Honourable Company: A History of The English East India Company by John Keay Page B

since salaries were notoriously miserly, he devoted most of his energies to realizing it through private speculation. The Court of Committees took every possible precaution against this infringement by exacting a bond, often for as much as £500, from their factors and by taking greatcare in their initial selection. Applicants, besides being of blameless character, were expected to have some particular aptitude ‘in navigation and calicoes’ like Nathaniel Courthope, or ‘in Merchant account and arithmetic’ like John Clark. Others spoke Turkish, Portuguese, Arabic or some other relevant language. Many, and nearly all the more senior factors, had some previous experience of working overseas either with the Levant Company or the Merchant Adventurers. In such regulated companies individual merchants were often involved in the syndicate they served or at least received some form of commission from it. They expected to share in any corporate profits and the East India Company at first acknowledged this fact by remunerating their appointees with a small amount of stock in the voyage to which they were attached.
    In 1609 this was replaced with a system of fixed salaries ranging from £5 to £200 per year. There were also allowances for outfit and for a small quantity of private trade goods. But neither the stick of censure nor the carrot of concessions made much difference. Entrusted with vast stocks, surrounded by tempting opportunities, and a world away from the day of reckoning, the Company’s overseas factors followed their entrepreneurial instincts to the full. At the top of the scale a Bantam factor might become a very rich man indeed. Judging from the Company’s records the squabbling in Bantam over the personal estates of those who succumbed to the climate was almost as bitter as the actions brought against those who returned home to enjoy their fortunes. Even the conscientious Scot would be involved in lengthy recriminations with his employers.
    Yet the majority of the Company’s shareholders subscribed to no loftier principles. Their expectations of a quick and handsome profit were tempered only by their acute anxiety to keep the expenses of eastern trade to a minimum. With each voyage representing a separate investment on which the profits were of interest only to its subscribers, there was little incentive for ensuring long-term profitability. And it was the same overseas where factors from different voyages would soon be openly competing for trade. Under these circumstances, to secure a loading of, say, cloves, while the Hollanders’ back was turned was thought wonderfully clever. It was as good as Drake singeing the King of Spain’s beard. The English positively relished their role of underdogs.
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    ‘They had privie trade with the island people by night and by day were jovial and frolicke with the Spaniards’, wrote the Reverend SamuelPurchas, not without relish, of the next English vessel to visit the Moluccas. The ship, the Consent, at 150 tons little more than a pinnace, was even less capable of asserting an English presence than the Red Dragon. David Middleton, the third of the brothers and now commander of the Consent, was aware of the problem. In an unofficial capacity he had accompanied his brother Henry aboard the Red Dragon and had been back in England a mere nine months before being assigned to the Company’s Third Voyage (1607). Nothing if not impatient he left ahead of the rest of the fleet and never in fact joined it. With a healthy crew and favourable winds he saw no reason to delay – which was just as well, the Third Voyage proving the slowest on record. By the time it reached the Moluccas the Consent would be back in England.
    Putting into Table Bay and St Augustine’s Bay (Madagascar) the youngest Middleton took just eight months from Tilbury to Bantam. There the indestructible Towerson had taken over as chief factor, Scot having returned with Henry Middleton. ‘We found the merchants