Summary: rapidly, and it is estimated that by 1911 their numbers stood at 350,000. Their total capital was at least 23 crores of rupees, of which 14 comprised their own funds and the remaining 9 was borrowed.* In the post-famine years the peasants found themselves heavily indebted, with an average debt of Rs. 463 per indebted proprietor, and with total debt amounting to twelve times the land revenue paid by all, indebted or not. Only 17% of the peasants were debt-free, highlighting the extent of agricultural debt in Punjab. The introduction of the canal colonies, reduced revenue demand, and changes in land ownership from kind into cash helped ease the burden, but debt was still a prevailing issue. The money-lender, taking advantage of rising land values, tightened his hold on the peasant proprietor, leading to significant changes in the economic and social fabric of Punjab.