Publication : Scottish Government finance

• Report of the Commissioners nominated by His Majesty's Letters Patent relative to an Act of Parliament 'for taking and stating the Debts due and growing due to Scotland by way of Equivalent in the Terms of the Union'. Gives details of the revenue of customs, excise, net produce, army and navy and exchequer levies (1708-1714)

Article15 of the Treaty of the Act of Union of  1707  between Scotland and England stipulated that Scotland would be paid a lump sum of £398,085 10s, which was to compensate Scotland for taking on a share in England's national debt and to repay the dividends on stock held in the Company of Scotland Trading to Africa and the Indies (the Darien Company) which became defunct at the time of the Union. Distribution of the equivalent was entrusted to 25 commissioners and was paid in notes, coin and exchequer bills, but proved controversial. The commissioners were accused of favouring themselves and the wealthiest creditors, whilst many others went unpaid. To ease this controversy an Act of Parliament was passed to issue debentures with an interest of 5 per cent from  June 1708  , but this interest remained unpaid. Eventually an Act was passed in  1719  making provision for a yearly fund of £10,000 to be paid out of Scotland's customs and excise as interest on £248,550 worth of debentures. In  1724  the debenture holders were brought together and formed the 'Equivalent Company', which was finally wound up in  1851  .

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Material in other repositories:

GB 234 E208/4 Equivalent accounts 1714-1783 (National Archives of Scotland)

GB 234 E231/2 Returns to the Commissioners of the Equivalent 1716-1717 (National Archives of Scotland)

GB 234 E302/1-17 Petitions by persons claiming Equivalent debentures 1720-1748 (National Archives of Scotland)

GB 233 MS 68, Taylor Collection, f.12 Memorial concerning the opposition offered by the Bank of England to the draught of a warrant for a charter to incorporate the proprietors of the Scots Equivalent debentures 1719 (National Library of Scotland)

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