Sassoon family
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Briefly
April 24, 2022: The Times of India
The Sassoons were often referred to as ‘theRothschilds of the East’. Is that a fair analogyin your view?
Partly. But to be fair, the Sassoons were much better knownthan the Rothschilds in Asiathroughout most of the 19thcentury. The Rothschilds wereknown in Europe but not in India and China.
What made David Sassoon and his family flee Baghdad and undertake a perilous journeyto Bombay in the early 19th century?
The Sassoons lived for generations in Baghdad and some argue they date back 2500years. Baghdad was part of the OttomanEmpire and governors in the province ofBaghdad changed; some were benevolent,others were not. A corrupt governor was appointed who proceeded to extort money frommerchant families (of all religions). David Sassoon’s father, SheikhSassoon ben Saleh, was targeted given his prominence. Hisson, David, was arrested untila ransom was paid. Once hisfather paid the ransom, hemade sure that his son fledBaghdad. He followed him afew months later.
The book is dedicated to yourgranddaughter Aya. How wouldyou describe the Sassooncontribution to the makingof Bombay to her?
I hope one day she canread the book and I can tell her that the Sassoons saw Bombay andIndia as their new home; they felt secure andsaw economic opportunities. They built houses, synagoguesbut also contributed to the welfare of the city because theycared about it and its people. Ihope one day I can bring her tosee the magic of Bombay and of India.
How big a role did language play in the success of the Sassoons in Bombay?
Huge. By writing all the correspondence intheir dialect, it prevented outsiders fromdecoding the language and it provided themthe freedom to discuss minute details oftrades and overall strategy. But the BaghdadiJewish dialect also worked against them inthe latter stages of the 19th century as theirpool of talent was restricted to BaghdadiJews who could write this language.
Was their anglicisation gradual? Yes, it took decades but over time itbecame deeper and almost ideological. They wanted to be seenand accepted as upper Englishclass. Arabic, Judaism, (their) tiesto India — all began to wither because of a desperate need to bepart of England.
Where did theresearch take you?
My research tookme from England to India,China, Jerusalem, and Texas. I had to read a lot about Indian nationalism, commodity trading, shipping, as well as wars in China throughout the 19th century and opium trading. Loved visiting their home (now Messina Hospital) in Mumbai and Mahabaleshwar.
Who is your favourite ancestor?
The biggest surprise for me from the research was Farha. Previous books and writings never gave her the credit she deserved. She was a global CEO, the only one probably in the world, running a complicated global business. She was truly a remarkable personality. The men in the family never stopped conspiring against her because of their misogynistic views that women are not capable of running big businesses. Also, researchers followed family members who ignored or belittled her role. However, by the time she came to the picture somewhat late in 1895, the decay had commenced. I think if she came in two decades earlier, the dynasty would have recovered.
What led to the decline in family fortunes?
The family did not see or want to accept that the opium trade had entered its final stages by the late 19th century. Instead of changing their tactics and focusing on new businesses, they preferred to continue the trade, fighting restrictions and regulations, mainly in China. They lost two critical decades whereby they could have diversified.
What has this deep dive into the Sassoon archives taught you about refugee families?
That refugee families are critical in developing their new homelands and, most importantly, that immigrants can bring new ideas, and determination to succeed.
What lessons can family-run businesses learn from these early global merchants?
Inter-generational wealth is not guaranteed. Families need to spend time and effort to ensure that the next generation will be as successful and determined as them. Sibling rifts and discords have to be dealt with and not buried. The Sassoons beginning with David Sassoon could have prevented the demise of the family if they opted to be more open with their children and more willing to deal with problems that were brewing.
