On Tuesday, 29 October 1929, the New York Stock Exchange opened under a cloud of fear. The market had been plummeting for the last five days and the brokers sensed that the worst was yet to come. They were not wrong. As the story goes, the opening bell of the exchange was never heard because the shouts of “Sell! Sell! Sell!” drowned it out. Within first thirty minutes, US$ 2 million evaporated into thin air and the slide continued. Phone lines were clogged and telegram service exhausted. By the end of the day, the market had lost US$ 14 billion – about 180 billion in today’s dollars. The ticker tape that recorded transactions ran for 15,000 miles! This was “Black Tuesday”, the beginning of the Great Depression, the longest, the deepest and the most widespread economic depression of the 20th Century. It would take the world twelve years to recover from it.
The news of “Black Tuesday” reached India only two days later. Even then, it wasn’t taken too seriously. The Times of India printed the story on its page 10. After all, how much effect could the Wall Street have on streets of Agra or Madras? As it turns out, a lot. The Great Depression ended up plunging Indian peasantry into years of misery and indebtedness. The economic distress was further exacerbated by sheer greed and mismanagement of the colonial government. Ironically, the same governmental greed also ended up unwittingly helping the nascent Indian industry, which emerged from the depression stronger than ever before. Continue reading →
Jinnah, even as a young man, was famous for never wearing a silk tie twice
On 4 October 1930, Muhammad Ali Jinnah was aboard a ship called Viceroy of India, setting sail from Bombay to London, ostensibly to participate in a political conference being called by King George V. However, unbeknownst to even the ones closest to him, Jinnah did not plan on returning to India for a long time, possibly forever. There simply seemed nothing to come back to in India. His wife Ruttie Jinnah, the love of his life, had died last year. The same could be said for his political career. While fifteen years ago, Jinnah was one of the fastest rising politicians in the country, now he was a marginalized figure with little political power or following. Despite all his brilliance and talent, the political climate of India seemed to have become too petty and self-destructive for him to succeed. So, instead, he had decided to embark on a new chapter of his life at the age of fifty-three by moving his practice to London and seeking a seat in the British Parliament. By the next year, his passport would list England rather than India as his place of residence. For the most part, Jinnah and India seemed finished with each other.
The idea that Jinnah would not only return to India but be at the helm of its second biggest political party by the end of the decade would have sounded farfetched at the time. The prediction that this barrister would singlehandedly altered the course of South Asian and world history by the end of the next decade, would have sounded down right impossible. It would be one of the greatest stories of comebacks in Indian politics. Aboard Viceroy of India, even Jinnah couldn’t foresee what the future held in store for him. Continue reading →