Elizabeth I ascended the English throne in 1558 at the age of 25, succeeding her sister Mary I of the House of Tudor. Her recovery to the throne took place at a time of religious tensions, exacerbated by England’s rivalry with France and Spain. Few believed that the young queen would be able to successfully cope with the challenges of her position. Elizabeth, however, defied these ominous assessments of herself by remaining on the throne until her death in 1603. Historians often refer to the period of Elizabeth I’s rule of England as the “golden age” of English history, during which the country experienced great economic, social and cultural development.
During the era of Elizabeth I, craft and manufacturing activities were particularly developed. Products of English textiles began to be sold not only in Europe but also in the New World. A decisive role in the increase in commercial activity was played by Thomas Gresham, an English businessman and royal ambassador in the Belgian city of Antwerp, who guided the English crown in exploring the economic potential of the American continent.
Gradually England built a commercial and then colonial empire in North America. At the same time, it expanded its influence in other regions, a fact which often brought it into competition with the great naval powers of Europe. Companies such as the Merchant Adventurers developed competitive relationships with their Spanish and Portuguese counterparts to secure spices and other products, for which there was a huge demand in European markets. English merchants expanded their operations in India and Indonesia.
In this context, on December 31, 1600, the English East India Company was founded in an effort to strengthen English commercial activity in Southeast Asia against the Spanish, Portuguese, and Dutch. The Company acquired the exclusive right to trade with all countries east of the Cape of Good Hope and west of the Strait of Magellan, without the English crown interfering with its activities. The role of the first director of the Company was assumed by Thomas Smith, who was surrounded by a board of twenty-four executives. The Company’s first voyage to the East Indies was a complete success, reaping enormous profits.
Travels continued over the next few years. Often the crews of English merchant ships came into conflict with their Danish and Dutch counterparts, who were active in the area.
The East India Company remained active in the Indian Ocean region well into the 19th century. In 1858 the British government of Lord Palmerston nationalized the Company, taking possession of all its possessions in India and assuming both its administrative powers and its armed forces. The Society was officially dissolved on June 1, 1874.
Column editor: Myrto Katsigera, Vassilis Minakakis, Antigoni-Despina Poimenidou, Athanasios Syroplakis
