Glossary of terms

The East India Company chartered most of its ships for very long periods (see Regular Ship). However, occasionally, when requirements to ship cargo exceeded the amount of space provided by the Regular ships, the EIC would charter one or more vessels specially for one particular season's voyage, out to the east and back. These were known as the Extra Ships. In practice, however, an Extra Ship was often hired for several years in succession if the need was there.

During the 17th century many attempts were made by various merchants or groups of merchants to break into the East India Company's monopoly of trade. These were known at that time as 'interlopers', another term for trespassers.

The East India Company maintained a strict monopoly on voyages to the east for trade. This meant that only they had the right to send ships there. Naturally, many other shipowners were eager to benefit from the profits of far east trade, and occasionally the EIC bowed to pressure and permitted other vessels to go under license. These were the Licensed ships. Although allowed to go to the east, a Licensed ship was strictly controlled as to which ports it could visit and what trade it could engage in. If it broke the terms of their agreement, it was considered to be an Interloper (ship without permission) and was treated harshly, being subject to inspection and seizure by the East India Company's navy. There were several types of Licensed ships, with conditions of operation which varied slightly (for example, some were called Private Ships and others Permission Ships).

The original East India Company received its Charter in 1600 by a grant from Elizabeth I, and it was limited to a particular group of merchants who had joined together for the new venture. As it progressed and flourished, other people wanted to share in the profits, and another company took advantage of the accession of William III to the throne in 1688 to apply, and receive, their own charter. The was known as the New Company, and it traded alongside the Old company for about 20 years, until the two were merged in 1707 to become "the United Company of Merchants of England Trading to the East Indies."

Ships in the Packet Service were smaller and faster than most of the other ships in the mercantile service. They were employed, as their name implies, to carry packets of correspondence and other important documents.

The East India Company chartered most of its ships, rather than owning them itself (unlike other countries' East India companies). However, most of these were chartered on a long term basis from particular owners, and made "regular" voyages to the east, leaving in the sailing season (a season lasted from September one year to April the next). These ships took anything up to two years to make a round trip to the east and back, often longer.  A set number of these ships departed England each year, depending on the amount of cargo to be carried and brought back from the east.