Allahabad bank, now a nationalized Indian bank (since 1969) was founded by Europeans in Allahabad on 24 April 1865. It was the oldest joint-stock bank and has been providing banking and financial services for more than155 years. In 1989 it celebrated its 125th anniversary. The Bank's head office is functioning in a heritage building in Kolkata's prime commercial area once owned by John Finlay Muir and company founded by James Finlay, a Scott from Glasgow..
That Calcutta was the capital of early colonial India and later the Raj (until 1912) was the main reason why so many English and other European companies had moved in there to engage in business. This is the reason why Calcutta (kolkata) has the largest number of colonial buildings built both by the government to house their various departments and also by private enterprises like engineering companies, banking, etc to run their offices. A large number of heritage buildings once owned by the government are in the Dalhousie Square area and along with them were offices of mercantile houses of the colonial era. A surprising fact is many Scottish companies were operating in Kolkata and had their mercantile houses there. The added advantage was the proximity of the near-by government offices and it helped the companies a lot to get things done by the powers that be. Among the private companies the Scottish company John Finlay Muir & Co., was a famous one and had their office here in Kolkata.
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| Finlay Muir & Co.dolphin.blogspot.com |
This Glasgow based company established in 1790 was run by the Finlay family to trade in cotton, muslin, etc after the founder's death his second son Kirkman Finlay expanded the company. He was keen to do business in India to cut loose EIC monopoly and domination. In 1813, demand for Finlay's cotton fabrics, etc was way high beyond expectation. Their trading operation in one market generated more profits than their many outlets in Europe and America. In 1862 the first agency was set up in Bombay. Finlay, Clerk & Co. After Finlay's death in 1842 John Muir who became a junior partner in 1861 was able to become a sole proprietor after buying out other partners.
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| Allahabad bank. Indian postage stamp 125th anniversary. alamy.com |
Above image: Building pictured in the stamp is a different one. 125 anniversary. Stamp issued by the Indian Postal Department in 1989........
The end of American civil war (1861 to 1865) between the Union and Confederates (Slave states of southern USA) had had a squeeze on the cotton supply from North America. Muir and company turned to India to source cotton. In 1870 James Finlay Muir and Co was established. Being a shrewd man well versed in nuances of corporate business after his arrival in India he diversified his operations and got into Jute and tea. They developed many tea estates (in the 1980s Tata bought the tea company from them) in Assam, Darjeeling, Ceylon, etc.. Out of more than 270000 acres roughly 70000 acres were set aside for tea plantation. Finlay’s, continues to exist, with interests in tea, rubber, etc.
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| Finlay Muin & Co (presently Allahabad bank.puronokolkata.com |
Built in 1912, this used the be the Head Office of James Finlay and Co. One of the better maintained old offices in India Exchange Place, Calcutta. Originally at 15, Clive Row (now Dr. Rajendra Prasad Sarani), it moved over to 21, Canning Street (now Biplabi Rashbehari Basu Road), and from there the Scottish company in 1912 moved over to their own building (on Royal Exchange Place ) erected on the land of “Thieves’ Bazaar” Chor Bazaar)..
There is a mix-up of Calcutta Theater and Finlay Muir and co and it was due to their office in the same place at 15 Clive Row (Previously known as Theater Street). Here James Finlay Muir & Co stayed for a long time.
The building currently serves as the Head office of Allahabad Bank, and is being well maintained. With two floors above the ground floor, this typical European styled building appears to have followed Palladian architectural style with façade showing no typical ornamentation in the cornice and pediment resting on the ornamented entablature that is supported by 6 tall partially fluted (from the base to the middle) cylindrical columns whose pedestal is resting on the top of ground floor. The iconic columns are similar to those of classical ancient Greek temple. Provision of small ventilation openings close to the 2nd floor top in the front and the tall ceiling was meant to keep the indoors cool and to allow air circulation.
http://double-dolphin.blogspot.com/2014/07/finlay-muir-co-royal-exchange-place.html
https://puronokolkata.com/2014/04/15/calcutta-theatre-clive-row-calcutta-1776/
