From the Panorama of “London, Westminster, and Southwark, in 1543.” By Anthony Van den Vyngaerde. (Sutherland Collection, Bodleian Library, Oxford.) For continuation see pp. [218] and [351].

Internal troubles in Russia, such as the taking of Moscow by the Tartars, caused the Company a loss of 400,000 roubles. Pirates in the Baltic, and other misfortunes, greatly reduced the Company, but they persevered in their voyages of discovery, once more attempting the north-east passage, which was expected to do so much for them. They did not succeed, but they discovered the deep sea fisheries, and they brought home immense quantities of fish-oil and of dried salmon. They suffered from the Dutch, who followed in their wake; they obtained from the King of Denmark permission to put in at any of his seaports in Iceland or Norway; they lost their exclusive rights in Russia, but only for a time; they found themselves cut out by the Dutch, whose vessels carried more merchandise; with the authority of James the First, they sent armed vessels and seized on Spitzbergen in the King’s name, calling it King James’s Newland. They had to fight for their conquest, driving off Dutch, French, and Biscay sail with four English “interlopers.” The Dutch, however, would not admit the pretensions of Crown or Company, sending their ships protected by men-of-war to fish, despite the protests of the English. There was fighting in the high latitudes for some years, while even the English ports refused to recognise the exclusive right of the Company. Finally, the whales became so scarce about Spitzbergen that the trade ceased to be worth fighting about.

We will continue the history of the Company in brief, though it runs far beyond the limits of our period. In the year 1620 the route by the Caspian was reopened by Hobbs, an agent to the Company, who took that way from Moscow to Ispahan. In 1623 a new treaty was concluded between James the First and the Czar, in which privileges, but not exclusive rights, were conferred upon the Company. A deadly blow was inflicted on the Company by the execution of Charles, an event naturally viewed by all sovereigns with the deepest indignation. The English merchants, who were masters of the Russian trade, were driven out and supplanted by the Dutch; and it was not until the year 1669 that the Company was allowed to trade with Russia on the same footing as the Dutch.

The real importance of the Company was decaying when it admitted any one as a member on payment of a fine of £5. The conveyance of raw silk from Persia through Russia remained their privilege until troubles broke out in Persia in 1746, which stopped the trade; they still carried on their trade with Archangel, but when the Baltic became a peaceful highway, this shorter route to Russia destroyed the Archangel trade. The Russia Company did not, it is true, acquire for the British Empire any accession of territory; but its services in exploring new routes, opening up new lines of trade, putting Great Britain into communication with foreign powers previously strangers, can hardly be exaggerated, while it fostered and encouraged and developed that spirit of enterprise, adventure, and restlessness which, since the seventeenth century, has covered half the globe with one people and one religion.

A distinction must be drawn between “regulated companies” and Joint-Stock Companies. In the former, every man traded for himself, subject to the regulations of the Company, like a Guild. In the “Russia,” “Turkey,” and “Eastland” Companies no one but a member could carry on that kind of trade. In the Joint-Stock Companies shareholders need not be traders and could sell or transfer their shares.

The Eastland Company was first chartered in 1579. It was privileged to enjoy the sole trade over all those parts of the Baltic shore which did not belong to the Russia Company. Now there had been carried on, from time immemorial, a trade with the Baltic ports by private adventurers who wanted no charter. Many of these, no doubt, took up their membership with the new Company, but there were some who would not, or could not. These traders, driven away from their own markets, made loud complaints, in reply to which a proclamation was issued ordering that no one outside the Company was to export to these parts the merchandise in which the Eastland Company traded; provided always that the importation of corn and grain was left free. The provision looks like a compromise, but when we ask how corn and grain were to be imported except in ships, and that, if these ships were English, they would hardly go out in ballast, one fails to see that the enemies of the Eastlanders got much by their proclamation. In 1672 the whole of Scandinavia was thrown open to all comers; and the entrance-fee to the Company was reduced to £2. The opinion of Sir Josiah Child probably settled the fate of the Company. He said that the Eastland Company had only enabled the Dutch to get ten times as much trade in the Baltic as was carried on by the English.

In the year 1581 the Turkey Company received its Charter from Queen Elizabeth. It was a Charter for a limited time, seven years, and it could be revoked at a year’s notice. The Company began very well; they built large and strong ships to face the storms of the Bay, for which they received the thanks of the Council; they introduced eastern commodities at a much cheaper price; but they sometimes paid dearly for their cargoes when they had to fight the corsairs of Barbary and the galleys of Spain, and to face the fiercest animosity of the Venetians. In 1583 some of the agents of the Company, stationed at the Aleppo House, made their way with merchandise to Bagdad, to the Persian Gulf, and thence to India and the Far East. They obtained, therefore, a new Charter giving them power to trade over India as well as the Sultan’s dominions. The entrance-fee was fixed at £25 for persons under twenty-six years of age, at £50 for those over twenty-six, and at £1 for apprentices.

The Company now became extremely prosperous, carrying on a most extensive trade. This trade, by a later order under Charles II., was kept entirely in the hands of the City of London, no one, unless a resident and a freeman, being admitted into the Company. On the foundation of the East India Company there arose disputes as to the infringement of rights. This quarrel ended without any decision.