»Church plans £100m atonement for slave trade links«
In an effort to rectify its historical ties to the slave trade, the Church of England will spend £100 million.
Its investing arm, the Church Commissioners, will establish a new fund to assist communities affected by the “shameful and heinous sin.”
Profits from the fund will be re-invested in grants for NGOs impacted by transatlantic slavery.
Senior clergymen have acknowledged that the £100 million investment to be made over the next decade is a substantial cost at a time when parishes and congregations are struggling, but they have maintained that the church must “right past wrongs.”
Archbishop of Canterbury Justin Welby stated, “I am profoundly sorry for these connections.” Now is the moment to acknowledge our disgraceful history. Justin Welby is pictured at Canterbury Cathedral on April 17, 2022.
Thursday, an exhibition at Lambeth Palace will feature objects such as a letter sent 300 years ago by an American slave pleading with an archbishop for his release.
Research into the funds managed by the Church Commissioners revealed that a portion of the wealth originated from investments in firms engaged in the slave trade as well as donations from slave traders, such as Edward Colston, whose statue in Bristol was toppled during the height of Black Lives Matter protests.
Archbishop of Canterbury Justin Welby stated, “The whole study exposes the links between the predecessor fund of the Church Commissioners and transatlantic chattel slavery. I sincerely apologize for these links. Now is the moment to acknowledge our disgraceful history.
It is difficult to do this at a time when resources in many parishes are strained so thin, but by acting righteously we invite God’s blessing.
David Walker, the Bishop of Manchester, added, “We will seek to right past wrongs by investing in a better future, which we intend to do with the response plan announced today, including the £100 million funding commitment we are making.”
Today’s research details the complete ties to slavery of the predecessor of the £10 billion Church Commissioners’ endowment fund.
The funding included contributions from slave traffickers, such as Edward Colston, whose statue in Bristol was overturned during the height of Black Lives Matter protests on June 7, 2020.
The decision was made after investigation of the funds revealed that a portion of the money was derived through investments in companies involved in the slave trade. Sir Thomas Guy (statue in front of Guy’s Hospital) amassed his money by owning a significant number of shares in the South Sea Company, whose primary goal was to sell slaves to the Spanish colonies.
The Queen Anne’s Bounty scheme, established in 1704 to support destitute clergy, was discovered to have made substantial investments in a British company that exported African slaves to the Americas.
During the 18th century, around 30% of the fund’s income came from South Sea Company profits and interest. The fund also accepted “benefactions” from affluent individuals, many of whom gained their fortunes through “transatlantic slavery or the plantation economy.”
Researchers attempted to determine if any of the land purchased with these contributions was still owned by the Church. In one instance, the evidence was deemed “inconclusive,” and in five others, the Church may still possess “mineral rights.”
This week, the original ledgers will be displayed at the library of Lambeth Palace, the London residence of the Archbishop of Canterbury, with a letter sent by a Virginia slave in 1723. Addressed to the ‘Archbishop of London,’ it begs for the release of persons of’mixed race,’ pleading: ‘Free us from this awful servitude.’
»Church plans £100m atonement for slave trade links«