Step 1: Identify the historical context of each literary prize.
The Man Booker Prize has historical ties to the Booker McConnell company, which was involved in colonial business ventures, including shipping, engineering, and even the rum trade. The company later became known for its philanthropic involvement in the literary world, particularly through sponsoring the Booker Prize.
Step 2: Match the options to their correct descriptions.
The Commonwealth Prize and The Pulitzer Prize do not have direct historical associations with the colonial business empire mentioned.
The Nobel Prize has a different historical context, not tied to colonial businesses.
Final Answer: Option \( \boxed{{(C) The Man Booker Prize}} \) is correct.