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81-549: For a few years it provided strong competition for the more established British , Dutch , and French East India Companies , notably in the lucrative tea trade with China . It established two settlements in India. Despite its profitability, the company was eventually ordered to close down in 1731 after the British government exerted diplomatic pressure on Austria, fearing the company's effects on their own traders. Its disestablishment

162-514: A licence from the company were liable to forfeiture of their ships and cargo (half of which would go to the Crown and half to the company), as well as imprisonment at the "royal pleasure." The charter named Thomas Smythe as the first governor of the company, and 24 directors (including James Lancaster) or "committees", who made up a Court of Directors. They, in turn, reported to a Court of Proprietors, who appointed them. Ten committees reported to

243-568: A private fleet of 200 ships. It specialised in the spice trade and gave its shareholders 40% annual dividend. The British East India Company was fiercely competitive with the Dutch and French throughout the 17th and 18th centuries over spices from the Spice Islands . Some spices, at the time, could only be found on these islands, such as nutmeg and cloves; and they could bring profits as high as 400 per cent from one voyage. The tension

324-719: A relative of the Grand Mughal , though there is no evidence to suggest that it was his daughter and her retinue. The loot from the Ganj-i-Sawai had a total value between £325,000 and £600,000, including 500,000 gold and silver pieces, and has become known as the richest ship ever taken by pirates. When the news arrived in England it caused an outcry. To appease Aurangzeb, the East India Company promised to pay all financial reparations, while Parliament declared

405-529: A return of some 5,000 per cent. Thus started an important element in the eastern design during the late sixteenth century. Soon after the Spanish Armada 's defeat in 1588, the captured Spanish and Portuguese ships and cargoes enabled English voyagers to travel the globe in search of riches. London merchants presented a petition to Elizabeth I for permission to sail to the Indian Ocean. The aim

486-637: A young Mughal Prince as Emperor with the Company as the de jure protectors of the Empire from their position of direct control in Bengal. This relationship was repeatedly strained as the Company continued its expansion and exploitation, however it lasted in some form until 1858 when the last Mughal Emperor was exiled as the Company was disbanded and its assets were taken over by the British Crown. In 1634,

567-697: The Fancy , reached the Straits of Bab-el-Mandeb , where he teamed up with five other pirate captains to make an attack on the Indian fleet returning from the annual pilgrimage to Mecca . The Mughal convoy included the treasure-laden Ganj-i-Sawai , reported to be the greatest in the Mughal fleet and the largest ship operational in the Indian Ocean, and its escort, the Fateh Muhammed . They were spotted passing

648-664: The Antwerp Company , founded in 1775 by William Bolts and Charles Proli, which was based in Ostend and Trieste and operated until 1785. The ships used by the Ostend Company were medium-sized, with an average water displacement between 200 and 600 tonnes. Many were partly, or even completely, crewed by foreign sailors from England and elsewhere. Ships operated by the Ostend Company included: East India Company The East India Company ( EIC ) (1600–1874)

729-693: The Austrian Netherlands to want to establish direct commercial relations with the Indies. The trade from Ostend to Mocha , India, Bengal and China started in 1715. Some private merchants from Antwerp , Ghent and Ostend were granted charters for the East India trade by the Habsburg government of the Austrian Netherlands , which had recently gained control of the territory from Spain. Between 1715 and 1723, 34 ships sailed from Ostend to China,

810-811: The Dutch Republic included as a party. This marked the end of the Anglo-French Alliance that dominated Europe since the 1713 Treaty of Utrecht , replacing it with the Anglo-Austrian Alliance . After Spain signed on 22 July 1731, Austria recognised Charles of Spain as Duke of Parma and Piacenza . The period after the 1713 Peace of Utrecht was one of constant re-alignment among the European Powers as they attempted to solve issues without war. France in particular needed peace to rebuild its exhausted economy after

891-549: The English Company Trading to the East Indies ) was floated under a state-backed indemnity of £2 million. The powerful stockholders of the old company quickly subscribed a sum of £315,000 in the new concern, and dominated the new body. The two companies wrestled with each other for some time, both in England and in India, for a dominant share of the trade. It quickly became evident that, in practice,

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972-627: The First Opium War in 1839, which involved a succession of British naval attacks along the Chinese coast over the course of several months. As part of the Treaty of Nanjing in 1842, the Qing were forced to give British merchants special treatment and the right to sell opium. The Chinese also ceded territory to the British, including the island of Hong Kong . The prosperity that the officers of

1053-561: The Irish Jacobite Thomas Ray, a merchant and banker based in Ostend. While the ships sailed from Ostend, the company's offices were located in the Bourse of Antwerp . One of the leading shareholders was Leopold Philip, 4th Duke of Arenberg . The company's shares proved exceptionally profitable, providing a 15 percent return. The company also possessed two factories (trading posts), at Cabelon (modern-day Covelong ) on

1134-582: The Malabar or Coromandel Coasts , Surat , Bengal or Mocha. Those expeditions were financed by different international syndicates composed of Flemish, British, Dutch and French merchants and bankers. The mutual rivalry among the syndicates weighed heavily upon the profits and this resulted in the foundation of the Ostend Company, chartered by the Austrian ruler Charles VI , in December 1722. The capital of

1215-887: The Malay Peninsula , they preyed on Spanish and Portuguese ships there before returning to England in 1594. The biggest prize that galvanised English trade was the seizure of a large Portuguese carrack , the Madre de Deus , by Walter Raleigh and the Earl of Cumberland at the Battle of Flores on 13 August 1592. When she was brought in to Dartmouth she was the largest vessel ever seen in England and she carried chests of jewels, pearls, gold, silver coins, ambergris , cloth, tapestries, pepper, cloves, cinnamon, nutmeg, benjamin (a highly aromatic balsamic resin used for perfumes and medicines), red dye, cochineal and ebony. Equally valuable

1296-545: The Second Treaty of Vienna ordered its final abolition. The flourishing Ostend Company had been sacrificed by Charles VI in order to secure the recognition of his daughter, Maria Theresa , and thus his dynastic succession under the Pragmatic Sanction of 1713 . Between 1728 and 1731 a small number of illegal expeditions were organized under borrowed flags, but the very last ships sailing for the company were

1377-741: The Sepoy Rebellion of 1857 , the Government of India Act 1858 led to the British Crown assuming direct control of present-day Bangladesh, Pakistan and India in the form of the new British Indian Empire . The company subsequently experienced recurring problems with its finances, despite frequent government intervention. The company was dissolved in 1874 under the terms of the East India Stock Dividend Redemption Act enacted one year earlier, as

1458-712: The Straits of Malacca by ousting the Portuguese in 1640–1641. With reduced Portuguese and Spanish influence in the region, the EIC and VOC entered a period of intense competition, resulting in the Anglo-Dutch wars of the 17th and 18th centuries. The British were also interested in trans-Himalayan trade routes, as they would create access to untapped markets for British manufactured goods in Tibet and China. This economic interest

1539-628: The War of the Spanish Succession , which resulted in the 1716 Anglo-French Alliance . Although both sides were suspicious of each other, the succession of George I in 1714 and his concern for Hanover made the alliance more important to Britain than was previously the case. Utrecht confirmed Philip V as the first Bourbon king of Spain but left Britain in possession of the Spanish ports of Gibraltar and Mahón, Menorca , captured during

1620-483: The 1725 Peace of Vienna between Austria and Spain. This alignment was short-lived, Charles VI deciding Austria's interests were better served by an alliance with Britain and the Dutch Republic . In the 1720 Treaty of The Hague , Britain, France, the Dutch Republic and Austria recognised Charles of Spain , third son of Philip V, as Duke of Parma and Tuscany . Although reconfirmed by Britain and France in

1701-566: The 1729 Treaty of Seville , Austria refused to comply and occupied the Duchy when Antonio Farnese died in January 1731. The Treaty agreed to withdraw these and Charles of Spain was installed as Duke. The Austrian-backed Ostend East India Company was also closed; established in 1722, this had become a major competitor to the British and Dutch East India companies. Emperor Charles VI revoked

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1782-441: The 1770s in exchange for goods like porcelain and tea , causing a series of opioid addiction outbreaks across China in 1820. The ruling Qing dynasty outlawed the opium trade in 1796 and 1800, but British merchants continued illegally nonetheless. The Qing took measures to prevent the East India Company from selling opium, and destroyed tens of thousands of chests of opium already in the country. This series of events led to

1863-563: The Americas ; and several other sea-farers who had served with Drake and Raleigh. On 22 September, the group stated their intention "to venture in the pretended voyage to the East Indies (the which it may please the Lord to prosper)" and to themselves invest £30,133 (over £4,000,000 in today's money). Two days later, the "Adventurers" reconvened and resolved to apply to the Queen for support of

1944-636: The Austrian-owned Ostend Company , which competed for the East Indies trade with British, French and Dutch merchants, as well as Spanish concerns over British incursions in New Spain . As the 1730s began, Emperor Charles VI of Austria needed support for the 1713 Pragmatic Sanction and ensure the succession of his daughter Maria Theresa . The result was an almost continuous series of conferences and agreements, among them

2025-717: The British state and the Royal Navy in the form of the West Africa Squadron , which discovered various ships had contained evidence of the illegal trade. In 1613, during the rule of Tokugawa Hidetada of the Tokugawa shogunate , the British ship Clove , under the command of Captain John Saris , was the first English ship to call on Japan. Saris was the chief factor of the EIC's trading post in Java, and with

2106-658: The Company's charter in 1727 to ensure acceptance of the Pragmatic Sanction but Britain made its permanent closure a condition of signing the Treaty. During the 1733 to 1735 War of the Polish Succession , Charles of Spain seized the former Spanish possession of the Kingdom of Naples . As a result, the 1738 Treaty of Vienna returned Parma and Piacenza to Emperor Charles VI, until his death in 1740 led to

2187-530: The Coromandel Coast and Banquibazar ( Ichapore ) in Bengal. Between 1724 and 1732, 21 company vessels were sent out, mainly to Canton in China and to Bengal. Thanks to the rise in tea prices, high profits were made in the China trade. Between 1719 and 1728, the Ostend Company transported 7 million pounds of tea from China (roughly half of the total amount brought to Western Europe), which would be about

2268-780: The Court of Directors. By tradition, business was initially transacted at the Nags Head Inn, opposite St Botolph's church in Bishopsgate , before moving to East India House in Leadenhall Street . Sir James Lancaster commanded the first East India Company voyage in 1601 aboard Red Dragon . The following year, whilst sailing in the Malacca Straits , Lancaster took the rich 1,200 ton Portuguese carrack Sao Thome carrying pepper and spices. The booty enabled

2349-540: The Dutch. This compelled the company to formally abandon their efforts in the Spice Islands, and turn their attention to Bengal where, by this time, they were making steady, if less exciting, profits. After gaining the indifferent patronage of the Mughal Empire , whose cities were 'the megacities of their time' and whose wealth was unrivaled outside of Asia in the 17th Century, the Company's first century in

2430-539: The EIC surrendered in 1690, and the company sent envoys to Aurangzeb 's camp to plead for a pardon. The company's envoys had to prostrate themselves before the emperor, pay a large indemnity, and promise better behaviour in the future. The emperor withdrew his troops, and the company subsequently re-established itself in Bombay and set up a new base in Calcutta. The East India Company's archives suggest its involvement in

2511-612: The English. In March 1604, Sir Henry Middleton commanded the company's second voyage . General William Keeling , a captain during the second voyage, led the third voyage aboard Red Dragon from 1607 to 1610 along with Hector under Captain William Hawkins and Consent under Captain David Middleton . Early in 1608, Alexander Sharpeigh was made captain of the company's Ascension , and general or commander of

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2592-668: The Government of India Act had by then rendered it vestigial, powerless, and obsolete. The official government machinery of the British Empire had assumed its governmental functions and absorbed its armies. In 1577, Francis Drake set out on an expedition from England to plunder Spanish settlements in South America in search of gold and silver. Sailing in the Golden Hind he achieved this, and then sailed across

2673-535: The Indian Ocean. The company achieved a major victory over the Portuguese in the Battle of Swally in 1612, at Suvali in Surat . The company decided to explore the feasibility of a foothold in mainland India, with official sanction from both Britain and the Mughal Empire , and requested that the Crown launch a diplomatic mission. Company ships docked at Surat in Gujarat in 1608. The company's first Indian factory

2754-488: The Mughal emperor Shah Jahan extended his hospitality to the English traders to the richest region of the Mutual Empire Bengal , and in 1717 customs duties were completely waived for the English in Bengal. The company's mainstay businesses were by then cotton, silk, opium, indigo dye , saltpetre , and tea. The Dutch were aggressive competitors and had meanwhile expanded their monopoly of the spice trade in

2835-738: The Mughal-ruled areas was spent cultivating their relationship with the Mughal Dynasty, and conducting peaceful trade at great profit. At first it should be said the EIC was drawn into the Mughal system, acting as a kind of vassal to Mughal authority in present-day Bangladesh: from this position that the EIC would ultimately outplay and outmaneuver everyone else in the region, to eventually use that same system to hold power. What started as trading posts on undesirable land were developed into sprawling factory complexes with hundreds of workers sending exotic goods to England and managing protected points to export English finished goods to local merchants. The Company's initial rise in Bengal and successes generally came at

2916-461: The Ostend company allowed them generous allowances in terms of cargo space for private trade, something that was anathema to the existing monopolistic companies. Despite hostile acts from its competitors, the new company was quite profitable from the start and by 1726 was able to declare a 33 percent dividend. However, in May 1727, the Emperor, under diplomatic pressure from the British and Dutch, suspended its charter for seven years and, in March 1731,

2997-489: The Pacific Ocean in 1579, known then only to the Spanish and Portuguese. Drake eventually sailed into the East Indies and came across the Moluccas , also known as the Spice Islands, and met Sultan Babullah . In exchange for linen, gold, and silver, the English obtained a large haul of exotic spices, including cloves and nutmeg. Drake returned to England in 1580 and became a hero; his circumnavigation raised an enormous amount of money for England's coffers, and investors received

3078-414: The Treasury, in return for exclusive privileges for the next three years, after which the situation was to be reviewed. The amalgamated company became the United Company of Merchants of England Trading to the East Indies . Treaty of Vienna (1731) The 1731 Treaty of Vienna was signed on 16 March 1731 between Great Britain and Emperor Charles VI on behalf of the Habsburg monarchy , with

3159-440: The adventurer Edward Michelborne , the nobleman William Cavendish and other aldermen and citizens. She granted her charter to their corporation named Governor and Company of Merchants of London trading into the East Indies . For a period of fifteen years, the charter awarded the company a monopoly on English trade with all countries east of the Cape of Good Hope and west of the Straits of Magellan . Any traders there without

3240-812: The assistance of William Adams , an English sailor who had arrived in Japan in 1600, he was able to gain permission from the ruler to establish a commercial house in Hirado on the Japanese island of Kyushu : We give free license to the subjects of the King of Great Britaine, Sir Thomas Smythe, Governor and Company of the East Indian Merchants and Adventurers forever safely come into any of our ports of our Empire of Japan with their shippes and merchandise, without any hindrance to them or their goods, and to abide, buy, sell and barter according to their own manner with all nations, to tarry here as long as they think good, and to depart at their pleasure. Unable to obtain Japanese raw silk for export to China, and with their trading area reduced to Hirado and Nagasaki from 1616 onwards,

3321-453: The beginnings of the British Raj in the Indian subcontinent . The company eventually came to rule large areas of the Indian subcontinent, exercising military power and assuming administrative functions. Company-ruled areas in the region gradually expanded after the Battle of Plassey in 1757 and by 1858 most of modern India, Pakistan and Bangladesh was either ruled by the company or princely states closely tied to it by treaty. Following

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3402-409: The chaos widened and the stakes were raised. Ultimately, the company won out, generally through as much diplomacy and state-craft(fraud and deception). The gradual rise of the EIC within the Mughal network culminated in the Second Anglo-Maratha War , in which the Company successfully ousted the Empire's official protectors in the Maratha, the Maratha high water point in their rise to power, and installed

3483-452: The coast of China that helped secure EIC ports in China, independently attacking the Portuguese in the Persian Gulf Residencies primarily for political reasons. The company established trading posts in Surat (1619) and Madras (1639). By 1647, the company had 23 factories and settlements in India, and 90 employees. Many of the major factories became some of the most populated and commercially influential cities in Bengal, including

3564-428: The company closed its factory in 1623. The first of the Anglo-Indian wars occurred in 1686 when the company conducted naval operations against Shaista Khan , the governor of Mughal Bengal . This led to the siege of Bombay and the subsequent intervention of the Mughal Emperor, Aurangzeb . Subsequently, the English company was defeated and fined. In September 1695, Captain Henry Every , an English pirate on board

3645-522: The company enjoyed allowed them to return to Britain and establish sprawling estates and businesses, and to obtain political power, such as seats in the House of Commons. Ship captains sold their appointments to successors for up to £500. As recruits aimed to return to Britain wealthy by securing Indian money, their loyalties to their homeland increased. The company developed a lobby in the English parliament. Pressure from ambitious tradesmen and former company associates (pejoratively termed Interlopers by

3726-551: The company was fixed at 6 million guilders , composed of 6,000 shares at 1,000 guilders each. It was mainly supplied by the moneyed inhabitants of Antwerp and Ghent. The shares were issued on the Antwerp Exchange on 11 and 12 August 1723, with 3,037 of the shares coming to be held by 54 major investors, mainly Antwerp merchants. The seven directors were chosen from leading figures in trade and finance: Jacques De Pret, Louis-François de Coninck and Pietro Proli, from Antwerp; Jacques Maelcamp, Paulo De Kimpe and Jacques Baut, from Ghent; and

3807-505: The company's factories in India and imprison their officers, who were almost lynched by a mob of angry Mughals , blaming them for their countryman's depredations, and threatened to put an end to all English trading in India. To appease Emperor Aurangzeb and particularly his Grand Vizier Asad Khan , Parliament exempted Every from all of the Acts of Grace (pardons) and amnesties it would subsequently issue to other pirates. The East India Company started selling opium to Chinese merchants in

3888-464: The company's investors also became involved in the Swedish East India Company . In the 1770s Austria re-established a colonial trading company, based on the model of the Ostend Company, to take advantage of the ongoing war between Britain , France and the Dutch Republic to take over a share of these countries' trade with India and China. This was the Société impériale asiatique de Trieste et Anvers, or Société asiatique de Trieste, also known as

3969-443: The company), who wanted to establish private trading firms in India, led to the passing of the deregulating act in 1694. This act allowed any English firm to trade with India, unless specifically prohibited by act of parliament, thereby annulling the charter that had been in force for almost 100 years. When the East India Company Act 1697 ( 9 Will. 3 . c. 44) was passed in 1697, a new "parallel" East India Company (officially titled

4050-400: The continent as they individually contended with others, steadily amassing more land and power in India to themselves. In the 18th Century, the primary source of the Company's profits in Bengal became taxation in conquered and controlled provinces, as the factories became fortresses and administrative hubs for networks of tax collectors that expanded into enormous cities. The Mughal Empire was

4131-425: The expense of competing European powers through the art of currying favors and well-placed bribes, as the company was matched at every step with French expansion in the region (whose equivalent company carried substantial royal support). See French East India Company . Throughout the entire century the company only resorted to force against the Mughals once, with terrible consequences. The Anglo-Mughal war (1686–1690)

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4212-519: The form of the company's three presidency armies , totalling about 260,000 soldiers, twice the size of the British Army at certain times. Originally chartered as the "Governor and Company of Merchants of London Trading into the East-Indies," the company rose to account for half of the world's trade during the mid-1700s and early 1800s, particularly in basic commodities including cotton , silk , indigo dye , sugar , salt , spices , saltpetre , tea , and later, opium . The company also initiated

4293-502: The fourth voyage. Thereafter two ships, Ascension and Union (captained by Richard Rowles), sailed from Woolwich on 14 March 1608. This expedition was lost. Initially, the company struggled in the spice trade because of competition from the well-established Dutch East India Company . This rivalry led to military skirmishes, with each company establishing fortified trading posts, fleets, and alliances with local rulers. The Dutch, better financed and supported by their government, gained

4374-448: The imperial patronage, soon expanded its commercial trading operations. It eclipsed the Portuguese Estado da Índia , which had established bases in Goa , Chittagong , and Bombay ; Portugal later ceded Bombay to England as part of the dowry of Catherine of Braganza on her marriage to King Charles II . The East India Company also launched a joint attack with the Dutch United East India Company (VOC) on Portuguese and Spanish ships off

4455-402: The original company faced scarcely any measurable competition. The companies merged in 1708, by a tripartite indenture involving both companies and the state, with the charter and agreement for the new United Company of Merchants of England Trading to the East Indies being awarded by Sidney Godolphin, 1st Earl of Godolphin . Under this arrangement, the merged company lent a sum of £3,200,000 to

4536-476: The pirates hostis humani generis ("the enemy of humanity"). In mid-1696 the government issued a £500 bounty on Every's head and offered a free pardon to any informer who disclosed his whereabouts. The first worldwide manhunt in recorded history was underway. The plunder of Aurangzeb's treasure ship had serious consequences for the English East India Company. The furious Mughal Emperor Aurangzeb ordered Sidi Yaqub and Nawab Daud Khan to attack and close four of

4617-409: The power of the EIC, King Charles II granted the EIC (in a series of five acts around 1670) the rights to autonomous territorial acquisitions, to mint money, to command fortresses and troops and form alliances, to make war and peace, and to exercise both civil and criminal jurisdiction over the acquired areas. In 1689, a Mughal fleet commanded by Sidi Yaqub attacked Bombay. After a year of resistance

4698-445: The pre-1707 Mughal fiefs and holdings, with their capital Delhi routinely under the control of Maratha, Afghan, or usurper generals' armies. The EIC was able to take advantage of this chaos, slowly assuming direct control of the province of Bengal , and fighting numerous wars against the French for control of the east coast. The Company's position in the Mughal court as it fell apart made it possible to sponsor various powerful people on

4779-506: The project. Although their first attempt had not been completely successful, they sought the Queen's unofficial approval to continue. They bought ships for the venture and increased their investment to £68,373. They convened again a year later, on 31 December 1600, and this time they succeeded; the Queen responded favourably to a petition by George, Earl of Cumberland and 218 others, including James Lancaster, Sir John Harte , Sir John Spencer (both of whom had been Lord Mayor of London ),

4860-456: The region's battlefields for a thousand years, with cannon so well integrated that the Mughals fought with cannon mounted on elephants; all were no match to line infantry with decent discipline supported with field cannon. Repeatedly, a few thousand company sepoys fought vastly larger Mughal forces numerically and came out victorious. Afghan, Mughal, and Maratha factions started creating their own European-style forces, often with French equipment, as

4941-407: The richest in the world in 1700, and the East India Company tried to strip it bare for a century thereafter. Dalrymple calls it "the single largest transfer of wealth until the Nazis." What was in the 17th century the production capital of the world for textiles was forced to become a market for British-made textiles. Statues, jewels, and various other valuables were moved from the palaces of Bengal to

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5022-473: The same as British East India Company during the same period. From the outset, the new company provoked the open hostility of the other established East India companies which feared its formidable imperial patronage and the fact that many of the new company's employees in the East were former employees of the British, Dutch or French companies, who brought with them their experience in the Eastern trade. Furthermore, in order to attract foreigners with experience,

5103-405: The slave trade began in 1684, when a Captain Robert Knox was ordered to buy and transport 250 slaves from Madagascar to St. Helena . The East India Company began using and transporting slaves in Asia and the Atlantic in the early 1620s, according to the Encyclopædia Britannica, or in 1621, according to Richard Allen. Eventually, the company ended the trade in 1834 after numerous legal threats from

5184-408: The straits en route to Surat . The pirates gave chase and caught up with the Fateh Muhammed some days later, and meeting little resistance, took some £40,000 of silver. Every continued in pursuit and managed to overhaul Ganj-i-Sawai , which resisted strongly before eventually striking . Ganj-i-Sawai carried enormous wealth and, according to contemporary East India Company sources, was carrying

5265-424: The townhouses of the English countryside. Bengal in particular suffered the worst of Company tax farming, highlighted by the Great Bengal famine of 1770 . The primary tool of expansion for the company was the Sepoy. The Sepoys were locally raised, mostly Muslim, soldiers with European training and equipment, who changed warfare in present-day South Asia. Mounted forces and their superior mobility had been king on

5346-436: The two "permission-vessels" that left in 1732 and were a concession made in the Treaty of Vienna. The factory at Banquibazar, then under direct Imperial ownership, lingered on until well into the 1740s. The company officially ceased trading on 16 February 1734, and was wound up on 16 February 1737. Although officially disbanded, the shareholders secretly maintained the company as a vehicle for pooling investment until 1774. Many of

5427-488: The upper hand by establishing a stronghold in the spice islands (now Indonesia), enforcing a near-monopoly through aggressive policies that eventually drove the EIC to seek trade opportunities in India instead. The English company opened a factory (trading post) in Bantam on Java on its first voyage, and imports of pepper from Java remained an important part of the company's trade for twenty years. English traders frequently fought their Dutch and Portuguese counterparts in

5508-445: The voyagers to set up two " factories " (trading posts) – one at Bantam on Java and another in the Moluccas (Spice Islands) before leaving. On return to England in 1603, they learned of Elizabeth's death, but Lancaster was knighted by the new king, James I , on account of the voyage's success. By this time, the war with Spain had ended but the company had profitably breached the Spanish-Portuguese duopoly; new horizons opened for

5589-412: The walled forts of Fort William in Bengal, Fort St George in Madras, and Bombay Castle . The first century of the Company, despite its original profits coming primarily from piracy in the Spice Islands between competing European powers and their companies, saw the East India Company change focus after suffering a major setback in 1623 when their factory in Amboyna in the Moluccas was attacked by

5670-407: The war. Regaining these was a priority for the new regime. Spain also ceded their Italian possessions of Naples , Sicily , Milan and Sardinia . These became a focus for Spanish foreign policy largely due to Elisabeth Farnese , Philip's second wife. When they married in 1714, he already had two sons and she wanted to create an Italian inheritance for her own children. Commercial issues included

5751-433: Was a complete defeat, ending when the EIC effectively swore fealty to the Mughals to get their factories back. The East India Company's fortunes changed for the better in 1707 when Bengal and other regions under Mughal rule fell into anarchy after the death of the Mughal Emperor Aurangzeb . A series of large-scale rebellions, and the collapse of the Mughal taxation system led to the effective independence of virtually all of

5832-447: Was an English, and later British, joint-stock company founded in 1600 and dissolved in 1874. It was formed to trade in the Indian Ocean region , initially with the East Indies (South Asia and Southeast Asia), and later with East Asia. The company gained control of large parts of the Indian subcontinent and Hong Kong . At its peak, the company was the largest corporation in the world by various measures and had its own armed forces in

5913-549: Was consulted on Indian affairs and gave even more valuable information to Lancaster. In 1599, a group of prominent merchants and explorers met to discuss a potential East Indies venture under a royal charter . Besides Fitch and Lancaster, the group included Stephen Soame , then Lord Mayor of London ; Thomas Smythe , a powerful London politician and administrator who had established the Levant Company ; Richard Hakluyt , writer and proponent of British colonization of

5994-541: Was established in 1611 at Masulipatnam on the Andhra Coast of the Bay of Bengal , and its second in 1615 at Surat. The high profits reported by the company after landing in India initially prompted James I to grant subsidiary licences to other trading companies in England. However, in 1609, he renewed the East India Company's charter for an indefinite period, with the proviso that its privileges would be annulled if trade

6075-1113: Was highly successful, and Jahangir sent a letter to James through Sir Thomas Roe: Upon which assurance of your royal love I have given my general command to all the kingdoms and ports of my dominions to receive all the merchants of the English nation as the subjects of my friend; that in what place soever they choose to live, they may have free liberty without any restraint; and at what port soever they shall arrive, that neither Portugal nor any other shall dare to molest their quiet; and in what city soever they shall have residence, I have commanded all my governors and captains to give them freedom answerable to their own desires; to sell, buy, and to transport into their country at their pleasure. For confirmation of our love and friendship, I desire your Majesty to command your merchants to bring in their ships of all sorts of rarities and rich goods fit for my palace; and that you be pleased to send me your royal letters by every opportunity, that I may rejoice in your health and prosperous affairs; that our friendship may be interchanged and eternal. The company, which benefited from

6156-415: Was made a precondition for the Treaty of Vienna and for creating an alliance between the two states. The Ostend Company can be considered the first attempt by Austria to trade with the East Indies; the second being the much less successful Austrian East India Company , founded in 1775. The success of the British , Dutch , and French East India Companies led the merchants and shipowners of Ostend in

6237-603: Was showcased by the Anglo-Nepalese war (1814–1816). The Draft History of the Qing records the Chinese Qing dynasty as formally commencing trade with the British in 1698. Within the first two decades of the 17th century, the Dutch East India Company or Vereenigde Oostindische Compagnie , (VOC) was the wealthiest commercial operation in the world with 50,000 employees worldwide and

6318-527: Was so high between the Dutch and the British East Indies Trading Companies that it escalated into at least four Anglo-Dutch wars: 1652–1654, 1665–1667, 1672–1674 and 1780–1784. Competition arose in 1635 when Charles I granted a trading licence to Sir William Courteen , which permitted the rival Courteen association to trade with the east at any location in which the EIC had no presence. In an act aimed at strengthening

6399-549: Was the ship's rutter (mariner's handbook) containing vital information on the China , India, and Japan trade routes. In 1596, three more English ships sailed east but all were lost at sea. A year later however saw the arrival of Ralph Fitch , an adventurer merchant who, with his companions, had made a remarkable nine year overland journey to Mesopotamia , the Persian Gulf , the Indian Ocean, India and Southeast Asia. Fitch

6480-581: Was to deliver a decisive blow to the Spanish and Portuguese monopoly of far-eastern trade. Elizabeth granted her permission and in 1591, James Lancaster in the Bonaventure with two other ships, financed by the Levant Company , sailed from England around the Cape of Good Hope to the Arabian Sea , becoming the first English expedition to reach India that way. Having sailed around Cape Comorin to

6561-688: Was unprofitable for three consecutive years. In 1615, James I instructed Sir Thomas Roe to visit the Mughal Emperor Nur-ud-din Salim Jahangir (r. 1605–1627) to arrange for a commercial treaty that would give the company exclusive rights to reside and establish factories in Surat and other areas. In return, the company offered to provide the Emperor with goods and rarities from the European market. This mission

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