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The Company of Scotland Trading to Africa and the Indies was created by an Act of the Scottish Parliament in Jun 1695. Under this act the Company was granted exclusive privilege of trade between Scotland and America, and perpetual monopoly of trade with Asia and Africa. The Company undertook two disastrous voyages to the Darien Isthmus, Panama, in 1698-1699, where it hoped to establish a Scottish colony named Caledonia. The attempt failed and the colony was abandoned by 1700. The Company was dissolved in 1707.