PREPARATIONS FOR WAR.
A royal message was presented to parliament on the 6th of March, stating that his majesty had engaged a body of his electoral troops in the service of Great Britain to assist his allies, the States-general; and that he had directed an estimate of the charge to be laid before the house of commons. A few days after M. le Brun, minister of foreign affairs in France, addressed a letter to Lord Grenville, stating that the French republic was desirous to terminate all differences with Great Britain, and requesting a passport for a person vested with full powers for that purpose. He named M. Maret as the proposed plenipotentiary of France; but the present state of affairs did not permit the British government to accede to such an overture, and no notice was taken of the application. On the contrary, a treaty, about this time, was concluded with the King of Sardinia, by which England bound herself to furnish a subsidy of £200,000 annually, to be paid three months in advance; and not to conclude peace with France without comprehending in it the restitution of all territories belonging to that monarch when he engaged in war.
RELIEF GRANTED TO MERCANTILE MEN.
At this period, through the spirit of commercial speculation, there occurred an unusual number of bankruptcies. A select committee was appointed by the commons to investigate this subject, and it was discovered that large issues of paper money and a scarcity of coin had induced bankers to suspend their usual discounts, in expectation of which merchants had formed engagements they could not meet. As a remedy for this evil an issue of exchequer-bills to the amount of £5,000,000 was recommended, under commissioners to be nominated for the purpose of lending portions to those merchants in distress who could give security. This bill was objected to as ineffectual against failures, and as opening a way to the exercise of improper patronage by government, but it was carried, and the relief proved beneficial.
RENEWAL OF THE EAST INDIA COMPANY’S CHARTER.
It was generally supposed at this time that the charter of the East India Company, which was on the eve of expiration, would be abolished, and that the whole Indian trade would be thereby thrown open to British enterprise. The public expectation however, was doomed to be disappointed. On the 23rd of April Mr. Dundas brought the question before the house, in consequence of a petition from the company, and after taking a view of the prosperous state of India under the present system, he brought in a bill for the renewal of the charter for twenty years, which passed without a division. At the same time Dundas proposed certain regulations, tending to promote a free trade, but not interfering with the company’s charter.