East India Company, British, 1600–1874, company chartered by Queen Elizabeth I for trade with Asia. The original object of the group of merchants involved was to break the Dutch monopoly of the spice trade with the East Indies. However, after 1623, when the English traders at Amboina were massacred by the Dutch, the company admitted defeat in that endeavor and concentrated its activities in India. It had established its first factory at Machilipatnam in 1611, and it gradually acquired unequaled trade privileges from the Mughal emperors. Although the company was soon reaping large profits from its Indian exports (chiefly textiles), it had to deal with serious difficulties both in England and in India. During the 17th cent. its monopoly of Indian trade was constantly challenged by independent English traders called “interlopers.” In 1698 a rival company was actually chartered, but the conflict was resolved by a merger of the two companies in 1708. By that time the company had established in India the three presidencies of Madras (now Chennai), Bombay (now Mumbai), and Calcutta (now Kolkata).-
2006-12-22 22:54:10
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answer #1
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answered by Anonymous
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