December 31

This Day in History

General Interest

Dec 31, 1600:

Charter granted to the East India Company

Queen Elizabeth I of England grants a formal charter to the London merchants trading to the East Indies, hoping to break the Dutch monopoly of the spice trade in what is now Indonesia.

In the first few decades of its existence, the East India Company made far less progress in the East Indies than it did in India itself, where it acquired unequaled trade privileges from India's Mogul emperors. By the 1630s, the company abandoned its East Indies operations almost entirely to concentrate on its lucrative trade of Indian textiles and Chinese tea. In the early 18th century, the company increasingly became an agent of British imperialism as it intervened more and more in Indian and Chinese political affairs. The company had its own military, which defeated the rival French East India Company in 1752 and the Dutch in 1759.

In 1773, the British government passed the Regulating Act to reign in the company. The company's possessions in India were subsequently managed by a British governor general, and it gradually lost political and economic autonomy. The parliamentary acts of 1813 ended the East India Company's trade monopoly, and in 1834 it was transformed into a managing agency for the British government of India.

In 1857, a revolt by Indian soldiers in the Bengal army of the company developed into a widespread uprising against British rule in India. After the so-called Indian Mutiny was crushed in 1858, the British government assumed direct control over India, and in 1873 the East India Company was dissolved.

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