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Rh endowed with a larger bump of reverence, as the "Honorable John Company"; but by whatever name it may be called, this was the most gigantic commercial monopoly the world has ever known, since the days when the merchants of Tyre claimed the exclusive right to send their ships across certain waters known by common consent as Tyrian Seas.

The East India Company was founded in the year 1600, during the reign of Queen Elizabeth. The subscribed capital of £72,000 was expended on the first voyage in five vessels with their cargoes. This fleet consisted of the Dragon, of 600 tons, her commander receiving the title of Admiral of the squadron; the Hector, 300 tons, with a Vice-Admiral in command; two vessels of 200 tons each; and the Guest, a store ship of 130 tons. Four hundred and eighty men were employed in the expedition, including twenty merchants as supercargoes. The vessels were all heavily armed and were provided with small arms and an abundance of ammunition. They cost, with their equipment, £45,000, and their cargoes £27,000.

Friendly relations were formed with the King of Achin, in Sumatra, and a station, known in those days and long afterward as a "factory," was established at Bantam, in Java. The fleet returned to England richly laden with silks and spices in 1603. In 1609 the Trades Increase, of 1209 tons, the largest ship launched in England up to that time, was built, but she was wrecked and became a total loss on her first voyage. Sir Henry Middleton, her commander, died soon after. This was an unfortunate expedition and resulted in heavy losses