East India Company

  • east india company (eic)
    former type
    public
    industryinternational trade, opium trafficking[1]
    fategovernment of india act 1858
    founded31 december 1600 (1600-12-31)
    foundersjohn watts, george white
    defunct1 june 1874 (1874-06-01)
    headquarters
    london
    ,
    great britain
    productscotton, silk, indigo dye, salt, spices, saltpetre, tea, and opium
    colonial india
    british indian empire
    imperial entities of india
    dutch india1605–1825
    danish india1620–1869
    french india1668–1954

    portuguese india
    (1505–1961)
    casa da Índia1434–1833
    portuguese east india company1628–1633

    east india company
    1612–1757
    company rule in india1757–1858
    british raj1858–1947
    british rule in burma1824–1948
    princely states1721–1949
    partition of india
    1947

    the east india company (eic), also known as the honourable east india company (heic), east india trading company (eitc), or the british east india company, and informally known as john company,[2] company bahadur,[3] or simply the company, was an english and later british joint-stock company.[4] it was formed to trade in the indian ocean region, initially with the moghuls of india and the east indies, and later with qing china. the company ended up seizing control of large parts of the indian subcontinent, colonised parts of southeast asia, and colonised hong kong after the first opium war.

    originally chartered as the "governor and company of merchants of london trading into the east-indies",[5][6] the company rose to account for half of the world's trade,[7] particularly in basic commodities including cotton, silk, indigo dye, salt, spices, saltpetre, tea, and opium. the company also ruled the beginnings of the british empire in india.[7][8] in his speech to the house of commons in july 1833, lord macaulay explained that since the beginning, the east india company had always been involved in both trade and politics, just as its french and dutch counterparts had been.[9]

    the company received a royal charter from queen elizabeth i on 31 december 1600, coming relatively late to trade in the indies. before them the portuguese estado da Índia had traded there for much of the 16th century and the first of half a dozen dutch companies sailed to trade there from 1595. these dutch companies amalgamated in march 1602 into the dutch east india company (voc), which introduced the first permanent joint stock from 1612 (meaning investment into shares did not need to be returned, but could be traded on a stock exchange). by contrast, wealthy merchants and aristocrats owned the eic's shares.[10] initially the government owned no shares and had only indirect control until 1657 when permanent joint stock was established.[11]

    during its first century of operation, the focus of the company was trade, not the building of an empire in india. company interests turned from trade to territory during the 18th century as the mughal empire declined in power and the east india company struggled with its french counterpart, the french east india company (compagnie française des indes orientales) during the carnatic wars of the 1740s and 1750s. the battles of plassey and buxar, in which the british defeated the bengali powers, left the company in control of bengal with the right to collect revenue, in bengal and bihar,[12] and a major military and political power in india. in the following decades it gradually increased the extent of the territories under its control, controlling the majority of the indian subcontinent either directly or indirectly via local puppet rulers under the threat of force by its presidency armies, much of which were composed of native indian sepoys.

    by 1803, at the height of its rule in india, the british east india company had a private army of about 260,000—twice the size of the british army, with indian revenues of £13,464,561 (equivalent to £229.9 million in 2019) and expenses of £14,017,473 (equivalent to £239.3 million in 2019).[13][14] the company eventually came to rule large areas of india with its private armies, exercising military power and seizing administrative functions.[15] company rule in india effectively began in 1757 and lasted until 1858, when, following the indian rebellion of 1857, the government of india act 1858 led to the british crown's assuming direct control of the indian subcontinent in the form of the new british raj.

    despite frequent government intervention, the company had recurring problems with its finances. it was dissolved in 1874 as a result of the east india stock dividend redemption act passed one year earlier, as the government of india act had by then rendered it vestigial, powerless, and obsolete. the official government machinery of british india assumed the east india company's governmental functions and absorbed its navy and its armies in 1858.

  • history
  • early voyages to the east indies
  • foothold in india
  • expansion
  • forming a complete monopoly
  • basis for the monopoly
  • opium trade
  • regulation of the company's affairs
  • indian rebellion and disestablishment
  • establishments in britain
  • legacy and criticisms
  • symbols
  • ships
  • records
  • early governors[100]
  • see also
  • notes and references
  • further reading
  • external links

East India Company (EIC)
Public
IndustryInternational trade, Opium trafficking[1]
FateGovernment of India Act 1858
Founded31 December 1600 (1600-12-31)
FoundersJohn Watts, George White
Defunct1 June 1874 (1874-06-01)
Headquarters,
ProductsCotton, silk, indigo dye, salt, spices, saltpetre, tea, and opium
Colonial India
British Indian Empire
Imperial entities of India
Dutch India1605–1825
Danish India1620–1869
French India1668–1954

Portuguese India
(1505–1961)
Casa da Índia1434–1833
Portuguese East India Company1628–1633

1612–1757
Company rule in India1757–1858
British Raj1858–1947
British rule in Burma1824–1948
Princely states1721–1949
Partition of India
1947

The East India Company (EIC), also known as the Honourable East India Company (HEIC), East India Trading Company (EITC), or the British East India Company, and informally known as John Company,[2] Company Bahadur,[3] or simply The Company, was an English and later British joint-stock company.[4] It was formed to trade in the Indian Ocean region, initially with the Moghuls of India and the East Indies, and later with Qing China. The company ended up seizing control of large parts of the Indian subcontinent, colonised parts of Southeast Asia, and colonised Hong Kong after the First Opium War.

Originally chartered as the "Governor and Company of Merchants of London Trading into the East-Indies",[5][6] the company rose to account for half of the world's trade,[7] particularly in basic commodities including cotton, silk, indigo dye, salt, spices, saltpetre, tea, and opium. The company also ruled the beginnings of the British Empire in India.[7][8] In his speech to the House of Commons in July 1833, Lord Macaulay explained that since the beginning, the East India Company had always been involved in both trade and politics, just as its French and Dutch counterparts had been.[9]

The company received a Royal Charter from Queen Elizabeth I on 31 December 1600, coming relatively late to trade in the Indies. Before them the Portuguese Estado da Índia had traded there for much of the 16th century and the first of half a dozen Dutch Companies sailed to trade there from 1595. These Dutch companies amalgamated in March 1602 into the Dutch East India Company (VOC), which introduced the first permanent joint stock from 1612 (meaning investment into shares did not need to be returned, but could be traded on a stock exchange). By contrast, wealthy merchants and aristocrats owned the EIC's shares.[10] Initially the government owned no shares and had only indirect control until 1657 when permanent joint stock was established.[11]

During its first century of operation, the focus of the company was trade, not the building of an empire in India. Company interests turned from trade to territory during the 18th century as the Mughal Empire declined in power and the East India Company struggled with its French counterpart, the French East India Company (Compagnie française des Indes orientales) during the Carnatic Wars of the 1740s and 1750s. The battles of Plassey and Buxar, in which the British defeated the Bengali powers, left the company in control of Bengal with the right to collect revenue, in Bengal and Bihar,[12] and a major military and political power in India. In the following decades it gradually increased the extent of the territories under its control, controlling the majority of the Indian subcontinent either directly or indirectly via local puppet rulers under the threat of force by its Presidency armies, much of which were composed of native Indian sepoys.

By 1803, at the height of its rule in India, the British East India company had a private army of about 260,000—twice the size of the British Army, with Indian revenues of £13,464,561 (equivalent to £229.9 million in 2019) and expenses of £14,017,473 (equivalent to £239.3 million in 2019).[13][14] The company eventually came to rule large areas of India with its private armies, exercising military power and seizing administrative functions.[15] Company rule in India effectively began in 1757 and lasted until 1858, when, following the Indian Rebellion of 1857, the Government of India Act 1858 led to the British Crown's assuming direct control of the Indian subcontinent in the form of the new British Raj.

Despite frequent government intervention, the company had recurring problems with its finances. It was dissolved in 1874 as a result of the East India Stock Dividend Redemption Act passed one year earlier, as the Government of India Act had by then rendered it vestigial, powerless, and obsolete. The official government machinery of British India assumed the East India Company's governmental functions and absorbed its navy and its armies in 1858.