ng companies were abandoned for the present, Lord Althorp
conceiving that the opposition was so strong that he should not be able
to carry them, at least during this session. A bill founded on these
resolutions was brought in and read the first and second time without a
division. On the motion for going into the committee, Mr. Gisborne moved
as an amendment that the committee should be taken that day six months;
but this was lost by a majority of one hundred and nineteen against
forty. In the committee multifarious amendments were proposed, but
without success. One alteration, however, was made by ministers
themselves. They had believed that the existing law prohibited
deposit-banks, no less than banks of issue, consisting of more than six
partners, from being established in the metropolis, or within a short
distance of it; but the solicitor-general had now satisfied himself
that, as the law stood, no such restriction existed, and a clause was
introduced declaring such to be, and to have been the law, although
there were legal opinions the other way, and although the Bank, and all
mercantile men, had acted on the belief that the restriction did exist.
As the bill passed the commons, its chief provisions were, a monthly
publication of the Bank accounts; the repayment of a portion of its
capital; a partial repeal of the usury laws which impeded its action; an
annual payment of L120,000 in return for privileges conceded; its
notes made a legal tender except at the Bank itself, or its branches;
a quarterly return of the amount of circulation of all other banks; and
certain regulations for the improvement of joint-stock banks. The bill
passed the upper house without alterations: an amendment moved by Lord
Whynford to leave out the declaratory clause regarding deposit-banks, as
being contrary to law, mercantile understanding, and good faith, having
been rejected. Government, also, refused to allow the opinion of the
judges to be taken regarding the legality of such companies under the
existing law.

EAST INDIA QUESTION.

Another monopoly with which the government had to deed was that of
the East India Company, their charter approaching its termination.
The arrangements which government proposed should be adopted with the
company were explained in a committee of the whole house by Mr.
C. Grant, on the 13th of June. He stated first that the political
government of India was to be continued in the hands of the company
fo