Scottish Spitsbergen syndicate William Speirs Bruce

map of spitsbergen archipelago (now named svalbard), showing islands prince charles foreland, barentsøya , edgeøya

during spitsbergen visits prince albert in 1898 , 1899, bruce had detected presence of coal, gypsum , possibly oil. in summers of 1906 , 1907 again accompanied prince archipelago, primary purpose of surveying , mapping prince charles foreland, island unvisited during earlier voyages. here bruce found further deposits of coal, , indications of iron. on basis of these finds, bruce set mineral prospecting company, scottish spitsbergen syndicate, in july 1909.

at time, in international law spitsbergen regarded terra nullius—rights mine , extract established registering claim. bruce s syndicate registered claims on prince charles foreland , on islands of barentsøya , edgeøya, among other areas. sum of £4,000 (out of target of £6,000) subscribed finance costs of detailed prospecting expedition during summer of 1909, in chartered vessel full scientific team. results, disappointing , , voyage absorbed of syndicate s funds.

bruce paid 2 further visits spitsbergen, in 1912 , 1914, outbreak of war prevented further immediate developments. however, in 1919 old syndicate replaced larger , better-financed company. bruce had fixed main hopes on discovery of oil, scientific expeditions in 1919 , 1920 failed provide evidence of presence, although substantial new deposits of coal , iron ore discovered. thereafter bruce ill continue involvement. new company had expended of capital on these prospecting ventures, , although continued exist, under various ownerships, until 1952, there no record of profitable extraction. assets , claims acquired rival concern.