The book examines debates about the Indian commercial World Especially external trade during the first century of colonial rule. The British position in India was established through the exchange of bullion for Indian goods. The institutions that were created to maintain this trade finance after the Company reduced its import of bullion were essential to the mechanism of the Empire In India and an important element in the domestic British financial structure.
In the latter part of the nineteenth century the main lines of debate were already in place. British apologists argued that whatever disruption traditional weaving had suffered from manufactured imports, or traditional trade from the declining import of precious metals, the British presence had guaranteed India's participation in much Wider patterns of International trade finance and had brought her the benefits of modern business practice.