Although the war pressed sorely on the resources of England, Paterson calculated securely that there was enough of spare capital and enterprise in London to cause the new Scottish trading scheme to be taken up readily there. When the books for subscription were opened in October, the whole £300,000 offered to the English merchants was at once appropriated. By this time, the fears of the East India Company and of the English mercantile class generally had been roused; it was believed that the Scottish adventurers would compete with them destructively in every place where they now enjoyed a lucrative trade. The parliament took up the cry, and voted that the noblemen and gentlemen named in the Scottish act were guilty of a high crime and misdemeanour. Irritated rather than terrified by this denunciation, these gentlemen calmly proceeded with their business in Scotland. The subscription books being opened on the 26th of February 1696, the taking up of the stock became something like a national movement. It scarcely appeared that the country was a poor one. Noblemen, country gentlemen, merchants, professional men, corporations of every kind, flocked to put down their names for various sums according to their ability, till not merely the £300,000 devoted to [Sidenote: 1695.] Scotsmen was engaged for, but some additional capital besides.[148] In a list before me, with the sums added up, I find the total is £336,390 sterling; but, of course, the advance of this large sum was contemplated as to be spread over a considerable space of time, the first instalment of 25 per cent. being alone payable within 1696. Meanwhile the furious denunciations of the English parliament proved a thorough discouragement to the project in London, and nearly the whole of the stockholders there silently withdrew from it; under the same influence, the merchants of Hamburg were induced to withdraw their support and co-operation, leaving Scotland to work out her own plans by herself. [Illustration: African Company’s House at Bristo Port, Edinburgh.]