Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1858-09-23

The East India Company.


Monday last, noticed the demise of the East
India Company as the ruler OF India. and
the succession of the Crown of Great Britain
10 the supreme government. The close or
the career of this greatest of the Corporations
ct the past will render a brief sketch of its
history interesting at the present time. ~
In 1897 the efforts of the Portuguese to
discover the passage to India were successful,
and in their success was the germ of the
British East India Company. Efforts were
made by the Portuguese, by means of a
Pope's bull, to retain exclusively control of |
the passage to, and the commerce with, India, |
but with only partial success, for after try |
ing in vain to discover another passage the |
English merchants in 1880 determined to
have a share in the lucrative trade then |
growing up with India by way of the Cane of
Good Hope. and Capt. STEPHENS. in 1882,
was the first Englsbman who made the
voyage to India by way of this passage. He
was followed by Sir FRANCIS DRAKE and
THOMAS CAvENDIsH in 1888, who, by their
glowing reports and by the rich captures
made by the formers vessels. created an
intense desire in England to participate in
the wealth of which they had long dreamed.
/ To obtain this end war vessels were first
fitted out. and in 1898 Sir WALTER REIEIGH
captured ship of I600 tons, the largest ever
seen in England, laden with the richest goods
( that India could furnish. After some efforts
of private adventurers. there was formed
corporation, with charter dated the 3lst of
December, 1860, entitled "The Governor and
Company of Merchants of London trading to
the East Indies" Powers were given to the
Company to elect their Governor, Directors,
and officers; to infiict punishment not in
violation OF the laws of England; to export
goods free OF duty for four years, and to have
certain privileges in exporting coin. The
duration of the charter was limited to fifteen
years, with the condition that it might be
cancelled upon notice of two years. Such
was the origin of the British East India
Company. which, in time. extended its sway
over the entire Mogul Empire; and but for
the hostility of more liberal commercial
opinions, would not now have its end
chronicled in Sept. LIST, 1858, one hundred and
ninety-seven and three quarters years after
| its charter.
The history of the East India Company
| would tell of ambitious plans. fortunes made
and lost, lives spent, health wasted. hopes,
! wrongs, elsewhere only to he found in ma
| TONS record. From the published life of Has
| tings to the tale of the soldier who returns to
! his native English village with only his scars
! for his reward, we have the experience of a
people, from despot to a peasant, and all
SERVANTS of this Company.
The first expedition to India by the Compa-
/ ny was in 1901, and consisted of feet of five
! ships, varying from 600 to 40 tons, and with
! porous that through it the Company attained
power that was never lost while it had ex-
| istence
The hostility of the Dutch was for time
the chief obstacle that threatened the Com
| pany; but the profits of lucrative trade were
sufficient to make the English Company retain
! their possessions at all hazards. The profits
| of the trade may be estimated from the fact
that the cost of East India goods in England
was only three per cent. when brought by
| Cape Horn. of the same goods brought over
the land route through Aleppo; and as the
Company had virtual monopoly, their prof
its were almost incalculable.
In l645 the Company established factories
in Bengal, the principal of which was at Hoo
gly. In 1868 Madras made q Presi-
dency.
Charles III confirmed the Company's Char
| ter in 1861, and conferred on the Company
! the power of making peace or war with any
nation not of the Christian religion; of seiz-
ing and sending to England any British sub
| icct found trading in India without their
leave. Also, the power of making laws, exer-
| cisng jurisdiction, etc. Notwithstanding
these extensive powers, private traders inter
| fered materially with the trade of the Com
| pany. In 1864 the French East India Com
| pany was formed, and ten years after laid the
| foundation of their settlement at POndicher-
ry. The Dutch having prior possession of the
| principal islands in the Indian Ocean were,
| however the greatest rivals. In 1868 the
! Company obtained a valuable possession in
the island of Bombay. through the gift of
| Charles III, who obtained it as part of the
marriage portion of his wife, Catharine of Por-
! tugal, and from this time. either by treaty or
| force, the Company gradually and annually
extended their territories and powers until
| they extended over all Hindoostan.
The year 1867 is memorable as being the
| one in which the first shipment of tea of
! which we have record amounting to 100
pounds, was made to England. From this
! small beginning the trade in time extended
until 1t was the main prop of the Company's
| existence.
With somewhat variable fortunes the Com
! pany controlled the monopoly of the India
trade until 1893. when the English Govern
ment applied for loan of G., 900 0OO Offer
| ing per cent. interest. This the Company
would not grant. and in consequence char
ter was given to an association of merchants
taking the loan, two years before the India
| Company s charter expired. The result of
having two rival Companies was disputed,
disastrous to both, and which for time
threatened total dissolution. In l.7O2. how
ever, the two Companies adjusted their differ
| ences and formed themselves into one Com
| pany entitled The United Company of Mer-
chants Of England trading TO the East In
dies" With all their powers and a monopo-
| ly OF trade, it was not until the beginning of
the psesent century that the East India Com
| pany's commerce attained what. according to
| our present ideas, could be called any consi-
derable magnitude. In 1871 the imports in-
to England were only little over SIS GOO, 900.
I In 1890 the Company's Charter was extend
ed until 1914, and provision inserted for
the general opening of the trade to private
| individuals. For many years the opinion had
| been gaining ground that the trade with In
dia could he materially enlarged by such a
course. The Company had such influence,
! however. that in 1914, when the Charter ex-
PRED, the trade to individuals was open only
on certain restrictions and the Company OBJ
tanned renewal OF their Charter until 1882
| with these limitations. Such however, is
private enterprise, that with all the restric-
tons, the India trade trebbled in a few years
In 1882 when the Charter expired. there could
he no further claims brought forward for a
renewal of the commercial privileges; and
the act and 4. win. 4. C. s. for continuing
the Charter until 1854. terminated dse Conspanp's
commercial character. The wonderful increase
that has siuce taken place in the trade with
| India proves the sagacity of the measure and
the justice is even more evident. 1t is to be
hoped that corresponding improvement in
| the political condition of the country will
| take place, now that the Company has ceased
| to exist as political po'oer.
The trade of the United States with British
! India amounted TO Sll SOC, 900. or more than
! double the whole commerce Of India in 1911.
! With a more liberal Indian Government, we
can expect n great increase in our trade. and
with an improvement in the people, the prac-
! tice of boarding, which made India ''cess-
| pool for precious metals,o will be given up.
The loss to this country alone from this prac-
! ticc, or the "balance of trade'' with India
! from 1920 to 1857, was sIty seues nsiLiions Of