In October the Court of Aldermen invited her majesty to dinner on lord mayor's day—the day on which Sir William Ashurst entered into office. On this occasion it was agreed that the mayor and sheriffs should bear the whole expense of the entertainment, without the aid of the aldermen.[1769] Ashurst appears to have been unpopular with his brother aldermen. On the feast of SS. Simon and Jude (28 Oct.), when the usual court was held for swearing in the new lord mayor, no less than ten aldermen absented themselves. Whether this was intended for a studied insult or was the result of mere negligence does not appear. But, however that may be, the court marked its sense of their conduct by fining six of the delinquents 100 marks a-piece, whilst it took[pg 574] time to consider the case of the other four, they being members of parliament.[1770]
The king's return to England, 29 Oct., 1693.
The 29th October falling on Sunday, the lord mayor's banquet took place on the following Monday at the hall of the Grocers' Company,[1771] but the queen was unable to attend as she had gone to meet the king, who had landed at Harwich on Sunday afternoon.[1772] On the 2nd November the mayor and aldermen attended at Whitehall to offer their congratulations upon his safe return. His success, said the city's Recorder, addressing his majesty, had not answered the expectations and hopes of his subjects, nevertheless they were assured that God, who had protected him in so many dangers, would in His own good time work a deliverance. The king received them very graciously, gave each his hand to kiss, and conferred the honour of knighthood upon Thomas Abney, one of the sheriffs.[1773]
CHAPTER XXXIII.
The rise of the East India Company, 1600-1689.
Soon after parliament resumed its sittings (7 Nov., 1693) the attention of the Commons was drawn to a high-handed act done by the wealthy and autocratic company known as the East India Company. For nearly a century that body of merchants had enjoyed a monopoly of trade with the East Indies and had frustrated all attempts of "interlopers" to share their privileges. It had received its first charter at the hands of Queen Elizabeth on the 31st December, 1600, but it was not until after the Restoration, when its privileges were confirmed by another charter, that it began to enter upon a career of such unexampled prosperity as to become at once an object of envy and fear. The management of the company's affairs rested in the hands of a small number of proprietors, the leading spirit for many years being Sir Josiah Child, one of the merchant princes of the city. With him was associated, at least for a time, Thomas Papillon, the zealous Whig. He had become a member of the company as early as 1657, and for many years took an active part in its management. He was one of the directors from 1663 to 1670; was re-appointed in 1675, but lost his seat on the board the following year, as also did Child, through the intervention of Charles the Second, who disliked their Whiggish principles. After a short interval both of them recovered their positions, and in 1680 and 1681 Papillon was deputy governor.[1774][pg 576] When Child turned courtier and threw over his old colleagues, Papillon and other Whig shareholders sold their stock and severed their connection with the company. Their places on the directorate were filled up by others who were devoted to Child and his policy, and thenceforth Child became the autocrat of the company. "The treasures of the company were absolutely at his disposal.... A present of ten thousand guineas was graciously received from him by Charles. Ten thousand more were accepted by James, who readily consented to become a holder of stock.... Of what the dictator expended no account was asked by his colleagues."[1775] His policy was so far successful as to obtain a decision in favour of the company's privileges from Jeffreys and a renewal of its charter from James. Just at a time when the prospects of the company looked brightest a sudden change of fortune was occasioned by the Revolution and the subsequent accession of the Whigs to power. The outcry raised by the general merchants of the city against the company became louder than ever, not so much on account of the company being in possession of a monopoly as because it was ruled by a single individual, and his rule, while benefiting himself and his creatures, was prejudicial to the public welfare. To this outcry Papillon, who had now returned from exile, added his voice and thereby subjected himself to a charge of inconsistency.
A New Company formed, 1689.
There was but one remedy for the existing evil in the opinion of the majority, and that was to form a new company from which Child should be excluded.[pg 577] Without waiting for an Act of Parliament many traders in the city formed themselves into an association which, although unrecognised by law, acquired the designation of the New Company, and commenced to carry on its business at the hall of the Skinners' Company in Dowgate. For years the city was kept in a ferment by the rivalry existing between the Old and the New Company, between Leadenhall Street and Skinners' Hall, the former being supported by the Tories, the latter by the Whigs.