On 1 January 1808, Thomas Ludlam, the Governor of the Sierra Leone Company and a leading abolitionist, surrendered the company's charter. This ended its 16 years of running the Colony. The British Crown reorganised the Sierra Leone Company as the African Institution; it was directed to improve the local economy. Its members represented both British who hoped to inspire local entrepreneurs and those with interest in the Macauley & Babington Company, which held the (British) monopoly on Sierra Leone trade.