Indian Rebellion of 1857
The Indian Rebellion of 1857 resulted in widespread devastation in India and condemnation of the East India Company for permitting the events to occur. One of the consequences of the Indian Mutiny was that the British Government nationalised the Company. The Company lost all its administrative powers; its Indian possessions, including its armed forces, were taken over by the Crown pursuant to the provisions of the Government of India Act 1858.
The Company continued to manage the tea trade on behalf of the British Government (and the supply of Saint Helena) until the East India Stock Dividend Redemption Act 1873 came into effect, on 1 January 1874. The Act provided for the dissolution of the company on 1 June 1874, after a final dividend payment and the commutation or redemption of its stock. The Times reported, "It accomplished a work such as in the whole history of the human race no other company ever attempted and as such is ever likely to attempt in the years to come."
Read more about this topic: East India Company
Famous quotes containing the words indian and/or rebellion:
“I confess what chiefly interests me, in the annals of that war, is the grandeur of spirit exhibited by a few of the Indian chiefs. A nameless Wampanoag who was put to death by the Mohicans, after cruel tortures, was asked by his butchers, during the torture, how he liked the war?—he said, “he found it as sweet as sugar was to Englishmen.””
—Ralph Waldo Emerson (1803–1882)
“The questioning spirit is the rebellious spirit. A rebellion is always either a cloak to hide a prince, or the swaddling wrapper of a new rule.”
—Honoré De Balzac (1799–1850)