al others accepted stock of the
company in lieu of the bonds which they held.[54] In view of this fact
it was decided, January 20, 1668, to resume the policy of granting
licenses.[55]

In comparison with the trade conducted by the private adventurers that
of the company became quite insignificant. Since the company had much
difficulty in supporting its agents on the African coast it ordered,
August 28, 1668, that in the future those who received licenses should
agree to carry one-tenth of their cargo for the company's account.[56]
It was difficult for the company to raise the small sum of money
necessary to buy this quota of goods. No one was willing to invest
money in the stock of a bankrupt company, and certainly few were
desirous of making loans to it when there seemed practically no chance
of repayment. In the latter part of 1668 and in the year 1669, several
attempts were made to collect the early subscriptions which remained
unpaid.[57] This effort was attended with very little success, because
the company had ceased to be of importance.[58]

One of the reasons why the company's business was practically
neglected during these last years was because many of its members
began to trade to Africa as private individuals. A number of men even
went so far as to project an organization entirely separate from the
company. Finally, in 1667, several members offered to raise a stock of
L15,000 to carry on trade to the region of the Gambia River.[59] This
proposal was debated by the general court and finally referred to a
committee with the stipulation that if adopted the company should be
concerned in the stock of the new organization to the extent of
L3,000.[60] This arrangement could not be consummated in 1667,[61] but
on November 27, 1668, a similar proposition was adopted.[62]

An organization to be known as the Gambia Adventurers was to have the
sole trade to northern Africa for a period of seven years, beginning
with January 1, 1669. For this privilege they were to pay the Company
of Royal Adventurers L1,000 annually, and to be responsible for the
expense of the forts and settlements in that region. These places were
to be kept in good repair by the Gambia Adventurers, who were to
receive compensation from the Royal Company for any settlements.[63] A
suggestion for carrying on the trade to the Gold Coast in a similar
way received no attention from the general court. The Gambia
Adventurers occupied the same house in L