The Indemnity Act 1767 - 3rd Townshend Act
06/29/1767 AD decreed
Reduces taxes on the British East India Company when they import tea into England. This allows them to re-export the tea to the colonies more cheaply and resell it to the colonists.
Until this time, all items had to be shipped to England first from wherever they were made, and then re-exported to their destination, including to the colonies.
This followed from the principle of mercantilism in England, which meant the colonies were forced to trade only with England.
The British East India Company was one of England's largest companies, but was on the verge of collapse due to much cheaper smuggled Dutch tea. Part of the purpose of the entire series of Townshend Acts was to save the company from imploding. Since tea smuggling had become a common and successful practice, Parliament realized how difficult it was to enforce the taxing of tea. The Act stated that no more taxes would be placed on tea, and it made the cost of the East India Company's tea less than tea that was smuggled via Holland. It was an incentive for the colonists to purchase the East India Company tea.
Subjects Who or What decreed?
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England Nation -
George III of the United Kingdom (George William Frederick) King of the United Kingd...
Objects To Whom or What was decreed?
Events in 1767 MORE
