introducing the heyday of the slave trade, and the
English were preparing for their final ascendency therein.

In West African waters in that century no international law prevailed but
that of might. Hence the impulse of any new country to enter the Guinea
trade led to the project of a chartered monopoly company; for without
the resources of share capital sufficient strength could not be had, and
without the monopoly privilege the necessary shares could not be sold. The
first English company of moment, chartered in 1618, confined its trade to
gold and other produce. Richard Jobson while in its service on the Gambia
was offered some slaves by a native trader. "I made answer," Jobson
relates, "we were a people who did not deal in any such commodities;
neither did we buy or sell one another, or any that had our own shapes; at
which he seemed to marvel much, and told us it was the only merchandize
they carried down, and that they were sold to white men, who earnestly
desired them. We answered, they were another kind of people, different from
us; but for our part, if they had no other commodities, we would return
again."[3] This company speedily ending its life, was followed by another
in 1631 with a similarly short career; and in 1651 the African privilege
was granted for a time to the East India Company.

[Footnote 3: Richard Jobson, _The Golden Trade_ (London 1623,), pp. 29, 87,
quoted in James Bandinel, _Some Account of the Trade in Slaves from Africa_
(London, 1842), p. 43.]

Under Charles II activities were resumed vigorously by a company chartered
in 1662; but this promptly fell into such conflict with the Dutch that its
capital of L122,000 vanished. In a drastic reorganization its affairs were
taken over by a new corporation, the Royal African Company, chartered in
1672 with the Duke of York at its head and vested in its turn with monopoly
rights under the English flag from Sallee on the Moroccan coast to the Cape
of Good Hope.[4] For two decades this company prospered greatly, selling
some two thousand slaves a year in Jamaica alone, and paying large cash
dividends on its L100,000 capital and then a stock dividend of 300
per cent. But now came reverses through European war and through the
competition of English and Yankee private traders who shipped slaves
legitimately from Madagascar and illicitly from Guinea. Now came also a
clamor from the colonies, where the company was never popular, and from
England also wher