This address met with a cold reception from the king, who promised to recall the grant which had given such offence to the commons, and said he would find some other way of showing his favour to the earl of Portland.
The people in general entertained a national aversion to this nobleman: the malcontents inculcated a notion that he had made use of his interest and intelligence to injure the trade of England, that the commerce of his own country might flourish without competition.

To his suggestions they imputed the act and patent in favour of the Scottish company, which was supposed to have been thrown in as a bone of contention between the two kingdoms.

The subject was first started in the house of lords, who invited the commons to a conference; a committee was appointed to examine into the particulars of the act for erecting the Scottish company; and the two houses presented a joint address against it, as a scheme that would prejudice all the subjects concerned in the wealth and trade of the English nation.

They represented, that in consequence of the exemption from taxes and other advantages granted to the Scottish company, that kingdom would become a free port for all East and West India commodities; that the Scots would be enabled to supply all Europe at a cheaper rate than the English could afford to sell their merchandise for, therefore England would lose the benefit of its foreign trade; besides, they observed that the Scots would smuggle their commodities into England, to the great detriment of his majesty and his customs.

To this remonstrance the king replied that he had been ill served in Scotland; but that he hoped some remedies would be found to prevent the inconveniencies of which they were apprehensive.