"That's what happened," he said. "This peaceful trading Company became pugnacious, not of its own freewill perhaps, but because it was for ever being harassed by others, and was for ever made to feel the effect of unfair competition on the part of the Portuguese and the Dutch. Moreover, its properties had increased, and military and sea power were necessary to protect not only the trading ports but the vessels and their cargoes as they went to England. Had they confined their energies to protection they would have done well, but they commenced upon the unwise policy of attacking the Mogul Emperor, and were badly worsted, Surat being wrested from them. However, it is stated that the treasury of the Emperor was low, and the combatants came to friendly relations again, so that Surat was restored to the Company. Meanwhile, however, the French had secured a footing, and had obtained a strip of land at Pondicherry, where they fortified themselves. This, as you may imagine, was a blow to the Company, and it became more than ever necessary to consolidate their power and prepare for eventualities. They obtained another concession, and some few years later built Fort William, here in Calcutta, and set up their trading post. Indeed, Calcutta was made the presidency of all the Company's possessions, and rapidly rose in importance. At this stage, if you have followed me carefully, you find the traders, whose servants we are, in possession of posts in Bengal, Madras, and Bombay. "And now I have brought the Company to a point in its history when matters became very critical for it," went on the Major, after he had paused for breath. "Their successes, the profits they had made, and the noise which their condition caused in England, led others to venture into the same region, bent on trading enterprises, and we find that a second company was formed, and then a third. This was a blow indeed to the old Corporation, but in the end the three bodies were united, and in 1708 they became 'The United Company of Merchants of England trading to the East Indies.' As you may imagine, such a settlement resulted in an enormous increase in the power and opulence of the Company, and, in fact, it is from this period that we find it really beginning to control the affairs of a portion of India. Its fortunes were consolidated, its military power increasing, and its sea power no small item when compared with former years. In fact, we can turn from it for a moment to consider the affairs of India itself, and thereby lead up to the war in which I trust we shall all three win honour and promotion." "And what of the Mogul Emperor?" asked Owen, as the Major stopped for a moment. "I don't pretend to know who is the ruler now, but I have heard that there is more than one."