Company of Merchant Adventurers of London
Encyclopedia
The Company of Merchant Adventurers of London brought together London
's leading overseas merchants in a regulated company, in the nature of a guild
. Its members' main business was the export of cloth, especially white (undyed) broadcloth
. This enabled them to import a large range of foreign goods.
in 1407, but its roots may go back to the Fraternity of St. Thomas of Canterbury. It claimed to have liberties
existing as early as 1216. The Duke of Brabant
granted privileges and in return promised no fees to trading merchants. The company was chiefly chartered to the English merchants at Antwerp in 1305. This body may have included the Staplers
, who exported raw wool
, as well as the Merchant Adventurers. Henry IV's charter was in favor of the English merchants dwelling in Holland, Zeeland
, Brabant
, and Flanders
. Other groups of merchants traded to different parts of northern Europe
, including merchants dwelling in Prussia
, Sconce, Sound, and the Hanse (whose election of a governor was approved by Richard II of England
in 1391), and the English Merchants in Norway
, Sweden
and Denmark
(who received a charter in 1408).
's charter of 1505, the company had a governor and 24 assistants. The members were trading capitalists. They were probably mostly composed of London
mercers. The company also had members from York
, Norwich
, Exeter
, Ipswich
, Newcastle
, Hull
, and other places. The merchant adventurers of these towns were separate but affiliate bodies. The Society of Merchant Venturers
of Bristol
were a separate body, chartered by Edward VI
in 1552.
Under Henry VII, the non-London merchants complained about restraint of trade. They had once traded freely with Spain
, Portugal
, France
, Italy
, and the Netherlands
, but the London company was imposing a fine of £20, and drove them out of their markets. Henry VII required the fine to be reduced to 10 marks (£3.6.8 —- £1 = 3 English marks; 1 mark = 6s 8d). Conflict arose with the Merchants of the Staple
, who sought to expand from exporting wool through Calais
to exporting cloth to Flanders
without having to become freemen of the Merchant Adventurers. The Merchant Adventurers kept control of their trade and Flanders as their port. Foreign merchants of the Hanseatic League
had considerable privileges in England trade and competed with the Merchant Adventurers. These privileges were revoked by the English government in the mid-16th century.
The Merchant Adventurers had a commercial monopoly
. Its members were the only persons entitled to export cloth from England
. Their main market (or staple port) was Antwerp. When the King of Spain as sovereign of the Low Countries increased customs duty in 1560, the merchants began to have difficulty in Antwerp. This rise in duty conflicted with the treaty with Brabant
of 1496. Three years later, the King of Spain prohibited English ships from coming to the Low Countries.
The Merchant Adventurers then decided to use other ports. Emden
in East Friesland
and Hamburg
competed to entertain the Merchant Adventurers of England, who chose Emden. They soon found, however, that the port failed to attract sufficient merchants to buy the English merchants' wares. They left abruptly and returned to Antwerp. Operations there were interrupted by Elizabeth I of England
's seizing Spanish
treasure ships, which were conveying money to the Duke of Alva, governor of the Netherlands
. although trade was resumed at Antwerp from 1573 to 1582, it ceased with the declining fortunes of that city.
Under the charter of 1564, the company's court consisted of a governor (elected annually was by members beyond the seas), his deputies, and 24 Assistants. Admission was by patrimony (being the son of a merchant, free of the company at the son's birth), service (apprenticeship to a member), redemption (purchase) or 'free gift'. By the time of the accession of James I
in 1603, there were at least 200 members. Fees for admission were then gradually increased.
continued. The Hanse had the same rights in England as native merchants and better privileges abroad. They could thus undersell English merchants. Hamburg
was a member of the League. When the English merchants left Emden, they tried to settle in Hamburg, but the League forced the city to expel them. Emden
was tried again in 1579. The Emperor
ordered the Count of East Friesland to expel the merchants, but he declined. The merchants remained there until 1587. In 1586, the Senate of Hamburg invited the Merchant Adventurers to return there, but negotiations over this broke down.
The merchants who had frequented Middelburg
since 1582 were invited to return in 1587 to the (now independent) United Provinces
. Due to impositions by Holland and Zeeland
, this was an unpopular choice with company members. In 1611 the company's staple was permanently fixed at Hamburg
. The Dutch
staple port moved during the early 17th century from Middelburg
to Delft
in 1621, then to Rotterdam
in 1635, then to Dordrecht
in 1655.
The years between 1615 and 1689 were marked by periods, starting with the ill-fated Cockayne Project, when the company lost and then regained its monopolistic privileges. It moved its staple port from Delft
to Rotterdam
in the 1640s. The company suffered from trouble with interlopers, traders not free of the company who traded within its privileged area.
of 1689, the admission fees were reduced to £2. After Parliament threw the trade open, the company continued to exist as a fellowship of merchants trading to Hamburg
. Because they drove a considerable trade there, members were sometimes called the Hamburg Company. The Merchant Adventurers of London still existed at the beginning of the 19th century.
City of London
The City of London is a small area within Greater London, England. It is the historic core of London around which the modern conurbation grew and has held city status since time immemorial. The City’s boundaries have remained almost unchanged since the Middle Ages, and it is now only a tiny part of...
's leading overseas merchants in a regulated company, in the nature of a guild
Guild
A guild is an association of craftsmen in a particular trade. The earliest types of guild were formed as confraternities of workers. They were organized in a manner something between a trade union, a cartel, and a secret society...
. Its members' main business was the export of cloth, especially white (undyed) broadcloth
Broadcloth
Broadcloth is a dense woollen cloth. Modern broadcloth can be composed of cotton, silk, or polyester, but traditionally broadcloth was made solely of wool. The dense weave lends sturdiness to the material....
. This enabled them to import a large range of foreign goods.
Origin
The company received its royal charter from King Henry IVHenry IV of England
Henry IV was King of England and Lord of Ireland . He was the ninth King of England of the House of Plantagenet and also asserted his grandfather's claim to the title King of France. He was born at Bolingbroke Castle in Lincolnshire, hence his other name, Henry Bolingbroke...
in 1407, but its roots may go back to the Fraternity of St. Thomas of Canterbury. It claimed to have liberties
Liberty (division)
Originating in the Middle Ages, a liberty was traditionally defined as an area in which regalian rights were revoked and where land was held by a mesne lord...
existing as early as 1216. The Duke of Brabant
John II, Duke of Brabant
John II van Brabant , also called John the Peaceful, was Duke of Brabant, Lothier and Limburg...
granted privileges and in return promised no fees to trading merchants. The company was chiefly chartered to the English merchants at Antwerp in 1305. This body may have included the Staplers
Merchants of the Staple
The Merchants of the Staple, also known as the Merchant Staplers, was an English company which controlled the export of wool to the continent during the late medieval period....
, who exported raw wool
Wool
Wool is the textile fiber obtained from sheep and certain other animals, including cashmere from goats, mohair from goats, qiviut from muskoxen, vicuña, alpaca, camel from animals in the camel family, and angora from rabbits....
, as well as the Merchant Adventurers. Henry IV's charter was in favor of the English merchants dwelling in Holland, Zeeland
Zeeland
Zeeland , also called Zealand in English, is the westernmost province of the Netherlands. The province, located in the south-west of the country, consists of a number of islands and a strip bordering Belgium. Its capital is Middelburg. With a population of about 380,000, its area is about...
, Brabant
Duchy of Brabant
The Duchy of Brabant was a historical region in the Low Countries. Its territory consisted essentially of the three modern-day Belgian provinces of Flemish Brabant, Walloon Brabant and Antwerp, the Brussels-Capital Region and most of the present-day Dutch province of North Brabant.The Flag of...
, and Flanders
Flanders
Flanders is the community of the Flemings but also one of the institutions in Belgium, and a geographical region located in parts of present-day Belgium, France and the Netherlands. "Flanders" can also refer to the northern part of Belgium that contains Brussels, Bruges, Ghent and Antwerp...
. Other groups of merchants traded to different parts of northern Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
, including merchants dwelling in Prussia
Prussia
Prussia was a German kingdom and historic state originating out of the Duchy of Prussia and the Margraviate of Brandenburg. For centuries, the House of Hohenzollern ruled Prussia, successfully expanding its size by way of an unusually well-organized and effective army. Prussia shaped the history...
, Sconce, Sound, and the Hanse (whose election of a governor was approved by Richard II of England
Richard II of England
Richard II was King of England, a member of the House of Plantagenet and the last of its main-line kings. He ruled from 1377 until he was deposed in 1399. Richard was a son of Edward, the Black Prince, and was born during the reign of his grandfather, Edward III...
in 1391), and the English Merchants in Norway
Norway
Norway , officially the Kingdom of Norway, is a Nordic unitary constitutional monarchy whose territory comprises the western portion of the Scandinavian Peninsula, Jan Mayen, and the Arctic archipelago of Svalbard and Bouvet Island. Norway has a total area of and a population of about 4.9 million...
, Sweden
Sweden
Sweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund....
and Denmark
Denmark
Denmark is a Scandinavian country in Northern Europe. The countries of Denmark and Greenland, as well as the Faroe Islands, constitute the Kingdom of Denmark . It is the southernmost of the Nordic countries, southwest of Sweden and south of Norway, and bordered to the south by Germany. Denmark...
(who received a charter in 1408).
Under the Tudors
Under Henry VIIHenry VII of England
Henry VII was King of England and Lord of Ireland from his seizing the crown on 22 August 1485 until his death on 21 April 1509, as the first monarch of the House of Tudor....
's charter of 1505, the company had a governor and 24 assistants. The members were trading capitalists. They were probably mostly composed of London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
mercers. The company also had members from York
York
York is a walled city, situated at the confluence of the Rivers Ouse and Foss in North Yorkshire, England. The city has a rich heritage and has provided the backdrop to major political events throughout much of its two millennia of existence...
, Norwich
Norwich
Norwich is a city in England. It is the regional administrative centre and county town of Norfolk. During the 11th century, Norwich was the largest city in England after London, and one of the most important places in the kingdom...
, Exeter
Exeter
Exeter is a historic city in Devon, England. It lies within the ceremonial county of Devon, of which it is the county town as well as the home of Devon County Council. Currently the administrative area has the status of a non-metropolitan district, and is therefore under the administration of the...
, Ipswich
Ipswich
Ipswich is a large town and a non-metropolitan district. It is the county town of Suffolk, England. Ipswich is located on the estuary of the River Orwell...
, Newcastle
Newcastle upon Tyne
Newcastle upon Tyne is a city and metropolitan borough of Tyne and Wear, in North East England. Historically a part of Northumberland, it is situated on the north bank of the River Tyne...
, Hull
Kingston upon Hull
Kingston upon Hull , usually referred to as Hull, is a city and unitary authority area in the ceremonial county of the East Riding of Yorkshire, England. It stands on the River Hull at its junction with the Humber estuary, 25 miles inland from the North Sea. Hull has a resident population of...
, and other places. The merchant adventurers of these towns were separate but affiliate bodies. The Society of Merchant Venturers
Society of Merchant Venturers
The Society of Merchant Venturers is a private entrepreneurial and charitable organisation in the English city of Bristol, which dates back to the 13th century...
of Bristol
Bristol
Bristol is a city, unitary authority area and ceremonial county in South West England, with an estimated population of 433,100 for the unitary authority in 2009, and a surrounding Larger Urban Zone with an estimated 1,070,000 residents in 2007...
were a separate body, chartered by Edward VI
Edward VI of England
Edward VI was the King of England and Ireland from 28 January 1547 until his death. He was crowned on 20 February at the age of nine. The son of Henry VIII and Jane Seymour, Edward was the third monarch of the Tudor dynasty and England's first monarch who was raised as a Protestant...
in 1552.
Under Henry VII, the non-London merchants complained about restraint of trade. They had once traded freely with Spain
Spain
Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
, Portugal
Portugal
Portugal , officially the Portuguese Republic is a country situated in southwestern Europe on the Iberian Peninsula. Portugal is the westernmost country of Europe, and is bordered by the Atlantic Ocean to the West and South and by Spain to the North and East. The Atlantic archipelagos of the...
, France
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
, Italy
Italy
Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...
, and the Netherlands
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
, but the London company was imposing a fine of £20, and drove them out of their markets. Henry VII required the fine to be reduced to 10 marks (£3.6.8 —- £1 = 3 English marks; 1 mark = 6s 8d). Conflict arose with the Merchants of the Staple
Merchants of the Staple
The Merchants of the Staple, also known as the Merchant Staplers, was an English company which controlled the export of wool to the continent during the late medieval period....
, who sought to expand from exporting wool through Calais
Calais
Calais is a town in Northern France in the department of Pas-de-Calais, of which it is a sub-prefecture. Although Calais is by far the largest city in Pas-de-Calais, the department's capital is its third-largest city of Arras....
to exporting cloth to Flanders
Flanders
Flanders is the community of the Flemings but also one of the institutions in Belgium, and a geographical region located in parts of present-day Belgium, France and the Netherlands. "Flanders" can also refer to the northern part of Belgium that contains Brussels, Bruges, Ghent and Antwerp...
without having to become freemen of the Merchant Adventurers. The Merchant Adventurers kept control of their trade and Flanders as their port. Foreign merchants of the Hanseatic League
Hanseatic League
The Hanseatic League was an economic alliance of trading cities and their merchant guilds that dominated trade along the coast of Northern Europe...
had considerable privileges in England trade and competed with the Merchant Adventurers. These privileges were revoked by the English government in the mid-16th century.
The Merchant Adventurers had a commercial monopoly
Monopoly
A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity...
. Its members were the only persons entitled to export cloth from England
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
. Their main market (or staple port) was Antwerp. When the King of Spain as sovereign of the Low Countries increased customs duty in 1560, the merchants began to have difficulty in Antwerp. This rise in duty conflicted with the treaty with Brabant
Duchy of Brabant
The Duchy of Brabant was a historical region in the Low Countries. Its territory consisted essentially of the three modern-day Belgian provinces of Flemish Brabant, Walloon Brabant and Antwerp, the Brussels-Capital Region and most of the present-day Dutch province of North Brabant.The Flag of...
of 1496. Three years later, the King of Spain prohibited English ships from coming to the Low Countries.
The Merchant Adventurers then decided to use other ports. Emden
Emden
Emden is a city and seaport in the northwest of Germany, on the river Ems. It is the main city of the region of East Frisia; in 2006, the city had a total population of 51,692.-History:...
in East Friesland
East Frisia
East Frisia or Eastern Friesland is a coastal region in the northwest of the German federal state of Lower Saxony....
and Hamburg
Hamburg
-History:The first historic name for the city was, according to Claudius Ptolemy's reports, Treva.But the city takes its modern name, Hamburg, from the first permanent building on the site, a castle whose construction was ordered by the Emperor Charlemagne in AD 808...
competed to entertain the Merchant Adventurers of England, who chose Emden. They soon found, however, that the port failed to attract sufficient merchants to buy the English merchants' wares. They left abruptly and returned to Antwerp. Operations there were interrupted by Elizabeth I of England
Elizabeth I of England
Elizabeth I was queen regnant of England and Ireland from 17 November 1558 until her death. Sometimes called The Virgin Queen, Gloriana, or Good Queen Bess, Elizabeth was the fifth and last monarch of the Tudor dynasty...
's seizing Spanish
Spain
Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
treasure ships, which were conveying money to the Duke of Alva, governor of the Netherlands
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
. although trade was resumed at Antwerp from 1573 to 1582, it ceased with the declining fortunes of that city.
Under the charter of 1564, the company's court consisted of a governor (elected annually was by members beyond the seas), his deputies, and 24 Assistants. Admission was by patrimony (being the son of a merchant, free of the company at the son's birth), service (apprenticeship to a member), redemption (purchase) or 'free gift'. By the time of the accession of James I
James I of England
James VI and I was King of Scots as James VI from 24 July 1567 and King of England and Ireland as James I from the union of the English and Scottish crowns on 24 March 1603...
in 1603, there were at least 200 members. Fees for admission were then gradually increased.
Conflict
The conflict of the Merchant Adventurers with the Hanseatic LeagueHanseatic League
The Hanseatic League was an economic alliance of trading cities and their merchant guilds that dominated trade along the coast of Northern Europe...
continued. The Hanse had the same rights in England as native merchants and better privileges abroad. They could thus undersell English merchants. Hamburg
Hamburg
-History:The first historic name for the city was, according to Claudius Ptolemy's reports, Treva.But the city takes its modern name, Hamburg, from the first permanent building on the site, a castle whose construction was ordered by the Emperor Charlemagne in AD 808...
was a member of the League. When the English merchants left Emden, they tried to settle in Hamburg, but the League forced the city to expel them. Emden
Emden
Emden is a city and seaport in the northwest of Germany, on the river Ems. It is the main city of the region of East Frisia; in 2006, the city had a total population of 51,692.-History:...
was tried again in 1579. The Emperor
Holy Roman Emperor
The Holy Roman Emperor is a term used by historians to denote a medieval ruler who, as German King, had also received the title of "Emperor of the Romans" from the Pope...
ordered the Count of East Friesland to expel the merchants, but he declined. The merchants remained there until 1587. In 1586, the Senate of Hamburg invited the Merchant Adventurers to return there, but negotiations over this broke down.
The merchants who had frequented Middelburg
Middelburg
Middelburg is a municipality and a city in the south-western Netherlands and the capital of the province of Zeeland. It is situated in the Midden-Zeeland region. It has a population of about 48,000.- History of Middelburg :...
since 1582 were invited to return in 1587 to the (now independent) United Provinces
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
. Due to impositions by Holland and Zeeland
Zeeland
Zeeland , also called Zealand in English, is the westernmost province of the Netherlands. The province, located in the south-west of the country, consists of a number of islands and a strip bordering Belgium. Its capital is Middelburg. With a population of about 380,000, its area is about...
, this was an unpopular choice with company members. In 1611 the company's staple was permanently fixed at Hamburg
Hamburg
-History:The first historic name for the city was, according to Claudius Ptolemy's reports, Treva.But the city takes its modern name, Hamburg, from the first permanent building on the site, a castle whose construction was ordered by the Emperor Charlemagne in AD 808...
. The Dutch
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
staple port moved during the early 17th century from Middelburg
Middelburg
Middelburg is a municipality and a city in the south-western Netherlands and the capital of the province of Zeeland. It is situated in the Midden-Zeeland region. It has a population of about 48,000.- History of Middelburg :...
to Delft
Delft
Delft is a city and municipality in the province of South Holland , the Netherlands. It is located between Rotterdam and The Hague....
in 1621, then to Rotterdam
Rotterdam
Rotterdam is the second-largest city in the Netherlands and one of the largest ports in the world. Starting as a dam on the Rotte river, Rotterdam has grown into a major international commercial centre...
in 1635, then to Dordrecht
Dordrecht
Dordrecht , colloquially Dordt, historically in English named Dort, is a city and municipality in the western Netherlands, located in the province of South Holland. It is the fourth largest city of the province, having a population of 118,601 in 2009...
in 1655.
The years between 1615 and 1689 were marked by periods, starting with the ill-fated Cockayne Project, when the company lost and then regained its monopolistic privileges. It moved its staple port from Delft
Delft
Delft is a city and municipality in the province of South Holland , the Netherlands. It is located between Rotterdam and The Hague....
to Rotterdam
Rotterdam
Rotterdam is the second-largest city in the Netherlands and one of the largest ports in the world. Starting as a dam on the Rotte river, Rotterdam has grown into a major international commercial centre...
in the 1640s. The company suffered from trouble with interlopers, traders not free of the company who traded within its privileged area.
Hamburg Company
When the Company of London lost its exclusive privileges following the Glorious RevolutionGlorious Revolution
The Glorious Revolution, also called the Revolution of 1688, is the overthrow of King James II of England by a union of English Parliamentarians with the Dutch stadtholder William III of Orange-Nassau...
of 1689, the admission fees were reduced to £2. After Parliament threw the trade open, the company continued to exist as a fellowship of merchants trading to Hamburg
Hamburg
-History:The first historic name for the city was, according to Claudius Ptolemy's reports, Treva.But the city takes its modern name, Hamburg, from the first permanent building on the site, a castle whose construction was ordered by the Emperor Charlemagne in AD 808...
. Because they drove a considerable trade there, members were sometimes called the Hamburg Company. The Merchant Adventurers of London still existed at the beginning of the 19th century.