This “privilege for fifteen yeeres” “to certaine Adventurers for the discoverie of the Trade for the East-Indies” was to be a spirited reply to the action of the Dutch, and marks the beginning of that series of English East India companies which were in effect the means of acquiring India for the British crown after the Indian Mutiny in the nineteenth century. From now onwards the East Indiamen ships have a standing and importance which were not previously possessed, and we shall find this culminating in the amazingly dignified manner of the Indian merchantmen in the early part of the nineteenth century.
Among those who had agreed together for this expedition “at their owne adventures, costs and charges as well for the honour of this Our Realme of England, as for the increase of Our Navigation, and advancement of trade,” was the Earl of Cumberland. He was one of those Elizabethan gentlemen who were wont to fit out a small squadron of ships for roving the seas and attacking the well-laden ships of the Spanish and Portuguese. It was a fine, adventurous game and there was a good chance of coming home with a fortune. Of those ships which the noble earl owned for this purpose one was a craft named the _Red Dragon_, and as she was built for fighting and ocean cruising she was just the ship for the first voyage of the East India Company, being of 600 tons. She was therefore purchased from her owner by this Company for the sum of £3700. Her name at one time had been the _Mare Scourge_ (perhaps to suggest the terror of the sea which was thus exhibited), but at any rate in the year 1586 she was known as the _Red Dragon_.
Under their charter the Company were allowed to send “sixe good ships and sixe good pynnaces” and “five hundred Mariners, English-men, to guide and sayle.” But not more than four ships were sent actually, for it was a costly venture. These London merchants had “joyned together and made a stocke of seventie two thousand pounds, to bee employed in ships and merchandizes”; but the purchase of four ships, the expense of fitting them out, furnishing them with men, victuals and munitions for a period of twenty months had eaten up the sum of £45,000. This left £27,000, which amount was taken out in the ships, partly in merchandise (with which to trade in Asia) and partly in Spanish money, with which the natives would be familiar. Advance wages were paid to the crew before setting forth.