William Gyfford

William Gyfford was an English factor and Agent of Madras (1681-1684) and the President of Madras (1685 to 1687).

Gyfford was appointed the Agent of Madras after Streynsham Master was removed due to charges of private trade. During his tenure, Gyfford was a marionette of the authorities in England, particularly of Josiah Childe. Nevertheless, he managed to improve quality of life by several accomplishments. Namely, he is credited with ending the war against Lingappa, the Naik of Poonamallee with whom he entered into cooperation with an aim to suppress the private trade and other criminal activities. He also passed a law to curb the slave trade in the Agency of Fort St George.

Under the influence of Josiah Chile, Gyfford introduced the reforms with the aim to increase the revenues of the EIC. In 1683 the Madras Bank was established with a capital of one hundred thousand pounds sterling, which lent money at six percent interest. The Madras Bank extended and in 1843 became known as the Bank of Madras and the Bank of India in 1921. It is regarded as the oldest European-style banking institution in India.

In 1684, Madras was elevated to a Presidency and Gyfford became the Second President of Madras. Under pressure from Josiah Child and the Board of Directors of the East India Company, he imposed stringent taxes on the inhabitants of the settlement that resulted in the revolt. During his tenure, a disastrous famine broke out in Madras in 1686.

In 1680 the conflict broke out between the Mughal Emperor Aurangazeb and the forces of Golconda who were English allies. Gyfford intended to intervene but he was recalled and replaced from his position as President of Madras.