The financial condition of the British East India company was not good. In such circumstances, the company obtained monopoly rights to sell tea in America, in order to avoid bankruptcy. This company was going to sell tea at lower than normal prices, to end the smuggling trade in America. When the ships laden with boxes of tea reached Boston harbour, American nationalists in the guise of porters, under the leadership of Samuel Adams attacked the ships on 16 December 1773, and threw the boxes of tea into the sea. This incident was called by the name of Boston Tea Party.
