12 Facts About London Company

Territory granted to the London Company included the eastern coast of North America from the 34th parallel north to the 41st parallel.

London Company was permitted by its charter to establish a 100-square-mile settlement within this area.

Later in 1607, the Plymouth London Company established its Popham Colony in present-day Maine, but it was abandoned after about a year.

London Company struggled financially, especially with labor shortages in its Virginia colony.

Investors in the Virginia London Company hoped to profit from the natural resources of the New World.

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London Company paid all the costs of establishing each colony, and in return controlled all land and resources there, requiring all settlers to work for the company.

London Company had been governor of the East India Company since 1603 and continued with one break until 1620.

However, the settlers could not devote as much time as the Virginia London Company would have liked to developing commodity products for export.

In 1609, the Virginia London Company received its Second Charter, which allowed the company to choose its new governor from amongst its shareholders.

Administration of the Somers Isles, alias Islands of Bermuda, was in fact transferred in 1615 to a spin-off of the London Company titled the Company of the City of London for the Plantacion of The Somers Isles, which administered that colony until losing its royal charter in 1684.

In 1615, the shareholders of the Virginia London Company created a new company, the Somers Isles London Company, which continued to operate Bermuda.

London Company began to turn a profit after 1612, when planting a couple of new varieties of tobacco yielded a product that appealed more to English tastes than the native tobacco.