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- 1660
- The East India Company acquired a charter from the Queen Elizabeth 1, granting it the right to trade in the east.
- Ha Ha..
- With this charter the company could venture across the oceans, looking for new lands from which it could buy cheap price and carry them back to Europe to sell at higher prices.
- 1651
- The problem was all companies were interested in buying the same things. The fine qualities of cotton and silk produced had a big market in Europe.
- We are not going to pay you anything..
- The urge to secure markets led to a fierce battle. They regularly sank each other's ships, blockaded routes and prevented rival ships from moving supplies of goods.
- The first English factory was set up on the banks of river Hugli. The factory was warehouse where goods were stored. Two years the company bribed Mughal official to give it zamindari rights over three villages.
- Officials of the company, who were carrying on private trade on the side, were expected to pay duty. This they refused to pay, causing an enormous loss of revenue for Bengal.
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