ignior or Emperor
of Turkey. In the prosecution of this trade, of which some account has
been given in our preceding chapter, the factors, or travelling
merchants, having penetrated from Aleppo to Bagdat and Basora, attempted
to open an overland trade to the East Indies, and even penetrated to
Agra, Lahore, Bengal, Malacca, and other parts of the East, whence they
brought information to England of the riches that might be acquired by a
direct trade by sea to the East Indies.[78] The circumnavigations of Sir
Francis Drake in 1577-1580, and of Mr Thomas Cavendish, or Candish, in
1586, of which voyages accounts will be found in a future division of
this work, who brought back great wealth to England, obtained by making
prizes of the Spanish vessels, contributed to spread the idea among the
merchants of England, that great profits and national advantages might
be derived from a direct trade to India by sea.[79]

[Footnote 77: Ann. of the H.E.I. Co. I. 107.]

[Footnote 78: Ann. of the Hon. E. India Co. I. 108.]

[Footnote 79: Id. ib.]

In consequence of these views, a memorial was presented to the lords of
council in 1589, requesting a royal licence for three ships and three
pinnaces to proceed for India, which gave rise to the expedition of
Captain Raymond, in 1591, already related. In 1599, an association of
London Adventurers entered into a contract for embarking, what was then
considered as a _large joint stock_, for the equipment of a voyage to
the East Indies. The fund subscribed amounted to L30,133: 6: 8, divided
into 101 shares or adventures, the subscriptions of individuals varying
from L100 to L3000.[80] This project, however, seems to have merged into
the East India Company, at the close of the next year 1600, as already
mentioned.

[Footnote 80: Id. III.--From the peculiar amount of this capital sum,
the subscriptions were most probably in marks, of 13s 4d. each.--E.]

On the 30th September, 1600, a draft of the patent, already said to have
been subsequently sealed on the last day of that year, was read before
the _seventeen committees_, such being then the denomination of what are
now called _directors_; and being approved of, was ordered to be
submitted to the consideration of the Queen and Privy Council. "In this
early stage of the business, the lord-treasurer applied to the _Court of
Committees_ or Directors, recommending Sir Edward Mitchelburne to be
employed in the voyage; and thus, before the Society