Reference code(s): GB 0074 CLC/B/207/ES04
Held at: London Metropolitan Archives
Title: E D SASSOON AND COMPANY LIMITED: ACCOUNTING AND FINANCIAL
Level of description: sub-fonds
Extent: 0.0375 linear metres
Name of creator(s): E D Sassoon and Company Limited xx D K Investments (Crosby Square) Limited
In 1867 Elias David Sassoon set up the mercantile house, E D Sassoon and Company with offices in Bombay, India and Shanghai, China. The company also operated in the Gulf ports, Baghdad and Japan. The company bought up poorly performing cotton mills in Bombay and turned them into successful profitable operations. After the death of Elias David Sassoon in 1880, his eldest son Jacob took over the business and further branches were opened in Calcutta and Karachi. The firm also purchased property in Shanghai.
In the early twentieth century Jacob Sassoon played a very prominent role in forming the Eastern Bank. E D Sassoon and Company took advantage of the facilities provided by the Eastern Bank, making themselves less vulnerable to fluctuations of the rupee currency. On 1 January 1921, E D Sassoon and Company Limited was incorporated as a private trading and banking company. After the death of Sir Edward Sassoon and his younger brother Meyer, Jacob's nephew Victor Sassoon and his widowed Aunt Mozelle became the main beneficiaries of the combined business assets, then valued at £15 million. Sir Victor Sassoon became the chairman of the company and Meyer and Mozelle's son-in-law, Derek Fitzgerald was appointed manager of the London and Manchester branches.
In 1927, E D Sassoon and Company Limited was the largest mill owner in Bombay where the headquarters were then based. The company moved to new head quarters at Sassoon House in Shanghai, China in 1930. In order to facilitate investment a banking subsidiary was formed, E D Sassoon Banking and Company Limited. This new company took on the majority of the parent companies functions and continued to exist until it was taken over by Wallace Brothers and Company (Holdings) Limited and renamed Wallace Brothers Sassoon Bank Limited in November 1974. E D Sassoon and Company continued to operate as a separate company from 1972 until 1978 when it became DK Investments (Crosby Square) Limited, 4 Crosby Square, City of London.
Scope and content/abstract:
Records of E D Sassoon and Company Limited including accounts, balance sheets and reports.
ACCESS AND USE
Language/scripts of material: English
System of arrangement:
Sub-fonds arranged as follows:
CLC/B/207/ES04/01 ACCOUNTS, BALANCE SHEETS AND REPORTS
Conditions governing access:
These records are available for public inspection, although records containing personal information are subject to access restrictions under the UK Data Protection Act, 1998
48 hours notice required for access
PLEASE NOTE: Permission for access to records less than 45 years old should be sought from the depositor.
Conditions governing reproduction:
Copyright is held by the depositor.
Please see online catalogues at: http://search.lma.gov.uk/opac_lma/index.htm
Immediate source of acquisition:
The bank's archives were deposited in the Manuscripts Section of Guildhall Library in 1989 and after. The Guildhall Library Manuscripts Section merged with the London Metropolitan Archives in 2009.
Rules or conventions: Compiled in compliance with General International Standard Archival Description, ISAD(G), second edition, 2000; National Council on Archives Rules for the Construction of Personal, Place and Corporate Names, 1997.
Date(s) of descriptions: Added January 2014