CHAPTER XV 
SCOTTISH IRON AND STEEL 
PART I 
Pic Iron 
THE Scottish iron-field extends over North Lanarkshire, 
Ayrshire and Stirlingshire, and has for nearly a century 
and a half contributed great wealth to the West of Scotland. 
Down to 1859 it produced one-third of the output of these 
islands, and it remained a source of production so im- 
portant to the United Kingdom that the chief iron market 
in the world has its centre in the city of Glasgow, where the 
process of bulling and bearing iron warrants for many 
years in the latter part of the last century engaged the 
attention of a very active body of speculators. Pig iron 
not immediately saleable was deposited by the makers in a 
central depot known as Connal’s Store. The deposits 
were represented by warrants, which were accepted by 
banks and others as good security for cash advances, and on 
presentation at the store entitled the holder to delivery of 
the quantity and quality of iron specified on the warrant. 
Fluctuations of trade made this a useful channel of 
finance, but the iron market became the focus of wild 
speculation in which fortunes were made and lost. To- 
day the course of trade has rendered the warrant market 
of small importance, and it never was made use of by 
Midland iron producers, although to some extent the 
North-east of England relied on similar accommodation. 
In the palmy days of the warrant market more than 
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