702 A. D. 1698. 



The Dutch Eaft-Tndia company's charter of privileges was this year 

 renewed by the flates-general for 40 years ; which gave that company 

 great encouragement and weight for carrying on their commerce to 

 India. 



The Enghfh feparate traders to Guinea and other parts of the weft 

 coaft of Africa, called interlopers by the royal African company, having 

 a great advantage over that company by being at no part of the ex- 

 penfe efforts, governors, fadors, and other fervants, on that coaft, had 

 by this time fo far fupplanted them in the negro trade, that they were 

 rendered unable any longer to fupport their forts, &c. without the aid 

 of the legiflature. An a6l of parliament was therefor pafTed in their 

 behalf; the preamble whereof fets forth, that as thofe forts and caftles, 

 which are undoubtedly neceflary for the prote6hon of that trade, have 

 hitherto been maintained at the fole expenfe of the company, it is moft 

 reafonable, that all who trade to that coaft Ihould contribute to the 

 fupport of them: wherefor, it was enadled, that, for enabling the com- 

 pany to fupport and maintain the faid forts and fadlories, all the king's 

 fubjeds, as well of England, as America, trading to the coaft of Africa 

 between Cape Mount and the Cape of Good Hope, as well as the faid 

 company, ftiould pay 10 per cent ad valorem for all the goods and mer- 

 chandize, which they fliould export to that coaft, either from England or 

 from America. They fliould pay alike 10 per cent outward, and alfo 

 10 per cent homeward, on all goods fliipped from or to England or 

 Americft, to and from any part of that coaft between Cape Blanco and 

 Cape Mount, (but redwood ftiould only pay 5 per cent) negroes except- 

 ed. Gold and filver brought from any part of that coaft ftiould pay no 

 duty at all, but might be freely landed without entry. And feparate traders 

 (now no longer to be called interlopers) ftiould enjoy equal protedion 

 and afliftance at thofe forts with the company's own ftiips and people ; 

 and they might even, at their own coft, fettle factories and do all other 

 matters there which the company might do. [g, 10 Gul. Ill, c. 26.] 



Thus a trade, wdiich had befoi-e been virtually open, was now made 

 legally fo ; and, at that time, in every one's judgement, much to the be- 

 nefit of the nation, more efpeci ally with relation to the commerce to 

 our fugar colonies : for it was confefled by all, that the feparate traders 

 had confiderably reduced the price of negroes to our fugaj-planters ; 

 and, confequently, had fo far the better enabled them to underfell 

 our rivals. Yet we Ihall hereafter fee, that the provifton made by this 

 law, which was to endure for thirteen years, could not effedually fup- 

 port the royal African company, w^lio had the management of this 

 duty, which, in the end, was abfolutely reduced to nothmg. 



In the meantime, the company proceeded to trade on their own bot- 

 tom, by borrowing money by their fealed bonds ; and made calls on 

 their members to the amount of Li 80,000 by way of additional ftock, 



