Chapter 4: The Sassoon Legacy and Baghdadi Jews
The Baghdadi Jews grew and prospered in Bombay. The coming of a large number of members from this community to Bombay was because of the political situation back home as seen earlier in chapter. Baghdad was a part of the Turkish Caliphate during this period and was under the control of Daud Pasha. Sheikh Sassoon was the chief treasurer of the Ottoman Pashas of Baghdad and the traditional spiritual and community head of the Middle-eastern Jews, a prosperous community that had become the target of Daud Pasha. In fact David Sassoon was imprisoned by him and was released only after his father Sheikh Sassoon paid a huge amount.
In 1832 David Sassoon came to Bombay and set up his business and home…show more content… David Sassoon began his trading activities with the Middle East and later ventured into trade with China. The main products of his trade were cotton, tea, indigo and opium. Through his entrepreneurial skills David Sassoon &Sons was very well established. The foresight of David Sassoon lead to the economic boom in Bombay as he stationed his son Sassoon David in England just three years before the American Civil War broke out leading to an increase in demand for Indian cotton by the Lancashire mills. This lead to an increase in the economy of the Sassoons as well as of the…show more content… Sassoon & Company which was involved in banking and finance.
Sassoon David was the initiator behind the establishment of bank of India which is one the largest banks in India. He was the chairman of the bank for 20 years since the foundation of the bank in 1906 until his death in 1926. He began his career with the E.D Sassoon & Co. in China as an active partner but later in 1884 Sassoon David started his own business and private offices in Bombay under the name Sassoon David & Co. It had branches in Hong Kong and Shanghai as well. He expanded his business to include finance, commerce and textile industry. E.D. Sassoon &co. under the leadership of Jacob who was the son of Elias Sassoon later was one of the biggest mill owners in Bombay that employed over 15,000 mill workers in the eleven mills owned by them. The largest mill was the Jacob Sassoon mill which was established in 1893. It was also the largest spinning and weaving mill in India. Today it is called India United Mill No.1 and is owned by