East India Company
The British East India Company was an English and later (from 1707) British joint-stock company and megacorporation formed for pursuing trade with the East Indies but which ended up trading mainly with the Indian subcontinent.
The East India Company traded mainly in cotton, silk, indigo dye, salt, saltpetre, tea and opium. The Company was granted a Royal Charter in 1600, making it the oldest among several similarly formed European East India Companies. Shares of the company were owned by wealthy merchants and aristocrats. It was an example of an English joint stock company.. The government owned no shares and had only indirect control. The Company eventually came to rule large areas of India with its own private armies, exercising military power and assuming administrative functions. Company rule in India effectively began in 1757 after the Battle of Plassey and lasted until 1858 when, following the Indian Rebellion of 1857, the Government of India Act 1858 led to the British Crown assuming direct control of India in the new British Raj.
The Company 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. Its functions had been fully absorbed into official government machinery in the British Raj and its private army had been nationalised by the British Crown.
Read more about East India Company: Founding, Foothold in India, Expansion, Regulation of The Company's Affairs, Indian Rebellion of 1857, Establishments in Britain, Legacy, Flags, Ships, Records
Famous quotes containing the words east india, east, india and/or company:
“An arch never sleeps.”
—East Indian saying.
“It is the business of thought to define things, to find the boundaries; thought, indeed, is a ceaseless process of definition. It is the business of Art to give things shape. Anyone who takes no delight in the firm outline of an object, or in its essential character, has no artistic sense.... He cannot even be nourished by Art. Like Ephraim, he feeds upon the East wind, which has no boundaries.”
—Vance Palmer (1885–1959)
“India is an abstraction.... India is no more a political personality than Europe. India is a geographical term. It is no more a united nation than the Equator.”
—Winston Churchill (1874–1965)
“The Bermudas are said to have been discovered by a Spanish ship of that name which was wrecked on them.... Yet at the very first planting of them with some sixty persons, in 1612, the first governor, the same year, “built and laid the foundation of eight or nine forts.” To be ready, one would say, to entertain the first ship’s company that should be next shipwrecked on to them.”
—Henry David Thoreau (1817–1862)