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(SCOTLAND: PARLIAMENT.)

An Act of the Parliament of Scotland for Erecting an East-India Company in that Kingdom.

Edinburgh, printed by the heirs and successors of Andrew Anderson, printer to His Most Excellent Majesty, 1695; and re-printed at London, for Sam. Manship, and Hugh Newman, [London] , 1695 Stock Code: 109293
£2,250.00
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Notes

First London edition of this important act "for a Company trading to Africa and the Indies", the document creating the Company of Scotland, later to become the Darien Company. "The originator of this disastrous enterprise was William Paterson, the founder of the Bank of England... Without divulging the details of his scheme, he succeeded in exciting the speculative interest of his countrymen, and a bill to establish the new company was carried through the S cotch Parliament and received the sanction of the Lord High Commissioner on 26th June 1695. The 'Company of Scotland trading to Africa and the Indies,' was authorised to seize unoccupied territories in Asia, Africa, and America, to plant colonies, construct forts, wage war and conclude treaties; while the king was pledged to obtain reparation from any foreign state which molested the company. The company received a monopoly of the trade with Asia, Africa, and America for thirty-one years, and for twenty-one years their imports, except sugar and tobacco, were to be free of all duties. Scotchmen hastened to invest their scanty savings in the new venture, and 220,000 was actually contributed towards a nominal capital of 400,000." (Palgrave). English opposition to the company and Scottish determination to establish a colony at Darien, (with some 1200 colonists including Paterson and his wife departing Leith for Darien in 1698), resulted in the collapse of the company in 1700, ultimately leading to the Act of Union of 1707 and the payment by England to Scotland of 398,000 (the Equivalent) in compensation for the losses.

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Description

Folio (307 x 197 mm), pp. [4],8. Sometime overcast sewn, now disbound, preserved in a blue cloth folder, spine lettered gilt.

Illustrations

Complete with the initial blank leaf.

Condition

Stab marks from sewing in the gutter, lightly browned throughout; a very good copy.

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