The Royal African Company (RAC) was an English mercantile (trading) company set up in 1660 by the royal Stuart family and City of London merchants to trade along the west coast of Africa. It was led by the Duke of York, who was the brother of King Charles II and in 1685, York took the throne as James II. It was established after Charles II gained the English throne in the Restoration of 1660. While its original purpose was to exploit the gold fields up the Gambia River, which were identified by Prince Rupert during the Interregnum, it soon developed and led a brutal and sustained slave trade. It also extracted other commodities, mainly from the Gold Coast. After becoming insolvent in 1708, it survived in a state of much reduced activity until 1752 when its assets were transferred to the new African Company of Merchants, which lasted until 1821. History Background In the 17th century the settlements on the west coast of Africa, though they had an important trade of their own in gold and ivory, existed chiefly for the supply of slaves to the West Indies and America. On the west coast the Europeans lived in fortified factories (trading posts) but had no sovereignty over the land or its natives. The coastal tribes acted as intermediaries between them and the slave-hunters of the interior. There was little incentive for European men to explore up the rivers, and few of them did so. The atmosphere might have been one of quiet routine had there not been acute rivalries between the European powers; especially the Dutch, who made use of native allies against their rivals. Before the Restoration, the Dutch had been the main suppliers of slaves to the English West Indian plantations, but it was part of the policy of the English Navigation Acts to oust them from this lucrative trade. Foundation and early years Originally known as the Company of Royal Adventurers Trading into Africa, by its charter issued in 1660 it was granted a monopoly over English trade along the west coast of Africa, with the principal objective being the search for gold. In 1663, a new charter was obtained which also mentioned the trade in slaves. This was the third English African Company, but it made a fresh start in the slave trade and there was only one factory of importance for it to take over