started with a capital of 72,000L. in 50L. shares. The
adventurers bought four vessels of an average burthen of 350
tons. These were stocked with provisions, "Norwich stuffs," and
other merchandise. The tiny fleet sailed from Billingsgate on
the 13th February, 1601. It went by the Cape of Good Hope to the
East Indies, under the command of Captain James Lancaster. It
took no less than sixteen months to reach the Indian Archipelago.

The little fleet reached Acheen in June, 1602. The king of the
territory received the visitors with courtesy, and exchanged
spices with them freely. The four vessels sailed homeward,
taking possession of the island of St. Helena on their way back;
having been absent exactly thirty-one months. The profits of the
first voyage proved to be about one hundred per cent. Such was
the origin of the great East India Company--now expanded into an
empire, and containing about two hundred millions of people.

To return to the shipping and the mercantile marine of the time
of Queen Elizabeth. The number of Royal ships was only thirteen,
the rest of the navy consisting of merchant ships, which were
hired and discharged when their purpose was served.[11]
According to Wheeler, at the accession of the Queen, there were
not more than four ships belonging to the river Thames, excepting
those of the Royal Navy, which were over 120 tons in burthen;[12]
and after forty years, the whole of the merchant ships of
England, over 100 tons, amounted to 135; only a few of these
being of 500 tons. In 1588, the number had increased to 150, "of
about 150 tons one with another, employed in trading voyages to
all parts and countries." The principal shipping which frequented
the English ports still continued to be foreign--Italian,