In 1833, the British Government abolished slavery and compensated owners, such as McGarel, who became a major beneficiaries of this scheme.
With his wealth he conducted business in the City of London, funded civic works in his home town of Larne, County Antrim and bought land and property in Ireland.
As young men the brothers travelled to Demerara in South America, where the economy of the area was based on the use of slave labour to produce coffee, cotton and sugar.
In 1808, aged about twenty, McGarel was working as a partner in a mercantile business importing goods from Britain and later property dealing involving sale of slaves.
[8] Not all of his investment went well: he was a Mexican Bond holder during a period when the government of that country defaulted on payments, and some of his railway shares gave poor returns.
In 1826 Lord Bathurst, Britain's Colonial Secretary of State, attempted to force compulsory manumission on Demerara.
The administrative body in Demerara - the Court of Policy - refused to comply and they were supported by the plantation owners who submitted a petition to the Crown.
[9] However, in 1833 the Slavery Abolition Act was passed that stated: WHEREAS divers Persons are holden in Slavery within divers of His Majesty's Colonies, and it is just and expedient that all such Persons should be manumitted and set free, and that a reasonable Compensation should be made to the Persons hitherto entitled to the Services of such Slaves for the Loss which they will incur by being deprived of their Right to such ServicesA compensation fund of £20 million was set aside for slave-owners by the British Government, estimated to be the equivalent of 40% of the national budget.
McGarel, who was childless, took an interest in Quinton's career and initially found him a position with sugar merchants Bosanquet, Curtis & Co., where he became a partner.
[29] During the period that followed the 1866 financial crisis, McGarel believed that the high number of unemployed workers in Britain should be encouraged to emigrate to the colonies.
He joined the National Emigration League and was prepared to seed fund the scheme with £1000 of his own money if others matched his contribution.
[30] McGarel was High Sheriff of County Antrim in 1848,[31] a Justice of the Peace and appointed Deputy Lieutenant in 1855[32] In 1846 Charles McGarel with others was appointed one of Her Majesty's Commissioners for borrowing, raising, managing, and expending a five hundred thousand pound loan for British Guiana related to immigration purposes.