Courteen association
Encyclopedia
The Courteen association , later called the Assada company was an English trading company founded in 1635 in an attempt to break the monopoly of the East India Company
in trade with India
.
The East India Company was founded by a charter in 1600 and granted a monopoly of trade with the east in 1609 by King James I
. This was initially for a period of fifteen years but in 1609 the King extended its privileges for an indefinite period subject to a 3 year notice of the revocation. Its monopoly caused jealousy among merchants who did not subscribe to it and in 1635 King Charles I
granted a trading license to Sir William Courteen under the name of the Courteen association permitting it also to trade with the east at any location in which the East India Company had no presence.
The company had a troubled beginning, it was badly managed , lost ships at sea and suffered a collapse in 1646, after which Courteen fled to the continent where he died.
During the English civil war the Crown gave its support to the Courteen association and badly treated the East India merchants, causing them to generally support Parliament. In 1649 the Couteen Association changed its name to the Assada company.
The enmity between the two trading organisations continued until a settlement was ordered by Oliver Cromwell
as Lord Protector
and the two merged in 1657.
East India Company
The East India Company was an early English joint-stock company that was formed initially for pursuing trade with the East Indies, but that ended up trading mainly with the Indian subcontinent and China...
in trade with India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
.
The East India Company was founded by a charter in 1600 and granted a monopoly of trade with the east in 1609 by King James I
James I of England
James VI and I was King of Scots as James VI from 24 July 1567 and King of England and Ireland as James I from the union of the English and Scottish crowns on 24 March 1603...
. This was initially for a period of fifteen years but in 1609 the King extended its privileges for an indefinite period subject to a 3 year notice of the revocation. Its monopoly caused jealousy among merchants who did not subscribe to it and in 1635 King Charles I
Charles I of England
Charles I was King of England, King of Scotland, and King of Ireland from 27 March 1625 until his execution in 1649. Charles engaged in a struggle for power with the Parliament of England, attempting to obtain royal revenue whilst Parliament sought to curb his Royal prerogative which Charles...
granted a trading license to Sir William Courteen under the name of the Courteen association permitting it also to trade with the east at any location in which the East India Company had no presence.
The company had a troubled beginning, it was badly managed , lost ships at sea and suffered a collapse in 1646, after which Courteen fled to the continent where he died.
During the English civil war the Crown gave its support to the Courteen association and badly treated the East India merchants, causing them to generally support Parliament. In 1649 the Couteen Association changed its name to the Assada company.
The enmity between the two trading organisations continued until a settlement was ordered by Oliver Cromwell
Oliver Cromwell
Oliver Cromwell was an English military and political leader who overthrew the English monarchy and temporarily turned England into a republican Commonwealth, and served as Lord Protector of England, Scotland, and Ireland....
as Lord Protector
Lord Protector
Lord Protector is a title used in British constitutional law for certain heads of state at different periods of history. It is also a particular title for the British Heads of State in respect to the established church...
and the two merged in 1657.