The Company of Scotland Trading to Africa and the Indies, also called the Scottish Darien Company, was an overseas trading company created by an act of the Parliament of Scotland in 1695. The act granted the company a monopoly of Scottish trade to India, Africa and the Americas, extraordinary sovereign rights and 21 years of exemptions from taxation.
Financial and political troubles plagued its early years. The court of directors was divided between those residing and meeting in Edinburgh and those in London, amongst whom were both Scots and English.
Founding
On 26 June 1695 the Parliament of Scotland passed the (c. 10), Act for a Company Tradeing to Affrica and the Indies, establishing the Company of Scotland trading to Africa and the Indies. The subscription book of the Company of Scotland was opened in Edinburgh on 26 February 1696, inviting investments from a minimum of £100 up to a maximum of £3,000. On 3 April 1696 a general meeting of subscribers elected a committee of twenty from their number to work with the promoters to establish rules and a constitution. By the middle of the month they had agreed that the company would be managed by a court of directors and a council general. drained Scotland of an estimated quarter of its liquid assets and played a key role in leading the country to the Act of Union 1707 which united the kingdoms of Scotland and England. By 1707, the company's debt was over £14,000 ().
Ships
- Rising Sun
- Saint Andrew (1697) (a 56-gun, 350 ton East Indiaman built in Lübeck)
- Caledonia (1697) (a 56-gun, 350 ton East Indiaman built in Lübeck)
- Dolphin (originally a French snow, Royal Louis, bought by James Gibson in Amsterdam)
- Endeavour (a pink bought by Dr. John Munro in Newcastle upon Tyne)
- Unicorn (a 46-gun merchant vessel, originally named Saint Francis, bought by James Gibson in Amsterdam)
Original signators and major shareholders, May 1695
Note:
- James Balfour of Edinburgh (later styled "of Pilrig")
- Robert Blackwood of Pitreavie
- Sir Robert Chiesley of Bonnington, Lord Provost of Edinburgh
- James Chiesley, brother of the above, Scottish merchant in London
- George Clerk, bailie of Edinburgh
- Adam Cockburn, Lord Ormiston
- John Corse, sugar merchant in Glasgow, brother of Robert Corse
- Thomas Coutts, Scottish merchant in London
- Joseph Cowan, Scottish merchant in London
- Thomas Deans
- James Foulis of Colinton
- Hugh Fraser, Scottish merchant in London
- John Hamilton, Lord Belhaven
- Sir John Maxwell of Nether Pollok
- Francis Montgomerie of Giffen
- David Nairn
- David Ovedo of London
- William Paterson, Scottish banker in London
- Walter Stewart, Scottish merchant in London
- John Swinton of Swinton
All were Scots by birth except John Smith, who was Lord of the Treasury for the English parliament.
Court of Directors, May 1696
- William Arbuckle - Glasgow merchant
- George Baillie of Jerviswood - Commissioner for Berwickshire
- James Balfour - Edinburgh merchant
- John Hamilton, 2nd Lord Belhaven and Stenton
- Robert Blackwood - Edinburgh merchant
- James Campbell - London merchant
- George Clark - Edinburgh merchant
- Adam Cockburn, Lord Ormiston - Lord Justice Clerk
- John Corse - Glasgow merchant
- Hew Dalrymple - Commissioner for New Galloway
- James Drummond of Newton
- Lieutenant Colonel John Erskine
- John Haldane of Gleneagles
- William Hay of Drumelzier
- Sir John Home of Blackadder - Commissioner for Berwickshire
- Daniel Lodge - London merchant
- James McLurg of Vogrie - Edinburgh merchant
- Sir John Maxwell of Pollock, 1st Baronet - Commissioner for Renfrewshire
- Francis Montgomerie of Giffen - Commissioner for Ayrshire
- Hugh Montgomery - Glasgow merchant
- Sir Archibald Muir of Thornton - Commissioner for Cupar
- William Paterson - London banker
- James Pringle of Torwoodlee - Commissioner for Selkirkshire
- David Ruthven, 2nd Lord Ruthven of Freeland
- Sir Francis Scott of Thirlestane - Commissioner for Selkirkshire (father of William Scott of Thirlestane)
- Sir Patrick Scott of Ancrum
- Sir John Shaw, 2nd Baronet of Greenock
- James Smyth - London merchant