Economic history of India Indian reserve Bank held a positive balance of £1160 million, with it, on 14 July 1947, and that British India maintained a trade surplus, with the United Kingdom, for the duration of the British Raj eg. Source: Indian sterling balances, p. 2, 15 Jan.1.1947, Bank of England (BoE), OV56/55. Modern economic historians have blamed the colonial rule for the dismal state of India's economy, with investment in Indian industries limited since it was a colony. Under British rule, India's native manufacturing industries shrank. During the British East India Company's rule in India, production of food crops declined, mass impoverishment and
Company rule in Rhodesia Whitehall, with government transferred to the Colonial Office in London, which would henceforth appoint a local governor. The Company would concurrently keep the country's mineral rights, extensive tracts of freehold property, and half the proceeds from future sales of land in what had been North-Western Rhodesia. Northern Rhodesia duly became an Imperial protectorate on 1 April 1924, with Sir Herbert Stanley installed as the inaugural governor. British South Africa Company rule in Rhodesia was thereby ended. Company rule in Rhodesia The British South Africa Company's administration of what became Rhodesia was chartered in 1889 by Queen Victoria of the United