African Company of Merchants

The company was established by the African Company Act 1750 (24 Geo. 2. c. 49), and in 1752 replaced the Royal African Company which had been established in 1660. Unlike its predecessor, the African Company of Merchants was a regulated company, not a joint stock company: Clause IV of the African Company Act 1750 stated: The assets of the Royal African Company were transferred to the new company and consisted primarily of nine trading posts or factories: Fort William, Fort James, Fort Sekondi, Fort Winneba, Fort Apollonia, Fort Tantumquery, Fort Metal Cross, Fort Komenda and Cape Coast Castle, the last of which was the administrative centre. This coastal area was dominated by the indigenous Fante people. ==African Committee==

s at the Gold Coast, 1800 The company was managed by the African Committee, which was composed of nine committee members, three each from London, Liverpool and Bristol. The constitution stipulated that the committee should be elected annually from the general body of traders from these cities, who paid 40 shillings to be admitted to the company. According to the constitution, these committee members could only hold the post for three years. However, in 1772 a series of pamphlets were published claiming that the Committee members were not acting properly. The company was funded by an annual grant approved by Parliament, which covered the costs of the London office and the forts. The committee had to report to the Exchequer, the Admiralty and, from 1782, the Secretary at War. ==See also==