The London Company (also called the Charter of the Virginia Company of London) was an English joint stock company established by royal charter by James I of England on April 10, 1606 with the purpose of establishing colonial settlements in North America.King Charles II of England had a large loan with William Penn's father, after whose death, King Charles settled by granting Penn a large area west and south of New Jersey on March 4, 1681. Penn called the area Sylvania (Latin for woods), which Charles changed to Pennsylvania in honor of the elder Penn. Perhaps the king was glad to have a place where religious and political outsiders (like the Quakers, or the Whigs, who wanted more influence for the people's representatives) could have their own place, far away from England.
New London was originally occupied by the Lenni Lenape Indians. The area began to grow when the London company, a group of five English entrepreneurs, purchased a large tract of land in order to break the tract into smaller lots and sell them at a profit to immigrant farmers. This tract included the present day New London Township, which was chartered in 1723.
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