Get 20M+ Full-Text Papers For Less Than $1.50/day. Start a 14-Day Trial for You or Your Team.

Learn More →

‘Hardly a kent name absent’: Raising Capital in Scotland via Tontine, 1775–1850

‘Hardly a kent name absent’: Raising Capital in Scotland via Tontine, 1775–1850 Scotland, unlike England and Ireland, was never the site of a state-operated tontine. Despite this, the scheme developed independently of the state, becoming popular with private groups as a means of raising funds for building works. Part life annuity and part lottery, this financial instrument was used to provide capital for a range of projects in Scotland, including hotels, coffeehouses, and assembly rooms. This article identifies successful and unsuccessful Scottish tontines between 1775 and 1850. It hypothesises that local private tontines were most successful when they operated a proto-Environmental, Sustainable and Governance (ESG) investment model. This is demonstrated by the aims driving successful tontines, in which investors were offered the opportunity to invest in projects that would make a tangible change to the local community and the lives of those in it. Unsuccessful tontines are meanwhile highlighted for failing because of one or more of the following factors: organisers attempted to raise too large a sum via subscriptions; their aims did not offer a tangible benefit to, or which was detached from, the local community and area; or those behind the scheme were from outwith the local community. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Scottish Historical Studies Edinburgh University Press

‘Hardly a kent name absent’: Raising Capital in Scotland via Tontine, 1775–1850

McDiarmid, Andrew
Journal of Scottish Historical Studies , Volume 43 (1): 23 – May 1, 2023
Download PDF
23 pages

Loading next page...
 
/lp/edinburgh-university-press/hardly-a-kent-name-absent-raising-capital-in-scotland-via-tontine-1775-Q8ojmdKNaw

References

References for this paper are not available at this time. We will be adding them shortly, thank you for your patience.

Publisher
Edinburgh University Press
Copyright
Copyright © Edinburgh University Press
ISSN
1748-538X
eISSN
1755-1749
DOI
10.3366/jshs.2023.0361
Publisher site
See Article on Publisher Site

Abstract

Scotland, unlike England and Ireland, was never the site of a state-operated tontine. Despite this, the scheme developed independently of the state, becoming popular with private groups as a means of raising funds for building works. Part life annuity and part lottery, this financial instrument was used to provide capital for a range of projects in Scotland, including hotels, coffeehouses, and assembly rooms. This article identifies successful and unsuccessful Scottish tontines between 1775 and 1850. It hypothesises that local private tontines were most successful when they operated a proto-Environmental, Sustainable and Governance (ESG) investment model. This is demonstrated by the aims driving successful tontines, in which investors were offered the opportunity to invest in projects that would make a tangible change to the local community and the lives of those in it. Unsuccessful tontines are meanwhile highlighted for failing because of one or more of the following factors: organisers attempted to raise too large a sum via subscriptions; their aims did not offer a tangible benefit to, or which was detached from, the local community and area; or those behind the scheme were from outwith the local community.

Journal

Journal of Scottish Historical Studies – Edinburgh University Press

Published: May 1, 2023

There are no references for this article.