When New York Exchange Remained Closed As Mark Of Respect For An Indian.
From medieval times to today’s modern India, the Jain Marwaris have played a crucial role in shaping and developing the business and industries of India. Jain names like Jagat Seth, Seth Vrji Vora, Seth Kanjilal were some of the wealthiest names in the world in their time. One of these Jain names were Seth Hukumchand of Indore.
Seth Hukumchand was born to a wealthy Jain merchant family of Indore in 1879. He inherited a few lakh rupees from his father. With his business skills and acumen, he multiplied this wealth to a few hundred crores at the time of his death.
Seth Hukumchand made his money from trading and producing cotton and jute. He was the first Indian to build a jute mill in 1917. He was also very active in the commodities trading market in India and abroad. The extent of his wealth can be understood from the fact that he spent a considerable sum of money to gold plate his Daimler car with 6.2 kgs of gold in 1912.
For his control over India’s cotton trading market, he was given the name of The Cotton Prince of India. He played a crucial role in making the Swadeshi movement a grand success in India. Seth Hukumchand, with his cotton mills, played a vital part in boycotting British made cloths for cotton and khadi clothes manufactured in India.
Seth Hukumchand was also one of the biggest philanthropists in India. According to some reports, he donated nearly ₹4,200 crores (in today’s value) as a charity in 1950. He donated his money to building schools, colleges, hospitals, libraries and art galleries.
Seth Hukumchand was not only famous in India. He was a popular commodities trader known globally. A bust of Seth Hukumchand is still present inside the London Commodities Exchange. New York Cotton Exchange was closed for 2 days after his death as a mark of respect for Seth Hukumchand.
The British Empire awarded Seth Hukumchand Knighthood. He also received numerous awards from Maharaja of Gwalior, and Maharaja of Indore. Seth Hukumchand denounced all his possessions during his later years. He lived last years as a Jain muni. The great Seth Hukumchand died in 1959.
