Question

Write a short note.

British East India Company

Answer 1

1. The British established ‘East India Company’ on 31st December 1600. Queen Elizabeth granted permission to the company to trade in the eastern countries.
2.  In the beginning the East India Company’s operations were limited to send their cargos to the eastern countries, to sell the British goods in those countries, to buy spices with the profits earned there and the cash carried from home, to sell the spices in England and to earn profits.
3. The sailboats of those days needed to plan their forward and backward voyages in specific periods of the year. Therefore, to carry out trade transactions was more tedious. Under such circumstances, the British were in need of a permanent place to build warehouses to store the goods bought at low prices.