9/22/2023 Role of british east india company; impact on opium trade when eic’s monopoly endsRead Now![]() Instead of gaining a new market for the East India Company, the act produced more opposition. With warehouses overflowing with unsold tea, the company negotiated with Parliament for the right to sell tea directly to the colonies, which was granted in the Regulating Act of 1773. The colonial response to the tea tax in 1767 resulted in a precipitous decline in consumption, from 900,000 pounds in 1769 to just 237,000 in 1772. At the time that the English colonies were becoming increasingly restive, the company was trying to strength its position in Canton, and as a result was purchasing greater and greater quantities of tea. Its influence on British colonial policy indirectly influenced American history. ![]() ![]() The East India Company, based in London, operated from 1600 to 1858, and was one of the richest and longest-lived trading companies in history.
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