Traders similar to those of Phœnicia were common in Greece, in Carthage, in Rome, in Venice, and Genoa, and in other ports for thousands of years. Until the introduction of machinery and the use of steam power for manufacturing goods the cargoes of ships were limited largely to valuable goods taking up but little space, and so such methods were efficient enough, especially as the purchasing power of the masses was small, and their necessities were almost entirely homemade. The period following the 11th Century showed some increase in the amount of freight handled, and a result of the discovery of America was to enlarge this still more. Still, however, the greater portion of the population of European nations had simple wants and simpler pocketbooks, and not for another three hundred years did the mighty purchasing power of great numbers of people begin to make itself felt in a demand for imported goods. With the introduction of machinery, however, and especially with the introduction of steam, the workmen found it possible to purchase what had theretofore been unthinkable luxuries, and the demand for imported goods grew enormously. The East India Company was an early concern in this new epoch of world trade. In 1600 this organization was founded and, by government charter, was given a monopoly on trade to the Far East. Because there was no competition this company grew fabulously rich, bringing to Great Britain wonderful cargoes of goods not securable except in India and China. This, however, was but a greater attempt at trading, and except in size and in organization was not greatly different from the methods in vogue two thousand years before.