Earl’s passage, Earl street.
Earl street, Seven Dials.
East court, Spitalfields market.§
East Harding street, New street, Shoe lane.§
East India Company, was first incorporated by a charter granted by Queen Elizabeth in 1601, when the first subscription for carrying on this trade amounted to 739,782l. 10s. and a year or two after by an additional subscription of 834,826l. the stock was raised to 1,574,608l. 10s. and with this capital they established a commerce by the Red sea to Arabia, and to Persia, India, China, and several of the East India islands. But about the beginning of the protectorate of Oliver Cromwell, it being imagined that the laying open the trade to the East Indies would be of advantage to the whole nation, that commerce was made general, and thus continued till the year 1657, when it being found that the separate trade was of disadvantage to the undertakers, they were for the good of the whole united to the company by the legislature. Stow’s Survey, last edit.
However in the year 1698, a new East India company was established, by virtue of which the old company was to be dissolved after the expiration of a certain term allowed them for the disposing of their effects. This new company immediately advanced two millions sterling to the government, at eight per cent. However, by the kind offices of friends, the two companies were united in the year 1702, when a new charter was granted them under the title of The united Company of Merchants trading to the East Indies, and the old company had their share of the two millions. In the 6th of Queen Anne, the united company lent the government 1,200,000l. which made their whole loan to amount to 3,200,000l. the interest of part of which was a few years ago reduced to 3l. 10s. per cent. and part to 3l. per cent. the first of these is now called the 3 1-half per cent. annuities, and the last the 3 per cent. annuities.
As to India stock, it is the trading stock of the company, and the proprietors, instead of receiving regular annuities for money at interest, have dividends of the profits arising from the company’s trade, which being more valuable, these shares generally sell much above the original value. Pocket Library.
The transfer days of India stock, are now Tuesday, Thursday, and Saturday; and of India annuities on Monday, Wednesday, and Friday, except on Holidays, which are the same as at the Bank. See Bank of England.
The hour of payment of dividends is from nine o’clock to eleven, and from twelve o’clock to three; and the hour of transfer from twelve to one.
As to the management of this company, 500l. in the company’s stock gives the owner a vote in the general courts, and 2000l. qualifies a person to be chosen a Director. The Directors are twenty-four in number, including the Chairman and Deputy Chairman, who may be reelected four years successively. The Chairman has a salary of 200l. a year, and each of the Directors 150l. A court of the Directors is held at least once a week, at the East India House; but they are commonly held oftener, they being summoned as occasions require.