Scandinavian Trade in Canton and “Borrowed Bengal Money”: The Global Role of Minor European Companies Trading in Asia, 1760–1786

From the mid-1760s, the British capital remittances from India became an important means of payment in trade between Asia and Europe. The established research of the remittance flows primarily relates to the role of English East India Company and of private trade in Asia; little is known about the role of other European agents. The aim of this paper is to assess the role of minor Swedish and Danish East India companies in the remittance business c. 1760–1786. The major focus is on the Swedish East India Company’ s payment strategy in acquiring its return cargoes in Canton. The study shows that remittances in the form of bills of exchange played a significant role in acquiring the company’ s return cargoes between 1766 and 1782. The two Scandinavian companies were important conveyors of British remittance money via Canton to Europe.