The monopoly of the Royal African Company was lifted on a short term basis of 13 years by Act of Parliament in 1698. The period of free trade was not intended to be a permanent solution to issues. The Company had suffered due to the Glorious Revolution and policing the monopoly had proven difficult.
Lifting of the Royal African Company monopoly came about for a number of reasons. As a Royal Company the RAC struggled as the Glorious Revolution took place. It had effectively been left leaderless. The company had been facing a number of merchants breaching the monopoly. It could be argued that free trade was a more logical and profitable method of maintaining a viable trade. The compromise of a spell of 13 years of free trade marked the beginning of the end for the Royal African Company. Other Slavers participated and they held enough sway to ensure that once the 1698 Act allowing a temporary free trade came to an end, the monopoly would not be allowed to be reimposed: it had proven very hard to police in any case.
The company’s monopoly power decreased in three stages. First, in
1688, James II’s flight deprived the company of its governor and its best
means of enforcing its monopoly. Second, in 1698, after public deliberations
throughout the 169Os, Parliament passed the Africa Trade Act, which
opened the slave trade to all English citizens for a period of thirteen years
on payment of a Io percent duty on imports and exports. Independent
slave traders became known as separate traders. Third, these separate
traders prevented the company from gaining parliamentary recognition
for its monopoly, and the 1698 act expired in 1712, opening up the slave
trade to all. In 1686, during James II’s reign, when the Royal African
Company’s monopoly came closest to being enforceable, English slavers
embarked on thirty-seven voyages. By 1730 the open trade in slaves
allowed slavers to conduct 120 voyages. During this period the company’s
market share fell from 86 percent to I percent.
William A. Pettigrew, Free to Enslave: Politics and the Escalation of Britain’s
Transatlantic Slave Trade, 1688-1714
The Royal African Company spent its latter years concentrating on a trade in gold dust and ivory. With no monopoly on Slave Trading, it had been overtaken by other merchants. Triangular trade boomed. By 1700 over 20000 Slaves were being transported by British ships each year, far more than the Royal African Company had transported. Britain was established as the main slave trading nation.
The British Empire – Making of the United Kingdom – Economic Consequences of the British Empire– How did the Empire affect Great Britain? – Society changes: Political Thought and the British Empire – Questions about the British Empire – British Empire Teaching Resources