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    The change of Ministers and some additions to the peerage caused several elections. Mr. Littleton was raised to the Upper House with the title of Lord Hatherton, and Mr. Charles Grant as Lord Glenelg. They were promptly replaced by Conservatives. Lord John Russell having lost his election for South Devon, Colonel Fox made way for him at Stroud, which borough continued to furnish a seat for the noble lord during many years. Lord Palmerston had been defeated in Hampshire at the general election; but Mr. Kennedy retired to make way for him at Tiverton, which had the honour of being represented by the Foreign Secretary until his death. Lord Morpeth had to stand a severe contest in Yorkshire, but he was returned by a large majority.
    The South Sea Company, with a folly of which extreme greed only is capable, endeavoured to put down these rival schemes and obtained an order from the Lords Justices and writs of scire facias against several of these new bubbles. It was like raising a wind to blow away the bubbles, forgetting that their own was a bubble too, and would go with them. The moment that the people began to distrust one they distrusted all. The panic became as great as the mania had been. The South Sea stock dropped in less than a month from one thousand to below six hundred. There was a simultaneous rush to sell out, and the shares must have sunk instantly to nil but for the gigantic exertions of the Company to raise money and buy in. The relief, however, was but temporary. The bankers and pawnbrokers who had advanced money on scrip broke and fled; merchants, goldsmiths, and speculators rushed away after them. Walpole was summoned in haste from Haughton to devise some means of staying the panic. He endeavoured to get the Bank of England to circulate three millions of South Sea bonds for a year; but the Bank, seeing that the case was desperate, declined it. This was decisive. The rage and despair of the swarming dupes were indescribable. They heaped[48] execrations not only on the South Sea Company, but on Ministers, the king, his mistresses, and the Royal Family, who had all been deep in the affair, and who had taken good care of themselves. George landed at Margate on the 9th of November, soon after which the South Sea stock fell to one hundred and thirty-five. On the 8th of December Parliament met, and promptly began to investigate the scandal.
    FROM THE PAINTING BY F. GOODALL, R.A.

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    During the year 1750 the French evinced a hostile disposition. They laid claim to part of Nova Scotia, and refused to surrender the islands of St. Lucia and St. Vincent, as they were bound to do by the Treaty of Aix-la-Chapelle. They continued to stir up bad feeling towards us both in Spain and Germany. The Empress listened with eagerness to the suggestions of France, and co-operated with that country in endeavouring to influence Spain against us. Fortunately, the good disposition of the Queen of Spain, and the able management of Mr. Keene, our Ambassador, foiled all these efforts, and completed a commercial treaty with that country. This treaty was signed on the 5th of October, 1750, and placed us at once on the same footing in commercial relations with Spain as the most favoured nations. We abandoned the remaining term of the Assiento, and obtained one hundred thousand pounds as compensation for the claims of the South Sea Company. The right of search, however, was passed over in silence, and we continued to cut logwood[115] in Campeachy Bay and to smuggle on the Spanish Main, winked at by the Spanish authorities, but liable to interruption whenever jealousy or ill-will might be in the ascendant. In various directions our commerce flourished at this time, and many injurious restrictions were removed, such as those that hampered the whale fishery of Spitzbergen, the white herring and coast fisheries, the trade to the coast of Guinea, the import of iron from the American plantations and of raw silk from China. Our manufactures also grew apace, in spite of the internal jarrings of the Ministry and the deadness of Parliament.

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    MARIA THERESA AND THE HUNGARIAN PARLIAMENT.

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    On the 19th of August the new Parliament assembled. The Session was opened by commission; the Royal Speech, which was read by the Lord Chancellor, contained a paragraph referring to the duties affecting the productions of foreign countries, and suggesting for consideration the question whether the principle of protection was not carried to an extent injurious alike to the income of the State and the interests of the people; whether the Corn Laws did not aggravate the natural fluctuations of supply; and whether they did not embarrass trade, derange the currency, and by their operation diminish the comfort and increase the privations of the great body of the community. Here was a distinct enunciation of the principles of Free Trade in the Speech from the Throne, for which, of course, the Ministers were responsible. The Address in the House of Lords was moved by Earl Spencer, a decided Free Trader, and seconded by the Marquis of Clanricarde. The debate was relieved from nullity by the Duke of Wellington's testimony to the conduct of Lord Melbourne towards the Queen. The Duke said"He was willing to admit that the noble viscount had rendered the greatest possible service to her Majesty, in making her acquainted with the mode and policy of the government of this country, initiating her into the laws and spirit of the Constitution, independently of the performance of his duty as the servant of her Majesty's Crown; teaching her, in short, to preside over the destiny of this great country." The House divided, when it was found that there was a majority of 72 against the Government.

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    Donec tempus justo quis justo lobortis pulvinar. Proin non ex ac ante rutrum elementum quis quis urna. Nulla facilisi.