High Street.] THE BRITISH LINEN COMPANY. 279
resided here was John, fourth Marquis, who was
Secretary of State for Scotland from 1742 till 1745,
when he resigned the office, on which the Government
at once availed themselves of the opportunity
for leaving it vacant, as it has remained ever since.
He died in 1762, and soon after the carriageentrance
and the fine old terraced garden of the
house, which lay on the slope westward, were
removed to make way for the Episcopal church in
the Cowgate-doomed in turn to be forsaken by
its founders, and even by their successors.
From the Tmeeddale family the mansion passed
into the hands of the British Linen Company, and
became their banking house, until they deserted it
for Moray House in the Canongate, from which they
ultiniatelymigrated to a statelier edifice inSt. Andrew
Square. This company was originally incorpo-
Tated by a charter under the Privy Seal granted by
George 11. on the 6th of July, 1746, at a time
when the mind of the Scottish people was still
agitated by the events of the preceding year and
the result of the battle of Culloden; and it was
deemed an object of the first importance to tranquillise
the country and call forth its resources, so
that the attention of the nation should be directed
to the advantages of trade and manufacture. With
this view the Government, as well as many gentlemen
of rank and fortune, exerted themselves to
promote the linen manufacture, which had been
lately introduced, deeming that it would in time
become the staple manufacture of Scotland, and
provide ample employment for her people, while
.extensive markets for the produce of their labour
would be found alike at home and in the colonies,
then chiefly supplied by the linens of Germany.
By the Dukes of Queensberry and Argyle, who
became the first governors of the British Linen
Company, representations to this effect were made
to Government, and by the Earls of Glencairn, Eglinton,
Galloway, Panmure, and many other peers,
together with the Lord Justice Clerk Fletcher of
Saltoun, afterwards Lord Milton, who was the first
deputy governor, and whose mother, when an exile
in Holland during the troubles, had secretly obtained
a knowledge of the art of weaving and of
dressidg the fine linen known as ? Holland,? and
introduced its manufacture at the village of Saltoun;
by the Lord Justice Clerk Alva ; Provost George
Drummond ; John Coutts, founder of the famous
banking houses of Forbes and Co., and Coutts
and Co. in the Strand; by Henry Home, Lord
Kames ; and many othqs, all of whom urged the
establishment of the company, under royal sanction,
and offered to become subscribers to the undertaking.
A charter was obtained in accordance with their
views and wishes, establishing the British Linen
Company as a corporation, and bestowing upon
it ample privileges, not only to manufacture and
deal in linen fabrics, but also to do all that
might conduce to the promotion thereof; and
authority was given to raise a capital of ~roo,ooo,
to be enlarged by future warrants under the
sign manual of his Majesty, his heirs and successors,
to such sums as the affairs of the company
might .require. After this the company engaged to
a considerable extent in the importation of flax and
the manufacture of yarns and linens, having warehouses
both in Edinburgh and London, and in its
affairs none took a more active part than Lord
Milton, who was an enthusiast in all that related to
the improvement of trade, agriculture, and learning,
in his native country; but it soon became apparent
that the company ? would be of more utility, and
better promote the objects of their institution, by
enlarging the issue of their notes to traders, than
being traders and manufacturers themselves.?
By degrees, therefore, the company withdrew
from all manufacturing operations and speculations,
and finally closed them in 1763, from which year
to the present time their business has been confined
to the discount of bills, advances on accounts,
and other b.ank transactions, in support of Scottish
trade generally, at home and abroad. ?By the
extension of their branch agencies to a great number
of towns,? to quote their own historical report, ? and
the employment in discounts and cash advaqces of
their own funds, as well as of that portion of the
formerly scanty and inactive money capital of Scotland
which has been lodged with the company, they
have been the means of contributing very materially
to the encouragement of useful industry throughout
Scotland, and to her rapid progress in agricultural
and mechanical improvements, and in commercial
intercourse with foreign countries. As regards the
particular object of the institution of the companythe
encouragement of the linen manufa.cture-considerably
more than half of the flax and hemp
imported into the United Kingdom, is now (in
1878) brought to the Scottish ports.?
Now the bank has nearly eighty branch or subbranch
offices over all Scotland alone. The company?s
original capital of AIOO,OOO has been
gradually increased under three additional charters,
granted at different times, under the Great Seal
By Queen Victoria, their fourth charter, dated 19th
March, 1849, ratifies and confirms all, their privileges
and rights, and power was given to augment
their capital to any sum not exceeding A r,5oo,ooo
in all, for banking purposes. The amount of new
