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Q40 (CDS-I/2021) History & Culture › Modern India (Pre-1857) › Charter Acts and councils Answer Verified

When was the monopoly of China trade lost by East India Company ?

Result
Your answer: —  Â·  Correct: B
Explanation

The East India Company's commercial privileges were dismantled in stages through various Charter Acts. The Charter Act of 1813 initially ended the Company's trade monopoly with India, but it specifically preserved the Company's exclusive rights over the tea trade and trade with China [1]. It was the subsequent Charter Act of 1833 that finally abolished these remaining privileges, bringing the Company's monopoly on the China trade and tea trade to a complete end [2]. This act transformed the East India Company from a commercial entity into a purely administrative body acting on behalf of the British Crown [2]. Consequently, the year 1833 marks the definitive loss of the China trade monopoly, opening the Far East markets to private British merchants and ending the Company's mercantilist era.

Sources

  1. [1] Modern India ,Bipin Chandra, History class XII (NCERT 1982 ed.)[Old NCERT] > Chapter 5: The Structure of the Government and the Economic Policies of the British Empire in India, 1757—1857 > The Structure of Government > p. 92
  2. [2] Rajiv Ahir. A Brief History of Modern India (2019 ed.). SPECTRUM. > Chapter 26: Constitutional, Administrative and Judicial Developments > The Charter Act of 1833 > p. 505
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