Oriental company

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The Privileged Oriental Company was a state-organized Austrian trading company at the time of Charles VI. between 1719 and 1740

prehistory

At the time of Charles VI. There were efforts in the Habsburg Empire in the sense of mercantilism to promote internal economic development through the establishment of trading companies. In addition to the better known Ostend Company (founded in 1722), there was also an oriental company.

After the defeat of the Ottoman Empire in the Venetian-Austrian Turkish War , a trade and shipping agreement was concluded with the Ottoman Empire after the Peace of Passarowitz . As a result, the Danube was open to traders from Austria. In addition to the emperor himself, court chancellor Philipp Ludwig Wenzel von Sinzendorf was a driving force behind the establishment of the trading company. Sinzendorf was also the company's director for a time. It was hoped in Vienna that trade with the Ottoman Empire would stimulate its own economy.

history

The company was founded in 1719. Their task was to export products from the Habsburg sphere of influence to the European part of the Ottoman Empire. Later there was also trade with Portugal. The company had monopoly rights and was run by state officials. However, the company had difficulties from the start, as the private merchants were mostly hostile to the company. It was therefore difficult to raise the necessary capital. Wiener Stadtbank has filled this gap. The attempt to raise capital through a lottery was a failure as early as 1721 and 1729.

In addition to trading, the company was given the right to maintain and establish its own factories and other production facilities. In 1722, the company bought the woolen factory in Linz . In 1726 the Kettenhofer Zitz- und Kattunfabrik was founded in Schwechat and a Barchentfabrik in Graz . The company was dedicated to shipbuilding on the Adriatic, a sugar refinery, a wax bleaching plant and a candle factory were founded. Branches were set up in both Belgrade and Constantinople . However, these did not last long.

Contrary to what had been hoped, the company had to state after a decade of existence that it could not assert itself against the merchants from the Ottoman Empire. These dominated both the export of Ottoman goods and the import of goods from the Austrian hereditary lands. Nevertheless, in 1732 the state rejected an offer from English and Dutch merchants to take over the company. In 1740 the company had to declare its bankruptcy.

literature

  • Erich Landsteiner: Structural determinants of Vienna's position in international trade. In: Peter Csendes, Ferdinand Opll (Ed.): Vienna. Volume 2: Karl Vocelka (Ed.): The early modern residence (16th to 18th century). Böhlau, Wien et al. 2003, ISBN 3-205-99267-9 , pp. 187-201, esp. Pp. 195f.