FROM THE HISTORY OF LEVANT BONDING COMPANY

Abstract

From the history of the economic development of England in the 16th-18th centuries, it is very important to study the history of the origin, activities, management bodies of one of the bond companies, namely Levant, and evaluate its role in the economic development of the country.

The Levant Company originated in 1581 and maintained its monopoly in the Levant countries until 1753. In the middle Ages, the countries of the Mediterranean Sea - Asia Minor, Syria, Palestine, Egypt, and Greece belonged to the countries of the Levant, which were part of the Ottoman Empire.

The Levant Bond Company, together with other companies: East India, West India, Moscow, East, Virginia, played an important role in the economic development of England.

The Levant Company was one of the joint-stock companies, which differed from the early (1506) London Company of Merchant Adventurers.

In addition to the Londoners, the provincial merchants were united in the Levant Company, and  also most of them in three or more companies. If it were not for the large capital of the merchants, they would not be able to participate in the trade affairs of several companies at the same time.

A member of the Levant Company had to be a bitumen trader or of seven years' service, under 25 years of age, and had to pay £25, and over that age twice that, £50. Each of them, upon entering the company, had to take an oath that he would not send goods to the Levant, except at his own expense, would not transfer the goods to persons without them, but would only transfer them to the representatives and factors of the company (persons equipped with trust-I.B.).

The charter of 1661 defined the rule of the company's management. According to the charter, the company manager (governor), who had a deputy and assistants, was elected annually at the general meeting. The company also appointed its consuls.

The company had a court or board in London, consisting of a manager, a deputy manager, and twelve directors or assistants, who actually had to live in or around London. They also had a deputy governor in every town and port where members of the company had to be.

It turns out that the Levant shipping company was a rich one, whose geographical area was quite wide and included ports in Turkey, Italy, Spain, France, Catalonia and other countries. The company exported a large quantity of coarse wool, which was in great demand, especially in Turkey,. From where the Janissary corps was sewn to Faraja.

 Finally, the English cloth trade in the countries of the Levant left a large profit for England. Also, the import of oriental goods (raw materials) silk, cotton contributed to the development of relevant production, which led to the economic advancement of the country.

Keywords: company, merchant-adventurer, levant, expansion, monopoly, protectionist, charter, governor.