Portuguese East India Company - Revision history

BrandonNewquist at 22:11, 1 February 2025

2025-02-01T22:11:14Z

← Older revision		Revision as of 03:41, 2 February 2025
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	\| name = Portuguese East India Company		\| name = Portuguese East India Company
	\| native_name = Companhia do Commércio da Índia		\| native_name = Companhia do Commércio da Índia
	\| logo = ~~Lesser coat~~ of ~~arms of Portuguese India~~.svg		\| logo = Blason of Goa (ancient).svg
	\| logo_size = 150px		\| logo_size = 150px
	\| logo_caption = Coat of arms of [[Portuguese India]]		\| logo_caption = Coat of arms of [[Portuguese India]]
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	}}		}}
	{{Colonial India}}		{{Colonial India}}
	The '''Portuguese East India Company''' ({{~~lang-~~pt\|Companhia do commércio da Índia}} or {{lang\|pt\|Companhia da Índia Oriental}}) was a short-lived and ill-fated attempt by [[Philip IV of Spain\|Philip III of Portugal]], to create a [[chartered company]] to ensure the security of their interests [[Portuguese India\|in India]], in the face of the mounting pressure and influence by their [[rival]]s; the [[Dutch East India Company]] and the [[English East India Company]], following the [[Iberian Union\|personal union of the Portuguese and Spanish Crowns]].		The '''Portuguese East India Company''' ({{langx\|pt\|Companhia do commércio da Índia}} or {{lang\|pt\|Companhia da Índia Oriental}}) was a short-lived and ill-fated attempt by [[Philip IV of Spain\|Philip III of Portugal]], to create a [[chartered company]] to ensure the security of their interests [[Portuguese India\|in India]], in the face of the mounting pressure and influence by their [[rival]]s; the [[Dutch East India Company]] and the [[English East India Company]], following the [[Iberian Union\|personal union of the Portuguese and Spanish Crowns]].

	== Background ==		== Background ==
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	Portuguese trade with India had been a crown [[monopoly]] since the Portuguese captain [[Vasco da Gama]] opened the sea route to India in 1497–1499. The monopoly had been managed by the [[Casa da Índia]], the royal trading house founded around 1500, it is a first to start a joint stock company to trade in india. The Casa was responsible for the yearly [[Portuguese India Armadas\|India armadas]]. However, by 1560, the Casa's finances were in dire straits and in 1570, King [[Sebastian of Portugal]] issued a decree opening up trade to India to any private Portuguese national. As few took up the offer, the free trade decree was replaced in 1578 by a new system of annual monopolies, where the Casa sold India trading contracts to a private Portuguese merchant consortium, granting them a monopoly for one year. This annual contract system was abandoned in 1597, and the royal monopoly resumed.		Portuguese trade with India had been a crown [[monopoly]] since the Portuguese captain [[Vasco da Gama]] opened the sea route to India in 1497–1499. The monopoly had been managed by the [[Casa da Índia]], the royal trading house founded around 1500, it is a first to start a joint stock company to trade in india. The Casa was responsible for the yearly [[Portuguese India Armadas\|India armadas]]. However, by 1560, the Casa's finances were in dire straits and in 1570, King [[Sebastian of Portugal]] issued a decree opening up trade to India to any private Portuguese national. As few took up the offer, the free trade decree was replaced in 1578 by a new system of annual monopolies, where the Casa sold India trading contracts to a private Portuguese merchant consortium, granting them a monopoly for one year. This annual contract system was abandoned in 1597, and the royal monopoly resumed.

	The [[Iberian Union]] of 1580, which gave King [[Philip II of Spain]] the crown of Portugal, changed little at first. However, the increasing influence of the [[Dutch East India Company\|Dutch]] and [[East India Company\|English East India Companies]] on the [[Indian subcontinent]] and elsewhere in the [[East Indies]] after 1598 led the king to experiment with different arrangements to secure the Portuguese colonial empire. In 1605, he created the ''Conselho da Índia'', to bring affairs in Portuguese India under closer supervision of the Habsburg crown. But this conflicted with older lines of Portuguese authority, and the council was eventually dissolved in 1614.		The [[Iberian Union]] of 1580, which gave King [[Philip II of Spain]] the crown of Portugal, changed little at first. However, the increasing influence of the [[Dutch East India Company\|Dutch]] and [[East India Company\|English East India Companies]] on the Indian subcontinent and elsewhere in the [[East Indies]] after 1598 led the king to experiment with different arrangements to secure the Portuguese colonial empire. In 1605, he created the ''Conselho da Índia'', to bring affairs in Portuguese India under closer supervision of the Habsburg crown. But this conflicted with older lines of Portuguese authority, and the council was eventually dissolved in 1614.

	== Proposal ==		== Proposal ==
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	== The end ==		== The end ==

	The Companhia proved unsuccessful. Investors remained skeptical, overseas Portuguese merchants rejected the new Companhia's authority, and the Anglo-Dutch breach of the old Portuguese empire in Asia had become irreparable, squeezing margins on the spice trade. The Companhia proved unprofitable, and soon ceased operating ~~and~~ was liquidated in April, 1633.<ref>{{cite book\|last=Bethencourt\|first=Francisco\|author2=Diogo Ramada Curto\|title=Portuguese Oceanic Expansion, ~~1400-1800~~\|url=https://books.google.com/books?id=hxaCsSfdPXMC\|access-date=2008-10-25\|year=2007\|publisher=[[Cambridge University Press]]\|isbn=978-0-521-84644-8\|pages=62}}</ref> The Casa da Índia and the India trade was brought back under the supervision of the ''Conselho da Fazenda'' (royal finance council).		The Companhia proved unsuccessful. Investors remained skeptical, overseas Portuguese merchants rejected the new Companhia's authority, and the Anglo-Dutch breach of the old Portuguese empire in Asia had become irreparable, squeezing margins on the spice trade. The Companhia proved unprofitable, and soon ceased operating; it was liquidated in April, 1633.<ref>{{cite book\|last=Bethencourt\|first=Francisco\|author2=Diogo Ramada Curto\|title=Portuguese Oceanic Expansion, 1400–1800\|url=https://books.google.com/books?id=hxaCsSfdPXMC\|access-date=2008-10-25\|year=2007\|publisher=[[Cambridge University Press]]\|isbn=978-0-521-84644-8\|pages=62}}</ref> The Casa da Índia and the India trade was brought back under the supervision of the ''Conselho da Fazenda'' (royal finance council).

	==See also==		==See also==
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	[[Category:Colonial Indian companies]]		[[Category:Colonial Indian companies]]
	[[Category:Maritime history of Portugal]]		[[Category:Maritime history of Portugal]]
	[[Category:Trading companies]]		[[Category:Trading companies of Portugal]]
	[[Category:1628 establishments in Portugal]]		[[Category:1628 establishments in Portugal]]
	[[Category:1633 disestablishments in Portugal]]		[[Category:1633 disestablishments in Portugal]]
	[[Category:Companies established in 1628]]		[[Category:Companies established in 1628]]
	[[Category:1620s establishments in Portuguese India]]		[[Category:1620s establishments in Portuguese India]]
			[[Category:Trade monopolies]]

Ajay Kumar: Created a new article

2023-09-05T18:29:08Z

Created a new article

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{{Short description|Short-lived colonial charter company}}
{{Infobox company
| name = Portuguese East India Company
| native_name = Companhia do Commércio da Índia
| logo = Lesser coat of arms of Portuguese India.svg
| logo_size = 150px
| logo_caption = Coat of arms of [[Portuguese India]]
| fate = Dissolved
| foundation = August 1628
| successor = [[Casa da Índia]]
| defunct = {{End date|1633|05}}
| location_country = [[Ribeira Palace]]
| area_served = [[Portuguese Empire]]
| key_people = [[Philip III of Portugal]]
| industry = [[International trade]]
}}
{{Colonial India}}
The '''Portuguese East India Company''' ({{lang-pt|Companhia do commércio da Índia}} or {{lang|pt|Companhia da Índia Oriental}}) was a short-lived and ill-fated attempt by [[Philip IV of Spain|Philip III of Portugal]], to create a [[chartered company]] to ensure the security of their interests [[Portuguese India|in India]], in the face of the mounting pressure and influence by their [[rival]]s; the [[Dutch East India Company]] and the [[English East India Company]], following the [[Iberian Union|personal union of the Portuguese and Spanish Crowns]].

== Background ==
[[File:AMH-6599-KB View of the island of St Helena.jpg|thumb|Portuguese East India ships anchored in the harbour of [[St Helena]] Island in May 1589, drawn by [[Jan Huyghen van Linschoten]]]]
Portuguese trade with India had been a crown [[monopoly]] since the Portuguese captain [[Vasco da Gama]] opened the sea route to India in 1497–1499. The monopoly had been managed by the [[Casa da Índia]], the royal trading house founded around 1500, it is a first to start a joint stock company to trade in india. The Casa was responsible for the yearly [[Portuguese India Armadas|India armadas]]. However, by 1560, the Casa's finances were in dire straits and in 1570, King [[Sebastian of Portugal]] issued a decree opening up trade to India to any private Portuguese national. As few took up the offer, the free trade decree was replaced in 1578 by a new system of annual monopolies, where the Casa sold India trading contracts to a private Portuguese merchant consortium, granting them a monopoly for one year. This annual contract system was abandoned in 1597, and the royal monopoly resumed.

The [[Iberian Union]] of 1580, which gave King [[Philip II of Spain]] the crown of Portugal, changed little at first. However, the increasing influence of the [[Dutch East India Company|Dutch]] and [[East India Company|English East India Companies]] on the [[Indian subcontinent]] and elsewhere in the [[East Indies]] after 1598 led the king to experiment with different arrangements to secure the Portuguese colonial empire. In 1605, he created the ''Conselho da Índia'', to bring affairs in Portuguese India under closer supervision of the Habsburg crown. But this conflicted with older lines of Portuguese authority, and the council was eventually dissolved in 1614.

== Proposal ==

It was around this time that the idea of a chartered private Portuguese East Indies company, organized along the lines of Dutch and English companies, was first conceived. This was promoted by Portuguese [[New Christian]] merchant and [[Mercantilist]] pamphleteer Duarte Gomes Solis who lived in Madrid, most notably in his Spanish language tract ''Discursos sobre los Comercios de las Indias'' (published 1622, although circulated earlier). Solis argued that a private joint-stock company could raise more capital, revive the Asian trade and compete more efficiently with the Anglo-Dutch in the [[Indian Ocean]].

King Philip III of Portugal put the idea in motion in 1624 and appointed D. Jorge Mascarenhas, mayor of [[Lisbon]] and member of the Council of State, to head a committee to implement Solis proposal. Despite being supported by [[Gaspar de Guzmán, Count-Duke of Olivares|Olivares]], the proposal faced much skepticism and opposition, particularly by the [[Duke of Villahermosa]] (head of the [[Council of Portugal]]), and Mascarenhas had considerable trouble securing investment commitments.

== The Company ==

The ''Companhia do commércio da Índia'' (or ''Companhia da Índia Oriental'') finally came into existence in August 1628, when it was granted a charter by King Philip III. The Companhia was to be governed by a ''Câmara de Administração Geral'', composed of a president (Jorge Mascarenhas) and six administrators, elected by the investors, with full powers, although its judicial acts, administrative practices and finances were subject to review by an advisory ''Conselho do Comércio'' (Board of Trade) in the king's court in [[Madrid]]. The charter envisaged a two-year transition period, during which the royal ''Conselho da Fazenda'' would continue to supervise the [[Portuguese India Armadas|India fleets]], the [[Casa da Índia]] and the Armazém da Índia, before passing them all over to the Companhia's administration. The Companhia would be in charge of running & collecting the customs dues payable at the Casa.

The Companhia was established with a joint-stock block of six years, renewable for another six with a minimum subscription of 100 ''cruzados''. The Companhia was granted a monopoly on trade in coral, pepper, cinnamon, ebony and cowrie shells, and could be extended to other items upon request. It had full administrative & juridical privileges, including the right to keep all spoils from seizures of Dutch and English ships (after deducting the [[royal fifth]]).

The crown was the largest investor, committing 1,500,000 cruzados for the first three years. Although some municipalities (esp. Lisbon) also invested, private individuals were less interested. To make it attractive, subscribers were guaranteed an annual return of 4% plus dividends and the subscriptions were laced with various privileges (e.g. title in king's household, protection from debt seizure, even the capital of [[New Christians]] convicted by the [[Portuguese Inquisition]], had a measure of protection). Although there were provisions against allowing any other East Indies company to be formed in Habsburg territories, investment in the Companhia was open to all subjects of Philip III and his allies (thus Spaniards, Italians, Flemings, etc.) Nonetheless, none of this was enough to garner much enthusiasm from private individuals. The company was launched with only around half the capital it originally sought to raise.

== The end ==

The Companhia proved unsuccessful. Investors remained skeptical, overseas Portuguese merchants rejected the new Companhia's authority, and the Anglo-Dutch breach of the old Portuguese empire in Asia had become irreparable, squeezing margins on the spice trade. The Companhia proved unprofitable, and soon ceased operating and was liquidated in April, 1633.<ref>{{cite book|last=Bethencourt|first=Francisco|author2=Diogo Ramada Curto|title=Portuguese Oceanic Expansion, 1400-1800|url=https://books.google.com/books?id=hxaCsSfdPXMC|access-date=2008-10-25|year=2007|publisher=[[Cambridge University Press]]|isbn=978-0-521-84644-8|pages=62}}</ref> The Casa da Índia and the India trade was brought back under the supervision of the ''Conselho da Fazenda'' (royal finance council).

==See also==
{{portal|Companies}}
* [[List of trading companies]]
* {{illm|List of Portuguese chartered companies|pt|Lista de companhias monopolistas portuguesas}}

==References==
{{reflist}}

==Further reading==
* {{cite journal|last=de Silva|first=Chandra Richard|title=The Portuguese East India Company 1628-1633|journal=Luso-Brazilian Review|volume=11|issue=2|pages=152–205|publisher=[[University of Wisconsin Press]]|jstor=3512844|date=Winter 1974}}
* Disney, A.R. (1977) "The First Portuguese India Company, 1628-33", ''Economic History Review'', Vol. 30 (2), p. 242-58.

{{Chartered companies}}

{{Authority control}}

[[Category:Chartered companies]]
[[Category:Portuguese Empire]]
[[Category:Portuguese India]]
[[Category:Defunct companies of Portugal]]
[[Category:Colonial Indian companies]]
[[Category:Maritime history of Portugal]]
[[Category:Trading companies]]
[[Category:1628 establishments in Portugal]]
[[Category:1633 disestablishments in Portugal]]
[[Category:Companies established in 1628]]
[[Category:1620s establishments in Portuguese India]]