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eed, the king had the sense to perceive that England was to be governed only by the man in whom the nation had confidence. [Sidenote: East India Company.] In 1730, Walpole rechartered the East India Company, the most gigantic monopoly in the history of nations. As early as 1599, an association had been formed in England for trade to the East Indies. This association was made in consequence of the Dutch and Portuguese settlements and enterprises, which aroused the commercial jealousy of England. The capital was sixty-eight thousand pounds. In 1600, Queen Elizabeth gave the company a royal charter. By this charter, the company obtained the right of purchasing land, without limit, in India, and the monopoly of the trade for fifteen years. But the company contended with many obstacles. The first voyage was made by four ships and one pinnace, having on board twenty-eight thousand pounds in bullion, and seven thousand pounds in merchandise, such as tin, cutlery, and glass. During the civil wars, the company's affairs were embarrassed, owing to the unsettled state of England. On the accession of Charles II., the company obtained a new charter, which not only confirmed the old privileges, but gave it the power of making peace and war with the native princes of India. The capital stock was increased to one million five hundred thousand pounds. Much opposition was made by Bolingbroke and the Tories to the recharter of this institution; but the ministry carried their point, and a new charter was granted on the condition of the company paying to government two hundred thousand pounds, and reducing the interest of the government debts one per cent. per annum. By this time, the company, although it had not greatly enlarged its jurisdiction in India, had accumulated great wealth. Its powers and possessions will be more fully treated when the victories of Clive shall be presented. About this time, the Duke of Newcastle came into the cabinet whose future administration will form the subject of a separate chapter. [Sidenote: Resignation of Townsend.] In 1730 also occurred the disagreement between Walpole and Lord Townsend, which ended in the resignation of the latter, a man whose impetuous and frank temper ill fitted him to work with so cautious and non-committal a statesman as his powerful rival. He passed the evening of his days in rural pursuits and agricultural experiments, keeping open house, devoting himself to his
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