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Book No. – 8 (Modern India – History)
Book Name – British Rule in India and After (V.D. Mahajan)
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Rise and Growth of the English and French East India Companies
Chapter – 2
Table of Contents
- Englishmen sought to obtain products from India and the Far East.
- After their victory over the Spanish Armada in 1588, the English desire to trade directly increased.
- In September 1599, a resolution was passed under Lord Mavor’s chairmanship to form an association for direct trade with India.
- On 31st December 1600, Queen Elizabeth granted a Charter to the Governor and Company of Merchants of London trading into the East Indies.
- The Charter allowed the company to trade freely in Asia, Africa, and the Americas, with a monopoly for 15 years, renewable after a 2-year notice.
- James I later made the Charter perpetual, but it could be revoked after 3 years if it harmed public interests.
- Initially, the London Company organized separate voyages, with many people contributing money for expeditions and sharing profits.
- Profits were very high, in some cases up to 500-600%, leading to the rise of joint stock enterprises in 1612.
- The first two voyages were towards the Spice Islands; the English Company set up a factory at Bantam but faced opposition from the Dutch.
- Captain Hawkins was sent on the third voyage and received favor from Jahangir, granting the English permission to settle at Surat, but the concession was canceled due to Portuguese influence at the Mughal Court.