Of a numerous family only two sons survived Ludlam; of these the elder, Thomas Ludlam (1775–1810), after serving an apprenticeship to a printer, entered the service of the Sierra Leone Company, and going out to the colony became a member of the council, and twice governor for the company.
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The Institution was formed to succeed where the former Sierra Leone Company had failed - to create a viable, civilized refuge for freed slaves in Sierra Leone, Africa.