ABSTRACT
But commercial relations were certainly aimed at, and on September 11, 1581, Elizabeth issued letters patents 1 to Sir Edward Osborne, Richard Staper and certain other merchants of London to trade into the dominions of the Great Turk; but the Company so formed was never to exceed twelve in number. The patent should extend for seven years; but if before that time it proved unprofitable to continue the trade, the grant might be recalled. On the other hand, if during the first period the trade proved lucrative, then a second grant would be made for another seven years. Sir Edward Osborne was appointed Governor of the Company, and only those who were members might trade in the dominions of the Grand Signior. The Company was bound to send out shipping yearly, and the customs on their exports and imports were to be not less than £500 per annum during six out of the seven years. Furthermore, they were to give notice to the Lord High Admiral of England or to the other principal officers of the Admiralty of the number of the ships they were sending out and also of the number of men in them.
