The Industrial Revolution

Bibliographic data

Monograph

Identifikator:: 1027928145

URN:: urn:nbn:de:zbw-retromon-159926

Document type:: Monograph

Author:: Cunningham, William http://d-nb.info/gnd/128907487

Title:: The Industrial Revolution

Place of publication:: Cambridge

Publisher:: The University Press

Year of publication:: 1922

Scope:: xxii S., S. 404-886

Digitisation:: 2021

Collection:: Economics Books

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A.D. 1689 —1776. disarmed Scotch ppposiiton generally, but the £CONOMAC effects were not obviously beneficial at first. 118 PARLIAMENTARY COLBERTISM she English National Debt by submitting to an incor- porating upion. This sum was to be applied to winding up the Darien Company and paying other debts, and to making the necessary changes in the coinage; while the balance formed a fund for promoting Scotch fisheries and manufactures? The treaty, thus arranged, was carried through the Scotch Parliament in spite of the indignant protests of Lord Belhaven. There was indeed one trivial circumstance which caused much friction, after the matter was settled® The collection of the Scotch customs had been farmed out, and naturally this arrangement came to an end when the separate Scotch taxation ceased. The farmers of taxes, knowing that their time was short, found it most profitable to levy small duties and admit large quantities of goods, with which the English markets were eventually flooded. This brought about considerable commercial disturbance for a time, but no special measures were taken, as there seemed to be no likelihood that the occurrence would be repeated. The figures as to revenue, given above, may perhaps serve better than any others that are available, to indicate the relative economic importance of the two kingdoms at the time of their union. It does not appear that much progress was made in Scotland during the first half-century after the Union. It is not improbable that Scottish manu- factures suffered by free communication with English towns, and that the steel manufacturers at Falkirk, and the glovers of Perth, were not so prosperous after the Union as they had been before. There can, however, be no doubt that, despite this immediate loss, Scotland gained eventually from being included in the inner circle of the English economic system, and sharing in the fostering care which Parliament bestowed on the commerce and manufactures of Great Britain. The 1 The amount actually allotted to this purpose proved to be insufficient, and the creditors were incorporated as the Royal Bank of Scotland in 1727. The wonopoly of the Bank of Scotland was thus broken down. See p. 454 below. 2 See below, p. 454. 8 Parl. Hist. v1. 579. ¢ Mackinnon, op. cit. 469, 482. For an excellent account of the condition of Scotland just before the Union see Proposals and Reasons for constitutine a Council of Trade (1701).

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