| Level | Item |
| Reference Number (click to see whole series/group) | M5/671 |
| Extent | 1 volume |
| Title | SECRETARY'S DEPARTMENT: THE EQUIVALENT CO |
| Date | 1702 - 1719 |
| Admin History | On the Act of Union 1707, nearly £400,000 (the 'Equivalent') was granted to the Scots as an equivalent of their contribution to Customs and Excise duties towards the National Debt. Debentures were also issued, the holders of which formed the Equivalent Co in order that interest might be collected in one sum in Edinburgh. The Bank later opposed the Company's application for incorporation (in the Bank's eyes, in order to carry out banking business). In 1727 the Equivalent Co received a Charter which granted banking powers in Scotland to a new company to be known as The Royal Bank of Scotland. |
| Description | This item includes copies of letters on the subject; an abstract of the Act establishing the Company; lists of bills drawn by Sir John Cope & Co, Edinburgh, on Thomas Madockes, and by Sir Robert Sinclair, Sir James Campbell, Sir - Smollet Bt, John Clerke and John Pringle. |
| Original Reference | B264 |