A great number of petitions were presented against this measure, and so many difficulties raised, that both parties agreed to lay it aside.

In the course of this inquiry, they discovered that one Railton held a grant in trust for Mr.Montague, chancellor of the exchequer.

A motion was immediately made, that he should withdraw; but passed in the negative by a great majority.

Far from prosecuting this minister, the house voted it was their opinion, That Mr.Montague, for his good services to the government, did deserve his majesty's favour.
A NEW EAST INDIA COMPANY CONSTITUTED BY ACT OF PARLIAMENT.
This extraordinary vote was a sure presage of success in the execution of a scheme which Montague had concerted against the East India company.
They had been sounded about advancing a sum of money for the public service, by way of loan, in consideration of a parliamentary settlement; and they offered to raise seven hundred thousand pounds on that condition: but before they formed this resolution, another body of merchants, under the auspices of Mr.Montague, offered to lend two millions at eight per cent, provided they might be gratified with an exclusive privilege of trading to the East Indies.

This proposal was very well received by the majority in the house of commons.