The name 'the british east india company' nee ds no introduction to the world of business, commerce and industry it was the most successful business ever and has a more colourful and adventurous history than any company in history. The british east india company was an exception because it was associated with the ascendant british government and acted like a nation, having an army unto itself. Want to help keep crashcourse going consider becoming a patron and help us keep making awesome content for such awesome people subbable subscribers read further . But perhaps most crucial was the support that the east india company enjoyed from the british parliament the relationship between them grew steadily more symbiotic throughout the 18th century.
The collection documents the relationship between britain and india in an empire where the scots played a central role as traders, generals, missionaries, viceroys, governor-generals and east india company officials. English trade in the east: 17th century on the last day of the year 1600 elizabeth i grants a charter to a 'company of merchants trading into the east indies' early voyages prove successful by 1614 the east india company owns twenty-four ships. British india 1763 - 1815 click on the image for a larger view early history in 1601 the english east india company was founded a group of city merchants decided to risk their capital only after there had been favourable reports about trade prospects in the east.
A depiction of the boston tea party, a result of the tea act which favored the east india company and punished competitors life pictures/mansell/time life pictures/ getty images american and british schoolchildren are taught about the infamous tea act of 1773, which led to the rebellious boston tea party. The east india company became the foremost power in india, and india became the crown jewel of the british empire trade goods india became increasingly valuable to british interests after a railway network was built there. The shipment of british east india company tea the three ships delivered to boston consisted of 240 chests of bohea, 60 chests of singlo, 15 chests of congou, 15 chests of hyson, and 10 chests of souchong. 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. In a similar fashion as the dutch voc in indonesia, it was a trading corporation, the east india company, which established a presence on the indian sub-continent in the early 1600s english traders set up outposts on the indian coasts, which would eventually become the cities of bombay, madras, and calcutta.
The british east india company was formed to share in the east indian spice trade this trade had been a near monopoly of spain and portugal until the dutch moved into the region in the. Mercantilism was the main economic system of trade utilized from the 16th to 18th century mercantilist theorists believed that the amount of wealth in the world was static. From these, we can see that the east india company imported into london 7,000,000 lbs (almost 3,200,000 kgs) of pepper in 1677 the development of trade with the east indies and the increase in the supply of black pepper from there helped to kill the trade in another pepper from west africa. In 1848, the british east india company sent robert fortune on a trip to china's interior, an area forbidden to foreigners fortune's mission was to steal the secrets of tea horticulture and. In india, and other former possessions of britain, the historic east india company is a symbol of oppression and humiliation mehta first learned about it as a schoolboy in newly independent india.
The dutch east india company, or voc, was, for over a century, the largest company in the world initially specializing in its monopoly of various spices and near monopoly in others. Loss of british revenue as a result of the rebellion was severe, and in 1858, an act of the british parliament transferred the east india company's rights in india to the crown. The source, judging by the uniforms of his british guests, might be seen as propaganda to gloss over the past tensions and advertise rapprochement between the scindias (a hindu maratha dynasty that ruled the gwalior state) and the east india company. Two main lines of development worked to bring the british east indies company to india and make it a power there for one thing, by 1600, portugal was losing control of the east asian spice trade. Company rule in india (sometimes, company raj, raj , lit rule in hindi) refers to the rule or dominion of the british east india company over parts of the indian subcontinent.
In the first half of the 19th century, when the east india company still ruled india on britain's behalf, there was a heady rhetoric of reform and improvement in some british circles. Between 1699 and 1774 the east india company's business increased to as much as fifteen percent of total annual imports into britain, its taxes and other payments often keeping the british government solvent. What was one main difference between the establishment of the british east india company in mughal india versus the establishment of the dutch east india company in indonesia the british used treaties with local mughal rulers the dutch violently conquered and killed many indonesians. By 1690, the company had trading centres (known as 'factories') all along the west and east coasts of india the main centres were at madras, calcutta and bombay the company started to protect its trade with its own armies and navies - very different from most companies today.
The east india company was established in 1600 as a joint-stock association of english merchants trading to the indies and it was to continue trading until 1833 when an act of parliament opened the trade with the east indies to all shipping. Okay, not the original corporation, but one of the most powerful institutions that has ever existedalso called the honourable east india company or the british east india company and informally as john company, this joint-stock company at one time controlled half the world's trade. The east india trading company, otherwise referred to as the east india company or abbreviated as eitc, was a british joint-stock company and megacorporation formed for pursuing and monopolizing trade with the indian subcontinent and east indies, and later expanded to china and the caribbean.
As a result, the east india company lost its powers of government and british india formally came under direct british rule, with an appointed governor-general of india the east india company was dissolved the following year in 1858.