THE traditional Hogmanay dram takes on added significance tonight,

ushering in a New Year that marks the 500th anniversary of the first

documented record of distilling in Scotland.

The Exchequer Rolls of 1494 -- the rough equivalent of today's tax and

excise records -- report ''eight bolls of malt to Friar John Cor

wherewith to make aqua vitae''.

Humble beginnings for what would eventually turn into a multi-billion

pound industry, providing the world with Scotland's most famous and

envied product.

However, it should be noted that the 15th-century monk from Inverness

probably spotted a gap in the drinks market even then as the eight bolls

-- around 1200kg -- of malt would have been enough to make 1400 bottles

of whisky. (The word comes from the gaelic uisge beatha meaning the

water of life.)

Celebrating the anniversary, the Scotch Whisky Association has

produced a Spirit of Scotland marketing logo which will no doubt adorn

bottles, cases, glasses and all the other paraphernalia of the trade

throughout the coming year.

Several high-profile events, including a St Valentine's Day reception

aboard the royal yacht Britannia off New York, are also planned.

The SWA, which safeguards the honour of our national drink from the

attentions of all those pale foreign imitations, released a batch of

statistics illustrating the power of Scotch.

It is consistently in the top five of the UK's export earners,

generating around #2000m in foreign sales every year. Or, in more

graphic terms, 22 bottles are sold every second overseas.