NUANCES OF CHETTIAR FINANCING AT BRITISH MALAYA, C. MID-1870s TO EARLY 1890s

Abstract

Moneylending and indigenous banking is often associated with the Nattukottai Chettiars. However, a long depression from the mid-1870s to early 1890s reveals a more nuance perspective of their financing at British Malaya. They not only had close business connections with Chinese tycoons, colonial officials, lawyers, sultans, penghulus, ship captains, shopkeepers and farmers. Evidently, colonial officials and Chinese tycoons also colluded with them in business transactions. In addition, their diverse operations comprised mortgages, pawnshop loans and new credit instruments like chetty’s insurance bond as well as securing salaries and pensions through powers of attorney. By the early 1890s their entourage of credit and collateral included wages, ships, hotels, land, property, limekiln factories, coffee bags, pearls and even bullock carts.