er of proprietors, the leading
spirit for many years being Sir Josiah Child, one of the merchant princes
of the city. With him was associated, at least for a time, Thomas
Papillon, the zealous Whig. He had become a member of the company as early
as 1657, and for many years took an active part in its management. He was
one of the directors from 1663 to 1670; was re-appointed in 1675, but lost
his seat on the board the following year, as also did Child, through the
intervention of Charles the Second, who disliked their Whiggish
principles. After a short interval both of them recovered their positions,
and in 1680 and 1681 Papillon was deputy governor.(1774) When Child turned
courtier and threw over his old colleagues, Papillon and other Whig
shareholders sold their stock and severed their connection with the
company. Their places on the directorate were filled up by others who were
devoted to Child and his policy, and thenceforth Child became the autocrat
of the company. "The treasures of the company were absolutely at his
disposal.... A present of ten thousand guineas was graciously received
from him by Charles. Ten thousand more were accepted by James, who readily
consented to become a holder of stock.... Of what the dictator expended no
account was asked by his colleagues."(1775) His policy was so far
successful as to obtain a decision in favour of the company's privileges
from Jeffreys and a renewal of its charter from James. Just at a time when
the prospects of the company looked brightest a sudden change of fortune
was occasioned by the Revolution and the subsequent accession of the Whigs
to power. The outcry raised by the general merchants of the city against
the company became louder than ever, not so much on account of the company
being in possession of a monopoly as because it was ruled by a single
individual, and his rule, while benefiting himself and his creatures, was
prejudicial to the public welfare. To this outcry Papillon, who had now
returned from exile, added his voice and thereby subjected himself to a
charge of inconsistency.

(M897)

There was but one remedy for the existing evil in the opinion of the
majority, and that was to form a new company from which Child should be
excluded. Without waiting for an Act of Parliament many traders in the
city formed themselves into an association which, although unrecognised by
law, acquired the designation of the New Company, and commenced to carry
on its busin