on of
the house upon the subject, and his motion was negatived by a large
majority. On the 14th of March, the subject of American affairs was
resumed. This was occasioned by a petition, or remonstrance, from New
York, which denied the right of parliament to tax the Americans in any
way. Lord North proposed that such a paper should not be received. He
was opposed by Mr. Grenville, Mr. Burke, and Colonel Barre; but the
house had made up its mind to show no favour to the Americans, and Lord
North's motion was carried. Colonel Barre reminded the house that he
had predicted all that would happen on passing the Stamp Act, and he now
boldly asserted, that if ministers persisted in their present course,
the whole continent of North America would rise in arms, and these
colonies perhaps be lost to England for ever. But the ministers were
deaf to argument, remonstrance, and warning, and they still determined
upon rigorous measures. Later in the season, Governor Pownall moved,
in a long speech, that the revenue acts affecting America should be
forthwith repealed. This was the only mode of preserving the allegiance
of that country; but it was pleaded that the session was too far
advanced to enter upon the subject--all important as it was--and its
discussion was therefore deferred till the next meeting of parliament,
and then it was too late.

EAST INDIA AFFAIRS.

During this session the charter of the East India Company was prolonged
for the further term of five years, on conditions similar to those in
the last agreement. The company was to continue to pay L400,000 per
annum, and to continue to export British goods, at an average of equal
value with those sent to India during the last five years. The company,
however, was now allowed to increase its dividend to twelve and a half
per cent., provided it did not in any one year put on more than one per
cent. If any decrease of dividend was found to be necessary, then the
sum payable to government was to be reduced proportionately, and if the
dividend fell to six per cent., it was to cease altogether. This bargain
had scarcely been renewed when intelligence arrived from Hindostan, that
Hyder Ally had reduced the company, after an expensive war, to sue for a
dishonourable peace, and India stock fell rapidly.

PROROGATION OF PARLIAMENT.

Early in this session it was announced in a message from the king,
that, in consequence of a deficiency in some branches of the revenue