 Coat of arms | |
 Company flag (c. 1665) | |
| Formerly | Company of Royal Adventurers Trading to Africa |
|---|---|
| Company type | Private |
| Industry | Mercantile trading |
| Founded | 1660; 365 years ago (1660) inLondon, England |
| Founders | House of Stuart City of London merchants |
| Defunct | 1752 (1752) |
| Successor | African Company of Merchants |
Key people | James II of England,Charles II of England |
| Products | Gold,silver,ivory,slaves |
TheRoyal African Company (RAC) was an Englishtrading company established in 1660 by theHouse of Stuart andCity of London merchants to trade along theWest African coast.[1] It was overseen by theDuke of York, the brother ofCharles II of England; the RAC was founded after Charles II ascended to theEnglish throne in the 1660Stuart Restoration, and he granted it amonopoly on all English trade with Africa.[2] While the company's original purpose was to trade forgold in theGambia River, asPrince Rupert of the Rhine had identified gold deposits in the region during theInterregnum, the RAC quickly began trading in slaves, who became its largest commodity.
Historians have estimated that the RAC shipped more African slaves to the Americas during theAtlantic slave trade than any other company. The RAC also dealt in other commodities such asivory, which were primarily sourced from theGold Coast region. AfterWilliam III of England rescinded the company's monopoly in 1697 under pressure from theParliament of England, the RAC became insolvent by 1708, though it survived in a state of much reduced activity until 1752, when its assets were transferred to the newly foundedAfrican Company of Merchants, which lasted until 1821.[3]
On the west coast of Africa the few Europeans lived in fortifiedfactories (trading posts). They had no sovereignty over the land or its natives, and very little immunity to tropical diseases. The coastal tribes acted as intermediaries between them and the slave-hunters of the interior. There was little incentive for European men to explore up the rivers, and few of them did so. The atmosphere might have been one of quiet routine for the traders had there not been acute rivalries between the European powers; especially the Dutch, who made use of native allies against their rivals. Before theRestoration, the Dutch had been the main suppliers of slaves to the English West Indian plantations, but it was part of the policy of the EnglishNavigation Acts to oust them from this lucrative trade.[4] Between 1676 and 1700, the value of gold exports from Africa was similar to the total value of slave exports. After thePeace of Ryswick in 1697, the price of slaves in Africa and the number of slaves exported doubled; from then, until trade diminished after 1807, slaves were clearly the most valuable export of Africa.[5]
Originally known as theCompany of Royal Adventurers Trading into Africa, by itscharter issued on 18 December 1660 it was granted amonopoly overEnglish trade along the west coast ofAfrica, with the principal objective being the search forgold. The company was to be run by a committee of six: theEarl of Pembroke,Lord Craven, George Caveret,Ellis Leighton andCornelius Vermuyden.[6]
In 1663, a newcharter was obtained which also mentioned the trade inslaves.[7] This was the third English African Company, but it made a fresh start in the slave trade and there was only one factory of importance for it to take over from theEast India Company, which had leased it as a calling-place on the sea-route round theCape. This wasCormantin, a few miles east of the Dutch station ofCape Coast Castle, now inGhana. The 1663 charter prohibits others to trade in "redwood, elephants' teeth, negroes, slaves, hides, wax, guinea grains, or other commodities of those countries".[8] In 1663, as a prelude to the Dutch war,Captain Holmes's expedition captured or destroyed all the Dutch settlements on the coast, and in 1664,Fort James was founded on an island about twenty miles up theGambia river, as a new centre for English trade and power. This, however, was only the beginning of a series of captures and recaptures. In the same year,de Ruyter won back all the Dutch forts except Cape Coast Castle and also took Cormantin. In 1667, theTreaty of Breda confirmed Cape Coast Castle to the English.[4][9]
Forts served as staging and trading stations, and the company was responsible for seizing any English ships that attempted to operate in violation of its monopoly (known as interlopers). In the "prize court", the King received half of the proceeds and the company half from the seizure of these interlopers.[10]
The company fell heavily into debt in 1667, during theSecond Anglo-Dutch War. For several years after that, the company maintained some desultory trade, including licensing single-trip private traders, but its biggest effort was the creation in 1668 of theGambia Adventurers.[11] This new company was separately subscribed and granted a ten-year licence for African trade north of theBight of Benin with effect from 1 January 1669.[12] At the end of 1678, the licence to the Gambia Adventurers expired and its Gambian trade was merged into the company.[13]
The African Company was ruined by its losses and surrendered its charter in 1672, to be followed by the still more ambitiousRoyal African Company of England. Its new charter was broader than the old one and included the right to set up forts and factories, maintain troops, and exercisemartial law in West Africa, in pursuit of trade in "gold, silver, negroes, slaves, goods, wares and merchandises whatsoever".[14][15] Until 1687, the company was very prosperous. It set up six forts on the Gold Coast, and another post atOuidah, farther east on the Slave Coast, which became its principal centre for trade. Cape Coast Castle was strengthened and rose to be second in importance only to the Dutch factory atElmina. Anglo-Dutch rivalry was, however, henceforward unimportant in the region and the Dutch were not strong enough to take aggressive measures here in theThird Anglo-Dutch War.[4]
In the 1680s, the company was transporting about 5,000 enslaved people a year to markets primarily in the Caribbean across the Atlantic. Many werebranded with the letters "DoY", for its Governor, theDuke of York, who succeeded his brother on the throne in 1685, becoming King James II. Other slaves were branded with the company's initials, RAC, on their chests.[16] Historian William Pettigrew has stated that this company "shipped more enslaved African women, men and children to the Americas than any other single institution during the entire period of the transatlantic slave trade", and that investors in the company were fully aware of its activities and intended to profit from this exploitation.[17][18]
Between 1672 and 1731, the Royal African Company transported 187,697 enslaved people on company-owned ships (653 voyages) to English colonies in the Americas. Of those transported, 38,497 enslaved people died en route.[19] The predecessor Company of Royal Adventurers (1662–1672) transported 26,925 enslaved people on company-owned ships (104 voyages), of whom 6,620 died during the passage.[19]
In 1689, the company acknowledged that it had lost its monopoly with the end of royal power in theGlorious Revolution, and it ceased issuingletters of marque.[20]Edward Colston transferred a large segment of his original shareholding toWilliam III at the beginning of 1689, securing the new regime's favour.[21][22] To maintain the company and its infrastructure and end its monopoly, parliament passed theTrade with Africa Act 1697 (9 Will. 3 c. 26).[23] Among other provisions, the Act opened the African trade to all English merchants who paid a ten per cent levy to the company on all goods exported from Africa.[24]
From 1694 to 1700, the company was a major participant in theKomenda Wars in the port cityKomenda in the Eguafo Kingdom in modern-dayGhana. The company allied with a merchant prince namedJohn Cabess and various neighbouring African kingdoms to depose the king of Eguafo and establish a permanent fort and factory in Komenda.[25] The English took two French forts and lost them again, after which the French destroyed Fort James. The place appears to have been soon regained and in theWar of Spanish Succession to have been twice retaken by the French. In thetreaty of Utrecht it remained English. The French wars caused considerable losses to the company.[4]
The company was unable to withstand competition on the terms imposed by the Act and in 1708 became insolvent, surviving until 1750 in a state of much reduced activity.[4] In 1709Charles Davenant publishedReflections upon the Constitution and Management of Trade to Africa, in which he "reverted to his normal attitude of suspicion and outright hostility towards the Dutch."[26] This pamphlet advocated renewing the Royal African Company's monopoly on slave trade on the basis that the Dutch competition "necessitated the maintenance of forts, which only a joint-stock company could afford."[26] CaptainJohn Massey was sent as engineer to the RAC fort atGambia River in the early 1720s; finding the fort ill-supplied and with his soldiers dying, he turned pirate alongsideGeorge Lowther.[27]
The company continued purchasing and transporting slaves until 1731, when it abandoned slaving in favour ofivory andgold dust.[28]
From 1668 to 1722, the Royal African Company provided gold to theEnglish Mint. Coins made with such gold are designed with an elephant below the bust of the king and/or queen. This gold also gave the coinage its name, theguinea.[29]
At its incorporation, the constitution of the company specified a Governor, Sub Governor, Deputy Governor and 24 Assistants.[30] The Assistants (also called Members of the Court of Assistants) can be considered equivalent to a modern-day board of directors.[31][32]
The Royal African Company was dissolved by theAfrican Company Act 1750, with its assets being transferred to theAfrican Company of Merchants. These principally consisted of nine trading posts on theGold Coast known asfactories:Fort Anomabo,Fort James,Fort Sekondi,Fort Winneba,Fort Apollonia,Fort Tantumquery,Fort Metal Cross,Fort Komenda andCape Coast Castle, the last of which was the administrative centre.[54]
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This article incorporates text from a publication now in thepublic domain: Anderson, Robert Edward (1891). "Hayes, Charles". InStephen, Leslie;Lee, Sidney (eds.).Dictionary of National Biography. Vol. 25. London: Smith, Elder & Co.
