37C EAST INDIA COMPANIES in 1732 under the name of the Danish Asiatic company, was prosperous during the 18th cen- tury, but afterward declined. The English endeavored to open commercial intercourse with India as early as 1553, during the reign of Edward VI., hut without success. In 1599 a company of London merchants was formed, representing a capital of 30,133, which re- ceived a charter from Queen Elizabeth, Dec. 31, 1600, under the title of " The Governor and Company of Merchants of London trading with the East Indies." The charter was for 15 years, and granted the exclusive right of trading to all countries from the cape of Good Hope eastward to the straits of Magellan, excepting those which were possessed by friendly Euro- pean powers. The first governor was Thomas Smythe, who was assisted by 24 directors named in the charter, which empowered them to elect a governor and directors and other office-bear- ers; to make by-laws for their government ; to inflict punishments, corporal or pecuniary, on those in their employ, provided such punish- ments be within the laws of Great Britain ; to export all goods duty free for four years, and to export foreign coins as bullion to the amount of 30,000 a year, 6,000 of the same being previously recoined at the mint ; with the pro- viso that they must import within six months from the conclusion of every voyage after the first an amount of specie equal to that before exported. It was also provided that should the company not be found to the public advantage, its charter might be cancelled after two years 1 notice. The first expedition to India sailed under command of Capt. Lancaster, Feb. 15, 1601, from Torbay. It consisted of five ships, varying in size from 130 to 600 tons, hav- ing cargoes of bullion, iron, tin, broadcloths, cutlery, glass, &c. The entire venture, ships and all, was valued, at 69,091. It arrived at Acheen, Sumatra, June 5, 1602. Lancaster made treaties with the kings of Acheen and Bantam, and returned to the Downs Sept. 11, 1603, with cargoes of pepper and other pro- duce. For several years the expeditions were not increased in size or value, but were gene- rally fortunate in their results. In 1607 Capt. Hawkins was sent out to establish commercial intercourse with the dominions of the Great Mogul, but his mission proved of no avail. In 1612 Capt. Beal obtained from the court at Delhi several important privileges, among which was that of establishing a factory at Surat, which city continued to be the chief British station in India until the organization of Bom- bay. Factories were depots for goods, fortified, to protect the lives and property of resident representatives of the company. In 1613 the capital of the company was united ; the largest stockholders took the management of affairs, and these were so prosperous that in four years the shares of the company rose to the value of 203 per cent., while its factories were extended to Java, Sumatra, Borneo, the Banda islands, Celebes, Malacca, Siam, the Coromandel and Malabar coasts, but chiefly to the dominions of the Great Mogul, whose favor the company had finally secured. From the beginning of the company's trade to July, 1620, it had sent 79 ships to India, of which 34 had come safely home richly laden, 4 had been worn out in India, and 20 had been lost 2 by careening, 6 by sea perils, and 12 captured by the Dutch. At that time (1620) the capital of the company in ships, goods in India, &c., amounted to 400,000; it had exported from England to India the value of 840,376; had imported what cost 356,288 in India, which brought 1,914,600 in England; and finally quarrels with the Dutch, their most energetic rivals, had occasioned losses to the amount of 84,- 088. In 1616 a new stock subscription had been opened, and 1,629,040 were raised. But in 1627 complaints were made of abuses and bad management ; during the reign of the Stuarts there was much murmuring against the monopoly, and Charles I. in 1635 gave to Sir William Courten and several private individuals the right to trade to India. In 1645 permission was given by the natives to the company to build Fort St. George at Madras. In 1655 Cromwell vainly attempted to make the East India trade free. In 1657 he renewed the company's charter, which was confirmed by Charles II. in 1661, who at the same time con- ferred on it authority to make peace or war with any power not of the Christian religion ; to establish fortifications, garrisons, and col- onies ; to export ammunition and stores to its settlements duty free; to exercise civil and criminal jurisdiction in its settlements accord- ing to English law ; and to seize and send to England all Englishmen found trading on their private account. In 1667-'8 the tea trade was begun, a branch of commerce which in a few years proved to be of vast importance to the company. In 1669 the island of Bombay was granted to the company by Charles II., who had received it as part of the marriage por- tion of the princess Catharine of Portugal. In 1676 a factory was established on the Hoogly in Bengal, which led to the foundation of Cal- cutta ; and other factories were shortly started in that region. In 1677 the company received a renewal of its charter, with indemnity for past misuses, and permission to establish a mint at Bombay. In 1681, by a report of the governor, the company had 35 ships, of from 100 to 700 tons, trading between India and England, or coastwise in India ; and the exports from Eng- land of lead, tin, cloth, stuffs, &c., amounted to from 60,000 to 70,000 a year. The trade was astonishingly small ; the affairs of the com- pany were not prosperous, and in 1688 the validity of its charter was questioned, but in 1693, after a heavy struggle, it was renewed. In 1 694 a vote of the house of commons threw open the trade to all England. In 1698 a new company received a charter, conferring much the same privileges as those of the old one, for the consideration of a loan of 2,000,000 to the
