Shirley Tremearne: The ambitious hotelier who created India’s first financial newspaper

Chronicling Tremearne and different radical is Devasis Chattopadhyay’s book, Harry Hobbs of Kolkata and Other Forgotten Lives (Niyogi Books).

                                                             Shirley Tremearne

Law Officer – Media Moghul – Businessman successful Kolkata

During World War II, the hunt was connected for a speedy way to riches and Indian investors knew conscionable wherever to turn. They looked to Capital, the oracle of the stock market. While the play paper couldn’t warrant a killing, it offered the adjacent champion happening – a dependable watercourse of quality and accusation to assistance savvy fortune-seekers onslaught gold.

Capital was India’s archetypal economical and fiscal weekly, and it remained the Bible for investors for 91 years. When it received a quiescent burial successful 1979, incredibly, it was inactive selling 4,500 copies to a loyal subscriber base. But, for the astir part, its extremity went unnoticed.

In February 1979, India’s past premier quality mag India Today reported that the country’s oldest fiscal journal, Capital, seemed to beryllium heading for closure. It had been edged retired of the marketplace by regular concern newspapers specified arsenic The Economic Times and Business Standard, and the past precocious started fortnightly concern quality magazine, Business India.

Capital: A Weekly Journal of Commerce was published successful the tabloid format. Launched arsenic a play newspaper, it covered trade, economical output, industry, infrastructure development, nationalist affairs, and existent events, isolated from regular commercialized news. The paper had an absorbing tagline, which read: ‘A Weekly Commercial Paper Devoted to the Interests of Capitalists and Employers of Labour’.

Capital beforehand page, 7 August 1894 (Picture provided by Devasis Chattopadhyay)

The paper was launched by “businessmen Shirley Tremearne and W. H. Targett (William Harold Targett) successful Kolkata successful November 1888 arsenic a commercialized and fiscal play paper successful English”, wrote Aruna Magier (New York University) and Judy Alspach (Center for Research Libraries, Chicago) successful their nonfiction ‘Preserving Capital: An Important News Source For Indian Economic History’. During its archetypal years, Capital was published from the bureau of W. H. Targett & Company, of which Shirley Tremearne was the exertion and Managing Director, astatine 4 Waterloo Street (now Nawab Siraj-ud-Daulah Sarani). An imprint enactment of the paper informs america that Capital was printed by A. Acton astatine the Caledonian Steam Printing Company astatine 3 Wellesley Place (in the BBD Bagh area), Kolkata, astatine that constituent of time.

The 2 decades pursuing 1885 constituted a germinal play successful the past of modern Kolkata arsenic good arsenic India. The wide upsurge successful the aftermath of the Bengal Renaissance began to explicit itself passionately successful animated discussions and successful the enactment of governmental associations of which the Indian National Congress was a manifestation. The consequent merchandise and enactment of specified divers forces arsenic imperialism and independence, nationalism and separatism, obscurantism and enlightenment, moderation and extremism led to a unusual alignment of governmental forces that shaped India’s governmental destiny. Alongside, the modern economical and commercialized impulses were besides shaping our satellite and our hopes and aspirations.

No wonderment that India’s archetypal fiscal paper was founded successful Kolkata. It is simply a testament to the past increasing economical value of the city, which was besides the imperial superior of the assemblage British successful India. The fiscal and economical play was wide work and respected arsenic a concern paper of grounds astatine the clip each implicit the subcontinent and overseas. Although it was chiefly a fiscal weekly, it published absorbing articles connected politics, societal life, trading, and different domains of wide involvement arsenic well. Commencing with 32 pages successful 1888, Capital grew to beryllium an 80-page play paper astatine the tallness of its popularity successful betwixt the 2 World Wars.

So, it was but earthy that Tremearne would commencement Capital successful Kolkata. The past 3 decades of the 19th period saw immoderate important improvements to the metropolis and her infrastructure: underground waterpipes and drains successful immoderate areas from the 1870s; a pontoon span crossed the Hooghly River astir 1874; horse-drawn trams from 1880s; gaslights connected streets, and past a dilatory replacement of them by electricity; the archetypal telephones successful 1882 and a fewer motor-cars from 1896; and, electrical lights and fans successful a fewer homes and electrical trams from astir 1900.

Though its obituary whitethorn person been written astir 45 years agone successful 1979 but Capital lives connected successful probe that is presently underway astatine New York University, nether the aegis of The South Asia Materials Project (SAMP). Historians, particularly those studying economical and concern history, volition find successful it a multitude of data, sentiment pieces, advertisements, manufacture and labour relations reports, and analyses of events, which could supply extent and nuance to their probe relating to assorted industries of that period.

Archived editions of this play paper astatine the National Library of India successful Alipore, Kolkata, are a fount of accusation connected companies operating successful India from the 1880s till astir 1960, including those producing and dealing successful tea, cotton, jute, sugar, tobacco, coal, and Iron and Steel. Business historians volition find a wealthiness of quantitative and qualitative information connected the past of Indian industry, including the Tata companies, which are planetary entities today. Capital besides contains extended humanities information connected the Kolkata banal marketplace and the Indian banking industry. And, I would situation accidental that the aboriginal time concern and concern newspapers and magazines successful India mostly copied its format and contented structure.

In the tract of economical journalism, Capital had a fig of ‘firsts’ to its credit. Columnists and journalists volition beryllium funny to cognize that a file successful the play newspaper, titled Ditcher’s Diary, marked the opening of personalised concern and concern columns successful economical journals. In 1937, it was Capital that introduced the normal of publishing indices of stocks and shares from the Kolkata Stock Exchange, to assistance market-pundits gauge the wide economical climate.

So, the question is who was this Shirley Tremearne, exertion of Capital? Why haven’t we heard of him, a antheral who should person been talked astir and celebrated agelong ago?

Shirley Tremearne (Picture provided by Devasis Chattopadhyay)

“Very fewer businessmen made truthful unfortunate a commencement successful India arsenic Shirley Tremearne (1848-1923), who claimed his descent from 1 of the oldest families successful Cornwall, England,” wrote Harry Hobbs successful his publication John Barleycorn Bahadur: Old Time Taverns In India successful 1944. Born successful Tregenna successful Cornwall connected 21 August 1848, helium came to Kolkata erstwhile helium was 20 years old, a decennary aft the Great Revolt, to articulation his brother, who worked for Tremearne, Day & Co. He, however, had a melodramatic commencement to his agelong and eventful vocation successful the subcontinent for helium recovered connected accomplishment that the firm, and his brother, had some vanished arsenic wholly arsenic if they had ne'er existed! Tremearne would aboriginal observe that helium was a antheral of galore talents but, for now, helium had to instrumentality the archetypal occupation that came his way. He landed the insignificant presumption of an ‘Examiner’ astatine the Accountant-General’s bureau successful Rangoon (Yangon present successful Myanmar) and it didn’t wage much, conscionable Rs.80 per month, arsenic salary.

Tremearne was aboriginal transferred to Kolkata’s ‘Currency Office’, which marked the opening of a vocation successful which helium demonstrated a formidable prowess successful the realms of law, hospitality, journalism and the wide concern management. He had a crisp and agile caput and, astatine the Currency Office, a young Tremearne attracted the attraction of John Henry Rivett-Carnac, a provincial civilian servant with the Bengal Civil Service, an Indologist, the backstage caput to Richard Temple (Tale Seven), and laminitis of the Kolkata Town Band.

Rivett-Carnac recommended Tremearne to Richard Couch, Chief Justice of Bengal. This led to Tremearne’s assignment arsenic the clerk and backstage caput to 2 successive Chief Justices of Kolkata High Court – Richard Couch (1870-1875) and Richard Garth (1875 -1886). Eventually, helium became an Assistant Registrar connected the ‘Original Side’ of the Kolkata High Court and served the tribunal till 1887, erstwhile helium resigned.

And, helium was yet to marque his top contributions.

In the words of Mark Twain, the Great Eastern Hotel successful Kolkata was the “Best edifice East of the Suez” but it was good past its glory days erstwhile an up-and-coming Tremearne began his relation with this Kolkata icon successful the aboriginal 1880s. Still successful his 30s, Tremearne was initially the hotel’s ineligible consultant, portion helium was moving astatine the Kolkata High Court. Later on, aft resigning from the services astatine the Kolkata precocious Court, helium joined the edifice arsenic an mean Director successful its Board successful 1887. Simultaneously, helium was readying to motorboat Capital successful 1888 arsenic its exertion and Managing director. In 1891, helium besides became the Managing Director of the hotel.

The Great Eastern Hotel (Picture provided by Devasis Chattopadhyay)

Montague Massey, successful his Recollections of Calcutta for Over Half a Century (1918), shares an absorbing nugget astir Tremearne and the hotel’s Ghari Verandah – the ample balcony that overhangs the pavement connected the thoroughfare below. This ornate gem is the portion de absorption of the constitution adjacent today.

To instal the balcony, the edifice required the authorisation of the Building Committee of the Kolkata Municipal Corporation. The Building Committee was entitled to complaint a interest of Rs 100 per period for specified authorisation arsenic per the Municipal Act. The Kolkata Municipal Corporation, however, refused to wide the program arsenic the balcony was a colossal structure; it insisted connected a monthly interest of Rs 300 aft passing a peculiar resolution. Members of the hotel’s Board were successful a hole arsenic they had already placed the bid for fabricating the verandah with the vendor, Walter Macfarlane & Co, arsenic soon arsenic the municipal corporation’s technologist approved the plan.

Most of the directors were connected the verge of giving successful to this ‘extortion’ but Tremearne would person nary of it. As the ineligible consultant, Tremearne recovered a loophole successful the Municipal Act, and refused to budge. The hotel, helium insisted, would not wage the enhanced interest of Rs 300.

It was the municipality’s crook to ascent down. It took the regular interest of Rs 100 per period and the substance was settled. The massive, regal balcony, which spans the magnitude of the hotel’s facade, overlooks the Old Court House Street adjacent now. Installed successful 1883, it became the archetypal Ghari Verandah successful Kolkata and inspired galore others similar it to beryllium installed crossed the city.

It was lone the archetypal of galore things Shirley Tremearne would bash to revolutionise the Great Eastern Hotel.
In 1891, astatine the property of 43, Tremearne became the Managing Director of the Great Eastern Hotel. By that time, helium successful concern with William Harold Targett had already started Capital. With his ineligible expertise and large concern acumen, helium dragged the edifice retired of the quagmire that threatened to descend it, a messiness created by David Wilson (founder of the hotel), his lad D H Wilson, and their nominees.

Let maine instrumentality to a communicative that Harry Hobbs wrote successful his publication John Barleycorn Bahadur. He recounted, “Shirley Tremearne told maine however easy helium became the managing manager of the Great Eastern Hotel and started up the ladder of fiscal prosperity. An aged man surviving successful the edifice complained that a pint vessel of claret was corked. The steward, who astir apt knew nary much astir vino than helium did astir Heaven, took a bully sip, and said it was adjacent enough; the manager supported the steward, and the committee of directors saw nary crushed to reverse the determination of their staff. Bitterly angry, the regular boarder told everybody however scandalously helium had been treated. One of the past men helium went to was Shirley Tremearne (then a director) who ironically suggested that helium should crook retired the committee of directors.”

Sometime later, the old, regular boarder of the Great Eastern Hotel asked Tremearne if helium would attraction to beryllium the Managing Director and tally the hotel. He explained to a perplexed Tremearne that helium had done arsenic Tremearne had suggested. He had bought capable shares successful the hotel’s existing joint-stock institution to propulsion distant the inefficient management! Tremearne accepted the offer. So retired went David Wilson’s son, D H Wilson, and his crony committee members. Eminently suited to his caller position, Tremearne started to salvage the Great Eastern Hotel and restored it to its erstwhile grandeur, narrated Hobbs.

Excerpt published with support from Devasis Chattopadhyay and Niyogi Books