Footnotes:

Footnotes:[1]Jonge, Johan Karel Jakob de,De Oorsprong van Neerland's Bezittingen op de Kust van Guinea, p. 16.[2]Gramberg, J. S. G.,Schetsen van Afrika's Westcust, p. 12.[3]Jonge,Oorsprong van Neerland's Bezittingen, pp. 18, 19, 20.[4]In return for this concession the Dutch evacuated Brazil. Dumont, J.,Corps Universel Diplomatique du Droit des Gens, VI, part 2, p. 367.[5]De Gids, "Derde Serie,"Zesde Jaargang, IV, 385.[6]Hakluyt, Richard,The Principal Navigations, Voyages, Traffiques, & Discourses of the English Nation, VI, 123, 124.[7]Ibid., VI, 145-162.[8]Ibid., VI, 154-177.[9]Ibid., VI, 177-252.[10]Queen Elizabeth's profit may have been only five hundred pounds, as it seems likely that the five hundred pounds which she spent in provisioning the ships should be subtracted from the one thousand pounds which she received. Scott, W.R.,The Constitution and Finance of English, Scottish and Irish Joint Stock Companies to 1720, II, 6.[11]Hayluyt,Principal Navigations, VI, 258-261.[12]Ibid., VI, 262.[13]Ibid., X, 7, 8.[14]Ibid., X, 9-63.[15]Ibid., X, 64-74.[16]For example, the expedition of George Fenner to Africa in 1566. He had a great deal of trouble with the natives. Hakluyt,Principal Navigations, VI, 266-284.[17]Hakluyt,Principal Navigations, VI, 443-450, patent of Queen Elizabeth, May 3, 1588.[18]Scott,Joint Stock Companies, II, 10.[19]Hakluyt,Principal Navigations, VI, 450-458, 461-467.[20]Ibid., VII, 102.[21]Scott,Joint Stock Companies, II, 11.[22]Ibid., II, 12, 13.[23]Ibid., II, 14-16.[24]S. P. (State Papers), Holland, 178, f. 123, undated paper concerning the title of the English to Cape Corse; A. C. R. (Records of the African Companies), 169: 69, deposition of Thomas Crispe, February 5, 1685/6; Dammaert, Journal (Journal gehouden bij Louijs Dammaert ungewaren met 't schip Prins Willem), September 19, 1652 (N. S.).[25]Remonstrantie,aen de Ho. Mo. Heeren de Staten Generael der Vereenighde Nederlanden, p. 18; Dammaert,Journal, September 19, 1652, May 18, 1653, December 7, 19, 1655, April 22 1656 (N. S.).

[1]Jonge, Johan Karel Jakob de,De Oorsprong van Neerland's Bezittingen op de Kust van Guinea, p. 16.

[2]Gramberg, J. S. G.,Schetsen van Afrika's Westcust, p. 12.

[3]Jonge,Oorsprong van Neerland's Bezittingen, pp. 18, 19, 20.

[4]In return for this concession the Dutch evacuated Brazil. Dumont, J.,Corps Universel Diplomatique du Droit des Gens, VI, part 2, p. 367.

[5]De Gids, "Derde Serie,"Zesde Jaargang, IV, 385.

[6]Hakluyt, Richard,The Principal Navigations, Voyages, Traffiques, & Discourses of the English Nation, VI, 123, 124.

[7]Ibid., VI, 145-162.

[8]Ibid., VI, 154-177.

[9]Ibid., VI, 177-252.

[10]Queen Elizabeth's profit may have been only five hundred pounds, as it seems likely that the five hundred pounds which she spent in provisioning the ships should be subtracted from the one thousand pounds which she received. Scott, W.R.,The Constitution and Finance of English, Scottish and Irish Joint Stock Companies to 1720, II, 6.

[11]Hayluyt,Principal Navigations, VI, 258-261.

[12]Ibid., VI, 262.

[13]Ibid., X, 7, 8.

[14]Ibid., X, 9-63.

[15]Ibid., X, 64-74.

[16]For example, the expedition of George Fenner to Africa in 1566. He had a great deal of trouble with the natives. Hakluyt,Principal Navigations, VI, 266-284.

[17]Hakluyt,Principal Navigations, VI, 443-450, patent of Queen Elizabeth, May 3, 1588.

[18]Scott,Joint Stock Companies, II, 10.

[19]Hakluyt,Principal Navigations, VI, 450-458, 461-467.

[20]Ibid., VII, 102.

[21]Scott,Joint Stock Companies, II, 11.

[22]Ibid., II, 12, 13.

[23]Ibid., II, 14-16.

[24]S. P. (State Papers), Holland, 178, f. 123, undated paper concerning the title of the English to Cape Corse; A. C. R. (Records of the African Companies), 169: 69, deposition of Thomas Crispe, February 5, 1685/6; Dammaert, Journal (Journal gehouden bij Louijs Dammaert ungewaren met 't schip Prins Willem), September 19, 1652 (N. S.).

[25]Remonstrantie,aen de Ho. Mo. Heeren de Staten Generael der Vereenighde Nederlanden, p. 18; Dammaert,Journal, September 19, 1652, May 18, 1653, December 7, 19, 1655, April 22 1656 (N. S.).

On account of the collapse of the king's cause at the death of Charles I, Prince Rupert, with his small fleet of royal vessels, was driven about from one part of the world to another. In 1562 he sought refuge in the Gambia River,[1]where he listened to stories told by natives of rich gold mines in that region. For a number of years the Negroes had brought gold from the inland of Africa to the Dutch on the Gold Coast. There seemed every reason to believe that the source of this gold supply was none other than that described by the natives of the Gambia River, and that it might be discovered somewhere in that region. Prince Rupert was so much impressed with the possibility of finding these mines that his voyage to Guinea was still vivid in his memory when Charles II assumed the throne in 1660. In the duke of York and other royal courtiers he found a group of willing listeners who determined to form a company for the purpose of sending an expedition to the Gambia to dig for gold. As early as October 3, 1660, the plans were formulated. Each member was required to invest at least £250 in the undertaking[2]. On December 18, 1660, the king, who was pleased with the adventurers for having "undertaken so hopeful an enterprise," granted them a charter[3]under the name of "The Company of the Royal Adventurers into Africa."[4]

By this charter the Royal Adventurers received the land and the adjacent islands on the west coast of Africa from Cape Blanco to the Cape of Good Hope, for a period of one thousand years beginning with "the making of these our Letters Patents if the ... grant (made to Crispe's company in 1631) be void and determined." If, however, the former charter was still regarded as in force, the grant to the Royal Adventurers was to be effective upon the surrender or the expiration of the former company's privileges.[5]A committee of six men, the earl of Pembroke, Lord Craven, Sir George Carteret, William Coventry, Sir Ellis Leighton and Cornelius Vermuyden, was named to have charge of the company's affairs. No mention was made of the office of governor or of any court of directors. Apparently it was thought that the committee of six could direct all of the company's affairs. In Africa, this committee was empowered to appoint the necessary agents and officials and to raise and maintain whatever soldiers were necessary to execute martial law. The company had the right to admit new members if it desired. The king himself reserved the privilege of becoming an adventurer at any time and to invest an amount of money not exceeding one-sixteenth of the company's stock.

Furthermore, it was provided that the king "shall have, take and receive two third parts of all the gold mines which shall be seized possesed and wrought in the parts and places aforesaid, we ... paying and bearing two third parts of all the charges incident to the working and transporting of the said gold." The company was to have the other third and bear the remainder of the expense. That this provision was not a matter of mere form, as in so many of the royalcharters, is evident from the stimulus which had led to the formation of the company. Indeed in one part of the charter the purpose of the company is presented as "the setting forward and furthering of the trade intended (redwood, hides, elephants' teeth) in the parts aforesaid and the encouragement of the undertakers in discovering the golden mines and setting of plantations there." The trade in slaves was not mentioned in the charter.

Even before they had obtained this charter the organizers of the new company induced the king to lend them five of his Majesty's ships. These vessels, the "Henrietta," "Sophia," "Amity," "Griffin" and "Kingsale," were loaded with goods, tools and chemicals necessary for the working of the projected gold mines. Captain Robert Holmes, who had been with Prince Rupert in 1652, was given charge of the expedition; but the goods and necessities were consigned to William Usticke and two other factors of the company.[6]In December, 1660, the five vessels set out on their voyage to the Gambia River, where they arrived in the following March. There Holmes seized the island of St. André, then occupied by a feeble number of the subjects of the duke of Courland. Since the latter place was protected by a small fort the English began preparations to make it the seat of their operations in that region. Not long after they arrived, however, a fire destroyed the fortification and a large part of the goods which had been brought from England. Under these circumstances they chose to abandon that island, and to settle on two others which were better situated for defense and trade. These they named Charles Island and James Island in honor oftheir royal patrons. The latter was by far the most advantageously situated, and became the main stronghold of the English in the northern part of Africa during all the history of the African companies. Holmes probably remained on the Gambia until about the first of May when he departed with one or two of the ships for England. In July as much of a cargo as possible was loaded on the "Amity" which finally arrived in England, after its crew had been depleted by disease.[7]

Information regarding the success of the mining project of this expedition is almost totally lacking, but it seems certain that nothing was done to discover the hoped-for gold mines. The climate affected the men so adversely, that it is altogether unlikely that they even attempted to look for the mines. The small cargo carried back by the various ships, most of which seems to have been on the "Amity," probably represents the only tangible results of the expedition. These goods, consisting of elephants' teeth, wax and hides sold for £1,567.8s.,[8]whereas the outlay for the expedition was probably between £4,000 and £4,500.[9]

This sum does not include £2,640.8s.8d. expense which was incurred to send another of the king's ships, the "Blackamoor," to the Gold Coast, in June, 1661.[10]The "Blackamoor" was followed in April, 1662, by the "Swallow" which, together with its cargo, cost the Royal Adventurers £1,l01.2s.ld.[11]Later in the year the three ships, "Charles," "James" and "Mary," were sent to the Gold Coast at an expense of about £5,000.[12]By September, 1662,£17,400 had been subscribed by various persons to obtain the cargoes for the ships which had been dispatched to the coast of Guinea. Of this amount £800 had been promised by the king; £3,600 by the duke of York; £400 by the queen Mother; £400 by the duchess of Orleans; £800 by Prince Rupert; and £800 by the duke of Buckingham. Of the £17,400 subscribed all but about £1,000 had been paid by October 20, 1662. From this investment the company had received no returns except the £1,567.8s. from the first expedition, while the three last vessels, the "Charles," "James" and "Mary" had not yet arrived at the Gold Coast on their ill-fated voyage.[13]

Up to this time there had been no uniformity about the amounts invested, and no definite times at which the several amounts subscribed, were due. It was assumed that money would be forthcoming from the members whenever it was needed to dispatch ships to the coast. About the middle of September, 1662, it was decided to pursue a more businesslike policy. A list of subscribers for shares at four hundred pounds each was opened, and by the 15th of January, 1663, the amount of this second subscription was £17,000.[14]The stimulus for obtaining this added subscription was the fact that, at the same time, the company was agitating for a new charter, which was granted by the king, January 10, 1663.[15]

Experience had shown that the previous charter was inadequate, not only respecting the means of raising funds tocarry on the company's business, but also on account of the lack of any other officers to direct its affairs than the committee of six. By general consent of the patentees, and those who had later subscribed to the stock, it had been decided to surrender the charter of 1660 for one conferring more extensive privileges on the corporation. The charter obtained January 10, 1663, answered these requirements. The name was changed to "The Company of Royal Adventurers of England Trading into Africa." The territory included in the charter reached to the Cape of Good Hope as in the previous patent, but the northern limit was extended from Cape Blanco to Cape Sallee on the coast of Morocco.

The new charter contained the same provisions in regard to the discovery of gold mines as the charter of 1660. By this time, however, the adventurers had discovered that the Negro trade could be made very lucrative. In this charter, therefore, they obtained "the whole, entire and only trade for the buying and selling bartering and exchanging of for or with any Negroes, slaves, goods, wares and merchandises whatsoever to be vented or found at or within any of the Cities" on the west coast of Africa. The charter provided that there should be no trading on the African coast except by the company in its corporate capacity, and that any one guilty of transgressing these rules should be liable to forfeiture of his ship and goods.[16]

The charter also required the shareholders to elect a governor, subgovernor, deputy governor and a court of assistants; but that the routine business of the company should be conducted by a smaller committee corresponding to the committee of six of the previous company. The duke of York was elected governor, in which capacity he continued to serve during the company's entire existence. Thirty-six men were chosen annually to compose the courtof assistants. There was also an executive committee of seven which was responsible to the court of assistants.[17]

While the company was endeavoring to obtain this new charter an unsuspected difficulty arose. It will be remembered that in 1631 Sir Nicholas Crispe and others had received a patent to a portion of the west coast of Africa for thirty-one years. The first charter of Charles II to the Royal Adventurers in December, 1660, had been granted a year and a half previous to the expiration of Crispe's patent. In recognition of this fact the charter of the Royal Adventurers provided that if the former patent was not void, the new charter was not to be effective until its surrender or expiration. At first Crispe made no complaint about the transgression of his rights, probably because the first expedition under Captain Holmes had gone to the Gambia region in which place Crispe had no interests. When it became apparent that the company intended to carry its activities further south, however, he appeared before the Privy Council on November 22, 1661, and asked to have his interest confirmed in the trade and settlements at Kormentine and in the region of the Sierra Leone and Sherbro rivers.[18]On December 20, 1661, his case was heard before the Privy Council, at which time the case was referred to the Lord High Treasurer.[19]The matter was neglected and finally dropped.

Crispe found it impossible to prevent the ships of the Royal Company from transgressing the regions mentioned in his charter. About the time at which his charter expired (June 25, 1662), he agreed to transfer all his interests in the fortifications at Kormentine and elsewhere to the Royal Adventurers. Although this agreement has not been found, there was apparently nothing in it which bound the company to remunerate Crispe and his associates, becauselater, August, 1662, he petitioned the king for compensation for the forts and lodges which had been transferred to the Royal Adventurers. At first the king was favorable to Crispe's request in view of the service which he had rendered in building up the Guinea trade.[20]Later, neither the king nor the Royal Adventurers seem to have paid any attention to Crispe's plea for compensation.[21]

In later years the report was persistently spread that at the time when the agreement was made with Crispe the Privy Council had ordered the Royal Adventurers to pay him £20,000 in lieu of all his interests on the coast, and that the company had "seemed to acquiesce" in the order.[22]It does not seem possible that this assertion can be true in view of the foregoing facts, and of the absolute lack of mention of any such thing in the books of the company. Over a year later, August 15, 1664, Crispe presented a paper of an unknown character to which the court of assistants refused to give any notice.[23]It seems likely that this paper had nothing to do with the African forts, but that it was submitted in connection with a controversy over some Africangoods, which were said to belong to the members of Crispe's company[24]. The entire lack of any other evidence of trouble between Crispe and the company leads one to think that no contract for such compensation was ever made[25]. Moreover, that he was not averse to the success of the Royal Adventurers is shown by the fact that he himself subscribed £2,000 in 1663 to the stock of the company[26].

It is unnecessary to follow in detail the number of ships which were fitted out for the company's trade after it received its second charter in January, 1663. Suffice it to say that very active measures were undertaken, especially by the duke of York, who faithfully attended the weekly meetings of the court of assistants which were held in his apartments at Whitehall. The earl of Clarendon voiced the sentiments of these enthusiastic courtier-merchants when he said that, providing all went well, the Company of Royal Adventurers would "be found a Model equally to advance the Trade of England with that of any other company, even that of the East-Indies[27]."

If this prediction was to be realized it was necessary to have a greater stock than the first and second subscriptions had provided. Therefore a public declaration was issued inviting any of the king's subjects in England to subscribe for shares of not less than four hundred pounds each, one-half of each share to be paid by December 1, 1663, and theother one-half by March 1, following. The conditions of subscription provided that seven years after the first date, a committee from the adventurers should be chosen to make a fair valuation of the stock of the company. Each shareholder was then to be allowed to receive the value of his stock in money if he so desired. Thereafter this action was to be repeated every three years with the same privileges of withdrawal from the company.[28]Later, as a means of inducing those with smaller means to subscribe for stock, the company permitted subscriptions as small as fifty pounds, providing they were paid within eight days. Whenever any person subscribed more than four hundred pounds, he was allowed to pay the excess in eight quarterly payments beginning with the 24th of June, 1663.[29]By offering these inducements the third subscription amounted to £34,000 divided among about forty-five shareholders.[30]

On the 25th of August of the same year, however, it was necessary to seek for a fourth subscription which amounted to £29,000,[31]payment of which could be made in eight quarterly sums if desired. For all those who would pay the third and fourth subscriptions promptly, a discount of ten per cent, was offered. By these four subscriptions the stock of the company appeared on September 4, 1663, to be £102,000.[32]Of this amount it is probable that about £57,425 had been paid, which left unpaid subscriptions amounting to £44,775.[33]In addition to the money obtained by the sale ofshares the company had borrowed about £21,000. With the money obtained from these two sources approximately twenty-five ships were sent to the coast of Africa from December, 1662, to September, 1663.[34]From these voyages there were very unsatisfactory returns, and the company again found itself in a critical financial condition.

This unfortunate situation was largely the result of opposition, which its ships and factors had encountered from the Dutch West India Company on the coast of Guinea. For a long time this opposition bade fair to prevent the company from obtaining a share in the African trade. In view of this situation the king dispatched Sir Robert Holmes upon a second expedition to Africa in 1663 with orders to protect the company's rights. As a further means of encouragement Charles II ordered all gold imported from Africa by the Royal Company to be coined with an elephant on one side, as a mark of distinction from the coins then prevalent in England.[35]These coins were called "Guineas"; they served to increase the reputation and prestige of the company. Moreover, the king with many of his courtiers made important additions to their stock in the third and fourth subscriptions.[36]

From September 4, 1663, to the following March thereare no records of the company, but a petition of the adventurers to the king in March, 1664,[37]shows that notwithstanding its financial difficulties the company had during the previous year sent to Africa forty ships and goods to the value of £160,000.[38]To follow the company's financial history from this time on is a difficult task in view of inadequate sources. In the balance sheet of September 4, 1663, the company's stock was entered as £102,000 and its debts as about £21,000. When the news of Holmes' great success on the Gold Coast began to arrive in England, the company increased its preparations to open an extensive African trade. Therefore on May 10, 1664, an attempt was made to collect the unpaid stock subscriptions, and an invitation was extended to all members to lend one hundred pounds to the company for each share of four hundred pounds which they held. Notwithstanding the bright prospects which the company had at this time, its strenuous attempt to raise the loan produced only £15,650.[39]

In September, 1664, an attempt was made to increase the stock of the company by £30,000. Although the duke of York and many others added to their shares on this occasion,[40]only £18,200 was subscribed.[41]By this addition the stock of the Royal Adventurers amounted to £120,200 at about which sum it remained during the remainder of the company's history.[42]

Although the company had not obtained as much money as had been hoped for in the last subscription, it anticipated great success in its trade, until vague rumors began to circulate that Admiral DeRuyter had been sent to Africa to undo the conquest made by Captain Holmes. In the last part of December, 1664, these rumors were confirmed. In a petition to the king of January 2, 1665[43], the company declared that its trade had already increased to such an extent that over one hundred ships were employed, and that a yearly return of from two to three hundred thousand pounds might reasonably be expected[44].

On account of the injuries inflicted by DeRuyter on the African coast much of the anticipated loss of goods and vessels was realized. In all, the company lost the cargoes of eight ships; of the forts only Cape Corse remained. Under these ruinous circumstances it was not thought advisable to dispatch at once the goods which had been accumulated at Portsmouth[45]. Accordingly the company's vessels wereunloaded and several of them were taken into the King's service.[46]The duke of York used what little money was on hand to apply on the company's debt in order that the company's expenses from interest might be reduced.[47]Because of the Anglo-Dutch war and the fact that the company had no money, it could do nothing but send an occasional ship to Africa loaded with some of the goods left at Portsmouth. From this time on the company's trading activity was confined to such scattered voyages.[48]

On January 11, 1666,[49]the court of assistants discussed the proposition of granting trading licenses to private individuals. While no action seems to have been taken at that time, it ultimately became the practise of the company to grant such a freedom of trade. On April 9, 1667, a resolution was adopted empowering the committee of seven to issue trading licenses in return for a payment of three pounds per ton.[50]These licenses were obtained by those who desired to carry on trade in their own ships, and also by officers of the company's ships who wished to engage in private adventures. During the course of the war one hears of many such grants to various individuals, among whom was Prince Rupert.[51]

The practise of issuing licenses was interrupted for a short time at the conclusion of the Anglo-Dutch war by a feeble attempt to revive the company's activities. An effort was made to collect arrears on the subscriptions,[52]and onAugust 21, 1667, the general court ordered that an additional subscription should be opened, and that no more trading licenses should be granted.[53]The only result of this effort was that the duke of York and several others accepted stock of the company in lieu of the bonds which they held.[54]In view of this fact it was decided, January 20, 1668, to resume the policy of granting licenses.[55]

In comparison with the trade conducted by the private adventurers that of the company became quite insignificant. Since the company had much difficulty in supporting its agents on the African coast it ordered, August 28, 1668, that in the future those who received licenses should agree to carry one-tenth of their cargo for the company's account.[56]It was difficult for the company to raise the small sum of money necessary to buy this quota of goods. No one was willing to invest money in the stock of a bankrupt company, and certainly few were desirous of making loans to it when there seemed practically no chance of repayment. In the latter part of 1668 and in the year 1669, several attempts were made to collect the early subscriptions which remained unpaid.[57]This effort was attended with very little success, because the company had ceased to be of importance.[58]

One of the reasons why the company's business was practically neglected during these last years was because many of its members began to trade to Africa as private individuals. A number of men even went so far as to project an organization entirely separate from the company. Finally, in 1667, several members offered to raise a stock of £15,000 to carry on trade to the region of the GambiaRiver.[59]This proposal was debated by the general court and finally referred to a committee with the stipulation that if adopted the company should be concerned in the stock of the new organization to the extent of £3,000.[60]This arrangement could not be consummated in 1667,[61]but on November 27, 1668, a similar proposition was adopted.[62]

An organization to be known as the Gambia Adventurers was to have the sole trade to northern Africa for a period of seven years, beginning with January 1, 1669. For this privilege they were to pay the Company of Royal Adventurers £1,000 annually, and to be responsible for the expense of the forts and settlements in that region. These places were to be kept in good repair by the Gambia Adventurers, who were to receive compensation from the Royal Company for any settlements.[63]A suggestion for carrying on the trade to the Gold Coast in a similar way received no attention from the general court. The Gambia Adventurers occupied the same house in London with the company, and there seems little doubt but that its members consisted largely of those stockholders of the Royal Adventurers who belonged primarily to the merchant class.[64]It is extremely difficult to estimate the success of the Gambia Adventurers, since their records, if any were kept, have not been preserved. In all probability their trade was largely confined to the important products of the Gambia region, namely elephants' teeth, hides and wax, although several of their ships are known to have gone to the West Indies with slaves.

Since many of the company's stockholders were interested in the Gambia venture the company's business on the Gold Coast was greatly neglected. During the year 1669the company's trade became so insignificant that, at the suggestion of the king, Secretary Arlington asked the company if it intended to continue the African trade.[65]In answer the company recounted the losses incurred in the Anglo-Dutch war which, it declared, had made it necessary to grant licenses to private traders in order to maintain the forts and factories in Africa. It asked the king to assist the company by paying his subscription, by helping to recover its debts in Barbados, and by granting royal vessels for the protection of the African coast. With such encouragement the company declared that it would endeavor to raise a new stock to carry on the African trade.[66]Receiving no answer to their appeal the members of the company considered various expedients, one of which was to lease the right of trade on the Gold Coast;[67]another was to endeavor to obtain new subscriptions to the company's stock, which seemed impossible because of the fear that the money would be used toward paying the company's debts, and not for the purpose of trade.[68]In fact, it had been only too evident for several years that no additions could be made to the present worthless stock of the company. If the company desired to continue its activities, it would be necessary to have an entirely new stock unencumbered with the claims of old creditors. The main problem confronting the company therefor e was to make an agreement with its clamorous creditors.

On May 18, 1671, a general court of the adventurers approved of a proposition to form a new joint stock under the old charter.[69]The stock of the shareholders, which at thistime amounted to £120,200, was to be valued at ten per cent and so reduced to £12,020; this was to form the first item in the new stock. In regard to the company's debts, which amounted to about £57,000, rather severe measures were attempted. Two-thirds of the debts, or £38,000, was, as in the case of the stock, reduced to one-tenth, or £3,800, which was to form the second item in the new stock. The other one-third of the debts, or £19,000, was to be paid to the creditors in full out of the money subscribed by the new shareholders.[70]Adding the cash payment of £19,000 and estimating at par the £3,800 which they were to have in the new stock, the creditors were to receive a little less than thirty-five per cent, of their debts. If they did not accept this arrangement it was proposed to turn over the company's effects to them, and to secure an entirely new charter from the king. As anticipated the plan was unsatisfactory to many of the creditors, because the company proposed to pay the £19,000 in six monthly installments after the subscription for the new joint stock was begun.[71]On October 28, 1671, the preamble and articles under which the new subscription was to be made were approved by the general court, and notice was given to the refractory creditors that they must accept the arrangement within ten days or the king would revoke the company's patent.[72]Although the trouble with the creditors had not been adjusted, subscriptions on the new stock began November 10, 1671. A few weeks later there was held a general court of the new subscribers, at which Sir Richard Ford, one of the most important members of the company and also of the new subscribers, declared that "they should not differ for small matters."[73]Thereupon it was resolved to grant the creditors forty per cent on their debts and the shareholders, asin the previous plan, ten per cent, on their stock.[74]This made a total payment of £34,000 divided as follows: £22,800, forty per cent of the company's debts, which amounted to £57,000; and £11,200, ten per cent of the paid subscriptions, which amounted to about £112,000.[75]In lieu of this payment the stockholders were to cede to the new subscribers the forts and other property in Africa and all the payments due from the Gambia Adventurers during the four remaining years of their contract.

As has been said the articles of subscription were adopted October 28, 1671. They provided for a stock of £100,000 under the old charter, which should be paid to the treasurer of the company in ten monthly payments ending September 25, 1672. As a matter of fact the subscription reached the sum of £110,100. It was also provided that every new subscriber should have one vote in the general court for each one hundred pound share, but that no one should be an officer of the company, unless he had subscribed for four hundred pounds in shares. The subgovernor and the deputy governor were to be aided by a court of assistants, reduced to twenty-four in number, and by a select committee of five instead of the committee of seven as formerly. On January 10, 1672, there was held a general court of the new subscribers, at which the duke of York was elected governor; Lord Ashley, subgovernor; and John Buckworth, deputy governor.[76]The duke of York and Lord Ashley were well known for their interest in colonial affairs. According to the terms of the subscription the deputy governor was to be a merchant and a member of the committee of five, which provision indicated plainly that the company expected Buckworth to manage its business affairs.

Although the new subscription had been made to replace the stock of the old adventurers, there is little evidence thatit was regarded as necessary to obtain a new charter. Since the creditors still refused to be satisfied with the concession of forty per cent on their debts, however, the new subscribers hesitated to pay their money which might be used to pay off the old debts.[77]It therefore became necessary to carry out the previous threat against the creditors to induce the king to grant a new charter to the present subscribers, which was done September 27, 1672.[78]This action finally convinced the creditors that they could obtain no better terms than had been offered, and therefore they agreed to accept them and also to surrender all their rights to the patentees of the new charter which was being issued. That the attitude of the creditors was not the only moving force toward a new charter is probable, because the old charter was not adequate to meet the needs of the Royal African Company which was to follow.

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