East India Company

Quick Facts: Who was East India Company?

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East India Company

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English joint-stock company that dominated trade in the Indian Ocean and Asia.

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2Day Chrono-Wiki & Primary Historical Archives

Origins & Early Life

The East India Company (EIC) was an English, and later British, joint-stock company that was founded in 1600 and dissolved in 1874. It was formed for Indian Ocean trade, initially with the East Indies (which included the Indian subcontinent and Southeast Asia), and later with East Asia. The company gained control of large parts of the Indian subcontinent and Saint Helena prior to 1834. At its peak, the company was the largest corporation in the world by various measures and had its own armed forces in the form of the company's three presidency armies, totalling about 260,000 soldiers, twice the size of the British Army at certain times. Originally chartered as the "Governor and Company of Merchants of London Trading into the East-Indies", the company rose to account for half of the world's trade during the mid-1700s and early 1800s, particularly in basic commodities including cotton, silk, indigo dye, sugar, salt, spices, saltpetre, tea, gemstones, and later opium.

Pivotal Works & Achievements

The company also initiated the beginnings of the British Raj in the Indian subcontinent. The company eventually came to rule large areas of the Indian subcontinent, exercising military power and assuming administrative functions. Under this government-like rule, the company used torture to extract taxes, reduced much of the population to poverty and enacted policies that resulted in the Great Bengal famine of 1770, during which an estimated amount of 10 million people starved to death. Company-ruled areas in the region gradually expanded after the Battle of Plassey in 1757, and by 1858 most of modern India, Pakistan and Bangladesh, along with Lower Burma, was either ruled by the company or princely states closely tied to the company by treaties. Following the Indian Rebellion of 1857, the Government of India Act 1858 led to the British Crown assuming direct control of present-day Bangladesh, India, Pakistan, and Myanmar in the form of the new British Raj.

Enduring Legacy & Impact

The company subsequently experienced recurring problems with its finances, despite frequent government intervention. The company was dissolved in 1874 under the terms of the East India Stock Dividend Redemption Act enacted one year earlier, as the Government of India Act had by then rendered it vestigial, powerless, and obsolete. The official government machinery of the British Empire had assumed its governmental functions and absorbed its armies. In 1577, Francis Drake set out on an expedition from England to plunder Spanish settlements in South America in search of gold and silver. Sailing in the Golden Hind, he achieved this, and then sailed across the Pacific Ocean in 1579, known then only to the Spanish and Portuguese.

Chronological Milestones & Life Events

1. 1577: 1577 Milestone — In 1577, Francis Drake set out on an expedition from England to plunder Spanish settlements in South America in search of gold and silver.
2. 1579: 1579 Milestone — Sailing in the Golden Hind, he achieved this, and then sailed across the Pacific Ocean in 1579, known then only to the Spanish and Portuguese.
3. 1600: 1600 Milestone — The East India Company (EIC) was an English, and later British, joint-stock company that was founded in 1600 and dissolved in 1874.
4. 1757: 1757 Milestone — Company-ruled areas in the region gradually expanded after the Battle of Plassey in 1757, and by 1858 most of modern India, Pakistan and Bangladesh, along with Lower Burma, was either ruled by the company or princely states closely tied to the company by treaties.
5. 1770: 1770 Milestone — Under this government-like rule, the company used torture to extract taxes, reduced much of the population to poverty and enacted policies that resulted in the Great Bengal famine of 1770, during which an estimated amount of 10 million people starved to death.
6. 1834: 1834 Milestone — The company gained control of large parts of the Indian subcontinent and Saint Helena prior to 1834.
7. 1857: 1857 Milestone — Following the Indian Rebellion of 1857, the Government of India Act 1858 led to the British Crown assuming direct control of present-day Bangladesh, India, Pakistan, and Myanmar in the form of the new British Raj.
8. 1874: 1874 Milestone — The company was dissolved in 1874 under the terms of the East India Stock Dividend Redemption Act enacted one year earlier, as the Government of India Act had by then rendered it vestigial, powerless, and obsolete.

Historical Fact-Check Quiz: East India Company

True or False: “The East India Company was dissolved immediately after the British Crown assumed direct control of its territories.”

Answer (FALSE ❌): The company was dissolved in 1874 under the East India Stock Dividend Redemption Act, as the Government of India Act 1858 had already rendered it obsolete.

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Frequently Asked Questions about East India Company