There the old company delivered another petition, and was heard by counsel; nevertheless the bill made its way, though not without opposition, and a formal protestation by one-and-twenty lords, who thought it was a hardship upon the present company; and doubted whether the separate trade allowed in the bill, concurrent with a joint stock, might not prove such an inconsistency as would discourage the subscription.

This act, by which the old company was dissolved, in a great measure blasted the reputation of the whigs, which had for some time been on the decline with the people.

They had stood up as advocates for a standing army; they now unjustly superseded the East India company; they were accused of having robbed the public by embezzling the national treasure, and amassing wealth by usurious contracts, at the expense of their fellow subjects groaning under the most oppressive burdens.

Certain it is, they were at this period the most mercenary and corrupt undertakers that had ever been employed by any king or administration since the first establishment of the English monarchy.
The commons now transferred their attention to certain objects in which the people of Ireland were interested.

Colonel Michelburn, who had been joint governor of Londonderry with Dr.Walker during the siege of that place, petitioned the house in behalf of himself, his officers, and soldiers, to whom a considerable sum of money was due for subsistence; and the city itself implored the mediation of the commons with his majesty, that its services and sufferings might be taken into consideration.