Later in the year the three ships,
"Charles," "James" and "Mary," were sent to the Gold Coast at an
expense of about L5,000.[12] By September, 1662, L17,400 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 L800
had been promised by the king; L3,600 by the duke of York; L400 by the
queen Mother; L400 by the duchess of Orleans; L800 by Prince Rupert;
and L800 by the duke of Buckingham. Of the L17,400 subscribed all but
about L1,000 had been paid by October 20, 1662. From this investment
the company had received no returns except the L1,567.8s. 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 L17,000.[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 to carry 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