ments ending September 25, 1672. As a matter of fact the
subscription reached the sum of L110,100. It was also provided that
every new subscriber should have one vote in the general court for
each one hundred pound share, but that no one should be an officer of
the company, unless he had subscribed for four hundred pounds in
shares. The subgovernor and the deputy governor were to be aided by a
court of assistants, reduced to twenty-four in number, and by a select
committee of five instead of the committee of seven as formerly. On
January 10, 1672, there was held a general court of the new
subscribers, at which the duke of York was elected governor; Lord
Ashley, subgovernor; and John Buckworth, deputy governor.[76] The duke
of York and Lord Ashley were well known for their interest in colonial
affairs. According to the terms of the subscription the deputy
governor was to be a merchant and a member of the committee of five,
which provision indicated plainly that the company expected Buckworth
to manage its business affairs.

Although the new subscription had been made to replace the stock of
the old adventurers, there is little evidence that it was regarded as
necessary to obtain a new charter. Since the creditors still refused
to be satisfied with the concession of forty per cent on their debts,
however, the new subscribers hesitated to pay their money which might
be used to pay off the old debts.[77] It therefore became necessary to
carry out the previous threat against the creditors to induce the king
to grant a new charter to the present subscribers, which was done
September 27, 1672.[78] This action finally convinced the creditors
that they could obtain no better terms than had been offered, and
therefore they agreed to accept them and also to surrender all their
rights to the patentees of the new charter which was being issued.
That the attitude of the creditors was not the only moving force
toward a new charter is probable, because the old charter was not
adequate to meet the needs of the Royal African Company which was to
follow.

FOOTNOTES:

[1] At one time Prince Rupert had been governor of the African company
founded in 1631. Jenkinson, Hilary, "The Records of the English
African Companies." _Transactions of the Royal Historical Society_,
Third Series, VI, 195.

[2] Pepys, Diary (_The Diary of Samuel Pepys_, edited by Henry B.
Wheatley), I, 253.

[3] That some expense attached to the procuring of such