DOI Page / Citation link:
https://doi.org/10.11588/diglit.9695#0246
172 APPENDIX D. THE LEVANT COMPANY AND ITS
The management of the Levant Company was vested in a
Court of Directors, but it differed from the East India Company
in that it was not a Joint Stock Company. Every man under
twenty-six years of age paying ^25, and over that age paying
,£50, was admitted a member and could then trade on his own
account. The " Governor" at the time of Mundy's journey to
Constantinople was Sir Thomas Low, the father of the " Mr.
Francis Lowe" who is mentioned as one of the English merchants
residing at Galata in 1620'.
The Company progressed steadily for a long period, and the
account given by Sir John Chardin, from observations during
his travels in 1672, shows the extent of its advance in the first
hundred years and the system of trade then prevailing. His
information is valuable as it was acquired on the spot. Chardin
writes2:—"The English drive a great Trade at Smyrna, and over
all the Levant. This Trade is driv'n by a Royal Company setled
at London ; which is govern'd after a most prudent manner, and
therefore cannot fail of success. It has stood almost these
hundred Years, being first Confirm'd towards the middle of
Queen Elizabeth's Raign. A Raign famous for having, among
other Things, giv'n Life to several Trading Companies, particu-
larly those of Hamborough, Russia, Greenland, the East-Indies
and Turkie, all which remain to this Day. Trade was then in
its Infancy; and there is no greater Mark of the Ignorance of
those Times, in reference to Countries, though but a little remote,
then the Association which those Merchants made: for they
joyn'd several together in one Body, for mutual Conduct and
Assistance. That Company which relates to the Turkish Trade
is of a particular sort: For it is not a Society, where every one
puts in a Sum for one General and United Stock: It is a Body
which has nothing in Common, but a peculiar Grant and Privi-
ledge to Trade into the Levant. It assumes to it self the Name
of The Regulated Company. None are admitted into it, but Sons
of Merchants, or such as have serv'd an Apprenticeship to the
Trade, which in England is for Seven Years. They give to be
admitted into the Society about an Hundred and Twenty Crowns,
f under the Age of Twenty Five Years : and double if above
1 See p. 45.
2 Sir John Chardin, Travels into Persia, etc., pp. 4—6.
The management of the Levant Company was vested in a
Court of Directors, but it differed from the East India Company
in that it was not a Joint Stock Company. Every man under
twenty-six years of age paying ^25, and over that age paying
,£50, was admitted a member and could then trade on his own
account. The " Governor" at the time of Mundy's journey to
Constantinople was Sir Thomas Low, the father of the " Mr.
Francis Lowe" who is mentioned as one of the English merchants
residing at Galata in 1620'.
The Company progressed steadily for a long period, and the
account given by Sir John Chardin, from observations during
his travels in 1672, shows the extent of its advance in the first
hundred years and the system of trade then prevailing. His
information is valuable as it was acquired on the spot. Chardin
writes2:—"The English drive a great Trade at Smyrna, and over
all the Levant. This Trade is driv'n by a Royal Company setled
at London ; which is govern'd after a most prudent manner, and
therefore cannot fail of success. It has stood almost these
hundred Years, being first Confirm'd towards the middle of
Queen Elizabeth's Raign. A Raign famous for having, among
other Things, giv'n Life to several Trading Companies, particu-
larly those of Hamborough, Russia, Greenland, the East-Indies
and Turkie, all which remain to this Day. Trade was then in
its Infancy; and there is no greater Mark of the Ignorance of
those Times, in reference to Countries, though but a little remote,
then the Association which those Merchants made: for they
joyn'd several together in one Body, for mutual Conduct and
Assistance. That Company which relates to the Turkish Trade
is of a particular sort: For it is not a Society, where every one
puts in a Sum for one General and United Stock: It is a Body
which has nothing in Common, but a peculiar Grant and Privi-
ledge to Trade into the Levant. It assumes to it self the Name
of The Regulated Company. None are admitted into it, but Sons
of Merchants, or such as have serv'd an Apprenticeship to the
Trade, which in England is for Seven Years. They give to be
admitted into the Society about an Hundred and Twenty Crowns,
f under the Age of Twenty Five Years : and double if above
1 See p. 45.
2 Sir John Chardin, Travels into Persia, etc., pp. 4—6.