I chose this event because many important factors contributed to the loss of the Royal African Company’s monopoly in 1689.
The Royal African Trade Company loses its slave trade monopoly, spurring colonists in New England to engage in slave trading for profit. In April, the Navigation Act of 1696 is passed by the English Parliament requiring colonial trade to be done exclusively via English built ships. The Act also expands the powers of colonial custom commissioners, including rights of forcible entry, and requires the posting of bonds on certain goods. The Royal African Company was a mercantile company set up by the Stuart family and London merchants to trade along the west coast of Africa. It was led by James, Duke of York, Charles II's brother. Its original purpose was to exploit the gold fields up the Gambia River identified by Prince Rupert during the Interregnum, and it was set up once Charles II gained the English throne in the English Restoration of 1660. However, it was soon engaged in the slave trade as well as with other commodities.
Originally known as the Company of Royal Adventurers Trading to Africa, it was granted a monopoly over English trade with West Africa, by its charter issued in 1660. With the help of the army and navy it established forts on the West African coast that served as staging and trading stations, and it was responsible for seizing any English ships that attempted to operate in violation of their monopoly. In the prize court the King received half of the proceeds and the company half.
The company fell heavily into debt in 1667 during the war with the Netherlands – the very war it started by having company Admiral Robert Holmes attack the Dutch African trade posts in 1664 – as it had lost most of its forts on the African coast except Cape Corse.For the next several years the company maintained some desultory trade, including licensing single trip private traders, but their biggest effort was the creation in 1668, to start 1 January 1669, of the Gambia Adventurers which was separately subscribed and granted a ten year license for African trade north of the Bight of Benin.In 1672, the company re-emerged, re-structured and with a new Royal Charter, as the new Royal African Company. Its new charter was broader than the old one and included the right to set up forts, factories, maintain troops and to exercise martial law in West Africa, in pursuit of trade in gold, silver and slaves. At the end of 1678, the license to the Gambia Adventurers expired and Gambian trade was merged into the company.
In the 1680s it was transporting about 5,000 slaves per year. Many were branded with the letters 'DY', after its chief, the Duke of York, who succeeded his brother on the throne in 1685, becoming James II. Other slaves were branded with the company's initials, RAC, on their chests.
Between 1672 and 1689 it transported around 90,000-100,000 slaves. Its profits made a major contribution to the increase in the financial power of those who controlled London.
Originally known as the Company of Royal Adventurers Trading to Africa, it was granted a monopoly over English trade with West Africa, by its charter issued in 1660. With the help of the army and navy it established forts on the West African coast that served as staging and trading stations, and it was responsible for seizing any English ships that attempted to operate in violation of their monopoly. In the prize court the King received half of the proceeds and the company half.
The company fell heavily into debt in 1667 during the war with the Netherlands – the very war it started by having company Admiral Robert Holmes attack the Dutch African trade posts in 1664 – as it had lost most of its forts on the African coast except Cape Corse.For the next several years the company maintained some desultory trade, including licensing single trip private traders, but their biggest effort was the creation in 1668, to start 1 January 1669, of the Gambia Adventurers which was separately subscribed and granted a ten year license for African trade north of the Bight of Benin.In 1672, the company re-emerged, re-structured and with a new Royal Charter, as the new Royal African Company. Its new charter was broader than the old one and included the right to set up forts, factories, maintain troops and to exercise martial law in West Africa, in pursuit of trade in gold, silver and slaves. At the end of 1678, the license to the Gambia Adventurers expired and Gambian trade was merged into the company.
In the 1680s it was transporting about 5,000 slaves per year. Many were branded with the letters 'DY', after its chief, the Duke of York, who succeeded his brother on the throne in 1685, becoming James II. Other slaves were branded with the company's initials, RAC, on their chests.
Between 1672 and 1689 it transported around 90,000-100,000 slaves. Its profits made a major contribution to the increase in the financial power of those who controlled London.