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This depression in the ground is reputed to be the remains of a canal built by Sir Andrew Wood (c1455-1515), admiral in the Royal Scots Navy, who has been described as 'Scotland's Nelson' but an archaeological excavation in 1992 found no trace of the clay liner which would have been present had this indeed been a canal. A map from 1854 does not show a canal but does show the presence of a quarry and a well close to this position so the 'canal' may be the remains of the quarry workings or may be associated with the well Link
See Upper Largo article Link