The East India Company: A Captivating Guide to the English Company That Was Created for the Exploitation of Trade with East and Southeast Asia and India by Captivating History

Author:Captivating History [History, Captivating]
Language: eng
Format: epub
Published: 2020-01-03T00:00:00+00:00

Portrait of Ram Mohan Roy, unknown artist, 1820[vi]

The End of the Company

The EIC would not finish the war as an independent entity, however. For years, Parliament had been meddling in the Company’s affairs, taking a more active role as an overseer. The Company did manage to renew its charter in 1853, but this time, there was no twenty-year period before the next renewal, as was the custom. As soon as the rebellion took place, Parliament saw an opportunity to finally take control of the Company and place it directly under the influence of the government. On August 2nd, 1858, Parliament issued the Government of India Act, which demanded that the Company’s officials transfer all of their power to the Crown. Historically speaking, this date marks the official end of the East India Company. However, the Company’s officials continued their work, and the shareholders continued to get a dividend from the EIC’s trade revenues. It wouldn’t be until June 1874 that these dividends would be fully redeemed, the proprietors reimbursed, and the Company’s books officially closed. Though the Company ceased to be an independent actor in 1858, it was finally put to rest in 1874, ushering in the age of the British Raj in India that would last until 1947.

The Double Mohur with the depiction of King William IV, 1835[vii]

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