EUROPE IN WEST AFRICA 331 trusted the planters to the value of 100,000 and upward till they could conveniently pay the same."

Besides this three-cornered trade of goods to Africa and slaves to America, the company also brought home " ivory, red-wood, and gold dust in such quantity that it frequently coined 40,000 to 50,000 guineas at a time, with the elephant on them for a mark of distinction."

In fine, its trade not only produced a dividend, but also ''gave many other public and national advantages to the whole kingdom, and the British plantations in general." This flourishing state of things of course attracted ** interlopers," who, without regard for the company's charter, carried on trade. The usual course followed.

Protests were made on the one side against interference, on the other side against privilege. Every opportunity was taken by outsiders to find fault with the company, and by the company to prove that, in the best interests of the public, they should be allowed to keep their monopoly. Finally, public opinion proved too strong, and that happened which must always happen to the best of chartered companies, when the field which it exploits is widely profitable. The general trading community insisted upon having its share, and in 1697 permission was granted to the * interlopers " by vote of Parliament to trade to the West Coast, on payment of a percentage to the Royal African Company for the maintenance of its forts and castles for defensive purposes. One of the principal arguments used in support of the adoption of this policy was that the plantations would be supplied with slaves in greater numbers and at cheaper rates than could be expected from the company alone.

Many traders profited by this permission. The result, according to a somewhat rueful report of the company, was that the natives advanced the price of slaves and beat down the price of English manufactures, while the American planters, having to pay a higher price for