The act of 1833 ended the East India Company's last surviving monopoly, that on the tea trade with China. It was motivated by the pervasive dislike of monopolies in the epoch of 'Free Trade' and 'laissez-faire'. In the same year, Thomas Babington Macaulay, secretary to the Board of Control, stiffened measures to require open competition rather than patronage in appointment to the Indian Civil Service.
Clark, Robert. "East India Company Act (2)". The Literary Encyclopedia. First published 01 February 2010
[http://www.litencyc.com/php/stopics.php?rec=true&UID=4722, accessed 12 December 2013.]