A 1862 envelope addressed to The Agra and The United Service Bank
The Agra and the United Service Bank
The Story
Agra Bank was founded in 1833 in Agra. It primarily catered to military and the government officials. In the mid-1850s the bank established its head office in Calcutta. It had branches in Madras, Bombay and Lahore alongside a London agency. The bank moved to London in 1857 and was rechristened The Agra and the United Service Bank. In 1864 it took over a member of the London Bankers' Clearing House, Masterman, Peters, Mildred and Company, and renamed itself Agra and Masterman's Bank. It became a leading exchange bank by 1866. The collapse of Overend Gurney and Company, a wholesale discount bank, led to a banking panic. Consequently, Agra Bank was liquidated in 1900.
The Calcutta head office of the bank is now known as Currency Building and after restoration and renovation, acts as an art museum and is used for exhibitions.
The envelope above traveled from Jhansi (18 Mar) Via Gwalior (19 Mar) to Agra (20 Mar)
A 1873 envelope addressed to the Liquidator of Port Canning Company
Port Canning Land Investment, Reclamation and Dock Company
The Story
Port Canning Land Investment, Reclamation and Dock Company (PCC) was incorporated, to undertake work essential to the Port Canning Municipality (PCM). PCC was granted exclusive concessions and rights as part of the deal.
Port Canning Municipality (PCM), established in 1862 is the first and possibly the only municipality that went bankrupt in India. The municipality had grand plans for parks, wharves, jetties, tramways, railway stations, dockyards which didn’t materialise.
The origins of PCM are interesting. In 1853, Bengal Chamber of Commerce feared that the silting of Hooghly River may result in Calcutta Port becoming unnavigable and a search for an auxiliary port ensued. Matla estuary, 45 kms south-east of Calcutta, amongst Sunderbans was chosen where the waters of Bidyádharí, Karatoyá, and Athárabánká rivers converged. Henry Piddington, a storm expert warned that the site is unsuitable for a port as a cyclone may destroy the port. Nevertheless, about 9000 acres of lands was acquired; 8260 acres in the first instance and 650 acres in the second. The port was named after than Governor General Charles Canning who subsequently became the Viceroy. The municipality had taken loans and issued debentures worth of INR 1Mn. A railway line from Calcutta to Port Canning was built for INR 6M.
PCC issued equity which had a premium of INR 12,000 in Bombay and INR 10,000 in Calcutta; this was an era of another wild equity boom. A number of reasons made the port unviable, and the final nail was the cyclone of November 2, 1867, which destroyed the port.
As a result PCC was put into liquidation in 1870 and PCM faced bankruptcy.
A 1938 Envelope from The Scindia Steam Navigation Company to its Shareholders
The Scindia Steam Navigation Company Ltd.
The Story
The company was founded in 1919. During its lifetime, the company undertook many acquisitions and mergers.
In 1932, it acquired Bengal Burma SN Company. The envelope above has a letter to shareholders wherein the company is distributing a dividend.
Mumbai Steam Navigation Company Limited and Kamal shipping Company Limited were amalgamated into the company in 1953 and 1973 respectively. The company's shipyard i.e., Scindia Shipyards, were nationalised in 1961 and rechristened as Hindustan Shipyards Limited.
In 1989 the company submitted a restructuring proposal and in 1991 a revised restructuring proposal was presented. However, the company could not revive its fortunes.
The company currently (2024) is undergoing winding-up proceedings.
A 1912 Envelope from The Broach Industrial Cotton Spinning & Weaving Company
A 1921 Envelope from The Great Eastern Tobacco Company
