"Kailas Babu ... is the last relic of this extinct magnificence." A "relic" is

Once upon a time the Babus of Nayanjore were famous landholders. They were noted for their princely extravagance. They would tear off the rough border of their Dacca muslin, because it rubbed against their skin. They could spend many thousands of rupees over the wedding of a kitten. Those were the days before the flood. The flood came. The line of succession among these old-world Babus, with their lordly habits, could not continue for long. Like a lamp with too many wicks burning, the oil flared away quickly, and the light went out.

Kailas Babu, our neighbour, is the last relic of this extinct magnificence. Before he grew up, his family had very nearly reached its lowest ebb. When his father died, there was one dazzling outburst of funeral extravagance, and then insolvency. The property was sold to liquidate the debt. What little ready money was left over was altogether insufficient to keep up the past ancestral splendours.

In Calcutta we are Kailas Babu's neighbours. Curiously enough our own family history is just the opposite to his. My father got his money by his own exertions, and prided himself on never spending a penny more than was needed. His clothes were those of a working man, and his hands also. He never had any inclination to earn the title of Babu by extravagant display, and I myself his only son, owe him gratitude for that. He gave me the very best education, and I was able to make my way in the world. I am not ashamed of the fact that I am a self-made man. Crisp bank-notes in my safe are dearer to me than a long pedigree in an empty family chest.