Governor of the Madras Presidency (the second oldest Chamber of Commerce in the country). Thereafter in a nod to the declining fortunes of the British textile owners and skilled workers who were still extant in the city, the Madras Trades Association was established in 1856, by which the old colonial families still involved in the skilled and textile trades were granted entry into the British and Indian financial trade system. In turn, the Madras Stock Exchange was established in 1920. In 1906, the city experienced a financial crisis with the failure of its leading merchant bank, Arbuthnot & Co. The crisis also imperiled Parry & Co and Binny & Co, but both found rescuers. The lawyer V. Krishnaswamy Iyer made a name for himself representing claimants, mostly wealthy Hindus and Muslims who had lent money on the failed bank. The next year, flush with funds won from the original British owners who had capitalized the bank, he organized a group of Chettiar merchants to found Indian Bank, with which he funded new Indian enterprises and broke into the previously closed ranks of the British financial system. The bank still has its corporate headquarters in the city. During World War I, Madras (Chennai) was shelled by the German light cruiser SMS Emden, resulting in 5 civilian deaths and 26 wounded. The crew of a merchant ship also destroyed by the Germans that night. Post-independence (1947–present) After India became independent in 1947, the city became the administrative and legislative capital of Madras State which was renamed as Tamil Nadu in 1968. During the reorganisation of states in India on linguistic lines, in 1953, Telugu speakers wanted Madras as the capital of Andhra Pradesh and coined the slogan "Madras Manade" (Madras is ours). The demands for the immediate creation of a Telugu-speaking state were met with after Tirupati was included in Andhra State and after the leaders who led the movement were convinced to give up their claim on Madras. The dispute arose as over the preceding hundred years, the early British, European workers and small cottage capitalists had been replaced in large part by both Tamil and Telugu speaking people. In fact, as the greater concentration of capital wrecked what remained of old East Indian middle class, the city principally became a large housing development for huge numbers of workers. Most of these were recruited as cheap labor from the relatively poor