Levant Company facts for kids

Quick facts for kids
Levant Company

Coat of arms of the Levant Company
Former type	Public chartered
Industry	International trade
Fate	Dissolved by the Dissolution of Levant Company Act 1825 (c. 33 6 Geo. 4); consular establishments taken over by the Board of Trade
Predecessor	Venice Company Turkey Company
Founded	11 September 1592
Founder	Sir Edward Osborne
Defunct	19 May 1825
Headquarters	London, England Aleppo, Ottoman Syria
Number of locations	Various across Europe and Near East
Area served	Eastern Mediterranean
Products	Rum and spices; cloth: cottons and woollens, kerseys, indigo, gall, camlet; tin, pewter, maroquin, soda ash.
Services	Trade and commerce
Total assets	Merchant shipping
Total equity	Joint-stock capital company
Owner	Government of England (until 1 May 1707) Government of Great Britain (1 May 1707–31 December 1800) Government of the United Kingdom of Great Britain and Ireland (since 1 January 1801)
Number of employees	6,000
Parent	English/British Crown
Divisions	Turkish, Levantine, Venetian littoral

The Levant Company was an important English trading company. It was started in 1592 by Queen Elizabeth I. The Queen wanted to keep trade and friendships strong with the Ottoman Empire.

The company was formed when two older companies, the Venice Company and the Turkey Company, joined together. Its main goal was to manage English trade with the Ottoman Empire and the Levant region. The Levant Company existed for a very long time, until it closed down in 1825. People who worked for the company were often called Turkey Merchants.

What Was the Levant Company?

The Levant Company was a special type of business called a chartered company. This meant it had a special permission, or "charter," from the English monarch. This charter gave the company the sole right to trade in certain areas. For the Levant Company, this area was the eastern Mediterranean Sea.

The company was founded by important merchants like Edward Osborne and Thomas Smith. They were given the first charter by Queen Elizabeth I. This allowed them to control trade between England and the Ottoman Empire.

A Look at the Company's History

The idea for the Levant Company came from earlier trade between Italy and the East. When the Venetian trading empire became weaker, English merchants saw a chance. They wanted to restart trade with the East.

In 1580, England and the Ottoman Empire signed a special agreement. This agreement gave English merchants similar trading rights to those that French merchants already had. William Harborne, an English merchant, helped make this agreement happen. He later became England's ambassador to the Ottoman Empire. The Levant Company paid for all his expenses.

Trading Posts and Monopoly

The company did not want to create colonies. Instead, it set up "factories" or trading centers. These were in big trading cities like Aleppo, Constantinople, Alexandria, and Smyrna. Aleppo was the most important center for the company's work in the Middle East.

Over time, the Levant Company became a monopoly. This meant it was the only company allowed to trade on certain routes. This gave it a lot of power and control over trade.

Challenges and Conflicts

In the early days, the company faced many dangers. There were attacks from Barbary pirates and also from Spain. England and Spain were at war from 1585 to 1604. The Levant Company's ships were well-armed. They fought off Spanish galleys in several sea battles. Some of their ships even helped the English navy during the Spanish Armada campaign.

When King James I became king, he renewed the company's charter in 1606. He added new special rights for the company. Trade grew a lot during his rule. Selling weapons to the Ottoman Empire was very profitable. Textile exports, especially cloth, also became very important.

Changes Over Time

During the English Civil War (1642–1651), the company's rules changed. More people were allowed to join. When King Charles II returned to power, he tried to bring the company back to its original rules. He gave them a new charter in 1661.

This new charter made the company a "body politic." This meant it could make its own rules. There were usually about 300 members. To join, you had to be a wholesale merchant. Younger members paid less to join than older ones.

The company had a main office in London. It was run by a governor, a sub-governor, and twelve directors. They decided which ships to send out and set prices for goods. They also paid for the English ambassador and consuls in the Ottoman Empire. This was important because it stopped these officials from charging extra fees to merchants.

What Did They Trade?

The Levant Company mainly exported English goods like traditional cloths (wool and cotton), tin, pewter, and lead. They also sold black pepper and American silver.

In return, they brought back valuable goods from the East. These included raw silk, cotton, currants, raisins, nutmeg, indigo, and special leathers called maroquins. They also imported ingredients for making glass and soap, and various medicines.

The company's trade was very good for England. It sold many English products, unlike some other companies that mostly traded with money. The company had exclusive rights to trade in many places in the Mediterranean. This included the Ottoman Empire, but not parts of France, Spain, or Italy.

Company Decline and End

In the 1700s, fewer people joined the company. Some people in Britain started to see the company as a problem. They felt it was using up too many of Britain's resources. In 1754, the company's special trading rights were removed. This meant anyone could trade in the region.

Even though it lost its monopoly, the Levant Company continued to operate. But it finally closed down in 1825. The British government took over its responsibilities.

Did you know that the bird we call a 'turkey' got its name from the Turkey merchants of this company? They were the ones who brought the bird to England!

Governors of the Company

The British government took over the Company in 1821 until it was officially closed in 1825.

Images for kids

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  Portrait of Turkey merchant Francis Levett in Turkish costume. He was a chief representative of the Levant Company in Constantinople from 1737 to 1750.

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  Flag of the Levant Company.

See also

• Chartered companies
• British foreign policy in the Middle East