Chapter X: Introduction

We have now to record the early voyages, fitted out from England, for trading to file East Indies, by THE GOVERNOR AND COMPANY OF MERCHANTS OF LONDON, TRADING INTO THE EAST INDIES.[75] By which stile, or legal denomination, George Earl of Cumberland, Sir John Hart, Sir John Spencer, and Sir Edward Mitchelburne, knights, with 212 others, whose names are all inserted in the patent, were erected into a body corporate and politic, for trading to and from all parts of the East Indies, with all Asia, Africa, and America, and all the islands, ports, havens, cities, creeks, towns, and places of the same, or any of them, beyond the Cape of Good Hope to the Straits of Magellan, for fifteen years, from and after Christmas 1600; prohibiting all other subjects of England, not free of this company, from trading to these parts without licence from the company, under forfeiture of their goods and ships, half to the crown and half to the company, together with imprisonment during the loyal pleasure, and until they respectively grant bond in the sum of £1000 at the least, not again to sail or traffic into any part of the said East Indies, &c. during the continuance of this grant. With this proviso, "That, if the exclusive privilege thus granted be found unprofitable for the realm, it may be voided on two years notice: But, if found beneficial, the privilege was then to be renewed, with such alterations and modifications as might be found expedient" This exclusive grant, in the nature of a patent, was dated at Westminster on the 31st December, 1600, being the 43d year of the reign of Queen Elizabeth, signed by herself, and sealed with her privy seal.

[Footnote 75: So denominated in the copy of the charter in the Pilgrims of Purchas, vol. I. p. 139--147, which we have not deemed it necessary to insert.--E.]

It is by no means intended to attempt giving in this place any history of our East India Company, the early Annals of which, from its establishment in 1600, to the union of the London and English Companies in 1708, have been lately given to the public, in three quarto volumes, by John Bruce, Esq. M.P. and F.R.S. Historiographer to the Honourable East India Company, &c. &c. &c. to which we must refer such of our readers as are desirous of investigating that vast portion of the history of our commerce. All that we propose on the present occasion, is to give a short introduction to the series of voyages contained in this chapter, all of which have been preserved by _Samuel Purchas_, in his curious work, which he quaintly denominated PURCHAS HIS PILGRIMS, published in five volumes folio at London in 1625.

In the first extension of English commerce, in the sixteenth century, consequent upon the discoveries of Western Africa, America, and the maritime route to India, it seems to have been conceived that exclusive chartered companies were best fitted for its effectual prosecution. "The spirit of enterprise in distant trade, which had for a century brought large resources to Spain and Portugal, began to diffuse itself as a new principle, in the rising commerce of England, during the long and able administration of Queen Elizabeth. Hence associations were beginning to be formed, the joint credit of which was to support experiments for extending the trade of the realm."[76]

[Footnote 76: Ann. of the Honb. East India Co, I. 206.]

In the reign of Edward VI. a company was projected with this view; which obtained a charter in 1553, from Philip and Mary, under the name of _Merchant Adventurers for the Discovery of Lands, Countries, Isles, &c. not before known to the English_. This company, of which Sebastian Cabot was governor, in the last year of Queen Mary, had extended its trade through Russia into Persia, to obtain raw silks, &c. In the course of their proceedings, the agents of this company met with merchants from India and China, from whom they acquired a knowledge of the productions of these countries, and of the profits which might be derived from extending the trade of England to these distant regions.[77] In 1581, Queen Elizabeth gave an exclusive charter to the Levant or Turkey Company, for trading to the dominions of the Grand Signior or Emperor of Turkey. In the prosecution of this trade, of which some account has been given in our preceding chapter, the factors, or travelling merchants, having penetrated from Aleppo to Bagdat and Basora, attempted to open an overland trade to the East Indies, and even penetrated to Agra, Lahore, Bengal, Malacca, and other parts of the East, whence they brought information to England of the riches that might be acquired by a direct trade by sea to the East Indies.[78] The circumnavigations of Sir Francis Drake in 1577-1580, and of Mr Thomas Cavendish, or Candish, in 1586, of which voyages accounts will be found in a future division of this work, who brought back great wealth to England, obtained by making prizes of the Spanish vessels, contributed to spread the idea among the merchants of England, that great profits and national advantages might be derived from a direct trade to India by sea.[79]

[Footnote 77: Ann. of the H.E.I. Co. I. 107.]

[Footnote 78: Ann. of the Hon. E. India Co. I. 108.]

[Footnote 79: Id. ib.]

In consequence of these views, a memorial was presented to the lords of council in 1589, requesting a royal licence for three ships and three pinnaces to proceed for India, which gave rise to the expedition of Captain Raymond, in 1591, already related. In 1599, an association of London Adventurers entered into a contract for embarking, what was then considered as a _large joint stock_, for the equipment of a voyage to the East Indies. The fund subscribed amounted to £30,133: 6: 8, divided into 101 shares or adventures, the subscriptions of individuals varying from £100 to £3000.[80] This project, however, seems to have merged into the East India Company, at the close of the next year 1600, as already mentioned.

[Footnote 80: Id. III.--From the peculiar amount of this capital sum, the subscriptions were most probably in marks, of 13s 4d. each.--E.]

On the 30th September, 1600, a draft of the patent, already said to have been subsequently sealed on the last day of that year, was read before the _seventeen committees_, such being then the denomination of what are now called _directors_; and being approved of, was ordered to be submitted to the consideration of the Queen and Privy Council. "In this early stage of the business, the lord-treasurer applied to the _Court of Committees_ or Directors, recommending Sir Edward Mitchelburne to be employed in the voyage; and thus, before the Society of Adventurers had been constituted an East India Company, that influence had its commencement, which will be found, in the sequel, to have been equally adverse to the prosperity of their trade and to the probity of the directors."[81] Yet, though still petitioners for their charter, the directors had the firmness to resist this influence, and resolved _Not to employ any gentleman in any place of charge_, requesting to be permitted to _sort_ their business with men of _their own quality_, lest the suspicion of employing _gentlemen_ might drive a great number of the adventurers to withdraw their contributions.[82]

[Footnote 81: Ann. of the H.E.I. Co. I.128.]

[Footnote 82: Id. ib.]

In the commencement of its operations, the East India Company proceeded upon rather an anomalous plan for a great commercial company. Instead of an extensive joint stock for a consecutive series of operations, a new voluntary subscription was entered into among its members for each successive adventure. That of the _first_ voyage was about £70,000. The _second_ voyage was fitted out by a new subscription of £60,450. The _third_ was £53,500. The _fourth_ £33,000. The _fifth_ was a branch or extension of the third, by the same subscribers, on an additional call or subscription of £13,700. The subscription for the _sixth_ was £82,000. The _seventh_ £71,581. The _eighth_ £76,375. The _ninth_ only £7,200.

In 1612, the trade began to be carried on upon a broader basis by a joint stock, when £429,000 was subscribed, which was apportioned to the _tenth, eleventh, twelfth_, and _thirteenth_ voyages. In 1618, a new _joint stock_ was formed by subscription, amounting to £1,600,000.[83]

[Footnote 83: Ann. of the H.E.I. Co. Vol. I. passim.]

In the year 1617, King James I. of England and VI. of Scotland, granted letters patent under the great seal of Scotland, dated at Kinnard, 24th May, 1617, to Sir James Cunningham of Glengarnock, appointing him, his heirs and assigns, to be governors, rulers, and directors of a _Scottish East India Company_, and authorizing him "to trade to and from the East Indies, and the countries or parts of Asia, Africa, and America, beyond the Cape of _Bona Sperantia_, to the straits of Magellan, and to the Levant Sea and territories under the government of the Great Turk, and to and from the countries of Greenland, and all other countries and islands in the north, north-west, and north-east seas, and other parts of America and Muscovy." Which patent, and all the rights and privileges annexed to it, was subsequently, for a valuable consideration, assigned by Sir James Cunningham to the London East India Company.[84]

[Footnote 84: Ann. &c. I. 192.--_Note_.]

It is quite unnecessary to extend this introductory view of the rise of the India Company any farther, as our limits could not possibly admit any satisfactory deduction of its history, any farther than is contained in the following series of the _Early Voyages_, for which we are almost entirely indebted to the Collection of Purchas. By this _first_ English East India Company, with a capital or joint stock of about 70,000l. at least for the _first_ voyage, were laid the stable foundations of that immense superstructure of trade and dominion now held by the present company. Their first joint stock did not exceed the average of 325l. or 330l. for each individual of 216 members, whose names are recorded in the copy of the charter in _Purchas his Pilgrims_, already referred to. Yet _one_ of these was disfranchised on the 6th July, 1661, not six months after the establishment of the company, probably for not paying up his subscription, as the charter grants power to disfranchise any one who does not bring in his promised adventure.

The East India Company of Holland, the elder sister of that of England, now a nonentity, though once the most extensive and most flourishing commercial establishment that ever existed, long ago published, or permitted to be published, a very extensive series of voyages of commerce and discovery, called _Voyages which contributed to establish the East India Company of the United Netherlands_. It were, perhaps, worthy of the _Royal Merchants_ who constitute the _English East India Company_, now the unrivalled possessors of the entire trade and sovereignty of all India and its innumerable islands, to publish or patronize a similar monument of its early exertions, difficulties, and ultimate success.--E.