Читать книгу The Honourable Company - John Keay - Страница 13

So Lancaster’s fleet had reached the East Indies and returned without losing a single ship. It was no small achievement. Valuable experience of the eastern seas had been acquired and something had been learnt of the complexities and potential of the eastern carrying trade. More tangibly a factory with adequate trading capital had been left at Bantam while in London nearly 500 tons of peppercorns were soon being laboriously transferred from the Red Dragon to the Company’s warehouse. A handsome profit was expected and the Company’s future looked promising. Lancaster had earned the nation’s gratitude. James I, who had succeeded Elizabeth earlier in the year, rose to the occasion by rewarding him with a knighthood.

But though a success, the Company’s first voyage had been no sensation. For one thing it had failed to make direct contact with the clove islands, thus giving the Dutch two more crucial years in which to make good their claim to succeed to the Portuguese monopoly. Then there was the question of economics. Already there were those who failed to see how exchanging precious bullion for an inessential condiment like pepper could possibly be in the national interest; they likened the Company to the gullible native of Central America who supposedly congratulated himself on acquiring pretty beads and funny toys in exchange for boring old gold and silver; their numbers would swell with every voyage. But to a benign commander like Lancaster it was the loss of 182 men, two-fifths of his entire following, that rankled. Here was a less equivocal drain on the nation’s resources and one which even lemon juice had failed to staunch.

In the hard-nosed estimation of his fellow directors an even greater source of anxiety was the unfortunate effect that discharging a million pounds of pepper was having on the London market. A dip in prices was anticipated, but it so happened that in late 1603 the King too had come by a large stock of pepper, probably the contents of a captured carrack. His Majesty, as always, had a pressing need for cash and consequently placed an embargo on the Company’s sales until his own stocks had been sold. Naturally the directors protested. A dividend was immediately declared in kind – that is, pepper – and the London market was soon awash with the stuff. Prices halved. Some underwriters would complain that they were still burdened with stocks from the first voyage ‘six or seven years after’.

Had the Company been the brave new venture in joint-stock ownership which it later became, this would not greatly have mattered. After all, the whole point of a company operating on a stock jointly subscribed by its members is that this working capital should be long term, transcending individual ventures and so less vulnerable to the hiccups of the market. But in fact the 218 petitioners who in 1600 had become the Company of Merchants of London trading into the East Indies had subscribed for only one voyage. The majority now wanted their money back; they were not amused when instead they were told that for every £250 they had subscribed, £200 must be reinvested in a second voyage.

From the start the Company’s stock had appealed to two very different types of investor. On the one hand there was the shareholder interested primarily in a quick and substantial return on his investment. He might be anything from a tradesman to a courtier and, as the Company grew, he might entertain ulterior expectations of influence and patronage within it; but he had no obvious interest in the specifics of its trade. On the other hand there were those who perceived some collateral advantage in the trade itself. This group consisted of wealthy and influential City merchants with extensive commercial and financial interests outside the Company. Such interests might coincide with the Company’s upstream requirements, like the supply of bullion and broadcloth for export, of ships and provisions, of sources of finance, or with its downstream requirements like the sale, re-export and distribution of eastern produce.

At the risk of further over-simplification, these two types of investor may be roughly identified with the Company’s two institutional bodies, the General Court (later the Court of Proprietors) and the Court of Committees. The General Court comprised all those with voting rights, the qualification for which in the early seventeenth century was a minimum holding of, usually, £200. It therefore represented the generality of investors amongst whom those interested primarily in profits and dividends predominated. It was also, of course, the supreme authority within the Company. But, several hundred strong, it necessarily met infrequently and had little to do with the day-to-day running of the business.

Under the terms of the original charter this was left to the Court of Committees consisting of the Governor, Deputy-Governor and twenty-four ‘committees’, or directors, all of whom were elected by the General Court. The Court of Committees was the Company’s executive, making policy decisions which had to be ratified by the General Court as well as directing all operations. For specific and recurrent functions like purchasing bullion, timber, provisions, etc., handling correspondence with overseas factors, and managing the Company’s sales it divided into a host of influential sub-committees. Both these and the Court of Committees met frequently. Naturally their work demanded managerial and commercial experience, and so naturally the ‘committees’ were predominantly City merchants.

Such men were usually senior members of one of the City’s livery companies and leading figures in some line of business that was relevant to the Company’s. Thus Alderman Sir Thomas Smythe, the Company’s first governor, was also involved in the Levant Company, previously the main importer of Eastern produce, in the Muscovy Company and in settlement projects in North America. On and off he held the governorship until 1621. Three years later Sir Morris Abbot, also of the Levant Company and also a founder member of the East India Company, succeeded. Abbot, originally of the Mercers’ Company, operated a large export business in cloth, indigo and spices. Retiring in 1638 to become Lord Mayor of London, he was succeeded first by Sir Christopher Clitherow and then by Sir Henry Garraway, both leading City merchants and both themselves ex-Lord Mayors. Other directors had financial interests in Europe’s capitals whence the supply of rials for export must be obtained and whither the Company was now looking to re-export its Eastern imports. In other words these City interests saw English participation in Eastern trade in an international context and attached more importance to its ramifications in terms of borrowing, shipping and commercial requirements than they did to the profit or loss on a single cargo. They took a longer view of the Company’s prospects and a broader view of its role in the national economy.

The potential for conflict between the Company’s management and the majority of its shareholders stemmed also from a flaw in its structure. The organization of the Company is usually characterized as a half way stage in the evolution of the medieval guild into today’s public limited company. It is also regarded as the most sophisticated example of an Elizabethan chartered company; and certainly it was significantly different from most of its Tudor predecessors. An organization such as the Levant Company was more like a regulatory body, licensing and governing the commercial activities of its members who formed individual syndicates to raise capital and trade on their own account. The Levant Company was not itself an operational concern and in this respect resembled the guilds of old.

In contrast the East India Company was both regulatory body and sole operator. In recognition of the national importance that attached to its activities and of their long term, high risk nature which must involve considerable overheads – shipping, factories – it was accepted that the Company, and the Company alone, must itself conduct all business. From this it followed that raising capital must also be on a corporate basis. And thus, as the directors put it, ‘the trade of the Indias being so far remote from hence [it] cannot be traded but in a joint and united stock.’ Theoretically this opened the Company’s membership to any who were willing to subscribe and indeed, initially, subscription was the commonest avenue of induction into the Company. This remained the case during the boom years of 1610-20 and the bust years of mid century. But later it would work the other way. Come the Restoration, when profits became more dependable and stock less terminable, the privilege of subscribing to new stock was effectively restricted to existing shareholders.

Perhaps the most significant point about the Company’s organization is not where it stood in the evolutionary chain of commercial institutions but the extent to which this organization itself evolved. For though indeed a self-declared joint stock company, it began operations more like a regulated company. One third of those who first petitioned for a charter were, like Sir Thomas Smythe, members of the regulated Levant Company. They included its treasurer, its governor, and two of its founders. Initially the two organizations shared the same secretary and even used the same correspondence book. The Court of Committees and its numerous sub-groups met in Sir Thomas Smythe’s house, which doubled as the Company’s headquarters until Smythe’s retirement in 1621. Even by then the Company’s permanent London staff consisted only of the secretary, a beadle, a book-keeper-cum-accountant, a cashier, a solicitor and a ‘ship’s husband’ (who organized the provisioning, loading and unloading of fleets). Almost an offshoot of the Levant Company then, the East India Company was expected to operate with the minimal staff and informal arrangements typical of a regulatory body.

Consistent with such traditional thinking the Company had begun life with no fixed capital, the idea being simply to raise a separate stock for each voyage; hence the expectation by investors in the First Voyage of a speedy pay-out. Since a willingness to invest in further voyages depended on the success of previous ones, this ad hoc system bred uncertainty and delay; and because in uncertain times new subscriptions were often hard to realize, it also put an additional strain on relations between the directors and the majority of shareholders.

The normal procedure for raising a new subscription began with the Court of Committees recommending a new voyage to the General Court. If the idea was approved, a target figure was set and a subscription book was opened. It was first taken round by the Company’s beadle; then, assuming the target figure was not already reached, it was taken up by the Committees who privately urged its merits on those susceptible to pressure. Such arm-twisting usually proved effective, but there was still the problem of actually collecting the subscribed sums. They were called in by instalments as and when expenditure was required. But late payment frequently necessitated heavy borrowing, and non-payment obliged the Committees to petition the Privy Council for injunctions against the defaulters.

Prosperous times would, of course, make for more amicable relations; from 1609-16 the subscription books would fill readily enough. But in 1601-3, while the fate of the First Voyage was still unknown, the General Court had refused to hear of a new venture round the Cape. Even when Lancaster returned and a second voyage was at last approved, the new subscription brought in only £11,000 against the £60,000 subscribed for the First Voyage. It was in this crisis that the Court of Committees insisted that investors in the First Voyage support the Second to the tune of £200 for every £250 previously subscribed. It was not a popular move and it would appear that it was strongly resisted. For whereas the First Voyage had exported freight, mostly silver, to the value of over £28,000, the Second carried only £12,000. Assuming that, as with subsequent stocks, up to two thirds of the total subscription went on fixed costs and shipping (including provisioning, manning, armaments, etc) and little more than one third on exports, the sum actually realized cannot have exceeded £40,000.

In this fraught climate Henry Middleton, brother of Lancaster’s second in command and captain of the Susan on her return voyage, received his orders as commander of the Second Voyage. Not surprisingly he was instructed to make the Spice Islands his priority and to bring back cloves, nutmegs, mace, cinnamon, raw silk – anything rather than pepper. He was also to avoid ‘refreshing’ at Table Bay, presumably because of Lancaster’s near-disaster off the stormy Cape, and to forgo taking any Portuguese prizes, peace negotiations with Spain-Portugal being near a happy conclusion. Far from capitalizing on the successes of Lancaster’s voyage, Middleton was in effect to make good Lancaster’s failures. With the same four ships, a similar complement and a similar mix of cargo and bullion, he sailed from Gravesend on 25 March 1604.

Four months later the long bluff of Table Mountain hove above the horizon. Already sixty of the Red Dragon’s men were down with scurvy including Middleton. ‘Perusing their pitiful complaint and looking out his cabin door where did attend a swarme of lame and weake diseased cripples’ he decided to ignore orders and succumb to the temptation of fresh fruit and red meat. They spent nearly five weeks in Table Bay. The sick recovered and Middleton began to exhibit that spirited conduct which would characterize his later career. He organized a rather amateurish ambush of the Saldanian herdsmen and very nearly came to grief in an epic struggle with a mother whale. Thence, without stopping at Madagascar, the fleet made straight for Bantam, arriving, once again crewed by ‘diseased cripples’, on 22 December 1604.

‘They had hardlie fiftie sound men in theire foure ships’ noted Edmund Scot who came aboard from the Bantam factory. His ‘extraordinarie great joye’ at the prospect of relief after nearly two years marooned in Java quickly evaporated. Middleton was again on the sick list and, as Scot knew only too well, Bantam was no place for convalescence. Here, unlike at the Cape, the sick died and the healthy sickened. An equatorial haze hung over the mud flats and marshes which passed for a coastline and across which the tide oozed its way towards the city’s brimming sewers. During the four hot months men longed for the drenching rains and during the eight wet months they longed for the unbearable heat. Neither was remotely agreeable and even the nights brought no relief. Sweat seeped from ever-open pores, soaking bedding and clothing alike and blistering the skin with prickly heat. This did not deter the mosquitoes which rose in clouds from the marshes and sought out the palest flesh on offer. Malaria was unavoidable; so was dysentery. Typhoid came and went – only to be replaced by cholera. Within a matter of decades Bantam would be abandoned to the undergrowth and insects which to this day smother its unhappy ruins.

To men who had already spent nine months at sea it can have been little comfort to be told that their only hope of survival lay in again putting to sea as quickly as their business permitted. Yet Scot’s account of life at Bantam left them no choice. He had been one of eight factors left behind by Lancaster. Now he was one of two. (The other survivor, Gabriel Towerson, must have been blessed with a constitution of concrete for he would outlast all his contemporaries only to succumb, twenty years later, to the cruellest cut of all.) Times had been hard in Bantam. The factory, a compound consisting of a timber warehouse with adjoining living quarters surrounded by a high palisade of stakes, had been in a state of siege for most of the two years, Scot’s visit to the Red Dragon being only his second outing since the previous summer. ‘My feare was so great’, he explained, ‘because I thought all would be burnt before I could come back againe.’ Indeed there had been so many attempts to set the place on fire that he had become quite paranoid on the subject.

Oh this worde fire! Had it been spoken in English, Malay, Javan or Chinese, although I had been sound asleep, yet I should have leapt out of my bedde, the which I had done sometimes when our men on watch had but whispered to one another of fire; insomuch that I was forced to warn them not to talke of fire in the night except they had great occasion.

Sometimes it was just the danger of those general conflagrations that raged in all the wood-built cities of the tropics whenever a dry wind blew. At other times it was more personal. In the dead of night a shower of flaming arrows would come arcing over the stockade or a gang of Javanese arsonists would rush the gate. Once some Chinese managed to tunnel under the fence, across the compound, and up under the floor of the warehouse. Here their attempt to burn a hole through the floorboards went disastrously wrong. There was an almighty blaze and although the thieves got away with nothing, precious bundles of calicoes were destroyed. The stench of burnt pepper hung about for days.

Hearing their story Middleton must have found it hard not to sympathize with the beleaguered Bantam factors. In the suffocating heat of their West Javan hell-hole they fought their fires and buried their dead, filled their ledgers and said their prayers, all with a clear conscience and three cheers for the Company. Yet they were no innocents abroad and, if one may judge by their penal code, their ideas of civilized conduct fell short of those of their Javanese hosts. In an otherwise beguiling narrative Scot cheerily announces the capture of the Chinese tunnellers. Instantly the Honourable Factors of the Worshipful Company turn demon torturers. Out come the pincers and the bone screws. The smell of burnt pepper gives way to that of burnt flesh. They collect white ants to tip over open wounds and at last despatch their victims with a brutality worthy of Tyburn. ‘Now a worde or two concerning the Dutch shipping,’ continues Scot’s breezy narrative, ‘and shortly after into fyre and troubles againe.’

At the root of these troubles lay the failure of the Javanese to distinguish between Dutchmen and Englishmen. The former, now organized into the United East Indian Company (V.O.C.) with Bantam as its eastern headquarters, were a formidable presence. Their fleets shuttling between the Moluccas and Europe regularly disgorged into the city unruly mobs of red-faced sex-starved sailors while their merchants became increasingly high-handed in their dealings with the local authorities. The Dutch were deservedly unpopular and this unpopularity rubbed off on to the English. Hence, thought Scot, the endless fires and raids.

But at this stage there could be no question of denouncing the Dutch. Their presence was actually some comfort to the English. ‘Though we were mortal enemies in our trade’, wrote Scot, ‘yet in other matters we were friends and would have lived and died for one another.’ In Europe the English had championed the cause of Dutch independence; there was no shame in Englishmen now accepting a measure of Dutch protection in the East. All that was needed was some way of showing the Javanese that there was a difference. A solution of dazzling simplicity was proposed by Gabriel Towerson. They would mount a parade. Mastering his ‘fear of being counted fantasticall’ Scot agreed and, as 17 November approached, ‘the which we held to be our coronation day’, the factors and their servants ‘suited ourselves in new apparel of silk and made us all scarves of red and white taffeta (being our country’s colours) and a flag with the redde cross through the middle’.

Our day being come, we set up our banner of St George upon the top of our house and with drum and shot we marched up and down within our grounde; being but fourteen in number, we could march but single one after another, plying our shot and casting ourselves in rings and S’s.

The commotion duly attracted a goodly audience to whom it was explained that they were celebrating their Queen’s coronation (‘for at that time we knew no other but that Queen Elizabeth was still lyving’). In the afternoon Scot took a calculated risk and dismissed his whole company with instructions to roam the town. ‘Their redde and white scarves and hatbands made such a shew that the inhabitants of these parts had never seen the like.’ And to every enquiry as to why ‘the Englishmen at the other factory’ were not also celebrating, it was emphatically pointed out that ‘they were no Englishmen but Hollanders and that they had no king but the land was ruled by governors’.

Ever after that day we were known from the Hollanders; and manie times the children in the streets would runne after us crying ‘Oran Engrees bayck, Oran Hollanda jahad’ which is ‘The English are good, the Hollanders are nought’.

Vigilance was necessary but Scot and Towerson were no longer held responsible for the riotous conduct of every drunken Dutchman. They were free to sell their calicoes and, blissfully unaware of trends in the London market, to amass substantial stocks of pepper.

These stocks, and the need to withdraw from Bantam as quickly as possible, soon persuaded Middleton to ignore the Company’s instructions once again. Within two months the Hector and the Susan were loaded with pepper and sent to England. Even this speedy turnaround proved too slow for most of the sick, the Hector losing its captain, its master and its master’s mate not to mention ‘common men’. Matters stood no better on the Susan and after recruiting local seamen both ships were still woefully undermanned. They left Bantam on 4 March 1605. What happened thereafter is unrecorded. We know only that the Susan with a crew of forty-seven was never seen again; and that of the Hector’s crew of fifty-three only fourteen reached the Cape, where they were discovered ineffectually trying to beach their ship to save her cargo.

Meanwhile Middleton, with the Red Dragon and the Ascension, was at last exploring the Moluccas. His first port of call was Ambon (Amboina), a well populated island off the coast of Ceram with some clove plantations and much to recommend it as the key to the Spice Islands. On the south shore of a deep inlet which nearly severs the island, the Portuguese had erected an impressive fortress whence troops could be dispatched north to the clove kingdoms of Ternate and Tidore or south to the nutmeg isles of Banda. But the Dutch were also aware of its importance and were already planning the replacement of this Portuguese garrison with one of their own. A large fleet had assembled at Bantam for precisely this purpose. To win time for Middleton, the breezy Scot arranged a send-off party at which the Dutch consumed so much ‘likker’ that they were sick for a week. Middleton therefore got there first. On 10 February he concluded an agreement with the Portuguese to load his ships with cloves but on 11 February five Dutch ships entered port and proceeded to pound the Portuguese into surrender. Not wishing to get involved, the English withdrew from Ambon. Thus, inauspiciously, the Company’s direct involvement with the Spice Islands began at the very fort where – within a couple of decades – it was to end so catastrophically.

Anxious to stay ahead of the Dutch fleet the Ascension was now sent post-haste to the Bandas. There Captain Colthurst renewed contacts with the remote outposts of Run and Ai, and secured a good cargo of nutmegs. When the Dutch ships eventually anchored beneath the smoking mass of Gunung Api, relations were strained but not openly hostile. Indeed the two commanders dined amicably together; if they could share the same chicken pie they could surely share the nutmeg harvest.

Middleton in the Red Dragon was also successful up to a point. Sailing north for the twin volcanoes of Ternate and Tidore he unwittingly entered another war zone in which the Dutch were allied with the Sultan of Ternate against the Portuguese and the Sultan of Tidore. To Middleton, a choleric commander with no head for niceties, it was all Tweedledum and Tweedledee. Even supposing it had been self-evident which party it was politic to support he had neither the authority nor the ships to engage in hostilities. For what it was worth he did exploit the situation, accepting a load of cloves at Tidore and the promise of permission to settle a factory at Ternate. But once it was clear that he had no intention of lending either side his active support, he was no longer welcome.

With the English looking on, the Dutch at last stormed Tidore. Middleton was permitted to negotiate the Portuguese surrender and then, on the suspicion that he had supplied the Portuguese with arms, was peremptorily ordered away. It was Dutch policy, he was informed, to allow no other nation to trade with their island subjects. Middleton left in a black rage. ‘If this frothy nation [he meant the Dutch] may have the trade of the Indies to themselves (which is the thing they hope for) their pride and insolencie will be intollerable.’ He headed back to Bantam, was there joined by the Ascension, and reached the Cape in time to save the Hector from being beached by her depleted crew. Together the three ships returned to England in May 1606.

To Middleton, who would prove anything but battle-shy, and to most of those Englishmen who followed him to the Moluccas, the Company’s insistence on ‘a quiet trafficke’ would seem dangerously naive. The Portuguese had boasted of their Estado da India. From strongly fortified havens they had policed the sea lanes and overawed the coastlines. Now the Dutch, although less bothered with the sea lanes, were pursuing a no less ruthless policy of acquisition in respect of the spice-producing islands. As befitted an emergent nation sensitive about foreign rule, they gave their eastern adventures a gloss of international respectability by signing treaties of protection with the islanders. But the treaties were often exacted under duress and enforced by brutal reprisals against any dissenters. The forts supposedly built to protect the islands against the ‘Portingall’ were as often used to subdue the islanders. And any trade that the islanders held with other than the Dutch was regarded as treason.

By contrast the English Company would build no forts east of Sumatra and would rarely land any guns. It deployed no troops in the East Indies and its objectives there would remain purely commercial. Unlike the Portuguese, the English were not as yet conscious of fulfilling some Christian destiny and unlike the Dutch they were not proudly investing in their nation’s future. However patriotically inclined, they served the Company not the King, and put profits – their own as well as the Company’s – before power.

Every man in the Company’s employ, whether factor or deckhand, expected a financial reward commensurate with the risks he faced; and since salaries were notoriously miserly, he devoted most of his energies to realizing it through private speculation. The Court of Committees took every possible precaution against this infringement by exacting a bond, often for as much as £500, from their factors and by taking great care in their initial selection. Applicants, besides being of blameless character, were expected to have some particular aptitude ‘in navigation and calicoes’ like Nathaniel Courthope, or ‘in Merchant account and arithmetic’ like John Clark. Others spoke Turkish, Portuguese, Arabic or some other relevant language. Many, and nearly all the more senior factors, had some previous experience of working overseas either with the Levant Company or the Merchant Adventurers. In such regulated companies individual merchants were often involved in the syndicate they served or at least received some form of commission from it. They expected to share in any corporate profits and the East India Company at first acknowledged this fact by remunerating their appointees with a small amount of stock in the voyage to which they were attached.

In 1609 this was replaced with a system of fixed salaries ranging from £5 to £200 per year. There were also allowances for outfit and for a small quantity of private trade goods. But neither the stick of censure nor the carrot of concessions made much difference. Entrusted with vast stocks, surrounded by tempting opportunities, and a world away from the day of reckoning, the Company’s overseas factors followed their entrepreneurial instincts to the full. At the top of the scale a Bantam factor might become a very rich man indeed. Judging from the Company’s records the squabbling in Bantam over the personal estates of those who succumbed to the climate was almost as bitter as the actions brought against those who returned home to enjoy their fortunes. Even the conscientious Scot would be involved in lengthy recriminations with his employers.

Yet the majority of the Company’s shareholders subscribed to no loftier principles. Their expectations of a quick and handsome profit were tempered only by their acute anxiety to keep the expenses of eastern trade to a minimum. With each voyage representing a separate investment on which the profits were of interest only to its subscribers, there was little incentive for ensuring long-term profitability. And it was the same overseas where factors from different voyages would soon be openly competing for trade. Under these circumstances, to secure a loading of, say, cloves, while the Hollanders’ back was turned was thought wonderfully clever. It was as good as Drake singeing the King of Spain’s beard. The English positively relished their role of underdogs.