Royal African Company

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The Royal African Company was a slaving company set up by the Stuart family and London merchants once the former retook the English throne in the English Restoration of 1660. It was led by James, Duke of York, Charles II's brother.

Originally known as the Company of Royal Adventurers Trading to Africa, it was granted James II. Other slaves were branded with the company's initials, RAC, on their chests.^[1]

Between 1672 and 1689 it transported around 90,000–100,000 slaves. Its profits made a major contribution to the increase in the financial power of those who controlled London.

In 1698, it lost its monopoly. This was advantageous for merchants in Bristol, even if, like the Bristolian Edward Colston, they had already been involved in the Company. The number of slaves transported on English ships then increased dramatically.

The company continued slaving until 1731, when it abandoned slaving in favour of trafficking in ivory and gold dust. Charles Hayes (1678-1760), mathematician and chronologist was sub-governor of Royal African Company till 1752 when it was dissolved. Its successor was the African Company.

The Royal African Company's logo depicted an elephant and castle.

From 1668 to 1722 the Royal African Company provided gold to the English Mint. Coins made with this gold bear an elephant below the bust of the king and/or queen. This gold also gave the coinage its name—the guinea.

[edit] Prominent shareholders

• John Locke^{[citation needed]}

[edit] Notes

1. ^ Micklethwait, John, and Adrian Wooldridge. The Company: A Short History of a Revolutionary Idea. New York: Modern Library, 2003. ISBN 0-679-64249-8.