His place was ostensibly filled by his near kinsman Sir Thomas Cook, one of the greatest merchants of London, and Member of Parliament for the borough of Colchester.

The Directors placed at Cook's absolute disposal all the immense wealth which lay in their treasury; and in a short time near a hundred thousand pounds were expended in corruption on a gigantic scale.

In what proportions this enormous sum was distributed among the great men at Whitehall, and how much of it was embezzled by intermediate agents, is still a mystery.

We know with certainty however that thousands went to Seymour and thousands to Caermarthen.
The effect of these bribes was that the Attorney General received orders to draw up a charter regranting the old privileges to the old Company.
No minister, however, could, after what had passed in Parliament, venture to advise the Crown to renew the monopoly without conditions.
The Directors were sensible that they had no choice, and reluctantly consented to accept the new Charter on terms substantially the same with those which the House of Commons had sanctioned.
It is probable that, two years earlier, such a compromise would have quieted the feud which distracted the City.

But a long conflict, in which satire and calumny had not been spared, had heated the minds of men.