This week in history: setting sail for Jamestown
The US town of Plymouth is traditionally seen as the birthplace of colonial America. But the first successful English settlement was Jamestown, founded 13 years earlier, in modern-day Virginia.
The US town of Plymouth, established by the Mayflower pilgrims, is traditionally seen as the birthplace of colonial America. However, the first successful English settlement was founded 13 years earlier, in modern-day Virginia.
Unlike the Mayflower passengers, who were religiously motivated, the Jamestown colonists were financed by the Virginia Company of London, a joint-stock company that aimed to profit from trade.
The colonists set sail on 20 December 1606.By summer 1607 they had arrived and established a settlement. But a second wave of colonists, along with a dry summer, depleted their water supplies, and led to starvation. They were also attacked by native tribes, and in 1610 decided to return home.But as they were leaving, they met a relief ship, with supplies and a third wave of colonists, which encouraged them to stay.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
In 1611 colonist John Rolfe managed to cultivate tobacco. Despite royal disapproval, the new crop became very popular, causing plantations to spread across the region. The eventual defeat of the native tribes also ensured the settlement did not go the way of the ill-fated Roanoke, established in 1587.
However, shareholders in the Virginia Company made little profit. Due to overexpansion and its early setbacks, the firm was only able to pay occasional dividends. By 1624 it was stripped of its power over the area by the Crown.
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Christmas at Chatsworth: review of The Cavendish Hotel at Baslow
MoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
By Dr Matthew Partridge Published
-
Tycoon Truong My Lan on death row over world’s biggest bank fraud
Property tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
By Jane Lewis Published