History of the east india company

That trade had been a monopoly of Spain and Portugal until the defeat of the Spanish Armada by England gave the English the chance to break the monopoly. What opinion in Britain came to recognise as a new British empire in India remained under the authority of the East India Company, even if the importance of the national concerns now involved meant that the Company had to submit to increasingly close supervision by the British state and to periodical inquiries by parliament.

Dutch East India Company

Secondly, a new era of an abundant supply of capital at low interest rates suddenly opened around this time.

The rapid rise of the East India Company was made possible by the catastrophically rapid decline of the Mughals during the 18th century. Conditions in India were certainly changing.

It gradually became a commercial body with gigantic resources, and by the force of unforeseen circumstances assumed the form of a sovereign power, while those by whom its affairs were directed continued, in their individual capacities, to be without power or political influence.

That arrangement led to government intervention. Its spiralling cycle of prosperity, demand and production had a profound influence on overseas trade.

For a time in the seventeenth century, they were able to monopolize the trade in nutmeg, mace, and cloves and to sell these spices in Europe and India at fourteen to seventeen times the price they paid in Indonesia; [39] while Dutch profits soared, the local economy of the Spice Islands was destroyed.

The British Presence in India in the 18th Century

Warren Hastings, the first governor-general, laid down the administrative foundations for the subsequent British consolidation. The new company could hardly make a dent in the established old company markets.

Dozens of Chinese sugar traders went bankrupt, which led to massive unemployment, which in turn led to gangs of unemployed coolies. However, in the period up to the directors shipped resources to Asia to build up the trading capital there.

The company was owned entirely by the stockholders and managed by a governor with a board of 24 directors. The Dutch and English had to obtain it by creating a trade surplus with other European countries.

The VOC decided in that it was no longer worth the trouble to try to dominate the Malabar pepper and spice trade. A problem that the VOC shared with other companies was the high mortality and morbidity rates among its employees. As I drifted on past the fort walls, I thought about the nexus between corporations and politicians in India today — which has delivered individual fortunes to rival those amassed by Clive and his fellow company directors.

Tea, Textiles and Porcelain At its outset the East India Company was interested in the commercial opportunities offered by the spice islands of Southeast Asia rather than India.

The positive aspects of social, education and communication advancements were overshadowed largely by the plundering attitude of the Company rule stripping its dominions bare for profit.

As it increased in size the army was divided into the Presidency Armies of BengalMadras and Bombay each recruiting their own infantrycavalryand artillery units.

The country today has 6. Ranks of little boys with fishing lines stood among the holy men and the pilgrims, engaged in the less mystical task of trying to hook catfish. Following the Battle of Buxar inthe Mughal emperor signed a treaty with the Company allowing them to oversee the administration of the province of Bengal, in exchange for a revised revenue amount every year.

A Brief History of the English East India Company 1600–1858

By the s rivalry between the British and the French, who were late comers to Indian trade, was becoming acute. In the s almost the entire native population of the Banda Islands was driven away, starved to death, or killed in an attempt to replace them with Dutch plantations.

Yet, like more recent mega-corporations, the EIC proved at once hugely powerful and oddly vulnerable to economic uncertainty. Cotton cloth woven by Indian weavers was being imported into Britain in huge quantities to supply a worldwide demand for cheap, washable, lightweight fabrics for dresses and furnishings.

This approach lasted for a dozen years, and then in the company switched to temporary joint stocks and finally to permanent joint stocks in The Company continued in its imperial role until when, in the aftermath of the military and civil rebellion in the north of the sub-continent, the Government of India Act transferred its powers to the India Office The department of the British Government to which the Government of India reported between and Almost single-handedly, it reversed the balance of trade, which from Roman times on had led to a continual drain of western bullion eastwards.

Asian commodities were paid for with exported British woollens and metals, supplemented by silver bullion. The company settled down to a trade in cotton and silk piece goods, indigo, and saltpetre, with spices from South India.

The East India Company: The original corporate raiders

Historians propose many reasons: Inthe Law Officers of the Crown delivered the Pratt-Yorke opinion distinguishing overseas territories acquired by right of conquest from those acquired by private treaty. These institutions contributed towards enriching young minds bringing to them a taste of world literature, philosophy and science.East India Company: English company formed in for the exploitation of trade with East and Southeast Asia and India.

The East India Company didn’t actually own many of the ships in its fleet. It rented them from private companies, many of which were based at Blackwall in East London. The picture above is of Mr Perry’s Yard, which also built ships for the British navy.

Read the history behind this most English tradition; china tea cups, scones, jam. The East India Company remains history’s most terrifying warning about the potential for the abuse of corporate power – and the insidious means by which the interests of.

The East India Company Began to Focus on Importing From India In the early s the East India Company began dealing with the Mogul rulers of India. On the Indian coasts, English traders set up outposts which would eventually become the cities of Bombay, Madras, and Calcutta.

The East India Company developed beyond a purely commercial enterprise when war between Britain and France spread to India in the mids. The Company established military supremacy over rival European trading companies and local rulers, culminating. The East India Company (EIC), also known as the Honourable East India Company (HEIC) or the British East India Company and informally as John Company, was an English and later British joint-stock company, formed to trade with the East Indies (in present-day terms, Maritime Southeast Asia), but ended up trading mainly with Qing China and seizing control of large parts of the Indian subcontinent.

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History of the east india company
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