The pioneer of the system in England was William Paterson, who seems to have been acquainted with Dampier and Wafer, both of whom knew the isthmus of Darien very well. He is also said to have travelled in the West Indies himself, and even to have visited the Porto Bello fair, but this is not quite certain. Paterson first came into prominence by bringing forward a scheme which ultimately led to the establishment of the Bank of England on the 27th of July, 1694. From this he appears to have derived no actual benefit, however, although he was one of the first directors, upon a qualification of £2,000 stock, which he sold out after the first year, and thus withdrew. Probably he wanted his money to carry out the new project for a settlement on the isthmus of Darien. In the course of this history we have advisedly used the word "English" instead of "British," in speaking of our nation, because as yet Scotchmen were little concerned in colonisation schemes. In fact, except as transported rebels or convicts, they had hardly any interest in the plantations. This was the result of Navigation Acts, which debarred Scotch merchants and vessels from trading, by ordering that all traffic with the colonies should be carried on in English vessels and from English ports. Paterson's idea was to take possession of the isthmus of Darien, establish a Scotch colony at a convenient harbour on the Gulf side, and then open up a proper road by which the trade would be so much facilitated that it would become the great highway. Seated between the two vast oceans of the universe, he said, the isthmus is provided with excellent harbours on both sides, between the principal of which lie the more easy and convenient passes. If these ports and passes were fortified, the road could easily be secured and defended, thus affording the readiest and nearest means of gaining and keeping the command of the South Sea--the greatest and by far the richest side of the world. With the passes open, through them would flow at least two-thirds of the produce of both Indies. The time and expense of the voyage to China and Japan would be lessened more than half, and the consumption of European commodities soon doubled, and annually increased.