The great East India Company was formed in England more than a century after the discovery, by Vasco de Gama, of the route to India _viâ_ the Cape. The first voyage of Thomas Cavendish is worthy of more note than it has received, inasmuch as it contributed more than anything else to awakening the merchants of London to the importance of the trade prospects there. Starting in July, 1586, he circumnavigated the globe, passing through the Straits of Magellan westward, in eight months less than Drake. He was the first English navigator to discern the value of the position of St. Helena, to describe with accuracy the Philippine Islands, and to bring home a map and description of China; and what is more remarkable is the fact that he was scarcely more than twenty-two years of age when he took command in this first most adventurous voyage. He was shipwrecked five or six years later on the coast of Brazil, and lost his life there. Through Mr. Thorne, an English merchant, often mentioned in connection with these early voyages, the London merchants gained a considerable amount of knowledge relating to the important trade with the Indies enjoyed by the Spanish and Portuguese; and at length, in the year 1600, more than 200 shipowners, traders, and citizens associated, and formed a body corporate, having received many special privileges from the Crown, “including,” says Lindsay,(2) “that of punishing offenders either in body or purse, provided the mode of punishment was not repugnant to the laws of England. Its exports were not subjected to any duties for the four first voyages, important indulgences were granted in paying the duties on imports, and liberty was given to export £30,000 each voyage in coin or bullion, provided £6,000 of this sum passed through the Mint. But not exceeding six ships, and an equal number of pinnaces, with 500 seamen, were allowed to be despatched annually to whatever station might be formed in India, with the additional provisoes that the seamen were not at the time required for the service of the Royal Navy, and that all gold and silver exported by the Company should be shipped at either London, Dartmouth, or Plymouth.” The Company started with a capital of £72,000, and equipped five vessels for the first venture, the largest of which was the _Dragon_ of 600 tons; her commander, according to the practice of the day, receiving the title of “Admiral of the Squadron.” The first voyage was very successful; important commercial relations were formed with the King of Achin, in Sumatra; and a factory established at Bantam, after which the ships returned to England richly laden.