The opinion of the great majority of the House of Commons was that the Indian trade could be advantageously carried on only by means of a joint stock and a monopoly.  It might therefore have been expected that the resolution which destroyed the monopoly of the Old Company would have been immediately followed by a law granting a monopoly to the New Company.  No such law, however, was passed.  The Old Company, though not strong enough to defend its own privileges, was able, with the help of its Tory friends, to prevent the rival association from obtaining similar privileges.  The consequence was that, during some years, there was nominally a free trade with India.  In fact, the trade still lay under severe restrictions.  The private adventurer found indeed no difficulty in sailing from England; but his situation was as perilous as ever when he had turned the Cape of Good Hope.  Whatever respect might be paid to a vote of the House of Commons by public functionaries in London, such a vote was, at Bombay or Calcutta, much less regarded than a private letter from Child; and Child still continued to fight the battle with unbroken spirit.  He sent out to the factories of the Company orders that no indulgence should be shown to the intruders.  For the House of Commons and for its resolutions he expressed the bitterest contempt.  “Be guided by my instructions,” he wrote,” and not by the nonsense of a few ignorant country gentlemen who have hardly wit enough to manage their own private affairs, and who know nothing at all about questions of trade.”  It appears that his directions were obeyed.

Every where in the East, during this period of anarchy, servant of the Company and the independent merchant waged war on each other, accused each other of piracy, and tried by every artifice to exasperate the Mogul government against each other.498

The three great constitutional questions of the preceding year were, in this year, again brought under the consideration of Parliament.  In the first week of the session, a Bill for the Regulation of Trials in cases of High Treason, a Triennial Bill, and a Place Bill were laid on the table of the House of Commons.

None of these bills became a law.  The first passed the Commons, but was unfavourably received by the Peers.  William took so much interest in the question that he came down to the House of Lords, not in his crown and robes, but in the ordinary dress of a gentleman, and sate through the whole debate on the second reading.  Caermarthen spoke of the dangers to which the State was at that time exposed, and entreated his brethren not to give, at such a moment, impunity to traitors.  He was powerfully supported by two eminent orators, who had, during some years, been on the uncourtly side of every question, but who, in this session, showed a disposition to strengthen the hands of the government, Halifax and Mulgrave.  Marlborough, Rochester and Nottingham spoke for the bill; but the