trader ship,
the ‘Asia’, carrying with him fifty
bolts of canvas as merchandise.
Despite the adversities, the cotton trading activity
of Forbes grew apace and there was a time when the
entire cotton crop of Gujarat was being bought by
the Company. As the business dealings with Britain
became extensive, the trading boom called for cargo
vessels. So shipping became a new business area
for the company. Thus, Forbes also gained the status
of an agent running a stable brokerage business.
Shipping developed into ship building and because
of its sound financial health, the Company was appointed
as Bankers to the Government of Bombay and from
there arose what today is the State Bank of India.
Alliances with Ritchie Steuart & Co. and the
house of Campbell lead to the formation of Forbes,
Steuart and Campbell and a further widening of Company
interests.
An
association with the Swedish Match Company resulted
in the creation of a market for matches and subsequently
to the creation of the Western India Match Company
(WIMCO); the largest and the most reputed member
of a highly competitive industry. Some faltering
textile mills and financial organisations were also
taken into the Forbes’ fold and restored to
positions of importance; an importance enjoyed by
them till date even though they may no longer be
associated with the Company.
Coming back to the history of Forbes, well, Mumbai
of 1760’s was definitely less favourably placed
than Kolkata or Chennai due to the lucrative trade
with China, however, it enjoyed a geographical advantage
in respect of the European countries but had to
share the advantage with Surat and Baroach. The
town of Mumbai within the Fort was where most of
the citizens lived, mainly the Europeans. Its public
buildings consisted of the Government House, the
Customs House, the Marine Barracks, Mint, Treasury,
Theatre, Church and the prison.
Our founder, John Forbes, was born on September
6, 1743, at Bellabag, West Aberdeenshire, Scotland.
Perhaps, it was difficult domestic circumstances
that forced John Forbes to leave home and seek a
fortune abroad. It was on April 22, 1764 that John
set sail on board the ship ‘Asia’ as
a ‘Purser’ and set foot on India soil
on December 6, with a load of fifty bolts of canvas.
Since his ship had to leave hurriedly on the East
India Company’s service, he sold off his load
at a profit of 45% which, otherwise, would have
fetched him a gain of 100%. After over three years
with Asia. Forbes was one of the fortunate ones
to be authorised by the Court of East India Company
to proceed to India as a ‘Free Mariner’
and later was a part of the select category of ‘Free
Merchants’, at Mumbai.
To
Be Continued >>
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