THE OPENING OF THE EAST 



remembered that these companies were really associations of individuals 

 somewhat akin to the Lloyd's of to-day — turned their attention to its 

 advantages. They knew perfectly well that they would have to fight 

 the vested interests of the Portuguese and the Dutch in the East, but 

 the prize was well worth it and accordingly the East India Company 

 came into being. The scheme was discussed in 1599 and it was agreed 

 that to prevent all chance of the trade being lost for ever immediate 

 steps should be taken. After some difficulties the petition to the Queen 

 was approved on December 31st, 1600, and the adventurers had the 

 privilege of a monopoly of Indian trade for fifteen years, with exemption 

 from export duty for the first four voyages and permission to take money 

 out of the country for the purposes of their trade. It must be remem- 

 bered that this old embargo on the export of coin was one of the great 

 handicaps of the early traders, but it was honoured more in the breach 

 than in the observance. 



The First East Indian Expedition. 



The privateering Earl of Cumberland was one of the first backers 

 of the East India Company and the pioneer expedition included one of 

 the ships which he had built specially for corsair work against Spain, 

 the Red Dragon, which had originally been the Mare Scourge. They 

 were allowed by their charter to take six ships but they could not raise 

 them and the fleet which eventually sailed consisted of the Red Dragon, 

 the Hector, the Ascension, the Susati and a decrepit victualler named 

 the Guest. The fleet was under the command of James Lancaster. 

 They sailed in the early summer of 1601 and crawled round the Cape 

 with very sickly crews, only Lancaster having realised the value of limes 

 as a preventive of scurvy and so keeping his own men in good condition. 

 After a delay at the Cape they crossed the Indian Ocean to Acheen in 

 Sumatra, where they were well treated by the Dutch in possession in 

 spite of their orders from home to keep us out. In the meantime the 

 ships put to sea and captured a rich Portuguese, the Sao Thome, with a 

 full cargo. The Ascension and the Susan were filled up — principally 

 with loot — and sent home while the rest of the squadron went on to Java 

 and established a station there to collect goods against their next voyage. 

 The homeward voyage was rendered difficult by a succession of storms 

 and the usual murmurings of the men, but by heroic rnethods and 

 magnificent seamanship Lancaster managed to overcome his difficulties 

 and reached home. The promoters nearly doubled their capital after 

 all expenses were paid and Lancaster received a well-earned knighthood. 



The Development of the East Indian Trade. 



After that expeditions to the East were made regularly, and 

 although some of them ended with disaster the majority were successful 

 and the financial balance was well on the right side. The Dutch 

 increased their opposition and raised all the difficulties that they could, 

 but the British were as ready to fight as they were to trade and there was 

 no turning them out. The terrible massacre of Amboyna, which has 



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