Merchants as a class were variably affected by the famine, with some wealthier merchants, who had sufficient capital to diversify their holdings, profiteering, even as the poorer ones suffered much distress. At the onset of the famine, the rich salt merchants of the middle
Doab were immediately able to switch from salt to grain and make windfall profits. The small salt merchants, especially the itinerant merchants, however, did not have such flexibility. According to , a British military officer observed
Banjara merchants—who had traditionally traded salt from their region in
Rajputana for grain from
Rohilkhand to the north-east—returning "from the northern markets of
Farrukabad and
Shahjahanpur" with no loads of grain on their cattle; the price of grain had been too high for them to turn a profit. Similarly, the intermediate salt merchants, who had traditionally bought salt in bulk from the big merchants and offered it on credit to the small ones, now found themselves with nothing to buy or sell. The Agra region, had in fact had a serious economic downturn in the decade before, as
bullion had become scarce. The smaller merchants, such as those selling "brass vessels, low grade cloths and liquor" had already been in considerable distress, since their patrons, the small farmers, had no surplus income to buy their goods with. ==See also==