East India Company Flashcards
when was the EIC given a new charter?
1657
what was reorganised in the company under Cromwell?
the joint stock system- while individual owners might sell their shares, the company will go on trading forever
after the restoration, what happened to the company?
between 1660-85, it took on a distinct royalist air, shares rose nine fold as they exploited the monopoly in England selling Indian cotton goods for a high price
when did the company declare war on Aurangzeb?
1686
what were the consequences of declaring war on Aurangzeb?
EIC lost because he was too strong
recognised they provided tax for the royal coffers from the textile trade and had a strong navy- let them continue to trade
EIC had to pay a huge fine a prostrate themselves in front of the emperor
what was established in Bengal in 1690?
Charnock established a trading station which eventually became Calcutta
why were Bengal textiles vital to trade?
made up 40% of the company’s exports to England
other than textiles, what else did the company trade?
coffee with Arabia
tea with China by the end of the 17th century
why did trade with China increase?
popularity of silk and porcelain
looked to exploit the Chinese market for opium- 1672 secured a trading post in Taiwan
how did the company contribute to the King’s revenue?
by paying custom duties on imports
additionally gave loans to the King- 1% of his total revenue
