Article contents
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
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
- Information
- Copyright
- Copyright © Cambridge University Press 1987
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
5 The whole complicated history of this dispute between Akron and Mumford, which was ultimately carried to London and The Hague, can be found in PRO., B.T. 6/1 and 2.Google Scholar
6 All otherwise unacknowledge direct quotations are from T70/1264 and 1265.Google Scholar
7 Botwe is frequently mentioned in Miles's dispatches to the African Committee found in T70/32. For John Kwamino see Parliamentary Papers, House of Commons Accounts and Papers, 1789, ‘Minutes of the Evidence’, vol. 83, 169–70, testimony of J. B. Weuves.Google Scholar
8 For Kwadwo, see Priestley, M., West African Trade and Coast Society (London, 1969), 1–16;Google ScholarBrown, E. J. P., Gold Coast and Asante Reader, 2 vols. (London, 1929), 11, 122–3.Google Scholar
9 Library of the United Africa Company, London. ‘Commenda Letter Book’, Miles to Stewart Beard, 28 July 1777, Beard to Miles, 31 July 1777.Google Scholar
10 T70/32 Miles to African Committee, 22 Jan. 1780.Google Scholar
11 T70/32, Roberts and Council to African Committee, 8 Oct. 1780.Google Scholar
12 See Metcalfe, G. E., McLean of the Gold Coast (London, 1962).Google Scholar
13 T70/1264, Barter with ‘Old Peter Quow’, 25 Jan. 1776.Google Scholar
14 T70/1491, ‘List of Blacks' Debts, Pawns and House Slaves’.Google Scholar
15 This characterization goes back to Barbot and Dupuis. See Benezet, A., Some Historical Account of Guinea (first published 1788, reprinted London, Frank Cass, 1968), 89Google Scholar (quoting Barbot); Dupuis, J., Journal of a Residence in Ashantee (first published London, 1824, reprinted Frank Cass, 1966), 167.CrossRefGoogle Scholar Most modern historians have followed it. The point was disputed by the late Kwame Daaku in so far as trade in general was concerned, but even Daaku thought the slave trade was probably a preserve of the élites. See Daaku, , ‘Trade and trading patterns of the Akan in the seventeenth and eighteenth centuries’ in Meillassoux, Claude, ed., The Development of Indigenous Trade and Markets in West Africa (Oxford, 1971), 170–1.Google Scholar
16 Daaku, op cit., p. 179.Google Scholar
17 T70/1265, barter on 16 Aug. 1777.Google Scholar
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.
19 Donnan, E, Documents Illustrative of the History of the Slave Trade to America, 11, 362. This was in 1753.Google Scholar
20 Polanyi, K., ‘Sortings and the Ounce Trade’, J. Afr. Hist., V (1964), 381–93CrossRefGoogle Scholar, and Dahomey and the Slave Trade (Washington, 1968).Google Scholar
21 Polyani, Dahomey, 140–1.Google Scholar
22 Good summaries of the ‘substantive’ interpretation controversy can be found in Hopkins, A.G, An Economic History of West Africa (London, 1973), 51–2Google Scholar, and in Reynolds, E, Trade and Economic Change on the Gold Coast 1807–1814 (London, 1974), 33–6.Google Scholar
23 See Peukert, Werner, Der Atlantische Sklavenhandel von Dahomey 1750–1797 (Wiesbaden, 1978)Google Scholar, and Manning, Patrick, Slavery, , Colonialism and Economic Growth in Dahomey, 1640–1960 (Cambridge, 1982).CrossRefGoogle Scholar
24 Johnson, Marion, ‘The ounce in eighteenth-century West African Trade’, J. Afr. Hist., vii (1966), 197–214.CrossRefGoogle Scholar
25 Ibid., 202–3.
26 T70/1482, Miles to John Bourke, 31 Jan. 1773.Google Scholar
27 Rodney, W, ‘Gold and slaves on the Gold Coast’, Trans. Hist. Soc. Ghana, X (1969) 23–4.Google Scholar
28 La Torre, Joseph Raymund, ‘Wealth surpasses everything: an economic history of Asante, 1750–1874’ (Ph.D. thesis, University of California, Berkeley, 1978), 180, 197–200, 435, 443–4.Google Scholar
29 Ibid., 422–3.
30 T70/1531, G. Petrie to Miles, 5 Nov. 1770.Google Scholar
31 Anonymous, A treatise upon the trade of Great Britain to Africa (London, 1772), 36.Google Scholar
32 First noted in barter on 18 March 1774, in T70/1264 (slave nos. 596–8).Google Scholar
33 First noted in barter with ‘Addadie’, 23 March 1774, in T70/1264 (slave no. 607).Google Scholar
34 Donnan, Documents, 11, 572.Google Scholar
35 All the Tantumkweri barters are in T7/1264. Purchases made with gold are listed in the margins.Google Scholar
36 See T70/1264, barters of 15 July 1775 (slave no. 89); 21 November 1775 (slave no. 334); 17 Jan. 1776 (slave nos. 436–7); 20 Jan. 1776 (slave no. 440); 23 Jan. 1776 (slave no. 443); 22 Feb.. 1776 (slave nos. 483–7); 26 Feb 1776 (slave nos. 489–92); 10 April 1776 (slave nos. 546–8).Google Scholar
37 T70/1483, Miles to Francis Ingram, 22 Feb. 1779.Google Scholar
38 T70/1265, after his final barter of 1778.Google Scholar
39 There are many references in the Miles papers to this practice. It is well illustrated by comparing the barter of 2 Oct. 1777 (slave no. 298), where Miles himself broke trade, with that of 18 Nov. 1777 (slave no. 300), where Capt. Muir had earlier broken trade, in T70/1265.Google Scholar
40 See T70/ 1265: barters of 3 July 1777 (slave no. 257); 16 Aug. 1777 (slave nos 276–7); 21 March 1778 (slave no. 331). For bejatepauts and neganpauts see T70/1483, Miles to Norris, 16 Jan. 1779.Google Scholar
41 T70/1483, Miles to Norris, 16 Jan. 1779.Google Scholar
42 T70/1265, barter for slaves and gold with ‘Aggumaucon’, 15 Oct. 1778.Google Scholar
43 T70/1265, barter 25 May 1777, with John Kwamino (slave no. 230).Google Scholar
44 See T70/1265, barter 25 May 1777 (slave nos. 225–6).Google Scholar
45 T70/1265, barters 5 Aug. 1777 (slave nos. 276 and 277), and 16 March 1778 (slave nos.330).Google Scholar
46 Johnson, op cit., p. 202.Google Scholar
47 Dickson, Kwamina, A Historical Geography of Ghana (Cambridge, 1969), 42.Google Scholar
48 See Chukwukere, I., ‘The Akan theory of conception — are the Fante really aberrant?’, Africa, XLVIII (1978), 141–3, 145–6.Google Scholar Entrepreneurial attitudes were clearly spreading to Asante as well in this period; see La Torre, ‘Wealth surpasses everything’, passimGoogle Scholar, and McCaskie, T. C., ‘Accumulation, wealth and belief in Asante history’, Africa, LIII (1983), 23–43.CrossRefGoogle Scholar
- 10
- Cited by