East India Company

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Further information: Spice trade and Cape Route Before the Dutch RevoltAntwerp had played an important role as a distribution centre in northern Europe.

Afterhowever, the Portuguese used an international syndicate of the German Fuggers and Welsersand Spanish and Italian firms, that used Hamburg as the northern staple port to distribute their goods, thereby cutting Dutch merchants out of the trade. At the same time, the Portuguese trade system was unable to increase supply to satisfy growing demand, in particular the demand for pepper.

Demand for spices was relatively inelastic ; therefore, each lag in the supply of pepper caused a sharp rise in pepper prices.

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Inthe Portuguese crown was united in a personal union with the Spanish crown, 8 new changes 3 soldiers trading which the Dutch Republic was at war. The Portuguese Empire therefore became an appropriate target for Dutch military incursions.

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These factors motivated Dutch merchants to enter the intercontinental spice trade themselves. Further, a number of Dutchmen like Jan Huyghen van Linschoten and Cornelis de Houtman obtained first hand knowledge of the "secret" Portuguese trade routes and practices, thereby providing opportunity. Houtman's expedition then sailed east along the north coast of Javalosing twelve crew members to a Javanese attack at Sidayu and killing a local ruler in Madura.

Half the crew were lost before the expedition made it back to the Netherlands the following year, but with enough spices to make a considerable profit. Some fleets were lost, but most were successful, with some voyages producing high profits.

Slavery —[ edit ] The East India Company's own archives suggest that its involvement in the slave trade began inwhen a Captain Robert Knox was tasked with purchasing slaves from Madagascar to be transported to St. Saris was the chief factor of the EIC's trading post in Java, and with the assistance of William Adamsa British sailor who had arrived in Japan inhe was able to gain permission from the ruler to establish a commercial house in Hirado on the Japanese island of Kyushu : We give free license to the subjects of the King of Great Britaine, Sir Thomas Smythe, Governor and Company of the East Indian Merchants and Adventurers forever safely come into any of our ports of our Empire of Japan with their shippes and merchandise, without any hindrance to them or their goods, and to abide, buy, sell and barter according to their own manner with all nations, to tarry here as long as they think good, and to depart at their pleasure. The Mughal convoy included the treasure-laden Ganj-i-Sawaireported to be the greatest in the Mughal fleet and the largest ship operational in the Indian Ocean, and its escort, the Fateh Muhammed. They were spotted passing the straits en route to Surat. Ganj-i-Sawai carried enormous wealth and, according to contemporary East India Company sources, was carrying a relative of the Grand Mughal, though 8 new changes 3 soldiers trading is no evidence to suggest that it was his daughter and her retinue.

In Marcha fleet of eight ships under Jacob van Neck was the first Dutch fleet to reach the 'Spice Islands' of Maluku, the source of pepper, cutting out the Javanese middlemen. The ships returned to Europe in and and the expedition made a percent profit. Inthe Dutch expelled the Portuguese from their Solor fort, but a subsequent Portuguese attack led to a second change of hands; following this second reoccupation, the Dutch 18 ways to make money again captured Solor in They remained in control of the Sandalwood trade and their resistance lasted throughout the 17th and 18th centuries, causing Good network earnings Timor to remain under the Portuguese sphere of control.

Investment in these expeditions was a very high-risk venture, not only because of the usual dangers of piracy, disease and shipwreck, but also because the interplay of inelastic demand and relatively elastic supply [70] of spices could make prices tumble, thereby ruining prospects of profitability. To manage such risk, the forming of a cartel to control earnings remotely under 18 would seem logical.

Inthe English were the first to adopt this approach by bundling their resources into a monopoly enterprise, the English East India Companythereby threatening their Dutch competitors with ruin. For a time in the seventeenth century, it was able to monopolise the trade in nutmeg, mace, and cloves and to 8 new changes 3 soldiers trading these spices across European kingdoms and emperor Akbar the Great's Mughal Empire at times the price it paid in Indonesia ; [72] while Dutch profits soared, the local economy of the Spice Islands was destroyed.

With a capital of 6, guilders[73] the new company's charter empowered it to build forts, maintain armies, and conclude treaties with Asian rulers.

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It provided for a venture that would continue for 21 years, with a financial accounting only at the end of each decade. The Governor General effectively became the main administrator of the VOC's activities in Asia, although the Heeren XVII, a body of 17 shareholders representing different chambers, continued to officially have overall control.

Although it was at the centre of the spice production areas, it was far from the Asian trade routes and other VOC areas of activity ranging from Africa to India to Japan. The Straits of Malacca were strategic but became dangerous following the Portuguese conquest, and the first permanent VOC settlement in Banten was controlled by a powerful local ruler and subject 8 new changes 3 soldiers trading stiff competition from Chinese and English traders.

Graves of Dutch dignitaries in the ruined St. He saw the possibility of the VOC becoming an Asian power, both political and economic.

On 30 MayCoen, backed by a force 8 new changes 3 soldiers trading nineteen ships, stormed Jayakarta, driving out the Banten forces; and from the ashes established Batavia as the VOC headquarters.

In the s almost the entire native population of the Banda Islands was driven away, starved to death, or killed in an attempt to replace them with Dutch plantations.

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Coen hoped to settle large numbers of Dutch colonists in the East Indies, but implementation of this policy never materialised, mainly because very few Dutch were willing to emigrate to Asia. A major problem in the European trade with Asia at the time 8 new changes 3 soldiers trading that the Europeans could offer few goods that Asian consumers wanted, except silver and gold. European traders therefore had to pay for spices with the precious metals, which were in short supply in Europe, except for Spain and Portugal.

The Dutch and English had to obtain it by creating a trade surplus with other European countries. Coen discovered the obvious solution for the problem: to start an intra-Asiatic trade system, whose profits could be used to finance the spice trade with Europe.

In the long run this obviated the need for exports of precious metals from Europe, though at first it required the formation of a large trading-capital fund in the Indies. The VOC reinvested a large share of its profits to this end in the period up to Silver and copper from Japan were used to trade with the world's wealthiest empires, Mughal India and Qing Chinafor silk, cotton, porcelain, and textiles.

These products were either traded within Asia for the coveted 8 new changes 3 soldiers trading or brought back to Europe.

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The company supported Christian missionaries and traded modern technology with China and Japan. A more peaceful VOC trade post on Dejimaan artificial island off the coast of Nagasakiwas for more than two hundred years the only place 8 new changes 3 soldiers trading Europeans were permitted to trade with Japan.

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Dutch settlement in Bengal Subah. Inthe VOC obtained the port of GalleCeylonfrom the Portuguese and broke the latter's monopoly of the cinnamon trade. InGerard Pietersz.

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Bythe Portuguese had been expelled from the coastal regions, which were then occupied by the VOC, securing for it the monopoly over cinnamon.

To prevent the Portuguese or the English from ever recapturing Sri Lanka, the VOC went on to conquer the entire Malabar Coast from the Portuguese, almost entirely driving them from the west coast of India.

When news of a peace agreement between Portugal and the Netherlands reached Asia inGoa was the only remaining Portuguese city on the west coast.

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The cape was later renamed Cape of Good Hope in honour of the outpost's presence. Although non-company ships were welcome to use the station, they were charged exorbitantly. This post later became a full-fledged colony, the Cape Colonywhen more Dutch and other Europeans started to settle there. Direct access to mainland China came in when a factory was established in Canton. The treaty allowed the VOC to build a trading post in the area and eventually to monopolise the trade there, especially the gold trade.

In the first place, the highly profitable trade with Japan started to decline.

This competition is now closed December 31, at am Ina group of London merchants led by Sir Thomas Smythe petitioned Queen Elizabeth I to grant them a royal charter to trade with the countries of the eastern hemisphere.

The loss of the outpost on Formosa to Koxinga in the Siege of Fort Zeelandia and related internal turmoil in China where the Ming dynasty was being replaced with the China's Qing dynasty brought an end to the silk trade after The shogunate enacted a number of measures to limit the export of these precious metals, in the process limiting VOC opportunities for trade, and severely worsening the terms of trade. This caused a spike in the price of pepper, which enticed the English East India Company EIC to enter this market aggressively in the years after Previously, one of the tenets of the VOC pricing policy was to slightly over-supply the pepper market, so as to depress prices below the level where interlopers were encouraged to enter the market instead of striving for short-term profit maximisation.

The wisdom of such a policy was illustrated when a fierce price war with the EIC ensued, as that company flooded the market with new supplies from India.

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Indeed, bythe latter came close to bankruptcy; its share price plummeted from to ; and its president Josiah Child was temporarily forced from office. The VOC therefore closed the heretofore flourishing open pepper emporium of Bantam by a treaty of with the Sultan. Also, on the Coromandel Coastit moved its chief stronghold from Pulicat to Negapatnamso as to secure a monopoly on the pepper trade at the detriment of the French and the Danes. The military outlays that the VOC needed to make to enhance its monopoly were not justified by the increased profits of this declining trade.

For a brief time, this appeared to improve the company's prospects. However, inwith EIC encouragement, the Zamorin renounced the treaty. Though a Dutch army managed to suppress this insurrection temporarily, the Zamorin continued to trade with the English and the French, which led to an appreciable upsurge in English and French traffic.

The VOC decided in that it was no longer worth the trouble to try to dominate the Malabar pepper and spice trade. A strategic decision was taken to scale down the Dutch military presence and in effect yield the area to EIC influence. Marthanda Varma agreed to spare the Dutch captain's life on condition that he joined his army and trained his soldiers on modern lines. This defeat in the Travancore-Dutch War is considered the earliest example of an organised Asian power overcoming European military technology and tactics; and it signalled the decline of Dutch power in India.

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The company had however already reluctantly followed the example of its European competitors in diversifying into other Asian commodities, like tea, coffee, cotton, textiles, and sugar.

These commodities provided a lower profit margin and therefore required a larger sales volume to generate the same amount of revenue.

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This structural change in the commodity composition of the VOC's trade started in the early s, after the temporary collapse of the EIC around offered an excellent opportunity to enter these markets.

The actual cause for the change lies, however, in two structural features of this new era.

In the first place, there was a revolutionary change in the tastes affecting European demand for Asian textiles, coffee and tea, around the turn of the 18th century. Secondly, a new era of an abundant supply of capital at low interest rates suddenly opened around this time.

The second factor enabled the company easily to finance its expansion in the new areas of commerce. The overall effect was approximately to double the size of the company.

However, the company's revenues from the sale of goods landed in Europe rose by only 78 percent. This reflects the basic change in the VOC's circumstances that had occurred: it now operated in new markets for goods with an elastic demand, in which it had to compete on an equal footing with other suppliers. This made for low profit margins. This lack of information might have been counteracted as in earlier times in the VOC's history by the business acumen of the directors.

Unfortunately by this time these were almost exclusively recruited from the political regent class, which had long since lost its close relationship with merchant circles. To a large extent the costs of the operation of the VOC had a "fixed" character military establishments; maintenance of the fleet and such. Profit levels might therefore have been maintained if the increase in the scale of trading operations that in fact took place had resulted in economies of scale.

However, though 8 new changes 3 soldiers trading ships transported the growing volume of goods, labour productivity did not go up sufficiently to realise these. In general the company's overhead rose in step with the growth in trade volume; declining gross margins translated directly into a decline in profitability of the invested capital. The era of expansion was one of "profitless growth".

The long-term average annual profit in the 'Expansion Age' — was 2.

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In the earlier period, profits averaged 18 percent of total revenues; in the latter period, 10 percent. The annual 8 new changes 3 soldiers trading of invested capital in the earlier period stood at approximately 6 percent; in the latter period, 3.

The share price hovered consistently around the mark from the mids excepting a hiccup around the Glorious Revolution inand they reached an all-time high of around in the s.

VOC shares then yielded a return of 3.