The Commons had, in the meantime, resumed the consideration of another highly important matter, the state of the trade with India. They had, towards the close of the preceding session, requested the King to dissolve the old Company and to constitute a new Company on such terms as he should think fit; and he had promised to take their request into his serious consideration. He now sent a message to inform them that it was out of his power to do what they had asked. He had referred the charter of the old Company to the Judges, and the judges had pronounced that, under the provisions of that charter, the old Company could not be dissolved without three years' notice, and must retain during those three years the exclusive privilege of trading to the East Indies. He added that, being sincerely desirous to gratify the Commons, and finding himself unable to do so in the way which they had pointed out, he had tried to prevail on the old Company to agree to a compromise; but that body stood obstinately on its extreme rights; and his endeavours had been frustrated. [361]
This message reopened the whole question. The two factions which divided the City were instantly on the alert. The debates in the House were long and warm. Petitions against the old Company were laid on the table. Satirical handbills against the new Company were distributed in the lobby. At length, after much discussion, it was resolved to present an address requesting the King to give the notice which the judges had pronounced necessary. He promised to bear the subject in mind, and to do his best to promote the welfare of the kingdom. With this answer the House was satisfied, and the subject was not again mentioned till the next session. [362]
The debates of the Commons on the conduct of the war, on the law of treason and on the trade with India, occupied much time, and produced no important result. But meanwhile real business was doing in the Committee of Supply and the Committee of Ways and Means. In the Committee of Supply the estimates passed rapidly. A few members declared it to be their opinion that England ought to withdraw her troops from the Continent, to carry on the war with vigour by sea, and to keep up only such an army as might be sufficient to repel any invader who might elude the vigilance of her fleets. But this doctrine, which speedily became and long continued to be the badge of one of the great parties in the state, was as yet professed only by a small minority which did not venture to call for a division. [363]