ittee appointed to deliberate on this
subject; who agreed to certain resolutions, implying, that the trade to
Africa should be free and open; that the British forts and settlements
on that coast ought to be maintained, and put under proper direction;
and that in order to carry on the African trade in the most beneficial
manner to these kingdoms, all the British subjects trading to Africa
should be united in one open company, without any joint-stock, or power
to trade as a corporation. A bill was immediately founded on these
resolutions, which alarmed the company to such a degree, that they had
recourse to another petition, demonstrating their right to the coast of
Africa, and expressing their reliance on the justice of the house
that they should not be deprived of their property without an adequate
consideration. In a few days a second address was offered by their
creditors, complaining of the company's mismanagement, promising to
surrender their right, as the wisdom of parliament should prescribe;
praying that their debts might be inquired into; and that the equivalent
to be granted for the company's possessions might be secured and
applied, in the first place, for their benefit. The commons, in
consequence of this petition, ordered the company to produce a list
of their debts, together with a copy of their charter, and two
remonstrances which their creditors had presented to them before this
application to parliament. A committee of the whole house, having
deliberated on these papers and petitions, and heard the company by
their counsel, resolved to give them a reasonable compensation for their
charter, lands, forts, settlements, slaves, and effects, to be in the
first place applied towards the payment of their creditors. A bill being
formed accordingly, passed the commons, and was conveyed to the upper
house, where a great many objections were started; and for the present
it was dropped, until a more unexceptionable plan should be concerted.
In the meantime their lordships addressed his majesty, that the lords
commissioners for trade and plantations might be directed to prepare a
scheme on this subject, to be laid before both houses of parliament at
the beginning of next session; that instant orders should be given
for preserving and securing the forts and settlements on the coast of
Guinea belonging to Great Britain; and that proper persons should be
appointed to examine into the condition of those forts, as well as