The identification of the industrial and political interests of the nation with the fortunes of the centralized state was necessarily accompanied by a marked change in the character of international trade. The national king, whose power rested so largely upon the industrial class, could not leave in the hands of municipal councils the control which they had formerly exercised; while long ocean voyages, and traffic with countries inhabited by alien and often hostile people, required the combined capital of many men and a more powerful backing than any municipal council could furnish. Individual trading, therefore, gave way to corporate trading; the joint-stock company, assisted or controlled by the state, replaced the individual merchant operating under municipal encouragement and protection. It was accordingly in the age of Elizabeth, when English merchants were lamenting the want of markets, and when English ships were pushing into every part of the world, that such chartered trading companies made their appearance in rapid succession, taking their names from the distant regions in which they obtained a monopoly--Cathay, the Baltic, Turkey, Morocco, Africa. Of these, and of all subsequent organizations of a similar character, the most famous in England was the East India Company. By the charter, which bears date December 31, 1600, two hundred and fifteen knights and merchants were incorporated into a self-governing association competent to acquire property in land, and enjoying a monopoly of English trade with all countries lying east of the Cape of Good Hope as far as the Straits of Magellan. The laws of the company were required to conform to those of England, and its officers to take the oath of allegiance to the Crown. Encountering many obstacles and some serious reverses, the Company soon established a thriving trade in the Indian Ocean; its great East Indiamen acquired a fame unique in the annals of commerce; and the corporation itself, with privileges confirmed and extended by Charles II, was destined in the eighteenth century to be the chief instrument in the establishment of England's Indian Empire. IV