The Nature and Dimensions of Scottish Foreign Investment, 1860-1914

It has long been assumed, on the basis of generally impressionistic evidence, that Scots were more enthusiastic capital exporters than their English counterparts in the half-century before the First World War. This article offers the initial results of a research project aimed at reassessing Scottish foreign investment in this period. In focusing upon an analysis of new data sets relating to Scottish company registrations for foreign investment and samples drawn from Scottish probate inventories containing foreign assets, this study provides novel insights into the social composition of Scots-resident overseas investors (who rose in number from around 4,000 in 1867 to 80,000 in 1913); the geographical and sectoral breakdown of investment activities; and the survival rate of the 853 identified firms registered in Scotland for overseas activities in the 1860-1914 period. It also makes a tentative examination of Scottish capital flowing abroad through the London stock market and investment undertaken by Scottish-based financial institutions and multinational enterprises.