British East India Company was the
First among various East India Companies formed and it was granted an English
Royal Charter, under the name “Governor and Company of Merchants of London
Trading into the East Indies” by Queen Elizabeth-I on 31 December 1600.
It was a joint stock company and
initially had 125 shareholders with capital of 68,373 Pounds Sterling. The
capital was raised to 429,000 Pounds Sterling when voyages were undertaken on
the first joint-stock account.
The first governor of the company
was Thomas Smith and commander of first voyage to India
was James Lancaster {he commanded the ship called Red
Dragon}.
The East India Company was also known
as John Company in its initial days. It was established at a time when
Portuguese had already monopolized the commercial activities in East Indies.
Further, the Portuguese had also shifted the cradle of commerce from
Mediterranean to Atlantics.