In 1816, in a “Big Bang” liberalisation, the commercial and financial restrictions on trading with India were removed. This account is from John Capper’s 1853 book, The Three Presidencies of India. I just wondered if it reminded you of anything?
The impetus which the Indian trade received on the opening of the ports of the East to all classes was not without its evils; the prospect of rapid fortunes which opened out to many of the newcomers paved the way to a reckless system of trading, and an improvident style of living, hitherto unknown…
In 1830 and the following year commercial affairs reached a crisis in Calcutta. The hollowness of the fabric reared by rash speculators, demonstrated itself with a convulsion which will not easily be forgotten by those who witnessed its effects. Indigo, silk, cotton, sugar, all had been dealt, or rather gambled in, to an extent that was only limited by the impossibility of obtaining any further means for carrying on the game. It mattered little whose funds were jeopardised…
The bubble burst, scattering ruin and desolation amidst the homes of thousands of helpless victims. None were prepared for the catastrophe, and least of all the harmless men who had caused the mischief. They were not moved; few of them had lost much. The storm overtook them steeped in princely luxuries, deep in selfish physical enjoyment. Bankruptcy stared them and their victims in the face, but how different the result! A month or two without their race-horses, their dinner parties, and their ducal establishments, and the Insolvent Court kindly enabled them to make a fresh start, as unabashed as ever; whilst their constituents (i.e. their victims) became pauperised, and dependent upon charity for subsistence.