Leaving India

Manawatu Times, Volume LIV, Issue 6658, 19 September 1931, Page 12

Leaving India

EOMBAY’S HIGHEST MAN. Because of the unrest which he foresees if Indian is granted Swaraj (Home Eulc), Sir Victor Sassoon, the millionaire baronet, proposes to withdraw his immense business interests from India. He will transfer his business activities to China, says the “Daily Telegraph.” The announcement cansed a sensation, for Sir Victor is regarded as being the richest business man in Bombay. Sir Victor’s vast business interests in India included several cotton mills. He has, too, the largest racing stables in the East. For the present his racing interests are to bo loft intact. In explanation of his decision to sover his connection with India, Sir Victor said that in his opinion India under Swaraj will have a great deal of internal trouble. “The bad state of business in India,” he said, “has been chiefly due to the impossibility of competing with Indian firms, with their small overhead charges. | ’ ‘ The general feeling in Podia against foreigners engaging in developing the country is to be deplored. “Indians think that this is exploiting, whereas in China it ds realised that foreign finance is necessary. The Chinese are only too glad to have a foreigner working with thioir inter6SSir Victor intends to leave India in October. The great merchant and banking firm of E. D. Sassoon and Co., Ltd., of which Sir Victor Sassoon is the head, has had its headquarters in India for some centuries. Sir Victor’s ancestors came from Armenia some 4fio years ago, and were merchants in Bagdad before coming to India. As well being a great banker and merchant, Sir Victor is one of the largest mill owners in Bombay. He has run newspapers and has been a member of the Indian Legislative Assembly . . During the war Sir Victor served in the Boyal Air Force. Despite the fact that he is crippled and has to walk with the aid of two sticks, he is still keenly interested in aviation, and har taken a prominent part in the formation of flying clubs in India. Sir Victor is the third holder of the ba/ronetev to which he succeeded in 1924.