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enterprise or commerce?
mercantilism
!
Before the invention of the steam engine global commerce
consisted mainly in the exchange of commodities between the Temperate zone and
the Tropics.
The commodities desired were
mostly articles of
luxurious consumption - sugar,
tea,
coffee,
indigo,
opium,
cotton,
silk and the
spices.
When Eliza
Lucas Pinckney and enslaved Africans successfully cultivated new strains near
Charleston it became the second most important cash crop in the colony (after
rice) before the American Revolution.
It comprised more than one-third
of all exports in value.
Individual countries
produced sufficient food for local
consumption.
As all manufactured products were wrought by hand each
country could supply its own needs.
Trade over land is
restricted by the logistics of distance but that distance shrank when shipping
goods over water.
Commerce enriched the countries
surrounding the Mediterranean which carried on trade and
made the merchants wealthy.
The Phoenicians, the
pre-eminent merchants, possessed a monopoly on trade for two thousand
years.
Egypt's share of the trade traffic from central Africa built its
great wealth.
In the age of Solomon, the Jews possessed the Eastern end
of the trade traffic for a generation and considered it
the chief glory of Solomon's
reign.
The power of the Assyrian
Empire was largely based upon the possession of the Eastern end of this
commerce.
The conquests of the Assyrian Empire along the Mediterranean
broke up the old line of the trade by way of the Red Sea.
620 BC To obtain possession of this commerce was the aim of
the conquests of Nebuchadnezzar
of the Chaldean Dynasty who freed the Babylonians from Assyrian rule,
conquered Judah and
Jeruselam, and built the Hanging Gardens of Babylon.
Nebuchadnezzar carried
the trade commerce through Babylon, and up the
Euphrates, across
Syria and Asia Minor, and
gave the Western end of the traffic to the Lydians and
the Ionian Greeks.
The possession of the Western end of the trade
commerce awakened the slumbering Greek culture which then flowered.
The
hostility of the Greeks to Persia, which caused the burning
of Sardis, and led to the Persian
wars, no doubt
originated in the fact that Persia gave the trade commerce back
to the Phoenicians, who restored it to its old route by way of the Red Sea.
After the Christian Era, the
Venetians took possession of the trade
commerce and it made them the great merchant princes of the Middle Ages.
1488 For 69 years the Portuguese have been
attempting to find a route from the Atlantic to the Indian Ocean.
This
year Bartolomeu Dias sails around the Cape Good Hope giving the Far East trade
commerce into the hands of the Portugese Navigator's Guild who closely guard
their topographic knowledge for a century.
Then the Dutch, the
French and the English organized trading companies which competed with each
other for the possession of the East India trade.
Dutch, French and
English vessels operated with a Portugese navigator.
global sea trade
1600
Royal Charter granted to "George, Earl of Cumberland, and 215 Knights,
Aldermen, and Burgesses" to form an incorporation to trade with the East
Indies.
The charter awarded the newly formed incorporation a monopoly on
trade with all countries east of the Cape of Good Hope and west of the Straits
of Magellan for a period of fifteen years.
Anybody who traded in breach of the
charter without a license from the
incorporation was liable to forfeiture of ships and cargo (half of which went
to the Crown and the other half to the incorporation), as well as imprisonment
at the "royal pleasure". (Pirates!)
The incorporation opens a
factory in Bantam on the first
voyage and imports of pepper from Java become an important part of trade for 20
years.
The factory at Bantam survives until the Anglo-Dutch Treaty of
1824 when all the British colonies in the East Indies are handed over to the
Dutch in return for recognition of British primacy over the Malay
Peninsula.
The incorporation benefits from imperial patronage expanding
its commercial trading operations eclipsing the Portuguese Estado da
Índia, which had established bases in Goa, Chittagong, and Bombay, which
Portugal later ceded to England as part of the dowry of Catherine de
Braganza.
1602 Dutch trading companies
amalgamate into the United East Indies Company.
1612 United East Indies Company introduces the first
permanent joint stock venture.
Investment into shares do not need to be
retired by the Company but can be traded on an exchange.
Wealthy
merchants and aristocrats own the shares.
English traders frequently
engage in hostilities with their Dutch and Portuguese competition in the Indian
Ocean.
The British East India corporation achieves a major victory over
the Portuguese in the Battle of Swally held at Suvali of Surat.
The
Britsh East India launches multiple joint attacks with the Dutch United East
India on Portuguese and Spanish ships off the coast of China, which secures
ports in China.
The Britsh East India corporation establishes trading
posts in Surat (1619), Madras (1639), Bombay (1668), and Calcutta
(1690).
1694 Under pressure from ambitious
tradesmen and former associates the charter is revoked.
Any English
firm can now trade with India, unless specifically prohibited by act of
parliament.
1697 The admission of Solomon Dormido to membership in the
English Royal Exchange leads to a suspension of the law excluding Jews.
They soon entered in
such numbers that a special space, known as the Jews' Walk, is allotted to
them.
As the law
had been abrogated for the Jews, a similar suspension as regards the taking
of the oath is adopted; and in
consequence the Exchange is soon overrun with doubtful characters.
"The
Lord Mayor and the Aldermen have been busy this week in receiving petitions
from a great number of persons, who put in to be Exchange brokers: they are to
be 100 in number, 80 of whom are to be Englishmen and the rest foreigners and
Jews, each of whom is to carry a medal in his pocket with his name on it, the
King's effigy on one side and the city arms on the other, and they are to show
it on the making of any bargains."
Abuses grew so rapidly that public
clamor resulted in a reorganization of the Exchange and its laws.
1698 A new "parallel" East India
incorporation (officially titled the English incorporation Trading to the East
Indies) is floated under a state-backed indemnity of £2
million.
The powerful stockholders of the old incorporation quickly
subscribe a sum of £315,000 in the new concern, and dominate the new
body.
The two companies wrestle with each other for some time, both in
England and in India, for a dominant share of the trade.
1708 The companies merge by a
tripartite indenture involving both companies and the state.
Under this
arrangement, the merged incorporation lends the Treasury a sum of
£3,200,000, in return for exclusive privileges for the next three years,
after which the situation is to be reviewed.
Twelve 'Jew
brokers' licensed to operate in the City of London on the Jew's Walk
tendered the British Treasury £3,200,000 in return for an exclusive grant
of trading privileges with all countries of the Indian and Pacific Oceans,
between Cape Horn and Cape Good Hope for the newly chartered amalgamated
joint stock incorporation - the
United Company of Merchants of England Trading to the East
Indies.
{"Benjamin Levy, who may be reckoned the
father of the congregation, left behind him three children: Menahem, Abigail,
and Elias. The first-named, the son of his former marriage, was eighteen years
of age at the time of his father's death, and inherited a comfortable fortune.
As he was still a minor he could not take over his father's place and medal as
one of the twelve licensed Jew Brokers, which passed to one
Aaron Alvares.
When Menahem came of age in 1707, he tried in vain to persuade his father's
kinsman and associate Moses Hart (who had been admitted to 'Change in 1704, in
succession to David de Faro) to retire in his favor, and went so far as to
assert that he had paid him £1,000 on this understanding. The case gave
rise to prolonged litigation and an enquiry by the Court of Aldermen, with the
result that Moses was exonerated. In the following year Menahem Levy died,
unmarried (October 14th, 1708). " - History of the Great Synagogue Chapter XII
THE NEW GREAT SYNAGOGUE, 1790}
1715 United Company of Merchants of
England Trading to the East Indies opens a trading station in Canton
importing opium and tobacco into China.
The British want silk.
The Chinese will only take silver bullion in trade for silk.
British silver reserves become
depleted.
British restore silver reserves by only excepting silver
in exchange for opium.
1764 The Trading Company exercises imperial sway in
Bengal over a territory
containing a population of forty million yielding larger revenue streams than
those of the Austrian empire - at that time the greatest European power.
The Trading Company, the wealthiest corporation in the world, rules a
territorial empire.
The success of the Trading Company in India rested
on trickery, wrong,
extortion, theft,
robbery and
murder.
divide and
conquer
With the Mughal
empire in the last stages of decay the Trading Company constantly shifts
its ground as expediency requires,
sometimes treating the Princes of India as independent states, and sometimes,
as dependencies.
The East India Company provides
mercenaries to a native prince, to enable him to conquer another -
selling favors on every
side.
When the opportunity comes, the East India
Company devoures the treasures and the territory of friends and foes alike
raping India in the
process.
This set
the stage for the
corporations of the future giving them the ability to follow in the
footsteps of the greatest criminal empire the world has ever
known.
History presents no career of conquest, in which fraud, deceit
and rapine were so well used as in the conquest of India by the East India
Company.
The East India Company continued its occupation of India until
the Sepoy mutiny at which time it got the Crown involved.
1774 James Watt improves the design of
the Newcomen engine perfecting the steam engine which soon replaces the natural
power sources of wind and water.
The steam engine is set to work on the
newly invented power loom, the spinning Jenny and
the cotton gin, and in
transportation.
At this time Great Britain is the only country in
Europe which has coal and iron for steam purposes.
The power of steam
opens up a new commercial era.
Commerce and industry
blossom.
1788 Constitution of the US of America
is ratified.
The Contract
Clause guarantees the inviolability of sales and financing contracts to
encouraged an inflow of foreign capital by reducing the risk of loss to foreign
merchants trading with and investing in the former colonies.
1800 Moses
Haim Montefiore and Nathan
Mayer Rothschild enter the counting house in the
City of London, and became two of
the twelve "Jew brokers" licensed by the City of
London.
Moses Haim Montefiore marries Judith Cohen daughter of Levi
Barent Cohen.
Judith's sister Henriette Cohen marries
Nathan Mayer Rothschild.
1835 "We
are to teach false history, false astronomy, false medicine, because we find
them in coöperation with a false religion." -
Minute
by the Hon'ble T. B. Macaulay, 2nd February 1835
1857 Great Britain dispossesses France of colonial possessions
in the Seven Year War, from 1756 to 1763.
The Seven Years' War is a
global conflict fought between 1756 and 1763 involving every European great
power of the time and spanned five continents.
Its effects reverberate
through Europe, the Americas, West Africa, India and the
Philippines.
The conflict splits Europe into two coalitions, led by the Kingdom of
Great Britain (including Prussia, Portugal, Hanover, and other small German
states) on one side and the Kingdom of France (including the Austrian-led Holy
Roman Empire, the Russian Empire, Bourbon Spain, and Sweden) on the
other.
Superior nautical skill gives British vessels so great an
advantage in naval combat that Britain gains maritime supremacy.
Spain
loses control of Florida to Great Britain, but receives from the French the
Île d'Orléans and all of the former French holdings west of the
Mississippi River.
The Battle of Plassey is a decisive victory of the
East India Company over the Nawab of Bengal.
This effectively brings
French power in India to an end, making way for British hegemony and eventual
control of the subcontinent. |
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