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John Eldred sailed with Newberry and other merchants in 1583 on a royal decreed voyage to the Middle East to initiate trade in spices. Eldred remained in Basra while others continued to Persia and India. Six months later, Eldred left Basra with 70 barges laden with spices, mainly nutmeg and cinnamon. After 44 days they arrived in Baghdad where they joined a caravan of 4,000 camels that took 40 days to transport the merchandise to Aleppo in Syria. He remained in Aleppo for three years and when he left he was a wealthy man. He retired to the country in Suffolk buying a large manor which he named ‘Nutmeg Hall’. When the East India Company was established in 1600, Eldred became a major sponsor and financier.
After A Dutch spy, Jan Huyghen van Linschoten, copied Portuguese nautical maps while working as secretary for the Portuguese Archbishop of Goa in the 1580s, his published maps and books enabled the maritime passage to the elusive East Indies to be opened to the English and the Dutch. This allowed the British East India Company and the Dutch East India Company to break the 16th century monopoly enjoyed by the Portuguese on trade with the East Indies (Indonesia) and the Spice Islands (Moluccas), though not without a great deal of bloodshed. The Portuguese East India Company lost its stranglehold on East Indies’ trade and commerce, and was liquidated in 1633.
The East India Company, which became the British East India Company after the 1707 Treaty of Union, 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. The Company was granted an English Royal Charter by Queen Elizabeth I on 31 December 1600. After a rival English company challenged its monopoly in the late 17th century, the two companies were merged in 1708 to form the Honourable East India Company (HEIC), colloquially referred to as John Company.<br/><br/> The East India Company traded mainly in cotton, silk, indigo dye, saltpetre, tea and opium. The Company also came to rule large areas of India, exercising military power and assuming administrative functions, to the exclusion, gradually, of its commercial pursuits; it effectively functioned as a megacorporation. Company rule in India, which effectively began in 1757 after the Battle of Plassey, lasted until 1858, when, following the events of the Indian Rebellion of 1857, the British Crown assumed direct administration of India in the new British Raj. The Company itself was finally dissolved on 1 January 1874, as a result of the East India Stock Dividend Redemption Act.