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Gold, Assortments and the Trade Ounce: Fante Merchants and the Problem of Supply and Demand in the 1770s

Published online by Cambridge University Press:  22 January 2009

George Metcalf
Affiliation:
University of Western Ontario

Extract

Between 1772 and 1780 Richard Miles, a servant of the Company of Merchants, kept detailed records of some 1,308 barters for slaves he made on the Gold Coast, along with a much smaller number of barters for gold and ivory. The lists provide indirect information about the Fante brokers with whom he dealt, and how they conducted their trade. The names that appear show that the Fante dealers at the waterside were numbered in the hundreds, and indicate that many of them operated on a small scale or sold slaves to supplement other forms of income. The fact that many of the élite, though friendly to Miles, preferred not to deal with him indicates a fear amongst them of becoming over-dependent on the Company of Merchants.

The lists, with their daily records of prices and price changes in trade ounces in all of the goods in Miles's assortments, illustrate how the Fante dealt with rapid changes in supply and demand by price alterations, by manipulating the content of assortments and by changing the value of the ounce of trade as against the ounce of gold.

Type
Research Article
Copyright
Copyright © Cambridge University Press 1987

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References

1 The best account of the Company of Merchants is still to be found in Martin, E. C., The British West African Settlements, 1750–1821(London, 1927).Google Scholar

2 The barters are all located in the Public Record Office, London, T70/1264 and 1265.Google Scholar

3 Miles usually totalled several items together in his barter lists, but it is possible to ascertain the value of each item individually through cross-referencing.Google Scholar

4 T70/1491, ‘List of Black's Debts due R. Miles, ultimo 1779’.Google Scholar

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18 Quoted in Williams, Eric, Capitalism and Slavery (London, 1964), 37.Google Scholar It is of course likely that Miles and the other fort chiefs dealt with small traders more often than did ships' captains. As has been noted in the text, major African political figures preferred to deal directly with the shipping for political reasons. In addition, small traders who could not afford the cost either in security or subsistence of keeping slaves about for even a short period of time would naturally sell to the fort chief (who was always there) when no shipping was immediately available. Nevertheless Miles's lists clearly indicate the existence of a great number of small and part-time traders amongst the Fante, even if they exaggerate in overall terms the percentage of slaves sold by such individuals to the Europeans.

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37 T70/1483, Miles to Francis Ingram, 22 Feb. 1779.Google Scholar

38 T70/1265, after his final barter of 1778.Google Scholar

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