ns. The Company was 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, Flemish, and
German.

Liverpool, now possessing the largest shipping tonnage in the world,
had not yet come into existence. It was little better than a fishing
village. The people of the place presented a petition to the Queen,
praying her to remit a subsidy which had been imposed upon them, and
speaking of their native place as "Her Majesty's poor decayed town of
Liverpool." In 1565, seven years after Queen Elizabeth began to reign,
the number of vessels belonging to Liverpool was only twelve. The
largest was of forty tons burthen, with twelve men; and the smallest
was a boat of six tons, with three men.[13]

James I., on his accession to the throne of England