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The Tobacco Lords: A Study of the Tobacco Merchants of Glasgow and their Trading Activities, c.1740-90
Surveying the transatlantic tobacco trade of the 18th century, this study examines the growth of merchant families in Glasgow, their successful trading methods and their eventual demise. It contains an analysis of the effect the American War of Independence had on Scottish transatlantic trade.
- GenresScotland
222 pages, Paperback
First published July 5, 1990
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About the author
T.M. Devine
43 books61 followersSir Thomas Martin Devine, Kt OBE FBA FRSE HonMRIA FRHistS FSA Scot, is a Scottish academic historian. Devine's main research interest is the history of the Scottish nation since c. 1600 and its global connections and impact. He is regarded as the leading authority on the history of modern Scotland.
He is the author or editor of some three dozen books and close to 100 articles on topics as diverse as emigration, famine, identity, Scottish transatlantic commercial links, urban history, the economic history of Scotland, Empire, the Scottish Highlands, the Irish in Scotland, sectarianism, stability and protest in the 18th century Lowlands, Scottish elites, the Anglo-Scottish Union, rural social history, Caribbean slavery and Scotland, the global impact of the Scottish people and comparative Irish and Scottish relationships. The Scottish Nation (1999) became an international best-seller, and for a short period even outsold in Scotland the adventures of Harry Potter when first published. In 2013 the volume was listed first in the '100 Best Books to Build a Better Scotland' compiled by ListMuse.com.
http://en.wikipedia.org/wiki/Tom_Devine
He is the author or editor of some three dozen books and close to 100 articles on topics as diverse as emigration, famine, identity, Scottish transatlantic commercial links, urban history, the economic history of Scotland, Empire, the Scottish Highlands, the Irish in Scotland, sectarianism, stability and protest in the 18th century Lowlands, Scottish elites, the Anglo-Scottish Union, rural social history, Caribbean slavery and Scotland, the global impact of the Scottish people and comparative Irish and Scottish relationships. The Scottish Nation (1999) became an international best-seller, and for a short period even outsold in Scotland the adventures of Harry Potter when first published. In 2013 the volume was listed first in the '100 Best Books to Build a Better Scotland' compiled by ListMuse.com.
http://en.wikipedia.org/wiki/Tom_Devine
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August 1, 2022
During the 18th century, the city of Glasgow came to occupy a prominent position in the tobacco trade between Britain and America. A small group of merchants in the city became known as the “Tobacco Lords” and as the author says obtained “wealth on a scale never before imagined in Scotland.” Even today in Glasgow, the term “Tobacco Lords” conjures up an image of opulence. Prof. Devine is probably Scotland’s most well-known living historian, and this short but informative book is the only one I know of that specifically examines the Tobacco Lords and their economic impact, during their heyday from 1740-1790. It’s very much an analytical history. It’s one of the author’s earlier books and I think was aimed at building his reputation amongst his academic peers. Sometimes these books can be “dry” for the general reader, but I didn’t find that to be the case here.
Most of the tobacco imported into Glasgow was re-exported to other European countries. Under the economic philosophy of “mercantilism” that prevailed at the time, all tobacco bound for Europe from the American colonies had to pass through British ports. This was governed by legislation known as the Navigation Acts.
There were two trading systems for tobacco. London merchants operated the “consignment” system, under which tobacco was not purchased until it had reached the UK, where it was sold by agents. The planters were therefore liable for the shipping costs and crucially, the risk involved in transporting their product across the Atlantic. The Glasgow merchants developed the “store” system, under which tobacco was purchased direct from the planters. It got its name because the merchants disliked paying cash but instead opened stores through the American colonies, which provided the planters with manufactured goods on the understanding they would pay for them by supplying their tobacco crop to the merchants. This allowed the planters to purchase consumer goods without having to wait for payment from the sale of their crop. However it was a feature of the trade that the tobacco crop was rarely of sufficient value to pay for the goods that had already been purchased, so the planters become indebted to the merchants. The Scottish factors (managers) who worked for the tobacco merchants became loathed by the planters and Scots in general seem to have been unpopular in America during this period.
The Tobacco Lords re-invested much of their wealth into other sectors of the Scottish economy, but all of them had substantial business interests in other areas, making it difficult to establish the precise impact of the tobacco trade. Similarly, the book examines the stimulus to Scottish industry provided by the demand for manufactured goods amongst the American planters. The author concludes that in the 18th century the American colonies were the most important export market for manufactured goods from Scotland, but that was still much less important than domestic demand.
During the Revolutionary War, the legislatures of Virginia and Maryland sequestrated the assets of British owned businesses, and the British banned imports from the rebellious colonies. The trade still went on though, routed via Nova Scotia or through Britain’s Caribbean colonies. Money usually finds a way!
The influence of the Tobacco Lords declined after American independence, since the Navigation Acts no longer applied. Most of the ships involved were still British, but they could travel directly to European ports rather than via the UK. The export of manufactured goods also continued since, despite some anti-British feeling in America, British products were both cheaper and better quality than those of other countries. The change did not prove to be a serious blow to the Scottish economy. In 1740 Glasgow had been primarily a mercantile city, by 1790 it was mainly a manufacturing one. The tobacco trade had played a part in bringing that change about.
Most of the tobacco imported into Glasgow was re-exported to other European countries. Under the economic philosophy of “mercantilism” that prevailed at the time, all tobacco bound for Europe from the American colonies had to pass through British ports. This was governed by legislation known as the Navigation Acts.
There were two trading systems for tobacco. London merchants operated the “consignment” system, under which tobacco was not purchased until it had reached the UK, where it was sold by agents. The planters were therefore liable for the shipping costs and crucially, the risk involved in transporting their product across the Atlantic. The Glasgow merchants developed the “store” system, under which tobacco was purchased direct from the planters. It got its name because the merchants disliked paying cash but instead opened stores through the American colonies, which provided the planters with manufactured goods on the understanding they would pay for them by supplying their tobacco crop to the merchants. This allowed the planters to purchase consumer goods without having to wait for payment from the sale of their crop. However it was a feature of the trade that the tobacco crop was rarely of sufficient value to pay for the goods that had already been purchased, so the planters become indebted to the merchants. The Scottish factors (managers) who worked for the tobacco merchants became loathed by the planters and Scots in general seem to have been unpopular in America during this period.
The Tobacco Lords re-invested much of their wealth into other sectors of the Scottish economy, but all of them had substantial business interests in other areas, making it difficult to establish the precise impact of the tobacco trade. Similarly, the book examines the stimulus to Scottish industry provided by the demand for manufactured goods amongst the American planters. The author concludes that in the 18th century the American colonies were the most important export market for manufactured goods from Scotland, but that was still much less important than domestic demand.
During the Revolutionary War, the legislatures of Virginia and Maryland sequestrated the assets of British owned businesses, and the British banned imports from the rebellious colonies. The trade still went on though, routed via Nova Scotia or through Britain’s Caribbean colonies. Money usually finds a way!
The influence of the Tobacco Lords declined after American independence, since the Navigation Acts no longer applied. Most of the ships involved were still British, but they could travel directly to European ports rather than via the UK. The export of manufactured goods also continued since, despite some anti-British feeling in America, British products were both cheaper and better quality than those of other countries. The change did not prove to be a serious blow to the Scottish economy. In 1740 Glasgow had been primarily a mercantile city, by 1790 it was mainly a manufacturing one. The tobacco trade had played a part in bringing that change about.
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