One half of the whole was charged to Mr.Bridges, the pay-master, who had actually accounted for all the money he had received, except about three millions, though these accounts had not passed through the auditor's office.

The commons afterwards proceeded to inquire into the debts of the navy, that exceeded five millions, which, with many other debts, were thrown into one stock, amounting to nine millions four hundred and seventy-one thousand three hundred and twenty-five pounds.

A fund was formed for paying an interest or annuity of six per cent, until the principal should be discharged; and with this was granted a monopoly of a projected trade in the South Sea, vested in the proprietors of navy-bills, debentures, and other public securities, which were incorporated for this purpose.

Such was the origin of the South Sea Company, founded upon a chimerical supposition that the English would be permitted to trade upon the coast of Peru in the West Indies.

Perhaps the new ministry hoped to obtain this permission, as an equivalent for their abandoning the interest of king Charles, with respect to his pretensions upon Spain.