Guinea Company (London)

The Company of Adventurers of London trading in Gynney and Bynney (English for: Society London prospectors who trade in Guinea and Benin) was an English trading company based in London, founded in 1618, and at the same time with royal monopoly patents for the English trading has been fitted in West Africa. The company existed from 1618 until the end of 1631.

Initial situation

An English trade in West Africa existed from the Tudor period, that is, strictly speaking, since the mid-16th century, however, mainly confined to the Rotholzhandel on the coast of Sierra Leone and the area around the mouth of the Gambia. With the establishment of the above society, it was hoped, to better protect the existing timber trade against the Portuguese and French competition and in addition also to be able to get access to trading with gold, which could be incorporated trades on the Gambia estuary in, although small amounts.

Founded in 1618

The company had at the time of its founding 34 members, their first governor was Sir William St. John. First one still began in 1618 with the establishment of a permanent trading post on the Gambia estuary, others followed a short time later around on the coast around the Cape Sierra Leona.

Crisis in 1625

In 1625 you got but in a bad liquidity crisis, which seriously endangered the further continuation of the Company. The reasons for this can be summarized in the following four points:

Downward trend 1625-1628

Of the original 34 founding members were active in 1627 only four to society. Many had died, such as John Davies in 1626, or had retired from the Company, to prefer to trade on their own account.

One of the founding members who went over to the private trade without license from the Company, was the old veteran Guinea Humphrey Slaney, who was particularly focused on the Rotholzhandel from the Sherbro district of Sierra Leone. Here he had three young " trainees " at his side: William Clobery, John Wood and Nicholas Crispe. After the imprisonment of William St. John in 1625 but they were taken along with some other young offspring of wealthy families as members of the Company. Among those who came to 1628 to an influential position in the period 1625 to the Company, the brothers Nicholas and Samuel Crispe, William Clobery, as well as some members of the families Chamberlain and Digby were, inter alia, Humphrey Slaney as a veteran, . However, it remained to continue in the dual role of most holders of participation in West Africa business, in addition to trading on behalf of the Company was also an extensive trade in his own name and for its own account instead.

Only Nicholas Crispe finished in 1627 his private activities and acted from now on only on behalf of the Company, which meant a certain break with his previous colleagues Slaney, Clobery and Wood. In 1628 Nicholas Crispe increased its commitment to the Company and even acquired a considerable amount of Company shares, making him the owner of the largest share of volume in the company, which put him in a dominant position. He also paid an additional £ 1,600 into a special fund for the factories in the Sherbro area a, which can be interpreted as a buy-out of these factories by Nicholas Crispe in practice, although probably other members of the Crispe family were involved.

Then Edward Falconer was sent to the Sherbro area to take these newly acquired factories as administrator on behalf of Nicholas Crispe in possession. It was obvious that it had to come automatically to collide with Slaney and Clobery which operated here their business with the Redwood even or especially after 1625 on a private basis. Perhaps there was a conflict between Crispe and Slaney / Clobery in consultation with the crown of an extrajudicial agreement, because there have been 1627 for Slaney, Clobery Wood and drawn by the British government issued letters of marque. For the intended hackney two ships were fitted, which left the port of London to West Africa in December 1627.

Disaster 1628-1631

From 1628 to Nicholas Crispe stood in the position of Deputy Governor without doubt in the top management of the Company and resulted, inter alia, also in the courts Company 's own often the chair. Nevertheless, the company seemed doomed when in 1628 one of the worst debt crisis had arisen. Prior to 15 members had (including Kenelm Digby, who later became Deputy Governor ), withdrew their consent to a new company in the Gambia, which they had previously given again. However, significant investment in the Gambia project at this stage were already flowed. Triggered by this retreat confidence also declined with the other partners in the operations of the Company through the floor, which meant that the company was no longer in a position to organize a business venture in West Africa with the shareholder capital of its members.

In addition, it came after England's intervention in the Thirty Years' War to numerous enemy looting, which additionally aggravated the crisis. Thus, for example, applied in 1629 in the area around the mouth of the Senegal mainly laden with slaves Company ship " Benediction " by French Kaperkapitänen and confiscated what the company alone brought a loss of £ 20,000.

In general, it seemed 1629/1630 that the company was no longer able to compete in West Africa with the Dutch, French and Portuguese.

Extended top measures to prevent the smuggling trade, however, seemed after a while to have borne fruit, as Slaney and Clobery directed in 1630 a pathetic petition to the English Council of State, in which they claimed that they stood facing ruin because Crispe who claimed on behalf of the Company to act, have torn the entire Rotholzhandel itself. They protested that they had already invested over £ 20,000 in these Rotholzhandel, and you referred to the fact that you did it once permitted them to enter into agreements with the Company, entitling them to exercise of trade on a private basis. They have had success with this petition not, the State Council issued Crispe law.

In 1631, the crisis in society was more serious and harmful to living than they had ever been there. Creditors pressured and finally went to court and the Court of Wards and Liveries ordered that the company had to pay their debts. This prompted a joint meeting of Sir Richard Young, the Governor, Nicholas Crispe, the Deputy Governor, and Philip Digby with the creditors, which was inconclusive, however. On the part of the Company was one of the objectors 1628 the blame for the disastrous financial situation and called on it to pay the debt incurred by their refusal.

New trade priorities

But it also demonstrated in the middle of the deepest crisis a light on the horizon and that was the gleam of the gold of the Gold Coast. The Portuguese, who had controlled the gold trade on the Gold Coast for 150 years, had its West Africa trade increasingly neglected and the Dutch were just in the early stages to make the Portuguese trading venues in dispute. This resulted also in the eyes of Englishmen some chance of success, which were concerned commercial enterprises on the Guinea coast. After all, was an economic success possible Guinea expeditions are additionally secured because you when little or no gold was to get for some reason, still was able to take slaves on the western coast of Guinea as well as sugar in Sao Tome. Neither the Portuguese nor the Dutch were politically and militarily strong enough to prevent a relevant English trade in West Africa at this time. And, of course, was the way to bring her own diverse wood from Sierra Leone or elsewhere.

The key information here about Crispe received by a Dutchman named Arent de Groot, the (WIC ) had been working on the Gold Coast formerly for the Dutch West India Company and now with the WIC was in dispute. He knew well the gold trade on the Gold Coast and Crispe told them when he accidentally made ​​his acquaintance. Crispe has, it seems, a short time later invited de Groot to England and offered him the lead of an English company on the Gold Coast. De Groot, who it was already eager to return to the Gold Coast and to vote there at certain former colleagues revenge, said to be delighted. Both sides agreed on that now, in 1631, the time had come to act. However, the planned entry into the gold business required a very large amount of money, which could be realized with the Company in its present state in any way. To this end, had to take place either an entirely new structuring of the Company or, if this was not possible, a new company to be founded.

End and a new beginning

The initially vague hopes seemed to fulfill, as many of the richer merchants in London by extended top idea could inspire the gold business in terms of entry and expressed their willingness to want to get involved in such a society.

The concern also King Charles I of England was presented, which positively faced the thing and could be persuaded to 1618, to collect the royal patents again and issue new ones. Previously, a new company was set up in November 1631 under the direction of Nicholas Crispe: the Company of Merchants Trading to Guinea. The Company of Adventurers of London trading in Gynney and Bynney ceased to exist with it.