William Gyfford
| William Gyfford | |
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| Occupation | lawyer, administrator |
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William Gyfford was an English factor and Agent of Madras from 3 July 1681 to 8 August 1684 and the President of Madras from 26 January 1685 to 25 July 1687.
William Gyfford was associated with the Honourable East India Company's factory at Madras right from the time of its inception. He was made a factor of the East India Company in December 1657 and in 1662 became also a member of Council of Fort St George.
On the removal of Streynsham Master on charges of private trade in the year 1681, William Gyfford was made the Agent of Madras. He was more or less a puppet of the authorities in England, most importantly, Josiah Child.
Gyfford ended hostilities with Lingappa, the Naik of Poonamallee by proposing peace with him. Lingappa seeing his chance demanded a huge amount in return for his friendship and help in curbing private trade and other criminal activities. The Company agreed and paid him 7,000 pagodas. A firman was signed by the Naik of Poonamallee on behalf of the Sultan of Golconda providing a new cowle for the district of Madraspatnam at the rate of 1,200 pagodas per annum.
On 12 November 1683, a messenger from the Sultan of Golconda arrived at the Company's garden house and was greeted by a volley of gunshots. Amidst celebration and excitement the firman was signed.
Under extreme pressure from Josiah Childe, William Gyfford introduced reforms to increase the revenues of the East India Company. The Madras Bank was established on 21 June 1683 with a capital of one hundred thousand pounds sterling. This bank lent money to the citizens of Madras at six percent interest. The Madras Bank, which later became the Bank of Madras in 1843 and eventually merged with the Bank of Bengal and the Bank of Bombay to form the Imperial Bank of India in 1921 is the oldest European-style banking instituition in India
Gyfford also introduced a law to curb the slave trade in the Agency of Fort St George. The trade in slaves was made punishable by law and a Court of Admiralty was established to try offenders on 10 July 1684 thereby replacing the Court of Judicature that had been established by Streynsham Master in which the Agent passed judgement over interlopers and slave traders.
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