‘My brother tells me you’ve some questions. I’ll answer them all… truthfully.’
MacKenzie gathered his thoughts, containing his anger, directing his mind towards the case. His tone softened. Scougall removed his notebook and stood silently at his side. ‘Tell me all those who attended the meetings.’
‘There were different people each time. We didn’t discuss politics. There were no plans to kill anyone. We talked only about our souls.’
‘How often did Stuart attend?’
‘He was there a few times. He was an intense fellow. He asked difficult questions of the priests, touching on points of theology which I didn’t understand. He never mentioned Kingsfield.’
‘What about the priests?’
‘I don’t know them well. My brother told me to attend. He said it would help him. A title is promised him. I might become the brother of a duke, perhaps gain my own reward. Elizabeth would benefit too. I’ll serve the King loyally whatever happens.’
‘What will you do now?’
‘There are enough soldiers to defend the Palace for now. But the situation is becoming precarious. I’ll have to get out soon… I still want to marry Elizabeth when this is over.’
‘Is there anything you can tell us about Kingsfield’s death… anything about Stuart… or about Thirlsmuir and Black?’
‘I recall one thing. Father Innes said something that I thought little of at the time, but now seems unusual. He said a number of times that Stuart was destined to do great deeds in the service of God.’
MacKenzie finally took off his hat. ‘Tell your brother that Davie will prepare a bond for two hundred pounds Scots,’ he said, emphasising the last word. The loan was not to be made in sterling. It was only a twelfth of the amount Seaforth sought. He turned on his heels without saying anything else.
Scougall hoped it would be the last time that he ever saw Ruairidh. As he walked out, he prayed that Elizabeth would not follow him into exile, but after their conversation, he feared that she would.
31
A Capital Fund
DESPITE THE UNCERTAINTY in the city, Morrison believed they should go ahead with the launch of the company. Scougall thought they should wait, but his friend was adamant. Money was at hand due to the disruption of trade, especially among the wealthier merchants and lawyers. They advertised by word of mouth a meeting on the afternoon of 2 December at the Royal Coffee House.
Scougall only mentioned it to a few acquaintances with little enthusiasm, believing that there was a good chance it would be unsuccessful. He was therefore surprised to find a large crowd in the smoky interior of the coffee house. There were not enough stools for everyone to sit on, so many were forced to stand at the back.
He took a seat beside Morrison at a large table reserved for them. He had been asked by him to say a few words and was feeling nervous. He did not like speaking in public and not slept a wink the night before.
‘I’d like to thank you for attending, gentlemen,’ Morrison began confidently as he took to his feet. ‘What I have to share with you this afternoon is an opportunity of the first rank, one which comes along rarely in a lifetime.’
Scougall looked round the arc of dour faces. These were not folk come to watch a play but serious men of trade.
‘Firstly, I’ll explain the case for the company,’ continued Morrison, ‘then I’ll address the timing of our fund raising. Mr Scougall will say a few words before distributing the articles of association. Finally, we’ll open the subscription book.’
Scougall was impressed by the relaxed manner in which he spoke. But his nerves were getting the better of him. There was no way out. He had chosen this path, seeking wealth and status. He must keep thinking of the long-term goals. He might eventually be able to buy an estate. Agnes would be his wife. They would entertain MacKenzie, and perhaps Stirling, in the country air. Never again would he be the source of mirth or mockery.
‘Is it not an ill-advised time for such a half-baked venture?’ asked an old merchant who was well known as a cautious trader.
‘Not at all, sir. If you’ll allow me, I’ll answer your question in good time.’
The man nodded, but looked disgruntled.
‘As many of you know, I’ve recently returned from Holland where my family were exiled. During those dark days I studied the Dutch trade. They are more successful than any other nation in this field of human endeavour. It’s surely time to apply the lessons in Scotland. Wealth is built on trade, especially the foreign trade, and it’s to trade we must look if we’re to prosper too. Much has been said about why Scotland is poor. Many lament the lack of money in the kingdom. The trade with Africa and the East Indies is a vast one. There’s room for us to take a share. Scotland can prosper, gentlemen. Scotland will prosper.’
There were murmurs of agreement. A couple of younger merchants clapped their hands enthusiastically.
‘Once we’ve raised a fund, we’ll hire a ship in London and sail it north to Leith. We’ll fit it out with the finest manufactures the nation can provide. We’ll recruit a captain with experience of the Indies trade and employ a crew. There are plenty looking for positions in Scotland, men who have sailed under the flags of other nations and brought the fruits of wealth to them. Now they’ll do the same for their native land. We’ll sail our ship to the Indies, aiming to make land at Batavia to sell the cargo and buy spices, before returning to London. I believe the returns will be as much as six or seven times, perhaps even ten times. Think, gentlemen. For a hundred pounds sterling promised to the company today, you’ll earn six or seven, or even a thousand pounds in a year’s time.’
There were a few sighs of amazement and some cheers. Scougall did not know where Morrison came up with the figures, but he was impressed by the response they elicited. He relaxed slightly and let his eyes wander, recognising a number of faces. He spotted his old friend Robbie Dundas and also his nemesis on the golf course Hector Stoddart. Grimston was sitting at a table staring intently at Morrison. Lammington was standing at the back, smoking his pipe. There was also Quinn and Guillemot sitting together. Guthrie was at a table with another minister. He was heartened to see MacKenzie in the far corner.
‘We’ll sell our spices in Amsterdam or London,’ continued Morrison. ‘Shareholders will receive a cut and may reinvest as much as they want in the next venture. The following year we’ll send two ships to the East and lobby parliament for an act giving the company a monopoly on trade to the Indies, just like the Dutch and English companies have. More investors will come in and we’ll raise enough for more ships. Think gentleman, our company will have a fleet of mighty ships! You’ll own a share in a fleet! We’ll build them in Scotland, creating work for craftsmen, rather than Dutch or German shipwrights. In time, we’ll become a global trading company sending Scottish goods around the world, returning with spices for the markets in London, Europe and Edinburgh!’
There were more nods of agreement and a few more claps.
‘We’ve calculated that one thousand five hundred pounds sterling will be sufficient for the voyage. Mr Scougall has prepared articles describing the constitution of the company, outlining the rights of subscribers and the process by which directors will be elected.’
Scougall wished his family were there to see him. Davie Scougall, whom many in the parish of Musselburgh expected little of, who was known as dour Davie, afflicted by shyness, although proficient with a golf club, was raised to such heights. If only the bullies in the school yard could have been there. They would not be laughing at him now, or poking him with a stick or throwing stones at him. He tried to contain a smile. Although he recalled that Morrison was one of the worst of them.
‘We seek investments of ten, fifty or a hundred pounds sterling,’ he continued. ‘I want to end by quoting a few words of a fellow countryman who’s well versed in the world of trade, a dear friend who regrets he cannot be with us today. Some of you may have heard of William Paterson. Here’s what he has to say – It will
be manifest that trade is capable of increasing trade, and money of begetting money to the end of the world.’
There were a few more claps and cheers.
‘Before I ask you to subscribe, I’ll put my own name to the venture. I intend to invest two hundred pounds sterling. The sum is the entire wealth of my family. My good friend Davie Scougall will provide one hundred pounds, his life’s saving.’
There were cheers from all corners of the coffee house. Many who were there only for a drink or pipe at the bar turned to listen. It was almost all the money Scougall had in the world. He had told Morrison it was as much as he could afford, although he failed to mention another twenty-three pounds ten shillings in cash and a few loans which brought his remaining assets to about twenty-eight pounds. He had saved the sum over many years and judged it represented the writing of about four thousand instruments of sasine. He would of course receive a salary for his work for the new company. A sum of fifty pounds sterling per annum was mentioned, more than sufficient to allow him to reduce his work as notary. He stole a look at MacKenzie whose expression told him that committing so much money was risky. He should invest a smaller amount, not put all his eggs in one basket. No doubt some pithy Gaelic aphorism would be quoted to support such a view. But he did not care. He would have to take risks if he wanted to rise. No capital could be created without risk. He felt like a man at last, rather than a stupid boy. He believed his mother was wrong. He could be a good-looking man. If he was not, why was Agnes interested in him? He had never been more certain about anything in his life. He was no longer the lugubrious clerk who did everything he was told. He was a man of business in his own right.
‘Please pass round the articles, Davie.’
He had drafted them carefully and Morrison had arranged for them to be printed. It was the first time he saw his words in print and it gave him much pleasure. He spoke his words deliberately. ‘I’ve considered carefully this investment opportunity. I believe it offers all thinking men of trade a first class opportunity to make a good return on their capital,’ and it was over. With relief he turned to Morrison’s beaming face.
‘I’ll now open the floor to questions, gentlemen.’
‘Will the ship be insured?’ asked a lawyer at the back.
‘We’ll buy insurance in London,’ replied Morrison. ‘I believe it’ll cost about seven per cent but will cover us in case of difficulties.’
‘What goods will you take to the Indies?’ asked a merchant.
‘Whatever Scotland can provide of quality at a reasonable price – the best linen and woollens… We’ll buy as much as the ship can hold.’
‘I’ve goods for sale,’ replied the merchant. ‘You can buy from me, sir.’ There were laughs around the coffee house.
‘I’ve fine linen,’ said another.
‘And I, too!’
Scougall knew they hoped to benefit by selling their own goods to the company. But would they invest their money in it?
‘We’ll buy from all who can provide quality products,’ added Morrison.
‘What will you do if the Dutch don’t allow you to trade at Batavia?’ asked Lammington.
‘We will be allowed. The demand for spices in Europe is vast, the supply plentiful. If we can’t gain access to the port, we’ll find traders who will buy for us. However, I’ve been assured by Dutch friends we’ll not sail home with empty holds.’
‘What if the ship sinks?’ asked Grimston, taking to his feet to ask the question.
‘We’ll send a second ship. But it won’t sink, sir. We should not focus on the risks, rather the opportunities. If we stressed the risks we would remain at our firesides, jealously berating the success of others. Look at the Dutch who are careful and sober men. There can be no reward without risk.’
‘God bless the Prince of Orange!’ someone shouted from the back. There were other cries of support and a few curses against the Papists.
‘Who’ll captain the voyage?’ asked another merchant.
‘We’ll have a Scottish captain. There are many to be had.’
‘My brother-in-law’s an experienced sea-faring man,’ replied the merchant.
‘All candidates will be considered, Mr Hunter.’
‘Will the political situation delay the venture?’ asked another.
‘I’m not a political man, sir. But change is in the air. Others plan similar ventures. I’ve heard that great men seek to launch a fund. If we are first to raise capital, we’ll have a considerable advantage.’
‘Who else seeks such a venture?’ probed Lammington.
‘Pittendean is known to have an interest, as does Tweeddale and his family.’
There were no more questions. Scougall realised it was the moment of truth. They would fail if no one was willing to promise money. He opened the subscription book and passed a quill to Morrison. When he finished writing, he looked up brightly: ‘I’ve signed for two hundred pounds sterling.’
There were claps and cheers.
Scougall took the quill without hesitation. He signed his name and the amount.
‘Mr Scougall is in for one hundred pounds. Now, who else is with us? Who’s with us, gentlemen?’ Morrison asked enthusiastically.
‘I’m with you, sir,’ said Hunter. ‘I’ll provide one hundred pounds sterling.’
‘I thank you, sir. You’ll not regret it.’
Cheers went up for Hunter was known as a canny man of business.
‘I’m in for one hundred pounds, also.’
‘And me, sir.’
‘And me, for fifty.’
‘And me, for a hundred!’
‘I’ll invest ten pounds, sir.’ Grimston’s gruff voice came from the back.
‘Put me down for a hundred pounds,’ added Lammington.
A host of others came in including merchants, lawyers, clerks, soldiers, doctors and even a few ministers. Craig, Guillemot and Quinn were among those who invested. Scougall realised that courting the association had paid dividends. All of them subscribed except Johnston. Even Guthrie made a pooled investment of ten pounds with another clergyman.
‘Do we have any others?’
‘I’ll put in a hundred pounds. Our nation needs confident men of trade. I wish you all the best in your venture.’ Scougall was delighted by MacKenzie’s vote of confidence. He looked down at the list on a scrap of paper, quickly adding up the subscriptions.
‘We have two thousand pounds sterling, gentlemen!’ It was five hundred pounds more than they had hoped. Scougall was amazed how such a vast sum was raised in the blink of an eye. God was surely shining on them. He had supported the Dutch, now it was the time of the Scots. They were a blessed nation, just as the ministers said. Their success was surely pre-ordained. He could not help blurting out: ‘We have a fund, gentlemen. We’ve raised a capital fund! We have our capital!’
‘I thank you all,’ continued Morrison. ‘The first call will be for half the amount subscribed. Please make your payments at Mr Scougall’s office before the fifteenth of December.’
MacKenzie had copies of the killer’s letters on the table in front of him. He had been reading them for the hundredth time. Scougall’s repetition of the word ‘capital’ drew his attention to the letters at the start of two paragraphs in the first letter: T and U. He had a sudden revelation. His eyes darted through the rest of the letter as he noted down the capitals at the beginning of each paragraph. They spelled THIRLSMUIR. It was so obvious now. He grabbed the second letter and noted down the capitals. He was relieved to see they spelled JOHNSTON and not SCOUGALL.
When the crowd of investors had dispersed, MacKenzie approached them. ‘May I congratulate you, gentlemen. You’ll have money to launch your company, but I’ll lose a loyal clerk.’
‘I’ll still have time to write the odd instrument for you, sir.’
‘It’s a wonderful opportunity for Davie, Mr MacKenzie,’ added Morrison.
‘It is indeed. Will you have coffee with me?’ MacKenzie indicated to a ser
vant that they would each have a cup. ‘I’ve one or two questions… of my own.’
‘I would encourage you to stand in the election of directors, sir,’ said Morrison.
‘I’ve no desire to be a director.’ Scougall saw MacKenzie’s good humour was gone. He waited until a servant brought three cups. ‘My questions don’t concern trade, Mr Morrison.’
Scougall had forgotten about the killings in the excitement.
‘Don’t worry, Davie,’ said Morrison, as relaxed as ever. ‘I’d expected to be questioned by Mr MacKenzie at some point.’
‘What did you do after you left the mob on the night Thirlsmuir was killed?’
‘I went back to my lodgings. I was in bed shortly after nine o’clock. My sister will vouch for that.’
‘Why do you think Thirlsmuir and Black were slain?’
‘I’ve no idea. I’m not a… political man. Trade is everything to me. I attended the association to make contacts from a trading point of view. Many of them have become investors.’ He took a sip of coffee before adding ‘Papists are surely behind the killings.’
‘What was your sister doing that night?’
‘Agnes would never!’ Scougall blurted out, stunned that MacKenzie could consider her a suspect.
‘Calm yourself, Davie. Mr MacKenzie must ask his questions. My sister was at home all evening.’
‘Is there anyone who can vouch for her?’
‘I don’t think so, but I’ll ask her.’
‘Have you ever been a customer of Maggie Lister, Mr Morrison?’
Scougall bowed his head in embarrassment.
‘I’ve not, sir. I’ve no appetite for whoring.’
‘She’s made good money from your association of Presbyterians.’
‘I’m a man of trade. Nothing more, nothing less.’
MacKenzie watched him closely. There was something he did not like about him. ‘I’ve only one more question. Have you ever borrowed from Lammington?’
‘I have not.’
‘Then you are one of the few men in this city who hasn’t,’ smiled MacKenzie, his demeanour lightening. ‘How do you fund your trade, sir?’
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