French Indies Company
 Company flag | |
 | |
Native name | Compagnie française des Indes |
|---|---|
| Company type | Public State-owned enterprise |
| Industry | Trade |
| Founded | 1723 |
| Fate | liquidated 1770 |
| Headquarters | Lorient |
The French Indies Company (French: Compagnie française des Indes) was the main French overseas trading company during most of Louis XV's long reign in the 18th century. It emerged in March 1723 from the reorganization of John Law's Company following the termination of John Law's giant monetary experiment which the company had channelled. As a delayed consequence of the Seven Years' War, the company's privilege was eventually withdrawn in 1769, and the company was liquidated the next year.[1]: 42
Overview
[edit]
While born from John Law's Company, the Indies Company kept none of the former's monetary and fiscal role in mainland France. In June-July 1725, a series of royal edicts cleared it of any residual liability for Law's System and confirmed its overseas trading and colonial privileges, except for the Atlantic slave trade towards Saint-Domingue.[1]: 42
The company developed dynamically, particularly after 1731, thanks to the initiative of comptroller-general Philibert Orry who streamlined its ownership structure, governance and portfolio of operations, with a main focus on Asian trade. By then, the king was the company's main owner and appointed its leadership.[2] As part of Orry's restructuring, the company lost its privileges and monopolies in the trade with North Africa (November 1730) and Louisiana (January 1731), but kept them for Canada, Senegal and Guinea.[1]: 42 Its sales of tea, coffee, spices, cotton goods, and silks increased from 7 million pounds in 1725 to 14 million in 1735 and over 20 million in 1750. By then it had annual sales in the range 21-25 million French livres, similar as those of the British East India Company and not very far from the Dutch East India Company, its foremost rivals, since the latter's annual revenue was estimated around 30 million livres.[3]
By 1738, the company owned 1,432 slaves, 630 of whom resided in the Isle de France (Mauritius). Many slaves in the colony were imported by the company from the West African region of Senegambia; these included laptots, African slaves who forcibly served onboard the company's ships.[4]
With the decline of the Mughal Empire, the company decided to intervene in Indian political affairs to protect French interests, notably by forging alliances with local rulers in south India. From 1741, under Joseph François Dupleix, it pursued an aggressive policy against both the local rulers and its British rivals, until ultimately defeated by Robert Clive during the Seven Years' War. With the Treaty of Paris (1763), the territories were returned to France.[5]: 15
The company was not able to maintain itself financially. It lost its monopolies on the Canadian beaver fur trade and on trade with Senegal in February 1763, and on trade with Guinea in July 1767.[1]: 42 Its Asian trade privilege was suspended on 13 August 1769,[3] and king Louis XV required the company to transfer to the state all its properties, assets and rights, which were valued at 30 million livres. The King agreed to pay all of the company's debts and obligations, though holders of company stock and notes received only an estimated 15 percent of the face value of their investments by the end of the corporate liquidation process in 1790.[6]
Money issuance
[edit]The Indies Company was granted the right to issue currency in its Indian establishments.
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French-issued copper coin, minted in Pondichéry, used for internal Indian trade. -
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French-issued rupee in the name of Mohammed Shah (1719–1748) for Northern India trade, cast in Pondichéry.
See also
[edit]
- Carnatic Wars
- Chanda Sahib
- France-Asia relations
- French colonial empire
- French India
- Compagnie de Calonne
- List of chartered companies
References
[edit]- ^ a b c d François R. Velde (17 May 2004), Government Equity and Money: John Law’s System in 1720 France
- ^ Stéphane Castelluccio (21 March 2022). "Compagnie française des Indes orientales". Institut National d'Histoire de l'Art.
- ^ a b Philippe Haudrère & Gérard Le Bouedec (31 May 2023). "Fondation des Compagnies françaises des Indes". France Archives.
- ^ Danley, Mark H.; Speelman, Patrick J., eds. (2012). The Seven Years' War: Global Views. Leiden: Brill. ISBN 978-90-04-23644-8.
- ^ Mole, Gregory (2016). Privileging Commerce: The Compagnie des Indes and the politics of trade in old Regime France. Carolina Digital Repository.
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