160 



expense of the general community. We thus learn that the 

 banking firm of Jaggat Sait, of Moorshedabad, was plundered, 

 during the Mahratta invasion of 1742 of specie to the amount 

 of 2^ millions sterling. Trade in the old days was, in fact, one 

 of peril and adventure and restricted to a few individuals, 

 who reaped enormous profits, which were sometimes expended 

 in the construction of alms-houses and temples, caravansaries, 

 roads and bridges. All this is now changed. The exten- 

 sion of the security of property to all parts of the country, 

 the adoption of a uniform currency, the introduction of the 

 money order system and of currency notes and State banks 

 and the creation of a public stock in which money can be 

 invested with perfect security, have rendered it now impossible 

 for the money-lending classes to make the enormous gains 

 which they did in former times. Their loss, in this respect, 

 however, is as nothing compared with the immense gain to 

 the public resulting from the decentralization of money and 

 capital, increased conveniences for the transfer of money, and 

 the more secure investment of savings. The vabie of the 

 money orders now issued at trifling cost amounts annually 

 to 12 millions Rx for the whole of India, and 1-3 million 

 Rx for the Madras Presidency ; the bank notes in circulation 

 amount to 16 millions and 2 millions respectively. The 

 deposits in the saving's banks have also increased from 0*4 

 miUions Rx in 1857-58 to 6*9 millions Rx in 1889-90 for the 

 whole of India. There can be no doubt, however, that with 

 the increase of trade and the growth of a money economy, 

 money-lending classes have increased, in large numbers and 

 spread all through the country instead of being confined to 

 the towns. According to the returns of income-tax for the 

 year 1890-91, there were in this Presidency 14,621 money- 

 lenders with incomes exceeding Rs. 500 per annum. There 

 is no means of forming an estimate of petty money-lenders 

 with less income than Rs. 500. The tax paid by the for- 

 mer class amounted to nearly Rs. 3,59,000, and the income 

 assessed may be estimated at 1'6 millions Rx. The income is 

 not large as compared with incomes in European countries, 

 but it is much larger than was the case formerly in this 

 country, and, being made up of smaller profits than before, 

 denotes increased activity of trade. 



Other mercantile and trading classes have increased 

 largely in numbers and are in a prosperous condition, owing 

 to the development of trade of which a full account has 

 already been given. As in the case of money-lenders, the 

 income of this class is made up of small gains in a large 

 number of transactions and not by large profits in a small 



