The first attempt by the British to establish a regular trade on the African coast, was made in the year 1618, when James I. granted an exclusive charter to Sir Robert Rich, and some other merchants of London, for raising a joint stock company to trade to Guinea. The profits not being found to answer their expectations, the charter was suffered to expire.
In 1631, Charles I. granted a second charter to Richard Young, Sir Ken elm Digby, and sundry merchants, to enjoy the exclusive trade to the coast of Guinea, between Cape Blanco and the Cape of Good Hope, for a period of thirty-one years. As the English had by this time began the settlement of plantations in the West Indies, negroes were in general demand; and the company erected on the African coast, forts and warehouses, to protect their commerce. Private adventurers and interlopers of all nations broke in upon them, and forced the trade open, and so it continued until after the restoration of Charles II.
In 1662, a third exclusive company was incorporated, consisting of many persons of high rank and distinction, at the head of whom was the king's brother, the Duke of York. This company undertook to supply the English plantations with 3000 negroes, annually. In 1664, all the Dutch forts on the African coast but two were captured by the English; but in the following year they were retaken by the Dutch Admiral, De Ruyter, who also seized one of the forts belonging to the English company. In 1672, the company surrendered their charter.
The same year, 1672, the fourth and last exclusive company was established. It was dignified by the title of the Royal African Company, and had among the stockholders, the king, the duke of York, and many other persons of high rank. The capital was £111,000, and was raised in nine months. They paid £35,000 for the forts of the old company. Besides the traffic in slaves, they imported into England great quantities of gold. In 1673, 50,000 guineas, (named from the country), were coined. They also imported redwood, ivory, wax, &c., and exported to the value of £70,000, annually, in English goods.
The revolution of 1688 upset the exclusive privileges of this company. By the 1st William and Mary, the African, and all other exclusive companies not authorized by parliament were abolished. The company, however, continued its operations.
The trade to Africa, by the statute, was virtually free, but it was expressly made so in 1698, under certain conditions. A duty of ten per cent, ad valorem, was laid upon the goods exported from England to carry on the trade, to be paid to the collector at the time of clearance. This duty went to the company. A further duty of ten per cent, ad valorem, was laid upon all goods and merchandise imported into England and the colonies, from Africa. This duty was applied to the maintenance of the forts and castles. No du+y was to be laid upon negroes, nor upon gold or silver.
Against the provisions of this law, both the company and private traders remonstrated, but without effect. In the course of a few years, the affairs of the company were found in bad condition; and Parliament, in 1739, granted
