remained in custody till the end of the session. While the commons
were employed on ways and means, some of the members in the opposition
proposed, that one fourth part of the money arising from improper grants
of the crown, should be appropriated to the service of the public; but
this was a very unpalatable expedient, as it affected not only the whigs
of king William's reign, but also the tories who had been gratified by
Charles II. and his brother. A great number of petitions were presented
against this measure, and so many difficulties raised, that both parties
agreed to lay it aside. In the course of this inquiry, they discovered
that one Railton held a grant in trust for Mr. Montague, chancellor of
the exchequer. A motion was immediately made, that he should withdraw;
but passed in the negative by a great majority. Far from prosecuting
this minister, the house voted it was their opinion, That Mr. Montague,
for his good services to the government, did deserve his majesty's
favour.

A NEW EAST INDIA COMPANY CONSTITUTED BY ACT OF PARLIAMENT.

This extraordinary vote was a sure presage of success in the execution
of a scheme which Montague had concerted against the East India company.
They had been sounded about advancing a sum of money for the public
service, by way of loan, in consideration of a parliamentary settlement;
and they offered to raise seven hundred thousand pounds on that
condition: but before they formed this resolution, another body of
merchants, under the auspices of Mr. Montague, offered to lend two
millions at eight per cent, provided they might be gratified with an
exclusive privilege of trading to the East Indies. This proposal was
very well received by the majority in the house of commons. A bill for
this purpose was brought in, with additional clauses of regulation. A
petition was presented by the old company, representing their rights and
claims under so many royal charters; the regard due to the property
of above a thousand families interested in the stock; as also to the
company's property in India, amounting to forty-four thousand pounds
of yearly revenue. They alleged they had expended a million in
fortifications; that during the war they had lost twelve great ships,
worth fifteen hundred thousand pounds; that since the last subscription
they had contributed two hundred and ninety-five thousand pounds to the
customs, with above eighty-five thousand pounds in taxes; that they had
furn