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Virginia Company of London
The Virginia Company of London (sometimes called "London Company") was a division of the Virginia Company with responsibility for colonizing the east coast of North America between latitudes 34° and 41° N.
The territory granted to the Virginia Company of London included the eastern coast of North America from the 34th parallel at Cape Fear north to the 41st parallel in Long Island Sound. As part of the Virginia Company and Colony, the Virginia Company of London owned a large portion of Atlantic and inland Canada. The company was permitted by its charter to establish a 100-square-mile (260 km2) settlement within this area. The portion of the company's territory north of the 38th parallel was shared with the Plymouth Company, with the stipulation that neither company found a colony within 100 miles (161 km) of the other.
The Virginia Company of London made landfall on 26 April 1607, at the southern edge of the mouth of the Chesapeake Bay, which they named Cape Henry, near present-day Virginia Beach. Deciding to move the encampment, on 4 May 1607 they established the Jamestown Settlement on the James River about 40 miles (64 km) upstream from its mouth at the Chesapeake Bay. Later in 1607, the Plymouth Company established its Popham Colony in present-day Maine, but it was abandoned after about a year. By 1609, the Plymouth Company had dissolved. As a result, the charter for the Virginia Company of London was adjusted with a new grant that extended from "sea to sea" of the previously shared area between the 38th and the 40th parallels. It was amended in 1612 to include the new territory of the Somers Isles (or Bermuda).
The Virginia Company of London struggled financially, especially with labor shortages in its Virginia colony. Its profits improved after sweeter strains of tobacco than the native variety were cultivated and successfully exported from Virginia as a cash crop beginning in 1612. By 1619 a system of indentured service was fully developed in the colony; the same year the home government passed a law that prohibited the commercial growing of tobacco in England. In 1624, the company lost its charter, and Virginia became a royal colony.
A spin-off, The Virginia Company of London of The Somers Isles (fully the Company of the City of London for the Plantation of The Somers Isles, but generally referred to as the Somers Isles Company), operated until 1684.
In Renaissance England, wealthy merchants were eager to find investment opportunities, so they established several companies to trade in various parts of the world. Each company was made up of investors, known as "adventurers", who purchased shares of company stock. The Crown granted a charter to each company with a monopoly to explore, settle, or trade with a particular region of the world. Profits were shared among the investors according to the amount of stock that each owned. More than 6,300 Englishmen invested in joint-stock companies between 1585 and 1630, trading in Russia, Turkey, Africa, the East Indies, the Mediterranean, and North America.
Investors in the Virginia Company hoped to profit from the natural resources of the New World. In 1606 Captain Bartholomew Gosnold obtained from King James I a charter for two companies. The first, the Virginia Company of London (now known generally as the "Virginia Company of London"), covered what is now Maryland, Virginia and Carolina, between latitude 34° and latitude 41° north. Gosnold's principal backers were Sir Thomas Gates, Sir George Somers, Edward Wingfield and Richard Hakluyt.
The second company, the Plymouth Company of London (today known as the "Plymouth Company"), was empowered to settle as far as 45° North, encompassing what is present-day Pennsylvania, New Jersey, New York, and New England.
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Virginia Company of London
The Virginia Company of London (sometimes called "London Company") was a division of the Virginia Company with responsibility for colonizing the east coast of North America between latitudes 34° and 41° N.
The territory granted to the Virginia Company of London included the eastern coast of North America from the 34th parallel at Cape Fear north to the 41st parallel in Long Island Sound. As part of the Virginia Company and Colony, the Virginia Company of London owned a large portion of Atlantic and inland Canada. The company was permitted by its charter to establish a 100-square-mile (260 km2) settlement within this area. The portion of the company's territory north of the 38th parallel was shared with the Plymouth Company, with the stipulation that neither company found a colony within 100 miles (161 km) of the other.
The Virginia Company of London made landfall on 26 April 1607, at the southern edge of the mouth of the Chesapeake Bay, which they named Cape Henry, near present-day Virginia Beach. Deciding to move the encampment, on 4 May 1607 they established the Jamestown Settlement on the James River about 40 miles (64 km) upstream from its mouth at the Chesapeake Bay. Later in 1607, the Plymouth Company established its Popham Colony in present-day Maine, but it was abandoned after about a year. By 1609, the Plymouth Company had dissolved. As a result, the charter for the Virginia Company of London was adjusted with a new grant that extended from "sea to sea" of the previously shared area between the 38th and the 40th parallels. It was amended in 1612 to include the new territory of the Somers Isles (or Bermuda).
The Virginia Company of London struggled financially, especially with labor shortages in its Virginia colony. Its profits improved after sweeter strains of tobacco than the native variety were cultivated and successfully exported from Virginia as a cash crop beginning in 1612. By 1619 a system of indentured service was fully developed in the colony; the same year the home government passed a law that prohibited the commercial growing of tobacco in England. In 1624, the company lost its charter, and Virginia became a royal colony.
A spin-off, The Virginia Company of London of The Somers Isles (fully the Company of the City of London for the Plantation of The Somers Isles, but generally referred to as the Somers Isles Company), operated until 1684.
In Renaissance England, wealthy merchants were eager to find investment opportunities, so they established several companies to trade in various parts of the world. Each company was made up of investors, known as "adventurers", who purchased shares of company stock. The Crown granted a charter to each company with a monopoly to explore, settle, or trade with a particular region of the world. Profits were shared among the investors according to the amount of stock that each owned. More than 6,300 Englishmen invested in joint-stock companies between 1585 and 1630, trading in Russia, Turkey, Africa, the East Indies, the Mediterranean, and North America.
Investors in the Virginia Company hoped to profit from the natural resources of the New World. In 1606 Captain Bartholomew Gosnold obtained from King James I a charter for two companies. The first, the Virginia Company of London (now known generally as the "Virginia Company of London"), covered what is now Maryland, Virginia and Carolina, between latitude 34° and latitude 41° north. Gosnold's principal backers were Sir Thomas Gates, Sir George Somers, Edward Wingfield and Richard Hakluyt.
The second company, the Plymouth Company of London (today known as the "Plymouth Company"), was empowered to settle as far as 45° North, encompassing what is present-day Pennsylvania, New Jersey, New York, and New England.