[177] The petitions were immediately taken into serious consideration, and resolutions of grave importance were passed.

The first resolution was that the trade with the East Indies was beneficial to the kingdom; the second was that the trade with the East Indies would be best carried on by a joint stock company possessed of exclusive privileges.

[178] It was plain, therefore, that neither those manufacturers who wished to prohibit the trade, nor those merchants at the outports who wished to throw it open, had the smallest chance of attaining their objects.

The only question left was the question between the Old and the New Company.

Seventeen years elapsed before that question ceased to disturb both political and commercial circles.