December 31 - The British East India Company is Chartered

This Day in History: 31 December 2019

 

31 December 1600

 

419 years ago, today, the British East India Company was chartered by Queen Elizabeth I, in hope to break the Dutch monopoly of the spice trade to modern-day Indonesia. In the East India Company's first few decades, it made far less progress in the East Indies than in actual India. It gained unmatched trade privileges from India's emperors, and by the 1630s, abandoned its East Indies operations to concentrate on Indian textiles and Chinese tea. Later, in the early 18^th century, the company was under the influence of British imperialism, as it intervened more in Indian and Chinese politics. As well as this, the company had its own military, which defeated its French rival, the French East India Company in 1752, and the Dutch in 1759.

 

A few years after this, in 1772, Britain's government passed the Regulating Act in an attempt to rein in the company, causing the company's possessions in India to be managed by a British governor, while it also lost political and economic independence. The company's trade monopoly was ended by parliamentary acts in 1813, and in 1834 was made into a managing agency for the British government of India. 23 years later, a revolt by Indian soldiers from the Bengal army of the company caused an uprising against Britain's rule in India, and after the Indian Mutiny was crushed, the British government acquired direct control over India, and in 1873, the East India Company was dissolved. 

 

Want to find out more about the British East India Company that lasted for many decades? Clickhere for more details.