duty free, with the exception of foreign sugar and tobacco. Sugar and tobacco grown on the Company's own plantations were exempted from all taxation. Every member and every servant of the Company was to be privileged against impressment and arrest. If any of these privileged persons was impressed or arrested, the Company was authorised to release him, and to demand the assistance both of the civil and of the military power. The Company was authorised to take possession of unoccupied territories in any part of Asia, Africa or America, and there to plant colonies, to build towns and forts, to impose taxes, and to provide magazines, arms and ammunition, to raise troops, to wage war, to conclude treaties; and the King was made to promise that, if any foreign state should injure the Company, he would interpose, and would, at the public charge, obtain reparation. Lastly it was provided that, in order to give greater security and solemnity to this most exorbitant grant, the whole substance of the Act should be set forth in Letters Patent to which the Chancellor was directed to put the Great Seal without delay.
The letters were drawn; the Great Seal was affixed; the subscription books were opened; the shares were fixed at a hundred pounds sterling each; and from the Pentland Firth to the Solway Firth every man who had a hundred pounds was impatient to put down his name. About two hundred and twenty thousand pounds were actually paid up. This may not, at first sight, appear a large sum to those who remember the bubbles of 1825 and of 1845, and would assuredly not have sufficed to defray the charge of three months of war with Spain. Yet the effort was marvellous when it may be affirmed with confidence that the Scotch people voluntarily contributed for the colonisation of Darien a larger proportion of their substance than any other people ever, in the same space of time, voluntarily contributed to any commercial undertaking. A great part of Scotland was then as poor and rude as Iceland now is. There were five or six shires which did not altogether contain so many guineas and crowns as were tossed about every day by the shovels of a single goldsmith in Lombard Street. Even the
