ess at the hall of the Skinners' Company in Dowgate. For years
the city was kept in a ferment by the rivalry existing between the Old and
the New Company, between Leadenhall Street and Skinners' Hall, the former
being supported by the Tories, the latter by the Whigs.

(M898)

The sanction and assistance of parliament was sought for by both
companies. The majority of the Commons were in favour of a compromise.
They would have retained the Old Company, but wished to remodel it and to
incorporate with it the members of the New Company. Such a proceeding,
however, Child would not listen to, and his obstinacy so provoked the
House that in February, 1692, it presented an address to the king praying
him to dissolve the Old Company and to grant a charter to a New Company on
such terms as to his majesty's wisdom might seem fit. The king replied
that it was a matter of very great importance to the trade of the kingdom;
that he could not be expected to give an immediate answer, but he would
consider the matter and give an answer shortly.(1776) The company sought
to avert the impending danger by offering the king the sum of L200,000 by
way of loan for three years without any interest.(1777) A twelvemonth
later (Feb., 1693) the Commons again petitioned the king to dissolve the
Old Company upon three years' warning;(1778) but in spite of these attacks
the company contrived to obtain a confirmation of its monopoly under the
Great Seal in the following October.(1779) This was only obtained by a
lavish distribution of money.

(M899)

In the meantime the management of the Old Company's affairs had been
placed ostensibly in the hands of Sir Thomas Cook,(1780) an alderman of
London and member for Colchester, although there is reason for believing
that Child still continued to be the actual manager.

(M900)

Within a few days of the order of the Privy Council for sealing the
company's charter, and before the king, whose return from the continent
was daily expected, could give it his sanction,(1781) the directors, in
the moment of victory, committed an act of incredible rashness which led
to serious consequences. A number of city merchants had recently chartered
a vessel named "Redbridge" and placed on board a valuable cargo. Her
papers showed her to be bound for a Spanish port, but suspicion pointed to
her being intended for a voyage to the East Indies in contravention of the
company's charter. Acting on this surmise, the company proc