London Company | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-01-02

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/London_Company


00:02:36 1 History
00:03:30 1.1 Founding
00:06:21 1.2 First expedition
00:09:24 1.3 Charter of 1609
00:11:23 1.4 Collapse and dissolution
00:13:53 2 Native American relationships
00:18:25 3 See also



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SUMMARY
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The London Company (also called the Virginia Company of London) was an English joint-stock company established in 1606 by royal charter by King James I with the purpose of establishing colonial settlements in North America.The territory granted to the London Company included the eastern coast of America from the 34th parallel (Cape Fear) north to the 41st parallel (in Long Island Sound). As part of the Virginia Company and Colony, the London Company owned a large portion of Atlantic and Inland Canada. The company was permitted by its charter to establish a 100-square-mile (260 km2) settlement within this area. The portion of the company's territory north of the 38th parallel was shared with the Plymouth Company, with the stipulation that neither company found a colony within 100 miles (161 km) of each other.
The London Company made landfall on 26 April 1607, at the southern edge of the mouth of the Chesapeake Bay, which they named Cape Henry, near present-day Virginia Beach. Deciding to move the encampment, on 4 May 1607, they established the Jamestown Settlement  on the James River about 40 miles (64 km) upstream from its mouth at the Chesapeake Bay. Later in 1607, the Plymouth Company established its Popham Colony in present-day Maine, but it was abandoned after about a year. By 1609, the Plymouth Company had dissolved. As a result, the charter for the London Company was adjusted with a new grant that extended from "sea to sea" of the previously-shared area between the 38th and 40th parallel. It was amended in 1612 to include the new territory of the Somers Isles (or Bermuda).
The London Company struggled financially, especially with labour shortages in its Virginia colony. Its profits improved after sweeter strains of tobacco than the native variety were cultivated and successfully exported from Virginia as a cash crop beginning in 1612. By 1619 a system of indentured service was fully developed in the colony; the same year the home government passed a law that prohibited the commercial growing of tobacco in England.  In 1624, the company lost its charter, and Virginia became a royal colony. (Its spin-off, The London Company of The Somers Isles, operated until 1684).