The Mozambique Company ( Portuguese: ''Companhia de Moçambique'') was a royal company operating in

Portuguese Mozambique Portuguese Mozambique ( pt, Moçambique) or Portuguese East Africa (''África Oriental Portuguesa'') were the common terms by which Mozambique was designated during the period in which it was a Portuguese colony. Portuguese Mozambique originally ...

that had the concession of the lands in the Portuguese colony corresponding to the present provinces of Manica and

Sofala Sofala, at present known as Nova Sofala, used to be the chief seaport of the Mwenemutapa Kingdom, whose capital was at Mount Fura. It is located on the Sofala Bank in Sofala Province of Mozambique. It was founded by Somali merchants. This name ...

in central Mozambique. The company was established the 11 February 1891 with a capital stock of about 5 million dollars obtained from financiers from

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, the

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and

South Africa South Africa, officially the Republic of South Africa (RSA), is the southernmost country in Africa. It is bounded to the south by of coastline that stretch along the South Atlantic and Indian Oceans; to the north by the neighbouring coun ...

. Isaacman and Isaacman report that the firm was capitalised at 40,000 pounds, and that British and French capital quickly predominated. The concession was granted for a period of 50 years, during which the company could not only exploit the resources and existing manpower (partly through the ''

chibalo Chibalo was the system of debt bondage or forced labour in the ''Ultramar Português'' (the Portuguese overseas provinces in Africa and Asia), most notably in Portuguese Angola and Portuguese Mozambique (unlike most other European overseas posses ...

'' system of forced labour) but also grant subconcessions. The company was granted the exclusive right to collect taxes, but was itself granted a 25-year tax exemption. In return the Portuguese state would receive 7.5% of the company's profits and 10% of the sold shares. The company was also required to settle 1,000 Portuguese families and provide education and public administration in its territory. In practice, the company made only partial use of the prerogatives with which it had been bestowed; but this was balanced by the fact that it also met very few of its obligations. Having only limited capital, the company did little to develop the area, deriving most of its income from its ability to tax and its power to use conscripted labour on its plantations and for lease to adjacent estates. Resistance to the forced labour regime was a major cause of rebellions against the company which occurred in 1902 and 1917. Despite the company's obligation under its charter to provide forces to maintain law and order, it was unable to meet these crises, and on both occasions Portugal had to mount expensive interventions. The Mozambique Company had its headquarters in Beira, where it controlled the

public administration Public Administration (a form of governance) or Public Policy and Administration (an academic discipline) is the implementation of public policy, administration of government establishment ( public governance), management of non-profit es ...

and the

post office A post office is a public facility and a retailer that provides mail services, such as accepting letters and parcels, providing post office boxes, and selling postage stamps, packaging, and stationery. Post offices may offer additional se ...

s. The company also founded a private bank, the Banco da Beira, which issued

currency A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general ...

in pounds. Because of its bad performance and because of the shift, under the Salazar regime, towards Portuguese control and away from international control of the economy, the company's concession was not renewed when it ran out in 1942. The Governor of Manica and Sofala commented:

They did nothing to develop the potential wealth of this entire region, preferring to plunder it and alienate the natives. Arquivo do Instituto de Algodao (A.I.A.), Junta de Exportacado de Algodao Colonial (J.E.A.C.): "Provincia de Mancia e Sofala," Joao Contreiras, O Inspector de JEAC, May 1945; in Allen Isaacman and Barbara Isaacman, ''Mozambique: From Colonialism to Revolution, 1900-1982''. 1983, Boulder, Colorado, USA., Westview. p.37.

On 18 July 1942, the territory of Manica and Sofala passed to the Portuguese colonial authorities and the Mozambique Company continued to operate in the agricultural and commercial sectors. On 20 October 1961, The Mozambique Company became the Grupo Entreposto Comercial de Moçambique, which transformed itself into a holding on 6 September 1972, with the participation of capital from other companies, including Entreposto-Gestão e Participações (SGPS) SA. In 1939 the President of Portugal awarded the

Grand Cross of the Order of the Colonial Empire The Order of the Colonial Empire (Portuguese:"Ordem do Império Colonial") was a Portugal, Portuguese Order (decoration), established on 13 April 1932 as a colonial order of knighthood, to reward services by soldiers and civilians in the Portugues ...

to the company, the first time it had been awarded to a company.

References

External links

http://www.filatelia.fi/articles/mozambique.html

{{Authority control History of Mozambique Portuguese colonisation in Africa Chartered companies Defunct companies of Portugal Companies established in 1891 Portuguese Mozambique 1891 establishments in Portugal 1972 disestablishments in Portugal Companies disestablished in 1972 Beira, Mozambique

See also

References

External links