"The Bottom of the Punchbowl" was composed by James Oswald (c.1711-1769), the Chamber Composer for King George III. Oswald was from Dunfermline, Scotland but moved to Knebworth, England in 1741.
The tune was printed in Aird's Selection of Scotch, English, Irish and Foreign Airs, vol. 1 (1782). Gow's Collection of Scottish Dance Music (1822), Oswald’s Curious Collection of Scots Tunes (1740) and Oswald's Caledonian Pocket Companion, vol. 1 (1760).
It has been recorded by Fairport Convention, Alasdair Fraser and others.
I learned this at our Monday night jam.