|which encouraged small - savings.
To strengthen this banking system he launched the state control of trade, commerce and
industries. Mysore was rich in commercial crops such as silk, sandalwood, pepper,
cardamom, coconut, elephants, ivory and so on, which were greatly in demand in the Western
market. Tipu was keen that the trade of these commodities should not fall into foreign
hands. Therefore, the state itself became the greatest exporter and importer of goods,
which were sent out, and brought in, by his own fleet of merchantships. The hold of
private bankers, money - lenders and middle-men was vastly reduced. Not only trade and
commerce, but also arts and crafts attracted his attention for state control.
A large number of workshops were set up which
manufactured guns, muskets, glass, cannon, paper, cutlery, cloth, sugar, and a host of
other articles. It was his dream to keep Mysore in the vanguard of ship-building industry.
He built a navy both for commerce and war. In 1793, he ordered 100 ships to be built, all
with the indigenous material. He paid attention to the manufacture of arms and ammunition.
The factory at Srirangapatna converted iron into steel, and manufactured armaments. He
named his iron-works as Taramandals, which were four in number, at Srirangapatna,
Bangalore, Chitradurga and Bidnur. A machine was devised which bored cannon with power
generated by flow of water. Haider and Tipu's names figure prominently as the originators