Speech on East India Bill - Part B


  • How did the Bill affect the charter of the East India Company?

/What are the consequences of the Bill?

The Bill affected the charters of the East India Company significantly. It was officially known as the East India Company Act 1773, but it's commonly referred to as the East India Bill. The bill is considered as the “second magna-carta” of England. Magna Charta is a charter to restrain power, and to destroy monopoly. 

The East India charter was a charter to establish monopoly, and to create power. Political power and commercial monopoly were not the rights of men. The East India Company's charter rights sometimes went against basic human rights. The Bill placed in the parliament was aimed to restrain the unchecked power and monopoly of the company. Burke exposed the corruptions and repressions and treacheries of the company people. As a result, the Parliament ultimately became bound to take action against the Company and its charter.