Nattukottai Chettiars Advantages And Disadvantages

“The newly enacted customs regulations have had a most detrimental effect upon business. The original reforms back in 1763 and the Sugar Act of the following year have provided for what seem to me unlawful searches and seizures of ships and cargo. Violators of the law have had their ships and cargo taken by the British who in turn sell the assets. The proceeds are divided into thirds split evenly amongst the English treasury, the governor of the respective colony, and lastly the officers responsible for prosecuting the

On the 31st of December in the year 1600, ‘The Governor and Company of Merchants of London Trading into the East Indies’ received a Royal Charter to be England’s trading representative in India. By they early part of the 17th Century, Britain had already eclipsed Portuguese interests in India. The company bought in cotton, silk, indigo, opium, saltpeter and tea mainly in exchange for silver bullion. These were valuable commodities in Britain at that time. By 1720, 15% of British imports were from India.

The VOC monopolized the particular fields that they traded in such as spices which was 60 percent of world trade (Anderson, James 205). They traded 6 million pounds of cargo annually from countries all over the world. For example they exported copper from Japan, silver “Rupees” from India, and textiles from across the globe (Anderson, James 208). The VOC received these natural resources through treaties. As they proposed treaties, less powerful countries would not deny a trade agreement, for fear of the VOC’s power and dominance. Countries like Japan were often thrusted into agreements that may not have been mutually beneficial (Taylor, Larissa 74). By monopolizing these important natural resources the Dutch East India Company controlled important aspects of the economy like prices and quantity available. The Dutch East India company did not grow to become such an influential power overnight. Through the introduction of stocks they allowed people to invest in their business. They assisted in forming the first and oldest stock exchange in Amsterdam, Netherlands ("Dutch East India Company (DEIC)/VOC | South African History Online"). This paved the way for stock exchanges to become a common part of the modern world. The VOC grew immensely over the course of a short time period. At their peak they had thousands of employees, hundreds of ships, half a dozen shipyards in the

In the period between 650 C.E. and 1750 C.E., the Indian Ocean region endured both change and continuity. One continuity is simply trade, for this 1,100 years the Indian ocean was an important trading zone. One change in Indian ocean trade over those years was which country dominated trade their. Over those years the Indian ocean was controlled by the Indians, the Arabs, the Chinese, and last but not least the Europeans. Their was continuity and change in trade in the Indian ocean over the aforementioned years.

Spain’s colonies developed a profitable agricultural industry. In the warmer surroundings of the south, a variety of crops such as sugarcane and tobacco were cultivated on plantations. The French, on the other hand, had little success with farming. Instead, their fishing and fur trade was more advantageous, and the French formed a trading alliance with the local natives. To protect their economic interests, in 1627, the king of France gave the Company of New France a fur trade monopoly. Despite these differences, both Spanish and French colonies shared the similarity of mercantilism. The discovery of gold and silver in the Americas led the Spanish crown to strictly regulate trade in the colonies. Likewise, France used various mercantilist policies to control the flow of trade. For example, Jean Baptiste Colbert, the chief minister of Louis XIV from 1661 to 1683, prohibited the export of money, and promoted French shipping. In addition, he encouraged the export of raw materials from French colonies to France. The trans-Atlantic

In the 17th Century the Netherlands took control of the Banda Islands, successfully gaining monopoly of the spice trade. The Dutch were engaged in competition with the English and Portuguese for control of the Spice Islands, and decided to forcefully establish their control through their Dutch East Indies trading company. At this point the Portuguese presence was decreasing in the Bandas, and the British and British East India trading company were the Dutch’s primary competitors in the East Indies (Milton, 1999).

The Navigation Acts were still in hated but weren’t enforced and this resulted in smuggling, Tobacco was a booming economy and mercantilism helped it grow

21. In their attempt to control the spice trade in the Indian Ocean, the Europeans during the period between the sixteenth and eighteenth centuries

Between 1450 and 1900 CE , British dominance resulted in global trade empires and a shift towards ocean-based trade in North America and China. But even with these changes, there were continuities.

From 600 to 1450 CE, trade thrived through the Indian Ocean trade routes. Large and powerful states provided security for merchants and travelers, allowing them to follow these routes with ease. While the spread of goods and ideas along the Indian Ocean trade routes remained constant, the states controlling them changed, leading to the creation of new states and the addition of European participation in this network.

The Indian Ocean area was an essential portion of trade during the years between 600 and 1750 CE. A major continuity of

In the beginning of the 18th century, the British government’s administration of this system had been lenient. The Sugar Act of 1764 was the first attempt to regain control over colonial trade, which had been neglected. This act halved the

During the twenty years it was in place the First Bank did change the economic downturn of the country after the war. The First Bank had branches in eight influential port cities and had a wide geographic existence. It influenced the lending policies of the state banks’ lending practices. The First Bank was like the state banks in that it made business loans, accepted deposits, and issued notes that circulated as currency and were convertible into gold or silver. But it differed from the state banks because its

For instance, Salman Khan writes “In 1651, the British Parliament, in the first of what became known as the Navigation Acts, declared that only English ships would be allowed to bring goods into England, and that the North American colonies could only export its commodities, such as tobacco and sugar, to England. This effectively prevented the colonies from trading with other European countries” (Khan Academy). When the Navigation Acts were put in place by England this limited the already strong trade between the colonies and other countries like the Netherlands and France which made the products shipped and bought relatively cheap. In result, the economy of the colonies was worsened because the items couldn’t be shipped without an added tax by England, which made the prices rise and the demand drop leading to an economic depression within the colonies. After the Navigation Acts, the relationship between the American colonies and England was greatly damaged due to the economy collapsing and the decline in profit the colonizers were making off of trade with the other European

The exploitation and pillage of the West Indies and the Americas, and that of Africa by means of the slave trade, and finally, the discovery by Europeans of the sea route to the Far East and India, led to a rapid growth in world trade by the 16th century. The vital role of India and the Far East in generating the system of British industrial capitalism and capital accumulation in Britain is undeniable. In that role, were great monopolistic chartered trading corporations that emerged in England during 16th and 17th century, such as the Baltic Company and the Levant Company? The greatest of which was the East India Company, which conquered and had rule over India.