form the first item in the new stock. In regard to the company's
debts, which amounted to about L57,000, rather severe measures were
attempted. Two-thirds of the debts, or L38,000, was, as in the case of
the stock, reduced to one-tenth, or L3,800, which was to form the
second item in the new stock. The other one-third of the debts, or
L19,000, was to be paid to the creditors in full out of the money
subscribed by the new shareholders.[70] Adding the cash payment of
L19,000 and estimating at par the L3,800 which they were to have in
the new stock, the creditors were to receive a little less than
thirty-five per cent, of their debts. If they did not accept this
arrangement it was proposed to turn over the company's effects to
them, and to secure an entirely new charter from the king. As
anticipated the plan was unsatisfactory to many of the creditors,
because the company proposed to pay the L19,000 in six monthly
installments after the subscription for the new joint stock was
begun.[71] On October 28, 1671, the preamble and articles under which
the new subscription was to be made were approved by the general
court, and notice was given to the refractory creditors that they must
accept the arrangement within ten days or the king would revoke the
company's patent.[72] Although the trouble with the creditors had not
been adjusted, subscriptions on the new stock began November 10, 1671.
A few weeks later there was held a general court of the new
subscribers, at which Sir Richard Ford, one of the most important
members of the company and also of the new subscribers, declared that
"they should not differ for small matters."[73] Thereupon it was
resolved to grant the creditors forty per cent on their debts and the
shareholders, as in the previous plan, ten per cent, on their
stock.[74] This made a total payment of L34,000 divided as follows:
L22,800, forty per cent of the company's debts, which amounted to
L57,000; and L11,200, ten per cent of the paid subscriptions, which
amounted to about L112,000.[75] In lieu of this payment the
stockholders were to cede to the new subscribers the forts and other
property in Africa and all the payments due from the Gambia
Adventurers during the four remaining years of their contract.

As has been said the articles of subscription were adopted October 28,
1671. They provided for a stock of L100,000 under the old charter,
which should be paid to the treasurer of the company in ten monthly
pay