[1] Its initial charter was good for seven years and was granted to Edward Osborne, Richard Staper, Thomas Smith and William Garrard with the purpose of regulating English trade with the Ottoman Empire and the Levant.

In 1582, William Harborne, an English merchant who had carried out most of the treaty negotiations in Constantinople to French protestations, made himself permanent envoy.

But by 1586 Harborne was appointed 'Her Majesty's ambassador' to the Ottoman Empire, with all his expenses (including gifts given to the Sultan and his court) to be paid by the Levant Company.

[12] During the English Civil War (1642–1651), some innovations were made in the government of the company, allowing many people to become members who were not qualified by the charters of Elizabeth and James, or who did not conform to the regulations prescribed.

Charles II, upon his restoration, endeavored to set the company upon its original basis; to which end, he gave them a charter, containing not only a confirmation of their old one, but also several new articles of reformation.

Each made an oath, at his entrance, not to send any merchandise to the Levant, except on his own account; and not to consign them to any but the company's agents, or factors.

This assembly at London sent out the vessels, regulated the tariff for the price at which the European merchandise sent to the Levant were to be sold; and for the quality of those returned.

It raised taxes on merchandise, to defray impositions, and the common expense of the company; presented the ambassador, which the King was to keep at the port; elected two consuls for Smyrna and Constantinople, etc.

In extraordinary cases, the consuls, and even ambassador himself, had recourse to two deputies of the company, residing in the Levant, or if the affair be very important, assemble the whole nation.

Here were regulated the presents to be given, the voyages to be made, and every thing to be deliberated; and on the resolutions here taken, the deputies appointed the treasurer to furnish the required funds.

The merchandises exported there were limited in quality and range, suggesting an imbalance of trade; they included traditional cloths, especially shortcloth and kerseys, tin, pewter, lead, black pepper, re-exported cochineal, black rabbit skins and a great deal of American silver, which the English took up at Cadiz.

The more valuable returns were in raw silk, cotton wool and yarn, currants and raisins, nutmeg, black pepper, indigo, galls, camlets, wool and cotton cloth, the soft leathers called maroquins, soda ash for making glass and soap, and several gums and medicinal drugs.