The slightest encroachment of any other European power even on the outskirts of her American dominions sufficed to disturb her repose and to brace her paralysed nerves.

To imagine that she would tamely suffer adventurers from one of the most insignificant kingdoms of the Old World to form a settlement in the midst of her empire, within a day's sail of Portobello on one side and of Carthagena on the other, was ludicrously absurd.

She would have been just as likely to let them take possession of the Escurial.

It was, therefore, evident that, before the new Company could even begin its commercial operations, there must be a war with Spain and a complete triumph over Spain.

What means had the Company of waging such a war, and what chance of achieving such a triumph?
The ordinary revenue of Scotland in time of peace was between sixty and seventy thousand a year.
The extraordinary supplies granted to the Crown during the war with France had amounted perhaps to as much more.