Trade with Africa Act 1697
The Trade with Africa Act 1697, also known as An Act to settle the Trade to Africa was a law passed by the Parliament of England to officially revoke the monopoly enjoyed by the Royal African Company in the African slave trade. Instead the act introduced taxation on those involved in the "triangular trade" whereby merchants would be liable to pay ten per cent tax for the maintenance of the forts and castles between Cape Mount and the Cape of Good Hope which belonged to the company. The new regulations came into effect on 24  June 1698. Text. The act begins with the following: Effects. Among other provisions, the Act opened the African trade to all English merchants who paid a ten per cent levy to the Royal African Company on all goods exported from Africa. The Company was unable to withstand competition on the terms imposed by the Act and in 1708 became insolvent, surviving until 1750 in a state of much reduced activity.