July 17th, 1695
The closing decade of the 17th century saw the generally favourable economic conditions that had dominated since the Restoration come to an end.
There was a slump in trade with the Baltic and France from 1689 to 1691, caused by French protectionism and changes in the Scottish cattle trade, followed by four years of failed harvests (1695, 1696 and 1698–9), an era known as the “seven ill years”.
The result was severe famine and depopulation, particularly in the north.
The Parliament of Scotland of 1695 enacted proposals to help the desperate economic situation, including setting up the Bank of Scotland.
The “Company of Scotland Trading to Africa and the Indies” received a charter to raise capital through public subscription.
