ondon with the company, and
there seems little doubt but that its members consisted largely of
those stockholders of the Royal Adventurers who belonged primarily to
the merchant class.[64] It is extremely difficult to estimate the
success of the Gambia Adventurers, since their records, if any were
kept, have not been preserved. In all probability their trade was
largely confined to the important products of the Gambia region,
namely elephants' teeth, hides and wax, although several of their
ships are known to have gone to the West Indies with slaves.

Since many of the company's stockholders were interested in the Gambia
venture the company's business on the Gold Coast was greatly
neglected. During the year 1669 the company's trade became so
insignificant that, at the suggestion of the king, Secretary Arlington
asked the company if it intended to continue the African trade.[65] In
answer the company recounted the losses incurred in the Anglo-Dutch
war which, it declared, had made it necessary to grant licenses to
private traders in order to maintain the forts and factories in
Africa. It asked the king to assist the company by paying his
subscription, by helping to recover its debts in Barbados, and by
granting royal vessels for the protection of the African coast. With
such encouragement the company declared that it would endeavor to
raise a new stock to carry on the African trade.[66] Receiving no
answer to their appeal the members of the company considered various
expedients, one of which was to lease the right of trade on the Gold
Coast;[67] another was to endeavor to obtain new subscriptions to the
company's stock, which seemed impossible because of the fear that the
money would be used toward paying the company's debts, and not for the
purpose of trade.[68] In fact, it had been only too evident for
several years that no additions could be made to the present worthless
stock of the company. If the company desired to continue its
activities, it would be necessary to have an entirely new stock
unencumbered with the claims of old creditors. The main problem
confronting the company therefor e was to make an agreement with its
clamorous creditors.

On May 18, 1671, a general court of the adventurers approved of a
proposition to form a new joint stock under the old charter.[69] The
stock of the shareholders, which at this time amounted to L120,200,
was to be valued at ten per cent and so reduced to L12,020; this was
to