Swedish Levant Company
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The Swedish Levant Company (Swedish: Levantiska kompaniet) was a Swedish chartered company founded on 20 February 1738 with the exclusive right to trade in the Levant for a period of ten years.[1]
Background
The initial backer for trade with the Ottoman Empire was a member of the Swedish Board of Trade named Johan Silfvercrantz.[2] He proposed following the example of the English Levant Company to import goods such as silk while exporting Swedish products to the region.[2] In 1711, King Charles XII sent Silfvercrantz to the Levant to explore a future trade relationship, but he was unable to complete his work before his death the next year.[2]
In 1737, a trade agreement between the Ottomans and Sweden was signed.[3][2][4] A direct result of the treaty was the formation of the Swedish Levant Company.[4][5]
Founding
The establishment of the company was a controversial issue.[4][2][6] At major issue was with what powers the Riksdag of the Estates should give the company. Members of the Hat Party generally argued for the English Levant Company structure, but this strategy was criticized by some merchants who favored a freer Dutch method of while trading the Ottomans.[5]
The results saw a compromise between the parties.[4][5] The Swedish Levant Company had tax-free status for its exports, and it was granted duty-free for all goods imported from the Levant coast. These imported goods would then be moved to auction for sale.[1] It was not granted a full monopoly on mediterranean trade but instead limited to the Levantine coast. Additionally, private merchants could apply with the company for a trading license.[4]
It had a starting capital of 200,000 d.s.m.[2][4] The two major shareholders of the company were Gustaf Kierman and Thomas Plomgren.[6][5] Unlike the earlier formed Swedish East India Company, investment was limited to only Swedish merchants.[6]
Eventual closure
The board of directors petitioned the Riksdag for the renewal of their charter which was granted for an additional 10 years until 15 January 1748.[1] However, the trading company saw the profits from its primary activity begin to languish.[1] The Private Committee in 1752 recommended to the Rregeringen for the Riksdag to take necessary measures in order to increase Levantine trade. This effort, however, failed; and the company charter was officially revoked in 1756.[1][6]
References
- ^ a b c d e Westrin, Th., ed. (1912). Nordisk familjebok (Lee - Luvua) (in Swedish) (16 ed.). Stockholm: Project Runeberg. pp. 289–290. Retrieved 13 May 2019.
- ^ a b c d e f Müller, Leos (2004). "3". Consuls, corsairs, and commerce : the Swedish consular service and long-distance shipping, 1720-1815 (PDF). Acta Universitas Upsaliensis. pp. 55–60. ISBN 9155460038. Retrieved 22 May 2019.
- ^ "From Rep. of Turkey Ministry of Foreign Affairs". www.mfa.gov.tr. Republic of Turkey Ministry of Foreign Affairs. Retrieved 22 May 2019.
- ^ a b c d e f Nigro, Giampiero (2019). RETI MARITTIME COME FATTORI DELL’INTEGRAZIONE EUROPEA MARITIME NETWORKS AS A FACTOR IN EUROPEAN INTEGRATION. Firenze University Press. p. 455. ISBN 9788864538563. Retrieved 13 May 2019.
- ^ a b c d Müller, Leos (2007). "Swedish consular reports as a source of business information 1700-1800" (Report). Information flows: new approaches in the historical study of business information. Helsinki: SKS, Finnish Literature Society. pp. 255–274. ISBN 978-951-746-941-8. http://www.diva-portal.org/smash/record.jsf?pid=diva2%3A40418&dswid=1927. Retrieved 13 May 2019.
- ^ a b c d Bregnsbo, Michael; Winton, Patrik (2016). Scandinavia in the Age of Revolution: Nordic Political Cultures, 1740–1820. Routledge. pp. 219–223. ISBN 9781351902021. Retrieved 13 May 2019.
Category:Chartered companies Category:Trading companies Category:Defunct companies of Sweden