The 1690s were a time of economic hardship in Europe as a whole and Scotland in particular, a period now known as the Seven ill years which led to strained relations with England. In 1698, the Company of Scotland Trading to Africa and the Indies received a charter to raise capital through public subscription. The Company invested in the Darién scheme, an ambitious plan funded almost entirely by Scottish investors to build a colony on the Isthmus of Panama for trade with East Asia. The scheme was a disaster; the losses of over £150,000 severely impacted the Scottish commercial system.
The 1690s were a time of economic hardship in Europe as a whole and Scotland in particular, a period now known as the Seven ill years which led to strained relations with England. In 1698, the Company of Scotland Trading to Africa and the Indies received a charter to raise capital through public subscription. The Company invested in the Darién scheme, an ambitious plan funded almost entirely by Scottish investors to build a colony on the Isthmus of Panama for trade with East Asia The scheme was a disaster; the losses of over £150,000 severely impacted the Scottish commercial system.