By Oscar
Winsey
The East
India Company (EIC) was formed in 1600 when Queen Elizabeth I granted a Royal
charter for indefinite period to trade in Asia and Pacific, this was renewed by
James 1 in 1609. A joint stock company
with 2000 shareholders was formed. Trading Posts were established at Madras in 1639
and Bombay in 1664, which was a Dowry gift from Catherine of Briganza to
Charles II. The company was originally only interested in
Spices and Calico and other luxury items with a high value in England. At this time France was also active in India
and soon clashes occurred which resulted in EIC forming their own army. Controlled by EIC English officers, native
troops known as Sepoys were led by EIC employees such as Clive and later the
Marquess Wellesley (Duke of Wellington). The EIC was very successful at playing
off Indian prices and by the end of the 18th century the French were
expelled from India. The other factor in
the independence of the EIC was the long time it took to communicate with the
UK; there was no Suez Canal, so it took 6 weeks, so the people on the spot got
on with it.
