EAST INDIA COMPANIES 377 state. The two companies were united in 1702 under the title of " The United Company of Merchants trading to the East Indies." They advanced a further sum to the state, ma- king in all a loan of 3,200,000, at 3 per cent., in consideration of which their charter was extended until the expiration of a notice of three years, which could not be given sooner than March, 1726, nor until the money bor- rowed by government should be repaid. The act ratifying this was passed in 1708. By it the local affairs of the company were in- trusted to the three councils of Madras, Bom- bay, and Calcutta, while the general direction was retained in England. Meanwhile, in 1698, a grant of Calcutta and two adjoining villages had been acquired, with the right of jurisdic- tion over the inhabitants, and leave to erect fortifications, which was immediately done ; and in 1715 this jurisdiction was largely ex- tended by grant from the emperor Ferokshere. In 1701 an act prohibited the importation into England of manufactured Indian goods. In 1732 the renewal of the charter was obtained with much difficulty; and in 1744? the com- pany bought its extension to 1780 by a loan of 1,000,000 at 3 per cent. The territorial conquests of the company were inaugurated by the expulsion, in 1749, and ultimate protection of the rajah of Tanjore, he making some con- cessions of territory on each occasion of the British exercise of protection. In 1757 they deposed Surajah Dowlah, nabob of Bengal, gaining thereby several large and rich prov- inces. In 1761 the defeat of the French left the English free to pursue their schemes of aggrandizement in India. In 1792 Tippoo Sa- hib was compelled by Cornwallis to give up half his dominions, and 3,500,000 in bullion. In 1799 Seringapatarn was taken, Tippoo slain, and some more territory annexed. Subse- quently, by war with the Pindarees, with Burmah, Nepaul, and the Afghans, and by ju- dicious protection, interference, and annex- ation, the company mastered the whole of Hindostan, with small exceptions. The sud- den increase of territory and power in India threw everything into confusion. Corruption reigned everywhere. The revenues fell short of expenses, and in 1772 the company, not- withstanding its immense possessions and privileges, was obliged to raise a loan of 6,000,000 from the bank of England, and of 1,400,000 from government for current ex- penses. In 1773 reform was called for, but was only incompletely effected. In 1781 the privileges of the company were extended to 1791, with three years' notice; the dividend on its stock was fixed at 8 per cent. ; 400,000 was to be paid as an annual subsidy to the government, and three fourths of the surplus revenue was to go to the government, one fourth to the company's use. Yet in 1780 the East India trade formed only ^ part of the entire foreign trade of the empire. In 1783 the company was again so involved, on account of wars, &c., as to be unable to pay the sub- sidy. In the following year, on the proposition of Mr. Pitt, a board of control was appointed, consisting of such members of the British privy council as the sovereign of England chose to appoint, the two principal secretaries of state and ' the chancellor of the exchequer being three of the members. The president was usually a cabinet minister. In 1793 the char- ter was prolonged to 1814. From that date the charter was again prolonged 20 years, but the trade to India was substantially thrown open, though the monopoly of the trade to China was continued, and did not cease till 1834. Parliament in 1833 granted a new charter, by which 1, the company ceased to be a trading association ; 2, it was continued in the government of India until 1854, subject to the authority of the board of control; 3, India was thrown open to the independent en- terprise of British subjects ; 4, all the property, real and personal, in possession of the com- pany on April 22, 1834, was vested in the crown, and was to be held and managed by the company in trust for the crown, the stock- holders being assured by government an an- nual dividend of 10 per cent, on the stock ; 5, of the treasure of the company, valued in 1834 at 21,103,000, 2,000,000 were formed into a sinking fund, with the proceeds of which, in or after 1874, to buy out the stockholders at 200 per cent, valuation, 8,423,000 were con- sumed in the payment of the company's debts, and the balance was appropriated to various improvements in India ; 6, the stock might be bought in by parliament at the rate of 200 for 100 at any time after 1874, with the fur- ther condition that if at any time after 1854 the company were deprived by parliament of the government of India, stockholders might demand of parliament to purchase their stock, after three years' notice given. When in 1854 the last charter of the company expired, it was determined by act of parliament to renew it, but not for any given time. The capital stock, originally 2,000,000, had been increased at various times, till in 1793 it amounted to 6,000,000. At this it remained by law. This stock was owned in 1835 by 3,579 per- sons. As it was marketable, of course the number of stockholders continually changed. The ownership of stock to the amount of 1,000 (worth in 1835 2,540) gave the privi- lege of one vote at the stockholders' meetings. The owner of 3,000 had two votes, of 6,000 three, of 10,000 and over, four. Women as well as men, and foreigners as well as Britons, if owning the requisite amount of stock, and present in London in person or by proxy, had the privilege of debating and voting. Stock must, however, have been held 12 months be- fore the owner was entitled to a vote. In 1852 there were 2,583 voters, of whom 372 were women, 20 were peers of the realm, 10 mem- bers of parliament, 50 ex-directors, 86 clergy- men, 19 physicians, 222 army officers, and 28
