A bill for this purpose was brought in, with additional clauses of regulation.

A petition was presented by the old company, representing their rights and claims under so many royal charters; the regard due to the property of above a thousand families interested in the stock; as also to the company's property in India, amounting to forty-four thousand pounds of yearly revenue.

They alleged they had expended a million in fortifications; that during the war they had lost twelve great ships, worth fifteen hundred thousand pounds; that since the last subscription they had contributed two hundred and ninety-five thousand pounds to the customs, with above eighty-five thousand pounds in taxes; that they had furnished six thousand barrels of gunpowder on a very pressing occasion: and eighty thousand pounds for the circulation of exchequer bills, at a very critical juncture, by desire of the lords of the treasury; who owned that their compliance was a very important service to the government.

No regard being paid to their remonstrances, they undertook to raise the loan of two millions, and immediately subscribed two hundred thousand pounds as the first payment.

The two proposals being compared and considered by the house, the majority declared for the bill, which was passed, and sent up to the house of lords.