Darién Scheme

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Darién Scheme,

Scottish project to establish a colony on the Isthmus of Panama (Darién). In 1695, the Scottish Parliament passed an act that chartered a company for trading with Africa and the Indies. William PatersonPaterson, William,
1658–1719, British financier. By the time of the Glorious Revolution (1688–89, which he supported), he had acquired considerable wealth and influence through foreign trade.
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 directed the first efforts of the company to found a colony on the Isthmus of Panama to compete with the Dutch and Spanish for trade. Stock was subscribed in England and Scotland, but opposition by the English government and by the East India Company caused English investors to withdraw. The company's two expeditions (1698, 1699) failed because of poor leadership and equipment, disease, and the hostility of the Spanish; many lives were lost. The failure, with its immense losses to Scottish investors, vividly demonstrated Scotland's commercial disadvantage outside the British realm. By the terms of the Act of Union with England (1707), Scotland secured equality in trade. Investors in the Darién venture were partially indemnified for their losses.
References in periodicals archive ?
It may be a long way from Scotland but it is inextricably linked to the nation thanks to the ill–fated 17th–centur y Darien venture.
The Darien Venture are the natural SUCCESSors to Biffy Clyro and Frightened Rabbit.
With Ayrshire trio Biffy being one of the UK's biggest bands and Frightened Rabbit having their first top 10 album this year, it falls to The Darien Venture to be your new MUSIC CRUSH.
The 17th century Darien venture aimed to keep Scotland independent through the creation of a trading centre in Central America.
Paterson had promoted the Darien venture as Scotland's royal road to economic independence in a dog-eat-dog world of aspiring universal monarchs, not least of whom may have been William himself, who firmly opposed his northern kingdom's plans.
The men behind the Darien Venture - named after a district of what is now Panama - believed it was the answer to all our problems.
SCOTLAND'S Indiana Jones aims to discover the 300-year-old secrets of the doomed Darien Venture, which almost made Scotland bankrupt and helped propel the country into union with England in 1707.
In the dot-com boom of its day, half of Scotland's cash was ploughed into the ill-fated Darien venture.