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In 1773, Britain's East India Company was sitting on large stocks of tea that it could not sell in England. It was on the verge of bankruptcy. In an effort to save it, the government passed the Tea Act of 1773, which gave the company the right to export its merchandise directly to the colonies without paying any of the regular taxes that were imposed on the colonial merchants, who had traditionally served as the middlemen in such transactions. With these privileges, the company could undersell American merchants and monopolize the colonial tea trade. The act proved inflammatory for several reasons. First, it angered influential colonial merchants, who feared being replaced and bankrupted by a powerful monopoly. The East India Company's decision to grant franchises to certain American merchants for the sale of their tea created further resentments among those excluded from this lucrative trade. More important, however, the Tea Act revived American passions about the issue of taxation without representation.