The Ostend East India Company
Why did they found the OEIC
1) The stimulation from the success of other EICs
2) In order to establish direct commercial relations with the Indies
3) The mutual rivalry between them reduced their profits
Chartered by the emperor of Austria, it established in 1722(Ostend Company, 1717).
Who financed them and where did they sail?
Financed by different international syndicates (Flemish, Eng. merchants and bankers)
Fixed at 6 million guilders (6,000 shares) and possessing two factories
In 1715-1723, 34 ships sailed to China, the Malabar, Surat, Bengal or Mocha.
In 1724-1732, 21 vessels went mainly to Canton, Bengal and made high profits.
What were the capacity and type of its ships?
Three-masters of the frigate-type, heavily armed, several hundreds of tons.
At first, it couldn’t produce big vessels and look for ships abroad (England Dutch).
In 1715 -1717，they only measured 200 to 250 tons.
In 1725, average up to 433 tons, the biggest up to 600 tons.
In 1729-1730, became smaller because of illegal expeditions.
The route was very similar to that of the other European companies.
The first expeditions were often commanded by foreign captains and mates.
There was also foreign influence in the sea rutters and the charts on board.
Why did other EICs press it?
Its bloom was a thorn in the side of the older rival EICs.
International political pressure was put on the emperor and he finally capitulated.
In 1727, the charter of the company was suspended for seven years.
In1731, the second treaty of Vienna ordered the definitive abolition.