established a series of financial reforms
that not only increased the favour in which his ministry was held, but
undoubtedly enabled the country to bear the terrible strain that was
afterwards to be placed upon it. In his attempt to adjust commercial
relations with Ireland he was less successful; he was obliged, besides,
to abandon his schemes of parliamentary reform, and his exertions, in
concert with his friend Wilberforce, to destroy the slave traffic ended
in disappointment--even although in this he had the hearty support of
his rival, Fox.

Young as he was, and victorious as he had become, he was never tempted
to presume upon his genius, or relax in his application. He allowed
himself but little holiday. He spent a good deal of such time as he
could spare at Holwood, a property he had bought near Bromley; and
occasional visits to Brighton, and to his mother's residence at Burton
Pynsent, in Somersetshire, made up the greater part of his travels.

_II.--The Regency Problem_

Not only had Pitt's administration rehabilitated English finances; it
had gained for England a strong measure of European support. In 1788
there was concluded what was virtually a triple defensive alliance with
Prussia and Holland; and with France herself, should she be willing to
remain at peace, there was a treaty of commerce to engage her in more
friendly relations.

But towards the end of the year Pitt was confronted with what seemed a
certainty of loss of office. King George III., after a long period of
ill health, was found to be definitely suffering from mental alienation.
A regency became necessary, and the person clearly marked out for the
office was the Prince of Wales. But the prince was the political
associate of Fox, and there was no doubt that his first step on
accession to power would be the dismissal of Pitt.

Pitt saw the prospect before him, and did not attempt to shirk it. But
he did propose certain restrictions on the regency in order that the
king, should he recover his reason, might without difficulty resume his
power.

When parliament assembled in December, Fox declared boldly that the
prince had as much right to assume sovereignty during the king's
incapacity as he would have in the event of the king's death. Pitt,
exulting in his rival's indiscreet departure from Whig principles,
retorted that the assertion of such a right, independent of the decision
of the two houses, was little less than treason to the cons