ABSTRACT
The initial intention had been to invite English and foreign capital to join Scottish investment in the scheme. The anti-Union riot of November 1706 was the most serious insurrection the government had to face during the negotiations. A significant part of the rioters’ grievances were religious, stemming from the turbulence of the Covenanting times, but one of the most distinguished citizens, John Sproull, argued against the Union on mercantile grounds. During the course of the eighteenth century the cathedral town and provincial market centre of Glasgow was transformed into an entrepot of international standing with a sophisticated commercial and financial structure and a vigorous urban culture. Chief among these was access to a sufficient level of investment capital. Merchants had to be able to cover the costs of a ship, import duty on the cargo, port charges and necessary repairs plus the provision of long-term credit to the crop growers.
