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John Binny established himself in business in South India in 1799. In the early years banking was the mainstay of his business, but from the mid 19th century Binnys began to acquire steamship agencies and to diversify into trade in general commodities, particularly coffee. In the last quarter of the 19th century the company turned its attention to textiles, establishing the Buckingham Mill Company and the Carnatic Mill, both near Madras, in 1876 and 1881 respectively. A little later, they took over the managing agency of the Bangalore Woollen, Cotton and Silk Mill.
In 1906 the collapse of the banking house of Arbuthnot and Company in Madras caused a run on Binnys which forced it to wind up. Sir James Mackay, then managing director of British India Steam Navigation Company, and later first Earl of Inchcape, bought the old firm and formed a new public company, incorporated in London as Binny and Company Limited, which took over the agencies formerly held by Binnys. The new head office was in London, rather than Madras, located in the offices of BISN, and former partners were appointed as managers in Madras.
In 1920, Binny hived off all its Indian interests to a new company, incorporated in India as Binny and Company (Madras) Limited. Binnys in London acted as agent for its Madras associate. At about the same time, the Buckingham and Carnatic Company Limited was incorporated in India to consolidate the two Madras mill companies.
In 1924 Binny and Company (Madras) Limited became Madras agents for the P & O Company, thus bringing closer the connection with Lord Inchcape. Binny and Company (Madras) Limited also formed an engineering department, dealing chiefly with ship repairs at first, but later extending to structural steel work and becoming a subsidiary company, Binny's Engineering Works (Private) Limited.
Binny and Company Limited joined the Inchcape Group in 1958. The company had offices successively in East India Avenue, Fenchurch Street, Throgmorton Avenue and Leadenhall Street.