Muntakhab al-tawarikh 3: The Company.
Muntakhabu-t Tawáríkh, of Sadásukh (Elliot & Dowson, extracts) 3
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3
In England the ruling power is possessed by two parties, one the King, who is the lord of the State, and the other the Honourable Company. The former governs over his own country; and the latter, though only subjects, exceed the King in power, and are the directors of mercantile affairs. Their agents carry on traffic in the foreign countries, such as India, China, Rum, and other distant islands and ports. They themselves remain in their own country, like subjects obedient and submissive to their King.